The city of Detroit recently filed for bankruptcy protection, but the auto industry seems to be doing just fine based on Thursday’s July sales readings.
Ford Motor F +1.84% and Chrysler each reported their best July sales since 2006. While trucks, SUVs and pickups like the F-150 remain a key sales driver for Ford, the company reported a big gain from its small cars in July. Sales of the Fiesta, Focus and C-Max hybrids were up 32% from the prior year.
Overall, Ford’s U.S. sales grew 11% from a year ago to 193,715, with retail sales up 19%, the best July on that measure since 2005. So far in 2013 Ford’s sales are a shade under 1.5 million, 12.9% ahead of its 2012 pace.
Chrysler posted a matching 11% gain for July, selling 140,102 vehicles. Total Chrysler Group sales, which include the Fiat, Jeep, Dodge, Ram and Chrysler brands, are up 9% year-to-date.
General Motors GM +1.67% recorded a 16.3% increase in July sales, to 234,071 units. As with Ford and Chrysler the increase was shy of expectations, but still a signal that the automotive market continues to improve.
The entire group was trading higher Thursday morning, with Ford and GM each posting gains better than 1% and U.S.-listed shares of Chrysler parent Fiat notching a similar gain.
American depositary receipts of Toyota Motor TM +3.56% were climbing even higher, up almost 4%, with expectations the Japanese automaker grew sales 21% year-over-year.
The rally extended to parts suppliers too, with BorgWarner BWA +3.7% andDelphi Automotive DLPH +3.18% posting comfortable gains.
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