Problems in Europe took a big bite out of GM’s second quarter earnings, but not quite as much as analysts expected.
Chrysler today reported a second-quarter net income of $436 million, a more than $800 million turnaround from a year ago, when the automaker paid off the last of its government bailout loans.
All three domestic car companies posted double-digit sales increases in May. There are also signs that the Japanese carmakers are rebounding from last year’s earthquake and tsunami.
Have they got a car for you! There are at least 67 used car dealerships along the 8 Mile Road corridor.
General Motors improved its earnings in North America, making $1.7 billion in its home market.
All three domestic car companies are reporting strong sales for March, as we could end up seeing the best sales month since August of 2007.
GM sold just over 9 million vehicles in 2011. That’s 11 percent more than Volkswagen, which sold 8.1 million.
Chrysler 2011 sales are up 26 percent over 2010. GM sales are up 14 percent. Ford sales up 11 percent. Industry expected to be up 10 percent.
Worldwide new vehicle sales in 2012 are expected to rise 6.7 percent over 2011 volumes to 77.7 million vehicles, according to Polk, a Southfield-based automotive market intelligence firm.
Kelley Blue Book’s http://www.kbb.com reports that car shoppers are encouraged to buy their next used vehicle before the end of the year, as values are expected to increase 4 to 6 percent in early 2012.