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Auto sales hold robust pace
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December 3, 2001: 3:56 p.m. ET
GM and Ford post sales gains in Nov.; Japan automakers say sales also rise.
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NEW YORK (CNN/Money) - General Motors Corp. and Ford Motor Co. Monday posted higher November sales due to extended zero-percent financing incentives, but DaimlerChrysler AG's Chrysler division posted a 6 percent drop due to weaker fleet sales to car rental agencies.
General Motors (GM: down $0.59 to $49.11, Research, Estimates), the No. 1 automaker, said November sales rose 13.3 percent compared with a year earlier, spearheaded by trucks and SUVs.
GM said it sold 363,721 vehicles in November on the strength of its "Keep America Rolling" incentive program. GM truck sales jumped 37 percent, putting the company on track to achieve its best truck sales year ever.
GM raised its fourth-quarter production schedule by 15,000 units to 1.3 million vehicles. Yet that's still down about 6 percent from the prior year. The company produced 446,000 autos in November in North America, down from 460,000 a year ago.
Ford (F: down $1.15 to $17.79, Research, Estimates) said it sold 4.4 percent more vehicles in November than in the year-earlier month, led by its F-series trucks, Explorer sport/utility vehicles and the Escape, a small SUV.
The company sold 313,906 autos in November across all its makes, including Ford, Mercury, Lincoln, Jaguar, Volvo and Land Rover.
Ford said it plans to maintain fourth-quarter North American production at 965,000 vehicles and set first-quarter 2002 output at 980,000. The company is expected to issue a fourth-quarter earnings warning and announce production cutbacks and other cost-cutting moves by Wednesday.
The Chrysler side of DaimlerChrysler AG (DCX: down $0.96 to $41.03, Research, Estimates) said its November vehicle sales fell 6 percent to 173,361 as sales to businesses declined in the wake of the Sept. 11 attacks.
Chrysler said car sales fell 24 percent to 34,825 units, while truck sales held steady at 138,536 vehicles.
Like its rivals GM and Ford, Chrysler was forced to extend offers of interest-free financing through the end of the year. Chrysler said those deals, as well as its own offer of extended warranties, boosted retail sales above November of last year.
Before Sept. 11, sales to rental car companies and other business fleets accounted for roughly a quarter of Chrysler's totals. Those companies have cut back sharply on orders since the attacks.
Japanese automakers continue to gain strength
Japanese powerhouse Toyota Motor Corp. was among overseas automakers reporting strong November U.S. sales, posting a 9.7 percent rise from a year earlier.
Honda Motor Co. said its November sales were up 11.5 percent, while Nissan Motor Co. sales rose 6.9 percent.
Those increases paled alongside gains made by other foreign brands, however.
Mitsubishi Motors Corp. said its sales surged 27.1 percent to an all-time record for any month of 33,060 vehicles. Both were boosted by new models.
-- from staff and wire reports 
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