US Car Sales Set New Record In 2016


US car sales set new record in 2016

CHICAGO, Jan 5 (APP - UrduPoint / Pakistan Point News - 05th Jan, 2017 ) - The US consumer buoyed carmakers to a big finish in 2016, with strong December figures released Wednesday putting total sales for the year over the top to beat the 2015 record.

Sales inched 0.4 percent past the 2015 record for a total of 17.55 million vehicles sold, according to a tally by Autodata. The total was helped by a busy December shopping period, during which consumers traditionally seek year-end discounts.

Many auto makers reported sales gains in the final month of the year, for a combined 3.1 percent rise in the US market. Light trucks and sport utility vehicles were up 8.3 percent compared to the year-ago period, while passenger cars were down 4.

7 percent.

For 2016 sales, Ford reported its best year in a decade, while Nissan and Honda said they sold a record number of cars in the US. Toyota and GM bucked the trend, with their total sales in 2016 down from the year earlier.

Still, GM remained upbeat about the prospects for 2017. "Key economic indicators, especially consumer confidence, continue to reflect optimism about the US economy and strong customer demand continues to drive a very healthy US auto industry," GM Chief Economist Mustafa Mohatarem said in a statement.

"We believe the US auto industry remains well-positioned for sales to continue at or near record levels in 2017."