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Vehicle sales in the United States rose during the month of November, following heavy discounts offered in the run up to Christmas shopping and are set to reach the record set in 2015.
U.S.’s auto sales rose 3.7 percent in November to 1.38 million, a record for November, data released by researcher Autodata Corp. showed Friday. Further, auto shopping website and industry consultant TrueCar Inc (TRUE.O) said profit-eroding discounts rose 13 percent in November from a year earlier.
In addition, trucks and sport utility vehicles accounted for 59 percent of new vehicle sales in November, up from 55 percent a year earlier, Autodata said. WardsAuto, which provides data used by the U.S. government for economic analysis, said annualized sales were 17.75 million vehicles, from 17.96 million in November 2015.
"We believe the U.S. auto industry is well-positioned for sales to continue at or near record levels into 2017," Reuters reported, citing Mustafa Mohatarem, Chief Economist, General Motor Co.
Market leader GM's sales rose 10.2 percent to 252,644 new vehicles in November, on large sales of trucks and big SUVs, which are higher priced than sedans and other passenger cars. Nissan Motor Co beat expectations with a 7.5 percent rise in U.S. sales to 115,136 vehicles. Honda Motor Co showed a sales rise of 6.5 percent.
Meanwhile, the dollar index is trading over 1-week low at 100.81, down 0.23 percent at the time of closing, while at 5:00GMT, the FxWirePro's Hourly Dollar Strength Index remained neutral at 5.86 (a reading above +75 indicates bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
