Nearly lost in the European carnage this morning, GM Sales Barely Rise, Chrysler’s Up 27%.
Chrysler Group LLC’s October U.S. auto sales rose 27% while General Motors Co. climbed just 1.7% amid a mixed picture for the largest U.S. auto makers.
GM suffered declines in all its brands except Chevrolet, the Detroit auto maker said on Tuesday. Its dealer inventory was up 15% from a year ago and up 6.1% from September.
The auto maker reported total sales for the month of 186,895 vehicles. Its Chevrolet sales rose 6% while Cadillac sales fell 11.9%, Buick declined 7% and GMC sales dropped 4.6%. Overall, GM’s retail sales were up 2.6% …
Sales down and dealer inventory up 15% at GM.
The key takeaway from last months “good” GM sales report is it was largely based on channel stuffing. “Sales” get reported when cars are shipped to the dealer and cars are stacking up at GM dealers.
This does not bode well for jobs, production, or GDP looking ahead, unless consumers put on their shopping hats. I do not believe they will.
Mike “Mish” Shedlock
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