Sales of new vehicles held steady in June after taking an unexpected slump the month before, with several automakers posting the sort of incremental gains that kept the auto industry pointed towards another record year.
Fiat Chrysler Automobiles, Ford Motor Co., Nissan and Honda all reported sales increases. But Toyota reported a 5.6% drop in sales, its Lexus brand off by 1.3%. It was a split decision for several makers, the Honda brand up, its Acura luxury marque losing 27%. And while Volkswagen continued to feel the effects of its diesel scandal with a 22% decline, its Audi arm scored its 66th consecutive monthly sales gain.
The industry, overall, was expected to ring up to a record $51 billion in new vehicle sales for the month, in part by “maintaining a reasonably disciplined approach to incentive spending as the overall pace of sales expansion moderates,” said Oliver Strauss, chief economist for data tracking firm TrueCar. (more…)