GM, Ford, Nissan beat Feb sales expectations; industry sales seen down

GM sales gained 4.2%, Ford sales declined 4% and Nissan sales gained 3.5%

February US auto sales, an early-month indicator of consumer spending, fell slightly but remained strong as pickup trucks and SUVs continued a robust showing based on the first three automakers that reported on Wednesday.

General Motors Co, the top automaker in the US market by sales, said the industry will show a 1 per cent decline but still post a robust 17.5 million in sales on a seasonally adjusted annualised basis. That is less than the 17.7 million expected by 38 economists polled by Thomson Reuters.

GM beat most analysts' expectations with a 4.2 per cent gain in new vehicle sales.

Ford Motor Co, No 2 in the US market by sales, said sales declined by 4 per cent, but still beat most analysts' expectations. Sales for its F-Series pickup trucks rose 9 percent, SUVs were up 6 per cent but car sales fell 24 per cent from a year ago, the automaker said.

Nissan Motor Co also beat expectations, showing a 3.5 per cent gain, led by a 54 per cent surge for its Rogue small SUV.

Consumer discounts, which cut into corporate profits, rose in February, third-party industry watchers said, but the average new car selling price also was higher.

However, J D Power pointed out that the percentage of consumer discounts to the average selling price was 10.3 per cent. It was the first time the measure topped 10 per cent in February since the industry's worst year in 2009, J D Power said.

GM said retail sales for trucks and crossovers were up 18 per cent and 15 per cent, respectively. For its primary pickup, the Chevrolet Silverado, total and retail sales both jumped 17 per cent, its best showing in February since 2007.