U.S. Auto Sales Lose Steam in February -- 3rd Update

By Chelsey Dulaney 

Auto makers reported Tuesday that U.S. sales lost steam in February, after a string of strong months, hurt by the bitter cold that crippled much of the country.

Ford Motor Co. said its sales fell 2% in February, while Toyota Motor Corp., Honda Motor Co., Fiat Chrysler Automobiles NV and Nissan Motor Co. all posted sales growth that missed expectations. General Motors Co. was a stand out, posting a better-than-expected 4.2% increase as truck sales surged 36%.

The U.S. auto industry has posted a streak of monthly sales improvements, fueled by low gasoline prices and easier credit. Much of the continued strength in the industry comes from higher sales of sport-utility vehicles and trucks, which benefit from declining fuel prices. Automotive information provider Kelley Blue Book said transaction prices of new light vehicles rose 4% to $33,299 in February compared with a year ago.

General Motors' GMC brand, which focuses mainly on trucks and SUVS, posted a 19.3% increase in sales, while its Chevrolet sales picked up 3.8%. Cadillac sales fell 12.6%, and Buick sales fell 9.2%.

Toyota Motor Corp. reported a 13.3% increase in February sales to 180,467 units, boosted by 22% higher Lexus sales and strong truck demand. Still, Edmunds.com had projected a 16% sales increase.

Ford sales came in just below Toyota's as it delivered 180,383 vehicles in February, while its namesake brand posted a 1.7% drop and its Lincoln brand had a 7.5% decrease. Ford's car sales fell 8.1%, offset in part by a 4% increase in truck sales.

Honda said its sales grew 5% to 105,466 units in February, while Edmunds.com had projected an 11.3% gain.

Fiat Chrysler, which has posted consistent double-digit monthly sales increases, said it sales increased 6% to 163,586 in February, while Edmunds.com had called for an 8.2% increase. Its Ram brand reported a 12% increase in sales, as the Jeep brand posted a 21% surge in sales.

Chrysler projected total industry sales in the U.S. to be a seasonally adjusted annualized rate of 16.5 million units. Edmunds had forecast 16.6 million units.

Nissan said its February sales grew 2.7% to 118,436, missing expectations for a 7.2% increase, as truck sales grew 11.5% and car sales fell 2.9%. In its Infiniti division, sales grew 19.8%, while Nissan division sales inched up 1.1%.

Volkswagen AG said its February sales fell 5.2% from a year ago.

Write to Chelsey Dulaney at [e-mail]

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