October U.S. auto sales reached an annualized rate of 16.35 million according to WardsAuto with actual sales totaling 1,273,138 units. October deliveries were up 6 percent on a seasonally adjusted annual rate compared to October 2013.
“October was another strong month for the automotive sector, driven by a combination of low fuel prices, available credit and the ongoing pent-up demand factor. The average car on the road remains more than 11 years old,” said Karl Brauer, senior analyst at Kelley Blue Book.
Ford sales were down as expected due to plant changeovers for the aluminum 2015 F-150. Chrysler was a big winner for the month with sales up 22 percent year over year. General Motors sales were essentially flat with a 0.2 gain from October 2013.
Toyota sales were up 7.5 percent while Hyundai saw a decline of 6 percent. “While we struggled in a couple of segments, our compact and midsize-CUV’s continue to outpace the overall industry,” said Bob Pradzinski, vice president of US sales at Hyundai.
Volkswagen finally had a positive month with sales up 7.8 percent to 30,313 units.
Sandy WilliamsRead more from Sandy Williams
Latest in Steel Markets
Global steel production inches up, China’s falls in October
Global steel output inched higher from September to October, even as production declined in China, the World Steel Association (worldsteel) said in its latest monthly report.
October US housing starts inch higher but remain down on-year
US housing starts crept higher for a second consecutive month in October. Starts were lower, however than the same month last year, according to the most recent data from the US Census Bureau.
Imports Fall in September, But Flat Rolled at Three-Month High
The decline in imports from August to September was more pronounced than license applications suggested earlier this month.
The first rule of Steel 101 is that you’re free to talk about Steel 101. We actually encourage it. Last week on Tuesday and Wednesday, SMU’s Steel 101 was held in Mt. Pleasant, S.C.
SMU Survey: Buyers Sentiment Indices Rise
SMU’s Current and Future Steel Buyers Sentiment Indices both increased this week, based on our most recent survey data. Every other week we poll steel buyers about sentiment. The Steel Buyers Sentiment Indices measure how steel buyers feel about their company’s chances of success in the current market, as well as three to six months down the road. We have historical data going back to 2008. Check our interactive graphing tool here.