US auto industry continued to recover in June
The auto industry in the United Sates continued to recover in the month of June as customers increasing purchased new cars and trucks.
Most major US automakers recorded higher demand as customers increased demand for trucks, small cars and cross-overs. Experts said that the consumer sentiment has improved due to signs of an economic revival and they took advantage of low interest rates and availability of credit in the economy.
Consumer confidence rose to its highest level in June as a revival in the housing market increased demand in the auto industry. Ford recorded a 14 per cent rise in sales, Chrysler's gained 8 per cent and General Motors' rose 6.5 per cent during the month indicating the Detroit's automakers might be able to improve earnings following years of slowdown.
Japanese automakers in the country also benefitted from the increased demand as Nissan's sales increased 13 per cent and Toyota's recorded an increase of 10 per cent during the month. On the other hand, Germany's sales fell 3 per cent, recording its third straight month of falling demand.
Analysts are now expecting the sale to continue to rise during the coming six months in the country.