Annualized August auto sales in the U.S. were "better than expected" and up 2% year-on-year at 17 million vehicles, equal to a three-month average, analysts at Evercore ISI said in a note Thursday. The analysts estimated that General Motors Co. (GM) sales rose 17% on the strength of its pickup truck sales and Ford sales fell 7%. GM reports quarterly sales only, while Ford Motor Co. (F) has yet to offer official word on its August sales. The analysts said they continue to prefer GM over Ford, a position they took last month. Evercore has called for annualized auto sales around 17 million for the year, which would be a 1.5% decline over last year's numbers. Shares of GM have gained 17% this year, compared with 22% gains for Ford in the same period and gains of 19% for the S&P 500 index.
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 05, 2019 14:00 ET (18:00 GMT)
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