(Source: Associated Press/AP Online)
NEW YORK - October's new vehicle sales were set to be announced on Tuesday amid expectations of an increase from September's levels, which were hurt by a Cash for Clunkers hangover.
Detroit-based General Motors Co. expects to post its first sales gain since early last year, though that may reflect heavy incentives more than a turnaround at the automaker.
Mike DiGiovanni, GM's executive director of global market and industry analysis, said last week that the payback from the government Clunkers rebates that depressed U.S. auto sales in September should be over.
GM last reported a sales increase over the same month of the previous year in January of 2008, DiGiovanni said. But GM's vehicles sold poorly last October - down 45 percent from October of 2007 - when U.S. financial markets were collapsing.
Also in October, GM should see its third straight U.S. market share gain, falling into the 20 percent to 21 percent range despite shedding four brands and trying to focus on Chevrolet, Buick, GMC and Cadillac, DiGiovanni said.
Meanwhile, Ford Motor Co. is coming off its announcement Monday of a nearly $1 billion third quarter profit. The Dearborn, Mich.-based automaker also forecast a "solidly profitable" 2011.
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