NEW YORK, NY -- (Marketwire) -- 12/11/12 -- The recovery of the U.S. auto industry has shown no signs of slowing down in 2012 as the need to replace ageing vehicles with newer more fuel-efficient models continue to drive sales. The Global X Automotive ETF (VROM), which is designed to track the performance of companies involved in production of automobile and other related activities, has gained nearly 20 percent year-to-date. The Paragon Report examines investing opportunities in the Auto Manufacturers Industry and provides equity research on Ford Motor Company (NYSE: F) and General Motors Company (NYSE: GM).
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Auto sales in the U.S. soared to a five-year high in November. According to Autodata Corp. sales of cars and light trucks totaled 1.14 million units for the month of November, a 15 percent increase when compared to a year ago. The seasonally adjusted annualized sales rate of 15.5 million was the highest seen since January 2008. Strong sales heading into the New Year have many auto industry experts optimistic that demand will remain strong in 2013.
"Economic indicators are pointing to modest economic growth with a better housing sector ahead," said Jenny Lin, a senior economist for Ford in a conference call. "We do think that this is an industry that is growing stronger, even without the [Hurricane] Sandy effect."
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Ford's November sales surged 6 percent to 177,673 units, which was driven by an 18 percent increase in sales of their F-Series pickups. "We saw sharp increases in demand for Ford's fuel-efficient small cars, our best-ever month for electrified vehicles and growing demand for our fuel-efficient and capable F-Series pickups," said Ken Czubay, Ford's vice president, U.S. marketing, sales and service.
General Motors November sales totaled 186,505 units, a 3.4 percent increase over one year ago. "Economic indicators are pointing to modest economic growth with a better housing sector ahead," said Jenny Lin, a senior economist for Ford in a conference call. "We do think that this is an industry that is growing stronger, even without the [Hurricane] Sandy effect."
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