DETROIT — After months of roller coaster-like sales, the auto industry offered signs of recovery from its yearlong slump on Tuesday, as most automakers reported higher levels of U.S. sales in October.
GM, the largest U.S. automaker, reported its first monthly sales gain in almost two years, while Hyundai and Subaru were huge winners thanks for their popular models and fuel-efficient sedans. Other top automaker — Toyota, Ford, Nissan — also posted higher sales.
The mood was in contrast to a year ago, when consumers were frightened away from showrooms by the early effects of the financial meltdown, plunging stock markets and the credit freeze.
Automakers had said this October would be a test of the strength of the auto market after the volatile effects of the government’s Cash for Clunkers program. The industry staggered through a tough September following the summer’s clunker-fueled sales surge.
The industry still has to see its way through a number of economic challenges, said Bob Carter, a Toyota vice president. Americans remain anxious about high unemployment, while consumer confidence remains dampened.
Demand for new cars and crossovers fueled the better October sales for General Motors Co. and Detroit rival Ford Motor Co.
GM’s sales rose 4.7 percent, while Ford notched a 3 percent gain. Japanese rival Toyota Motor Corp. said its sales edged up less than a percent. Less rosy news came from Chrysler Group LLC, whose sales fell 30 percent, though they improved from September.
Hyundai, based in South Korea, said its sales jumped 49 percent, boosted by its fuel-efficient Elantra sedan. Japanese automaker Subaru also topped the winner’s list with a 41-percent surge, helped by strong sales in its Outback and Forester models.
Ford’s sales got a boost from new product launches and it gained U.S. market share for the 12th time in 13 months.
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