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Japan's US car sales confound analysts
Nick Goodway02.04.09
Shares in Japanese carmakers Nissan, Honda and Toyota surged today after it was revealed that their US sales decline last month was less than analysts feared.
US industrywide automotive sales fell 37% in March compared with a year ago, but showed a modest increase on February's numbers which were the lowest for 27 years.
Sales were helped by some of the best ever discounts and deals seen in car showrooms, some signs of pent-up demand and hopes that the US Government's multi-billion-dollar bailout of the industry will include measures to stimulate demand.
Among the Japanese manufacturers Toyota's US sales fell 39% where analysts had been forecasting a 41% dip. Toyota, the biggest carmaker in the world, increased its average incentive to buyers by 88% to $1600 (£1097.50) per vehicle.
Honda's sales fell 36%, Nissan's by 38% and the much smaller Hyundai by 4.8%.
"The sales rate wasn't as bad as we expected and it may be we've finally hit the bottom," said Wes Brown an industry analysts with Iceology.
Nissan's shares surged more than 20%, Honda was up 14% and Toyota rose 8% in late trading on the Tokyo exchange.
