April U.S. Auto Sales Mixed: GM, Ford, Honda slow bleeding

General Motors, Ford and American Honda beat U.S. auto industry sales forecasts for April, posting their smallest year-to-year declines of 2009 at 33.2pct, 33.0pct and 25.3pct respectively. Also each company sold more vehicles in April than it did in March.

On the other hand, both Toyota and Nissan underperformed with respect to analysts' expectations.

Overall April's 34.3pct decline in light vehicle sales from April 2008 was the smallest monthly loss since October. With just over 3 million cars and light trucks sold during the year's first four months, U.S. sales will have to pick up roughly 14pct over the remainder of the year to reach the magic 10 million - the seasonably adjusted annual sales rate (SAAR) on which GM appears to be basing its restructuring calculations. The SAAR is currently 9.5 million and below industry forecasts.

GM sold 172,150 units in April to lead U.S. sales volume. A concern for GM going forward is the potential negative impact on consumer confidence in May with possible bankruptcy looming at the end of the month. Chrysler took a 48.1pct sales hit in April when its Chapter 11 saga was daily news. The complexity of a GM bankruptcy - from the company's shear size to there being no suitor in the wings - will send a chill through creditors who are of a different nature from the banks and hedge funds that held Chrysler's paper. Either way, a painful reorganization is in the offing at GM.

Ford moved 133,979 light vehicles in April, supplanting Toyota in the number two U.S. market slot for the first time in 13 months. Ford says its sales tailed off toward the end of the month as the drama at Chrysler had the car-buying public hunkered down. Overall consumer confidence actually rose in April according to several analysts despite fewer corporate and dealer incentives.

Toyota's April sales of 126,540 represented a 41.9pct decline from April 2008. In response, the company has announced it will introduce new incentives during May in addition to increasing production of the popular Camry.

American Honda slotted in fourth again in April sales, moving 101,029 units. Chrysler was fifth with 76,682 small vehicles sales, down a steep 48.1pct with the buzzards circling.

Hyundai Group - one of the stars of 2009 with Subaru - finally suffered a double-digit sales hit, declining 14.1pct on U.S. sales of 59,558 in April for its Hyundai and Kia brands. Nissan was passed by Hyundai in April, dropping to seventh in U.S. sales volume. Nissan's total of 47,190 units sold represented a decline of 37.8pct, under analysts' predictions.

Volkswagen (including Audi and Bentley) continued to outperform its German counterparts in the U.S. VW sold 23,411 units in April, only a 14.7pct sales decline for the month and 17.9pct year-to-date. The other German automakers: BMW Group including MINI and Rolls-Royce (19,398 units sold / down 38.4pct from April 2008); Daimler AG including Mercedes-Benz, Maybach and Smart (15,925 / -30.7pct); and Porsche (1,853 / -35.3pct).

Among the other Japanese automakers, Mazda sold 16,139 light vehicles in April, a decline of 32.1pct; Mitsubishi (3,919 / -55.9pct); and Suzuki (2,543 / -73.7pct). Isuzu sold no cars in the U.S. in April.

Subaru remains the best performing brand in the U.S. this year. Its 6.7pct sales decline on 15,649 units in April was by far the smallest loss among the major automakers. For the year, Subaru sales are down less than 1pct from 2008.

The best selling model in April was Honda's Accord, supplanting the another icon - the Ford F-series pickup.