SOURCE: Paragon Financial Limited
NEW YORK, NY--(Marketwire - Nov 1, 2012) - Auto manufacturers have continued to report strong U.S. sales despite concerns of a slowing global economy. Truecar.com estimates new light-vehicle sales in the U.S. will total 1,137,744 units in October, an 11.5 percent increase from October 2011. The Paragon Report examines investing opportunities in the Auto Manufacturers Industry and provides equity research on Honda Motor Co. Ltd. (NYSE: HMC) and Toyota Motor Corp. (NYSE: TM).
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Auto manufacturers' strong sales in the U.S. have been offset by a slowing European market. Europe's struggling economy has seen car sales in the region drop to near 20-year lows. European auto sales have fallen from 18 million in 2008 to a projected 14 million in 2012. As production continues to outpace demand auto manufacturers have been forced to take drastic measures. Ford has recently announced that it plans to close 3 European plants, which would eliminate 5,700 and reduce production capacity by 18 percent. The company expects to lose in excess of $1.5 billion in Europe in 2012, an increase from their previous estimate of at least $1 billion.
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For the fiscal second quarter Honda reported a net income of 82.2 billion yen ($1.0 billion), an increase of 36 percent when compared to the year ago quarter. Despite the strong quarter the company has lowered its full fiscal year net profit estimate to 375 billion yen ($4.7 billion) from its previous estimate of 470 billion yen ($5.9 billion).
Toyota, which began North American production in 1986, recently held a ceremony celebrating the cumulative production of 25 million units in North America. The company is scheduled to release its Fiscal second quarter results on November 5, 2012. Toyota reported sales of 5.5 trillion yen (US$70.5 billion) in the previous quarter.
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