General Motors Bounces Back With Strong August Sales
General Motors (NYSE: GM) stock has been on a roller-coaster ride this year, as investors try to weigh the company's record earnings-per-share performance against falling sales and a persistent inventory glut in the U.S. (Through the end of July, domestic deliveries were down 3.8% at GM, while dealer stocks were a stunning 38% higher than at the end of July 2016.)
Fortunately, the General bounced back with a strong August, outpacing crosstown rival Ford Motor (NYSE: F). Furthermore, both automakers are set to benefit in the coming months from an uptick in vehicle demand due to the severe flooding caused by Hurricane Harvey.
Last month, General Motors delivered 275,552 vehicles in the U.S.: up 7.5% year over year. This was a nice recovery from the 15.4% decline in deliveries that GM logged in July. Retail sales rose 4.2% year over year in August, while fleet deliveries surged by 24%.
Source: Fool.com
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