In yet another sign of economic recovery, car sales in the U.S. will likely hit 11.4 million units this month, up from 9.3 million in April last year, a Thomson Reuters poll of 12 economists showed.
Though the 22-percent gain still fell short of the 16 million vehicles that automakers saw before the recession, it has put the American auto industry back on track after last year’s bankruptcy filings by Chrysler and General Motors, Reuters reported.
“Consumer confidence is a little bit better,” Hyundai U.S. sales chief Dave Zuchowski told the news provider. “Credit is loosening up a little bit. And there are more buyers out in the marketplace. We’re certainly benefiting from that.”
The gain was largely fuelled by strong sales from Asian brands Hyundai, Nissan and Toyota, which recalled millions of vehicles in recent months, as well as American automakers Ford, Chrysler and General Motors.
Edmunds.com projected a combined sales increase of 35 percent for Hyundai and Kia this month from a year earlier, 51 percent rise for Nissan and 33 percent for Toyota. It also expects sales for Ford to be up nearly 26 percent, Chrysler sales to increase about 19 percent and GM sales to grow by 4.1 percent.
Last year, the U.S. car market sold 10.4 million units, the lowest level since the early 1980s. Industry experts say it could take years before the country surpass the 16 million units it sold in 2007 before the downturn hit the industry.