SOURCE: The Bedford Report

The Bedford Report

December 07, 2011 08:16 ET

General Motors and Tesla Motors Showing Strong Domestic Growth

The Bedford Report Provides Equity Research on General Motors & Tesla Motors

NEW YORK, NY--(Marketwire - Dec 7, 2011) - While international markets are showing signs of slowing, auto sales in the United States are on the upswing in recent months. According to Jenny Lin, senior economist at Ford, the average age of an automobile in the US is close to eleven years, and is finally prompting recession-wary consumers back to the show rooms. The Bedford Report examines the outlook for companies in the Auto Manufacturing industry and provides equity research on General Motors Company (NYSE: GM) and Tesla Motors, Inc. (NASDAQ: TSLA). Access to the full company reports can be found at:

Industry sales rose 14 percent to 994,721 in November, according to Autodata Corp. It was the fastest sales pace since August 2009, when the government offered big rebates for drivers via the Cash for Clunkers program. Should sales continue at this pace, US sales would hit 13.6 million this year -- far better rate than the 12.6 million in the first 10 months of this year.

Paul Ballew, a former GM chief economist who now works for Nationwide Insurance, notes the level of demand is unprecedented. "Unless this recovery is derailed, vehicle sales will continue to move upward," he says.

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General Motors Co.'s US sales rose 7 percent in November, selling just over 180,000 cars and trucks. GM was led by the Chevrolet Cruze. Sales of the compact car rose 64 percent. Unlike its chief rival Ford, GM also posted strong November growth in China. General Motors said its sales in China surged more than 20 percent in November from a year earlier to 237,130 vehicles, a company record for the month. GM China Group president Kevin Wale forecast China's total auto sales will reach 19 million units this year, marking growth of around five percent from the record 18.06 million units sold last year.

Tesla Motors designs, develops, manufactures, and sells electric vehicles and advanced electric vehicle powertrain components. Last month the company expanded its retail network to new locations in Bellevue, WA, Chicago, IL, and Newport Beach, CA.

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