Carmakers are under scrutiny Tuesday following the release of the April auto sales numbers. For the entire industry, forecasters are guiding for an April annualized rate of 17.4 million sales, a significant increase over the disappointing 16.6 million sale rate recorded in March. According to Autodata, April sales rose at an annualized pace of 17.4 million vehicles, matching expectations.
Japanese carmaker Nissan (NSANY) reported a 13% year-over-year increase in April sales to 123,861 vehicles. Analysts on average were expecting the company to report a sales increase of 11%.
Nissan shares joined the rest of the auto sector in negative territory, however, falling 0.3%.
The company's namesake Nissan Division saw a 14% increase in April sales, a record for the month. Truck sales rose 12.6% year over year to 54,966 units while car sales rose 13% to 68,895 units. Sales of the company's Infiniti brand were up 4.5% to 10,432 units.
Fellow Japanese carmaker Honda Motor (HMC) shares were down 1.1% on Tuesday despite the company reporting record April sales, which rose 14.4% over the previous year thanks to major increases in both Honda's car and SUV divisions. Honda set a new April record with 148,829 vehicles sold in the month. Analysts were expecting the company to report a 10% increase in April sales.
The company's Honda Division accounted for 89% of the company's vehicle sales for the month. Honda's Acura division sold 16,206 vehicles, a 9% increase from the year-ago period. Year to date, American Honda sales are up 9.2% to 506,532.
"The strong cadence of new Honda cars and light trucks coming to market is clearly resonating with customers," said Jeff Conrad, senior vice president and general manager of the Honda Division. "With the all-new Ridgeline truck coming to market this summer, we will add another segment to our lineup and further accelerate our strong sales momentum in 2016."
Honda shares were down more than 1% Tuesday on weak volume despite the strong results.