GM posts first monthly sales gain in almost two years

GM reported its first monthly gain in U.S. sales in almost two years while Toyota and Ford also improved, a sign the auto industry it starting to crawl back from a yearlong slump. Demand for new cars and crossovers in October fueled better results for GM and Detroit rival Ford. GM’s sales rose 4% from October 2008, while Ford notched a 3% gain. Japanese-rival Toyota says its sales edged up less than a percent. Less rosy news came from Chrysler, whose sales fell 30%, though they improved from September. Automakers had said October would be a test of how strong the market was without any effect of the government’s Cash for Clunkers program. The industry staggered through a tough September, hurt by the collapse of demand following the clunker rebates that fueled a sales surge over the summer. The mood was in contrast to a year ago, when consumers were frightened away from showrooms by the early effects of the financial meltdown and credit freeze. This October, Ford got a boost from new products launches and gained U.S. market share for 12th time in 13 months as it critically acclaimed vehicles continue to grab buyers from rivals. Ford has also benefited from consumer goodwill because it didn’t take government bailout money or go into bankruptcy, as GM and Chrysler did.