Car Sales Predicted To Grow at a Slower Rate in 2015

Jan 02, 2015 03:00 PM EST | Jordan Ecarma

2014 was a banner year when it came to car sales, with automakers selling nearly 17 million cars and trucks in the United States.

The sales forecast for 2015 looks solid, but don't expect huge gains. Auto sales should keep growing but at a slower rate, according to Kelley Blue Book.

This year's sales are expected to reach 16.9 million units, which would constitute a 2.6 percent increase year over year. It would also mark the highest sales total in a decade. 

2014 saw a 6 percent rise in new-vehicle sales and was the best year for U.S. car sales since 2006; however, it was also the worst year for auto recalls in American history, with carmakers recalling some 60 million vehicles.

Fiat Chrysler Automobiles, the product of a recent merger that was a highlight for the auto world in 2014, was forecast to close out the year with more than 2 million sales and 16.2 percent sales growth.

Toyota is expected to post 11.1 percent growth year over year.

Even though it was hit with recall after recall, General Motors was forecast to enjoy 6.9 percent growth year over year with a sales volume of 230,157 as of Dec. 13.

Automakers will post their December and full-year sales for 2014 on Monday, according to Forbes.

Hyundai and Kia have already rolled out 2015 sales targets after selling a combined 8,004,696 vehicles last year, Xinhua reported.

The two South Korean automakers have set their combined sales target at around 8.2 million units, with Hyundai looking to sell 5.05 million vehicles in 2015 and Kia targeting sales of 3.15 million.

Hyundai Motor Group Chairman Chung Mong-koo said today that the company plans to invest more in research and development as well as into the automaker's production and sales system, according to the Xinhua report. 

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