The North American International Auto Show opened on Monday with fresh signs the comeback by US carmakers is gaining traction. In the first big event of the show, the Chevy Volt, the centerpiece of General Motors' return from bankruptcy and already the winner of both Motor Trend Magazine's car of the year and Green Car of the Year awards, was named 2011 North American Car of the Year award, beating out rival vehicles from Japan's Nissan Motor Co Ltd and Korea's Hyundai Motor Co.
-- Annual show kicks off with media preview days
-- GM, Ford share top honours in car, truck awards
-- Key product introductions by Toyota, VW
The latest version of Ford Motor Co's Explorer sport utility vehicle, meanwhile, was named 2011 North American Truck of the Year - the third year in a row that Ford has dominated the category. The US sweep of the awards, which are voted by a panel of 49 automotive journalists, provided an encouraging auto show kickoff for Detroit's Big 3 automakers. The show is the first in a string of trade events where automakers clamor to build buzz for vehicles months before they hit showrooms.
The US auto industry snapped a four-year sales decline in 2010, including three consecutive sales months above the 12 million unit annual rate to close the year. Most analysts expect double-digit growth in 2011 and further gains in 2012. James Paulsen, chief investment strategist for Wells Capital Management, believes US sales could reach annualised rates of 15 million to 16 million units by the end of 2011. Jeff Schuster, director of forecasting for J.D. Power and Associates, expects US auto sales to reach 12.8 million vehicles in 2011 and rise to 15 million in 2012. The 2011 forecast could increase, he added.
One sign of the industry's renewed confidence: vehicle debuts are expected to roughly double at the Detroit auto show this year to as many as 40 all-new vehicles, up from 18 in 2010. Those include a larger version of Toyota's market-leading Prius hybrid, the first-ever compact sedan for General Motors' Buick and a boxy concept known as the Curb from Hyundai. GM shares were flat at $38.98 on Monday morning while Ford shares were down 3 cents at $18.24. Ford passed Toyota as the No 2 US automaker in sales behind GM in 2010 and its stock has risen more than 80 percent since the start of last year. Ford posted a 19 percent US sales gain in 2010, its largest percentage increase since 1984.