NEW YORK, NY -- (Marketwire) -- 12/11/12 -- The recovery of the U.S. auto industry has shown no signs of slowing down in 2012 as the need to replace ageing vehicles with newer more fuel-efficient models continue to drive sales. The Global X Automotive ETF (VROM), which is designed to track the performance of companies involved in production of automobile and other related activities, has gained nearly 20 percent year-to-date. The Paragon Report examines investing opportunities in the Auto Manufacturers Industry and provides equity research on Toyota Motor Corporation (NYSE: TM) and Tesla Motors Inc. (NASDAQ: TSLA).
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Auto sales in the U.S. soared to a five-year high in November. According to Autodata Corp. sales of cars and light trucks totaled 1.14 million units for the month of November, a 15 percent increase when compared to a year ago. The seasonally adjusted annualized sales rate of 15.5 million was the highest seen since January 2008. Strong sales heading into the New Year have many auto industry experts optimistic that demand will remain strong in 2013.
"Economic indicators are pointing to modest economic growth with a better housing sector ahead," said Jenny Lin, a senior economist for Ford in a conference call. "We do think that this is an industry that is growing stronger, even without the [Hurricane] Sandy effect."
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Toyota is currently on pace to reach their 2012 target of 2 million vehicles sold in the U.S. The company has reported November sales totaled 161,695, an increase of 17.2 percent when compared to a year ago. The company recently debuted their new Rav4 model, which they expect sales of 200,000 units in 2013, a 20 percent increase over the 2012 model.
Tesla designs and manufactures EVs and EV power train components for partners such as Toyota and Daimler. The company's Model S, the first premium sedan to be built from the ground up as an electric vehicle, began deliveries in June 2012. By the end of 2012, Tesla will have 24 locations in North America and 34 worldwide.
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