DETROIT, Nov. 3 (Reuters) - The U.S. auto industry was on its way to reporting another month of booming sales in October on Tuesday, despite concerns about consumer spending and stagnant wages.
Fiat Chrysler Automobiles said the U.S. auto industry’s October sales will top 18 million on an annualized basis, well above the expectations of industry analysts.
Fiat Chrysler reported its 67th straight month of year-over-year gains, selling 195,545 vehicles, up 14.7 percent from a year earlier.
Toyota Motor Corp said it sold more than 200,000 vehicles, which would be a double-digit rise from last October’s 180,580 vehicles. Toyota did not give a specific sales figure, and would issue one later Tuesday morning.
Analysts have said they expected October sales between 8 percent and 12 percent higher than last year. (Reporting by Bernie Woodall; Editing by Jeffrey Benkoe)