By Bernie Woodall
DETROIT (Reuters) - U.S. auto sales were stronger than expected in July and kept the industry on pace for its best performance since 2001 as cheaper gasoline and low interest rates drove the continuing shift toward sport utility vehicles and pickup trucks.
With automakers reporting monthly sales on Monday, Ford Motor Co (N:F) said U.S. auto industry sales of 1.55 million vehicles in July rose 6 percent, which would translate to an annualized rate of about 17.6 million to 17.7 million vehicles.
Analysts had expected a gain of about 3 percent over year-ago industry sales. Auto sales are seen by analysts totaling about 17.1 million vehicles this year, which would be the highest since 2001.
Ford said cheaper fuel prices and low interest rates helped boost sales.
High-margin pickup trucks helped sales of the two market leaders, General Motors Co (N:GM) and Ford, which each showed gains that were more than double analysts' estimates.
GM's pickup truck sales rose 51 percent, steered by the mid-size Colorado, which is sitting on dealer lots only 16 days before selling, the company said.
Ford's F-Series sales alone topped those of all Ford and Lincoln brand sedans.
The F-Series total of 66,288 was up 5 percent, even as the F-150 is not at full inventory.
Sales rose 0.6 percent for Toyota Motor Corp (T:7203) (N:TM), third in the U.S. market by sales volume. Top cars Camry, Corolla and Prius, each experienced declines while its Tacoma small pickup truck gained 29 percent.
Fiat Chrysler Automobiles (N:FCAU) (MI:FCHA) sales rose 6 percent and Nissan Motor Co Ltd (T:7201) gained 8 percent, also outstripping expectations of analysts.
Honda Motor Co (T:7267) (N:HMC) sales rose 7.7 percent on the strength of a 16 percent gain for utility vehicles and minivans.
GM shares edged up 0.7 percent to $31.75. Ford shares rose 1.1 percent to $15.01. FCA's U.S.-traded shares were up 2.9 percent at $16.26.
Car-buying website TrueCar Inc (O:TRUE) said a record $47 billion was spent on new-vehicle purchases in July, up 2.l percent from a year earlier.
Ford truck sales rose 5.7 percent, its utility vehicle sales jumped 13.4 percent while sedan sales fell 3.9 percent.
For Fiat Chrysler, trucks and utility vehicles accounted for 74 percent of sales and were 10.4 percent higher than a year earlier, while sedan sales fell 6 percent.
FCA sales were led by a 23 percent increase for Jeep SUVs.
At Nissan, truck and utility vehicle sales rose 23 percent while car sales fell 1 percent. Sales of its Rogue small SUV jumped 51 percent.