U.S. News

GM Strong in the Showroom


General Motors said its November retail sales were up 11%, while it reduced sales to corporate fleet customers including car rental companies by 7% in the month.

The world's largest automaker sold 297,556 vehicles in the United States last month.

Paul Ballew, GM's chief sales analyst, said industrywide auto sales appeared to be flat in November at an annualized, adjusted rate of 16.3 million units. He made the comments on a
conference call for analysts and reporters.

Despite signs of weakening demand for U.S. vehicle sales in recent months, Ballew said GM was sticking to its forecast for industry-wide sales of about 17 million units in 2007, flat with the expected total for this year.

Looking ahead, GM said it plans to make 1.14 million vehicles in the first quarter in North America, down 9 percent from a year earlier.

The automaker said its fourth-quarter production forecast remains unchanged at 1.11 million units.

CNBC's David Faber reported on "Closing Bell" Thursday that Billionaire Kirk Kerkorian's Tracinda Corp. investment firm appears to have unloaded its entire stake in General Motors.

Bank of America sold a block of 28 million GM shares at $29.25 each, causing speculation that Kerkorian sold the last remaining stake he held in the automaker, Faber said.