U.S. automotive sales surprised again. This time on the upside. Light-vehicle sales recorded a seasonally adjusted annual rate (SAAR) of 16.4 million in June, up from the prior month’s 16.1 million and same-month 2002’s 16.3 million. The results lifted the second quarter to a 16.3 million SAAR, up from the prior quarter’s 15.9 million and close to April-June 2002’s 16.4 million. First-half sales ran at a 16.1 million-unit pace, compared with first-half 2002’s 16.4 million. (See related ...

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