Buoyed by consumers' increased confidence in the U.S. economy, most automakers reported higher sales of cars and trucks in the U.S. during October compared to a year ago -- making it the best October in three years for the auto industry.
BMW raises its earnings outlook for the year as profits soar to %u20AC874 million from %u20AC78 million in the same period a year ago.
Auto sales turned in a strong performance in September. "People seem to be saying, 'It's not as quite as scary anymore,'" says Arthur Wheaton, automotive analyst at Cornell University's ILR School.
Mini Cooper cars are known for their quick, precise handling, but some owners have complained of steering problems that may lead to a crash, prompting a federal investigation.
U.S. auto sales started off strong over the Labor Day holiday weekend, but have since dropped significantly, according to analysis by car-buying guide Edmunds.com.
Germany's economy may be struggling right now, but one of the country's premier automakers sees brighter days ahead. BMW said Tuesday it expects pretax profits this year to "rise more sharply than previously forecast," driven by better-than-expected vehicle sales.
