Shares of General Motors Corp. surged Wednesday to their highest price in over a month, after the automaker reported global sales figures that fell short of rival Toyota Motor Corp.'s, but showed growth in overseas markets.
GM shares rose 30 cents, or 2.1 percent, to $14.62, after peaking at $16.34 earlier in the session. Over the past 52 weeks, GM's shares have traded between $8.81 and $43.20.
Detroit-based GM said it sold a total of 4.5 million vehicles in the first six months of this year, about 300,000 fewer than Toyota.
GM said its total sales fell 3 percent in the first half of the year, blaming economic and labor woes in the U.S. market. But it posted record-breaking sales in other regions, including Latin America, Asia and Europe.
However, later in the day J.D. Power and Associates cut its 2008 auto sales outlook, saying it now expects 2008 sales to drop 12 percent to 14.2 million units over last year. The marketing and consulting firm cited a weak economy, the credit crisis and record-high gas prices for the revision.
Still, Ford shares got a boost, rising 19 cents, or 3.3 percent, to $6.03, after peaking at $6.33 earlier in the day. Over the past 52 weeks, its shares have traded between $4.30 and $9.24.
Meanwhile, Toyota's U.S. shares fell 95 cents, or 1 percent, to $91.92.
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