General Motors, Chrysler Group and Nissan Motor Co surprised industry analysts with a spike in new car sales on Tuesday, signaling a surge in consumer confidence for big ticket purchases.
Fortune reports that GM sales climbed 12.6 percent in May to 284, 694, a seven-year high. Chrysler also posted a seven-year high in May, according to Reuters, led by a 58 percent jump in sales of its Jeep SUVs. Chrysler said its annual sales were tracking toward 16.9 million vehicles.
Nissan's U.S. sales climbed 58 percent above May of last year to a record 135,934 vehicles.