U.S. gasoline prices averaged $3.47 a gallon last week on weak demand, says Reuters. At the same time, record low mortgages instill life in the real estate market and rev up housing starts. All of this makes auto companies bet on a pick-up of pick-up sales.
What’s more, existing pick-up are getting old and creaky. 53 percent of full-size pickups are now older than 10 years and 27 percent are more than 15 years, Ford’s Americas President Mark Fields told the New York Daily News.
Carmakers are already putting more pickup on dealer lots. As of Nov. 1, Ford had 238,000 pickups in its inventory, up from 192,000 at the same time last year.
Chrysler said it will add 1,250 workers and invest $240 million in three Detroit-area plants to boost truck and engine production.