U.S. Auto Sales Update (F, TM)

Citigroup expects the May U.S. SAAR to come in at approximately 11.2 million units, which is more or less flat with April. According to Citi, the upside/downside variance this month will be decided by the sales pace of the Memorial Day weekend, which constitutes a major portion of sales in May. Citi expects no major surprises on the market share front, with General Motors, Ford F, and Nissan expected to show gains while Toyota (ADR) TM and Honda expected to lose share. Overall, the month of May is expected to be a decent one for auto sales.