After hitting a 30-year low in 2009, U.S. auto sales are poised for a second straight year of growth in 2012 — the result of easier credit, low interest rates and pent-up demand for cars and trucks created by the Great Recession.
The sales forecast bodes well for the industry's continued recovery and for the broader American economy.
Just two years ago, Detroit automakers were in peril. Car sales plunged as unemployment soared, and loans became harder to get. Chrysler and General Motors filed for bankruptcy protection. Ford avoided bankruptcy only by borrowing billions.
Iran's navy said it test-fired a surface-to-surface cruise missile on Monday during a drill in international waters near the strategic Strait of Hormuz, the official IRNA news agency reported.
The missile, called Ghader, or Capable in Farsi, was described as an upgraded version of a missile that has been in service before. IRNA said the missile "successfully hit its intended target" during the drill.