General Motors Corp.'s chief financial officer said Oct. 21 that he expects demand for autos to pick up in the U.S. next year following

stronger-than-expected sales so far this year, according to Dow Jones Newswires.

"I expect a bit up," John Devine told Dow Jones Newswires in an interview. He predicted that

demand for cars in the U.S. will grow to over 17 million vehicles in 2004.

At the beginning of this year, GM projected demand in the U.S. would total 16.5 million vehicles in 2003. But it has turned out to be

stronger than expected, he said, with sales so far this year increasing at an annualized rate of 16.9 million vehicles.

But Devine said it is too early to say whether the fierce price competition that has characterized the U.S. auto market for the past two years is coming to an end. Incentives offered by GM to its customers were "down slightly" in the third quarter from the second, he said, as a stronger U.S. economy and new models allowed the auto giant to ease back on its aggressive sales campaign, Dow Jones Newswires said.

However, Devine said it is difficult to predict now whether GM will continue to cut back in the fourth quarter on these incentives, which he said have helped his company maintain solid sales in the United States, according to Dow Jones Newswires.