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When news leaked out Tuesday that Ford Motor would cut 10 percent of its salaried workers, it underscored how the auto industry's strong sales are slipping after years of consecutive growth since the Great Recession. In April, the industry reported a 4.7 percent sales drop. General Motors, Fiat Chrysler and Ford showed declines of 7 percent or more in sales. Japanese car companies also were off in the North American market, although not as much. As vehicle demand has ebbed, automakers find themselves dealing with bloated inventories. At the end of April, GM had enough vehicles ...
The U.S. auto boom that fueled record sales and profits is winding down. General Motors CEO Mary Barra claims that the auto industry is changing more today than it has in the past 50 years. It's true that the U.S. auto sector had a close call during the 2008 financial crisis, when both GM and Chrysler needed federal bailouts to survive bankruptcy. But that was a pretty straightforward crisis, caused by excess labor costs and a plunge in auto sales due to a wrecked economy. The challenge today is posed by electric and self-driving cars, and it is far more fundamental. Automakers ...
Ford Motor Co. is doing its best to fight the downturn in the car market but it’s not that easy, and it seems like it’s not that easy, and the fight is almost lost. The major American automaker is preparing for major reductions to its worldwide workforce amid CEO Mark Fields’ renewed efforts to hike profits and address the company’s falling share price. Ford plans to shrink its salaried workforce in North America and Asia by about 10 percent, and will offer generous early retirement incentives to reduce its salaried ranks by Oct. 1, but the company does not p...
We provided you with information about April car sales in US and told you about the results the major automakers got, but what you still don’t know is where, in which state exactly the electric car sales were up and where they were down.California, dominates! It’s number one, with a per capita percentage of 0,7%, beating Hawaii with 0,4% and Washington with 0,3%. If you ask yourself why is is California, than we will try to make it a bit clearer for you our dear readers: → California has long offered a decent EV rebate (typically, $2,500).→ California’s p...
Another year-over-year decline in the automotive industry. This April wasn’t that successful as automakers and dealerships wanted them to be, and this is why we have such low car sales predictions. Declines will be broad-based, with General Motors, Ford, Fiat Chrysler and all other major automakers expected to report lower sales. Meanwhile, Tesla shares soared to a record high Monday ahead of the electric vehicle maker's earnings Wednesday. April auto sales will likely come in at a seasonally adjusted annual rate of 17.1 million, down 1% vs. a year earlier. But that would ...
