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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 ...
After 7 years of car sales growth new auto sales have declined 4.7 percent, following a 1.6 percent decline in March. Car manufacturers spent average of $3,814 per car sold in the first part of April but despite that the drop occurred. For total industry sales to reach a peak and start declining isn't a surprise to anyone, and it could be great for car buyers moving forward. Even carmakers don't seem to be terribly concerned with the decline in the number of total vehicles sold, as they're making more on each car they sell right now because their product mix is more heav...
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...
Now that Mercedes Benz has announced to pause its U.S. diesel plans we feel like country’s auto sales feel another blow. Daimler revealed that it had to obtain certification to sell 2017 diesel models in U.S. from U.S. environmental regulators, but it didn’t. The outlook is now growing cloudier as scrutiny from the Environmental Protection Agency keeps models off the market and the costs rise to meet toughening pollution rules. Mercedes says that fewer than one out of every 100 cars sold in the U.S. is a diesel. Diesel’s future has been relegated back to what ...
