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The U.S. auto industry turned in an underwhelming performance in March as sales disappointed despite rising discounts. The industry reported sales of 1.56 million vehicles for the month, down 1.6% from a year earlier, amid increasing inventories of unsold vehicles, especially of small cars. In the face of declining sales, now it's up to automakers to see if they can pare production of slow-selling models and reduce the profit-crushing practice of having to offer heavy discounts to clear out the backlog. Sales incentives rose 13.4% in March, compared to a year earlier, to an average of $3,5...
The second quarter for the 2017th year started not so bad, after car makers showed disappointing sales results for the first one. That could’ve been a warning for other types of spending, but a late recovery helped stocks avoid bigger losses. Stocks tumbled in morning trading after automakers including Ford and General Motors said passenger car sales slumped last month. Auto parts and rental car companies also tumbled. Spending by shoppers is a critical part of economic growth and investors found themselves wondering if spending will keep growing as it has in recent years...
Tesla revealed that its sales on the first quarter have surged to 69% comparing to the last year’s sales. The automaker has sold approximately 13,450 Model S sedan and about 11,550 Model X sports utility vehicle models. The company has even better expectations, saying it might deliver 47,000 -50,000 Model S and Model X vehicles combined in the first half of 2017. In the fourth quarter, deliveries had fallen 9.4 percent due to short-term production hurdles from the transition to a new autopilot hardware. Tesla had said production challenges, which started at the end of Oct...
We knew that Donald Trump is somehow pressing U.S. automakers to build new factories and offer more jobs, but he may have to settle for plant overhauls and incremental job expansions such as Ford Motor Co.’s planned $1.2 billion investment in three Michigan factories that’s expected to create at least 100 jobs. Trump pushed automakers during a roundtable in Ypsilanti Township earlier this month for more U.S. plants, and in a speech to autoworkers the same day he said plants are coming back — other plants that were expected to be built in other countries are not being bui...
March U.S. new vehicle sales will be about 1.62 million units, that’s up about 1.9% from 1.59 million units a year earlier. The forecast was base on the first 16 selling days of the month. The seasonally adjusted annualized rate for the month will be 17.3 million vehicles, up from 16.8 million a year earlier. Retail sales to consumers, which do not include multiple fleet sales to rental agencies, businesses and government, were set to increase 1 percent in March. Highlighting "policy uncertainty" over whether Republican U.S. President Donald Trump will press ahead wi...
