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Yesterday car dealers added to concerns about the state of the U.S. auto industry and how tough any downturn might be if its six-year recovery has ended. In a conference call with media and analysts, officials of the National Automobile Dealers Association said they expected sales of cars and light trucks in the United States to dip to 17.1 million vehicles this year, high by historical standards but below 2016's record 17.55 million vehicles. Investors are also watching rising interest rates, inventories of unsold vehicles and the generosity of profit-eroding discounts that aut...
The so-called Big Three automakers reported March sales that were weaker than expected. The declines for Ford, GM, and Fiat Chrysler happened as consumers bought fewer sedans and more SUVs. Total vehicle sales rose at a seasonally adjusted annual rate of 16.63 million. That was short of the forecast for 17.30 million.. Here's the scoreboard:Nissan: 3% (2.8% expected)Ford: -7.2% (-5.9% expected)GM: 1.6% (7% expected)Fiat Chrysler: -5% (0.4% expected)Toyota: -2.1% (-1.2% expected)Subaru: 11.3%BMW: 3.5%Volvo: 9.3%Automakers shares slid in trading following the numbers. Ford fell by...
Well it might not surprise you anymore that the car sales market has a strong bound with the overall economy in the country, so it basically means if the new cars become harder to sell and the car stock at dealerships are still full, than there’s a problem in the middle. The retreat in the auto sector reported Monday mirrors lackluster broader consumer spending data released Friday. Both readings fly in the face of the two most-followed gauges of consumer sentiment, now at 17- and 11-year highs. It also contrasts with an index of optimism among small businesses -local car deal...
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...
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...