SHANGHAI—Auto sales in China fell for the third straight month in September, as the country’s auto sector confronts what looks likely to be its first yearly decline in passenger-car sales in almost three decades. Fragile consumer confidence in the face of a falling stock market and U.S.-China trade tensions led to weak sales for most auto makers, as Chinese vehicle sales fell 11.6% year over year to 2.39 million in September, the government-backed China Association of Automobile Manufacturers said Friday.... … [Read more...] about China’s Auto Sales Face First Annual Decline in Decades
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The Associated Press Vehicle sales are slowing down despite a run on big SUVs.Major automakers said Tuesday that U.S. sales fell 7 percent in September and 4 percent for the June-through-September quarter, compared with the same periods last year. Weaker numbers for September and the third quarter wiped out a 1.8 percent gain during the first half of the year, and left auto sales on pace with 2017. Some analysts had cautioned that the first-half gains were driven by incentives and low-margin sales to fleet buyers like rental car companies.Industry officials blamed the recent weakness partly on hurricanes — in both 2017 and 2018.Ford sales analyst Erich Merkle suggested that the September numbers were hurt by Hurricane Florence, which flooded parts of the Carolinas. That made it tougher to compete with September 2017, when sales were boosted by owners replacing cars after Hurricane Harvey hit Houston, he said. Recommended for you Recommended for you Recommended for … [Read more...] about US auto sales fell by 4 percent in the third quarter
The bulk of last week's plunge in auto stocks was driven by fears about the impact of steel and aluminum tariffs on U.S. automakers, but big sales declines at Ford Motor (NYSE: F) and General Motors (NYSE: GM) also contributed to the downdraft.However, while domestic deliveries fell by about 7% year over year at both auto giants, pricing improved. Furthermore, February is seasonally one of the slowest months for auto sales, making a modest industry sales decline less concerning from a full-year perspective.Headline sales numbers decline -- retail sales fall fasterFord's U.S. deliveries fell 6.9% year over year in February, reaching 194,132 units. Retail sales dropped 8.5%, accounting for the bulk of the decrease, while fleet sales slipped 3.8% year over year. As has been the case for most of the past year, Ford leaned hard on its popular F-Series trucks to support sales during February. Total F-Series deliveries in the U.S. rose 3.5% to 68,243 units last month, reaching 35% of the … [Read more...] about How Bad Were February Auto Sales?
DETROIT (AP) — Auto sales were expected to tail off in February as automakers eased up on discounts. Auto forecasting firm LMC Automotive predicted a 2 percent drop from last February for what is normally one of the weakest sales months of the year. Others forecast an even steeper decline. Among major automakers, only Toyota, Subaru and Volkswagen reported sales gains over last February. Ford’s U.S. sales chief Mark LaNeve said automakers spent an average of $65 less per vehicle on incentives in February compared to the same month last year. That’s a stark contrast from 2017, when incentive spending was often climbing $300 or $400 per month. LaNeve said discounts could grow during the spring and summer, when tax returns arrive and more people shop for vehicles. But based on the first two months of this year, he expects automakers to remain fairly disciplined. In the past, heavy discounting has led to overproduction and steep declines in automakers’ profits. Here … [Read more...] about US auto sales likely fell in February
DETROIT (AP) - Early reports from appear to confirm expectations that auto sales tailed off in February as automakers eased up on discounts.Auto forecasting firm LMC Automotive predicts a 2 percent drop from last February for what is normally one of the weakest sales months of the year. Others forecast an even steeper decline. Most automakers report February sales on Thursday.LMC said average discounts per vehicle during the first three weeks of February fell $14 to $3,840, the first year-over-year decline since 2013. That's largely because Detroit automakers reduced spending on SUVs and pickup trucks. The cuts improve automakers' profitability, but they could hurt sales."Aggressive incentives generally only pull forward existing demand, and automakers seem to be learning the lesson that you can only borrow so much from the future before you end up paying for it," Jessica Caldwell, Edmunds.com executive director of industry analysis, said in a statement. (Edmunds regularly provides … [Read more...] about Early indications suggest US auto sales dipped in February