Science

GM Canada auto sales up; Fiat Chrysler, Ford take a hit

GM Canada auto sales up; Fiat Chrysler, Ford take a hit”

According to Autodata Corp, which tracks market sales, the seasonally adjusted annualized rate (SAAR) of US auto and light truck sales in December dropped to 17.9 million units from 18.2 million in December 2016. According Autodata, 2017 full-year sales hit 17.23 million units, down almost 2 per cent from an all-time U.S. record of 17.55 million units in 2016.

Ford's sales fell 1.1 percent to 2.6 million compared to 2016, but it reported a surprise increase in December, fueled in part by the continued success of the F-Series pickups and other large vehicles.

However, Fiat Chrysler Automobiles, reported a fall in monthly and yearly sales, hurt by a lower demand for its Jeep and Dodge branded vehicles. Cadillac and Lexus both saw their sales drop 8 percent a year ago; Lincoln sales plummeted 17 percent in December.

"I'm actually surprised the industry was as strong as it was, we had some pretty severe weather, bitterly cold in much of the country", Mark LaNeve, Ford's USA sales chief, said on a call with analysts and reporters.

Truck sales dipped 1% for the month, and sales of F-Series pickups increased by 2.1%. But the influx of late-model used cars coming back on the market could also cut into sales of new vehicles. For the year, the company reported good news with total sales for 2017 increasing by 5.2% compared with 2016.

"It's still a buoyant industry and the underlying factors that drive it are still very positive", Ford's US sales chief, Mark LaNeve, said.

A few automakers say luxury sales have struggled.

Ford's USA sales rose 0.9 percent in December, fueled by 89,385 F-Series pickup trucks. But most other automakers saw declines.

Sales at Toyota's Lexus brand fell 13.9 percent.

GM also published its December sales figures Wednesday, which showed total sales were 2% up on the same month in 2016.

And, the United States auto industry continues to enjoy strong demand for larger vehicles, including SUVs, pickup trucks and "crossover" models. Honda division saw its sales drop last month by 6.3%, but came in with a 0.7% jump for all of 2017. SUV sales fell 12% year over year in December. "This year, many consumers will see their take-home pay rise because of tax reform. That will keep the broad economy growing, and help keep sales at very healthy levels even as the Fed increases interest rates", Mohatarem added.

The winning streak "was the result of pent-up demand after the recession that's finally just running out", said Tim Fleming, an analyst at Kelley Blue Book.



Like this

Latest


12 January 2018
Rapper With Song Called 'Sell Drugsz' Jailed For Selling Drugs
Persaud also awaits sentencing in Lebanon County, Pennsylvania, where a jury convicted him of drug charges this past August. Michael Persaud , of Johnston, Rhode Island, copped three years in prison for drug trafficking.

12 January 2018
When is the College Football Playoff National Championship?
Alabama's regular-season finale loss at Auburn cost the Tide the SEC West and spot in the conference title game against Georgia. When a Heisman Trophy quarterback meets a top-10 defense in a bowl game, it's usually the defense that prevails.

12 January 2018
Corea Nord, "probabile" la loro partecipazione alle Olimpiadi invernali di PyeongChang
Un via libera temporaneo, appunto, quello partorito al tavolo di Panmunjom , che il Sud considera un segnale di distensione. Seul ha proposto che una nuova riunione di famiglie separate avvenga nel periodo del prossimo Capodanno lunare.

12 January 2018
Were Analysts Bullish Diageo plc (LON:DGE) This Week?
The stock has "Buy" rating by UBS on Friday, October 23. (NYSE:VMW) has "Hold" rating given on Tuesday, January 24 by Maxim Group. Diageo ( LON DGE ) traded up GBX 11.50 ($0.16) during mid-day trading on Tuesday, hitting GBX 2,660.50 ($36.08).

12 January 2018
Costa on the bench for Atletico´s Lleida trip
The second leg of the tie against third-tier club holds next Tuesday, with Atletico hosting Getafe in the league this Saturday. The Spain striker, 29, last played over SEVEN months ago in Chelsea's FA Cup final defeat to Arsenal.

12 January 2018
PM to meet with City bosses to discuss post-Brexit plan
The City is anxious that thousands of jobs could be lost after Brexit if a deal on financial services is not agreed with Europe. Although this meeting is likely to focus heavily on Brexit, Sky sources claim it could touch on corporate remunerations.

12 January 2018
Pawan Kalyan's Agnyaathavaasi #Milliondollaragnyaathavaasi before release, Stunning feat
Suriya-starrer Gang , dubbed from the Tamil film Thaana Serndha Koottam , is also releasing on January 12. Going by the this trends, the movie is likely to post around $1.5 million by end of premiere shows run.

12 January 2018
Zacks Investment Research Upgrades Banco Bilbao Vizcaya Argentaria (BBVA) to Buy
Banco Bilbao Vizcaya Argentaria , S.A.'s institutional ownership is 3.3%, while its institutional transactions stand at -0.6%. Banco Bilbao Vizcaya Argentaria (NYSE: BBVA ) last released its quarterly earnings results on Friday, October 27th.

12 January 2018
Do Institutional Investors Hate US Bancorp (NYSE:USB)?
It is negative, as 61 investors sold USB shares while 441 reduced holdings. 34 funds opened positions while 46 raised stakes. The firm owned 102,990 shares of the financial services provider's stock after selling 2,000 shares during the period.

12 January 2018
Preferred Apartment Communities, Inc
It turned negative, as 33 investors sold MAA shares while 130 reduced holdings. 48 funds opened positions while 78 raised stakes. Madison Investment Holdings Inc bought 82,594 shares as the company's stock declined 9.26% while stock markets rallied.