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Found 1,094 results

  1. You would think the stigma of the diesel emission scandal would keep people away from picking up a fixed Volkswagen TDI model, but you would be wrong. Reuters notes that in April, 12 percent of Volkswagen's sales were for TDI models (about 3,196 vehicles). This is quite impressive when you take into consideration that Volkswagen was only given the go-ahead to sell TDI models with the fix back in mid-April. But we have to wonder if this percentage would be the same if Volkswagen didn't put some enticing incentives on TDI vehicles. As we reported last month, Volkswagen is offering either 0% APR for up to 72 months and $5,000 cash bonus if you decide to buy or an $8,500 cash bonus if you lease. Source: Reuters View full article
  2. Tesla held their first quarter earnings call yesterday. The company reported revenue in the quarter that more than doubled and that they are on track on getting the Model 3 in production in July. But this was overshadowed by some comments made by CEO Elon Musk. "We have seen some impact of Model S orders as a function of people being confused" that Model 3 is the upgrade to Model S, Musk said on a conference call. Yes, it seems some of Tesla's prospective buyers believe the new Model 3 - the upcoming entry-level model - is the replacement for the Model S. This misconception has likely risen as Tesla has been promoting this vehicle since last July. Tesla's worry is that this misconception will draw people away from the Model S. "We want to be super clear that Model 3 is not version three of our car. Model 3 is essentially a smaller, more affordable version of the Model S with fewer features," said Musk. "The Model S will be better than Model 3. As it should be, as it's a more expensive car." Sadly, customer deposits in the first quarter don't reflect that. Deposits on the Model S and X dropped 7 percent. Source: Reuters View full article
  3. You would think the stigma of the diesel emission scandal would keep people away from picking up a fixed Volkswagen TDI model, but you would be wrong. Reuters notes that in April, 12 percent of Volkswagen's sales were for TDI models (about 3,196 vehicles). This is quite impressive when you take into consideration that Volkswagen was only given the go-ahead to sell TDI models with the fix back in mid-April. But we have to wonder if this percentage would be the same if Volkswagen didn't put some enticing incentives on TDI vehicles. As we reported last month, Volkswagen is offering either 0% APR for up to 72 months and $5,000 cash bonus if you decide to buy or an $8,500 cash bonus if you lease. Source: Reuters
  4. If the Volkswagen diesel emission scandal hasn't swayed you from wanting one, then you'll be happy to hear Volkswagen will once again be able to sell brand-new 2015 model year TDI models. Green Car Reports says near 11,000 TDI models will soon be back up for sale once they are updated with new software, making them legal. Volkswagen does caution those interested in picking up a new TDI to call their nearest dealership to see if they have any in stock. But that's not all. Volkswagen is offering some massive discounts on these models. CarsDirect reports that Volkswagen is offering 0% APR for up to 72 months and $5,000 cash bonus if you decide to buy. Interested in leasing one? Volkswagen will offer a cash bonus of $8,500. There are a couple of caveats to this offer. First, you need to have an excellent credit history to qualify for either offer. Second is that Volkswagen isn't advertising this offer. "We will not be advertising the available incentives from our financing arm as they [sic] vehicle availability will vary per dealership," said Volkswagen spokeswoman Jeannine Ginivan. Source: Green Car Reports, CarsDirect View full article
  5. April's auto sales are one most automakers would like to pretend never happen due to big declines. But if there is a silver lining to April sales, it has to go to small sports cars. Automotive News ran the numbers and found that sales of small sports cars rose 3.4 percent so far this year. Contrast this with 12 percent drop in overall demand for cars. The big winner in this group was the Mazda MX-5 Miata with sales up 35 percent so far this year. Sales in April declined slightly from March (1,319 vs. 1,345 units), but rose sharply when compared to January (929) and February (1,108). Other models saw noticeable increases: Fiat 124 Spider saw its sales rise from 240 in January to 465 in April BMW's Z4 rose 42 percent so far this year (though it should be noted this model went out of production last August) Toyota 86 saw a small rise in overall sales Jaguar F-Type posted its best monthly sales of 406 units Source: Automotive News (Subscription Required) View full article
  6. Tesla held their first quarter earnings call yesterday. The company reported revenue in the quarter that more than doubled and that they are on track on getting the Model 3 in production in July. But this was overshadowed by some comments made by CEO Elon Musk. "We have seen some impact of Model S orders as a function of people being confused" that Model 3 is the upgrade to Model S, Musk said on a conference call. Yes, it seems some of Tesla's prospective buyers believe the new Model 3 - the upcoming entry-level model - is the replacement for the Model S. This misconception has likely risen as Tesla has been promoting this vehicle since last July. Tesla's worry is that this misconception will draw people away from the Model S. "We want to be super clear that Model 3 is not version three of our car. Model 3 is essentially a smaller, more affordable version of the Model S with fewer features," said Musk. "The Model S will be better than Model 3. As it should be, as it's a more expensive car." Sadly, customer deposits in the first quarter don't reflect that. Deposits on the Model S and X dropped 7 percent. Source: Reuters
  7. April's auto sales are one most automakers would like to pretend never happen due to big declines. But if there is a silver lining to April sales, it has to go to small sports cars. Automotive News ran the numbers and found that sales of small sports cars rose 3.4 percent so far this year. Contrast this with 12 percent drop in overall demand for cars. The big winner in this group was the Mazda MX-5 Miata with sales up 35 percent so far this year. Sales in April declined slightly from March (1,319 vs. 1,345 units), but rose sharply when compared to January (929) and February (1,108). Other models saw noticeable increases: Fiat 124 Spider saw its sales rise from 240 in January to 465 in April BMW's Z4 rose 42 percent so far this year (though it should be noted this model went out of production last August) Toyota 86 saw a small rise in overall sales Jaguar F-Type posted its best monthly sales of 406 units Source: Automotive News (Subscription Required)
  8. Sales of new cars in the U.S. have been dropping in the past three months and analysts believe April's sales results will be much the same. But why are sales falling? It comes down to prices of new cars going up and up. According to data from ALG True Car, the average new-car price rose two percent when compared to last year. Kelly Blue Book reports that the average transaction price in March increased 1.7 percent to $34,342 when compared to the same time last year. There are a number of factors as to why consumers are balking at larger prices; credit not being as easy to attain, younger buyers being saddled with debt, and inflation. “It’s not just the price of the cars -- it’s the price of everything else. The price of things like health care, shelter -- all of that is fighting for the budget,” said Michelle Krebs, a senior analyst with Cox Automotive. Automakers are trying to stem this decline by increasing the amount of incentives available. J.D. Power reports incentive spending reached a new high in the first half of April with an average of $3,499. Source: Bloomberg View full article
  9. Sales of new cars in the U.S. have been dropping in the past three months and analysts believe April's sales results will be much the same. But why are sales falling? It comes down to prices of new cars going up and up. According to data from ALG True Car, the average new-car price rose two percent when compared to last year. Kelly Blue Book reports that the average transaction price in March increased 1.7 percent to $34,342 when compared to the same time last year. There are a number of factors as to why consumers are balking at larger prices; credit not being as easy to attain, younger buyers being saddled with debt, and inflation. “It’s not just the price of the cars -- it’s the price of everything else. The price of things like health care, shelter -- all of that is fighting for the budget,” said Michelle Krebs, a senior analyst with Cox Automotive. Automakers are trying to stem this decline by increasing the amount of incentives available. J.D. Power reports incentive spending reached a new high in the first half of April with an average of $3,499. Source: Bloomberg
  10. The rivalry of the Chevrolet Camaro and Ford Mustang has been going for ages in the U.S. But now this fight has expanded into China. Automotive News reports that a growing group of Chinese buyers are being drawn towards to these models as the exude the no-apologies Americana attitude. "We're seeing the beginning of a muscle car culture here. Something that is uniquely American appeals to the Chinese consumer. The image that it relays to the automotive public is very positive," said James Chao, a China market auto analyst with IHS Markit. Sales of both models are small with Chevrolet only moving 2,000 Camaros since its launch 2011. Ford is doing slightly better with 6,200 Mustangs sold since its launch in 2015. In the first quarter, Mustang sales saw a 90 percent increase to 963 vehicles. Part of the reason for the slow sales comes down to the price. The Camaro starts about 399,900 yuan (about $58,000) - more than double of the base price of $26,900 in the U.S. The Mustang isn't that far behind, costing about $15 dollars less. Prices are increased due to a 25 percent import tariff on U.S. made vehicles, homologation and shipping fees, and Chinese buyers trending to splurge on higher-time models. But despite the low sales, the Camaro and Mustang are bringing buyers to dealers. These models act as eye candy to help draw shoppers into showrooms with the hope they'll purchase a vehicle, where it be the eye candy or something a little less exciting. Source: Automotive News (Subscription Required) View full article
  11. The rivalry of the Chevrolet Camaro and Ford Mustang has been going for ages in the U.S. But now this fight has expanded into China. Automotive News reports that a growing group of Chinese buyers are being drawn towards to these models as the exude the no-apologies Americana attitude. "We're seeing the beginning of a muscle car culture here. Something that is uniquely American appeals to the Chinese consumer. The image that it relays to the automotive public is very positive," said James Chao, a China market auto analyst with IHS Markit. Sales of both models are small with Chevrolet only moving 2,000 Camaros since its launch 2011. Ford is doing slightly better with 6,200 Mustangs sold since its launch in 2015. In the first quarter, Mustang sales saw a 90 percent increase to 963 vehicles. Part of the reason for the slow sales comes down to the price. The Camaro starts about 399,900 yuan (about $58,000) - more than double of the base price of $26,900 in the U.S. The Mustang isn't that far behind, costing about $15 dollars less. Prices are increased due to a 25 percent import tariff on U.S. made vehicles, homologation and shipping fees, and Chinese buyers trending to splurge on higher-time models. But despite the low sales, the Camaro and Mustang are bringing buyers to dealers. These models act as eye candy to help draw shoppers into showrooms with the hope they'll purchase a vehicle, where it be the eye candy or something a little less exciting. Source: Automotive News (Subscription Required)
  12. If the Volkswagen diesel emission scandal hasn't swayed you from wanting one, then you'll be happy to hear Volkswagen will once again be able to sell brand-new 2015 model year TDI models. Green Car Reports says near 11,000 TDI models will soon be back up for sale once they are updated with new software, making them legal. Volkswagen does caution those interested in picking up a new TDI to call their nearest dealership to see if they have any in stock. But that's not all. Volkswagen is offering some massive discounts on these models. CarsDirect reports that Volkswagen is offering 0% APR for up to 72 months and $5,000 cash bonus if you decide to buy. Interested in leasing one? Volkswagen will offer a cash bonus of $8,500. There are a couple of caveats to this offer. First, you need to have an excellent credit history to qualify for either offer. Second is that Volkswagen isn't advertising this offer. "We will not be advertising the available incentives from our financing arm as they [sic] vehicle availability will vary per dealership," said Volkswagen spokeswoman Jeannine Ginivan. Source: Green Car Reports, CarsDirect
  13. The new Volkswagen Tiguan looks to solve some of the pressing issues of the current model such as its size that puts it between subcompact and compact crossovers. But that doesn't mean the current Tiguan is leaving anytime soon. Hendrik Muth, VW’s senior vice president for product marketing tells Car and Driver that the current Tiguan will stick around for 2018 and 2019, wearing the Tiguan Limited nameplate. Muth explained this model will be aimed at more budget-minded buyers and those who don't want the bigger footprint of the new Tiguan. Another reason mentioned in Car and Driver's story is the current Tiguan saw its best sales in 2015 and 2016. One item that could put some people off from buying the Tiguan Limited is will not get the 6-year/72,000-mile warranty announced for the 2018 Atlas and Tiguan crossovers. Expect pricing to be announced sometime in the fall. Source: Car and Driver Pic Credit: William Maley for Cheers & Gears
  14. The new Volkswagen Tiguan looks to solve some of the pressing issues of the current model such as its size that puts it between subcompact and compact crossovers. But that doesn't mean the current Tiguan is leaving anytime soon. Hendrik Muth, VW’s senior vice president for product marketing tells Car and Driver that the current Tiguan will stick around for 2018 and 2019, wearing the Tiguan Limited nameplate. Muth explained this model will be aimed at more budget-minded buyers and those who don't want the bigger footprint of the new Tiguan. Another reason mentioned in Car and Driver's story is the current Tiguan saw its best sales in 2015 and 2016. One item that could put some people off from buying the Tiguan Limited is will not get the 6-year/72,000-mile warranty announced for the 2018 Atlas and Tiguan crossovers. Expect pricing to be announced sometime in the fall. Source: Car and Driver Pic Credit: William Maley for Cheers & Gears View full article
  15. Jaguar Land Rover North America - Up 18.9% (12,918 Vehicles Sold This Month, 31,251 Vehicles Sold This Year) Subaru of America, Inc. - Up 11.3% (54,871 Vehicles Sold This Month, 144,250 Vehicles Sold This Year) Mitsubishi Motors North America - Up 6.2% (11,766 Vehicles Sold This Month, 29,147 Vehicles Sold This Year) Mazda North American Operations - Up 4.9% (24,549 Vehicles Sold This Month, 69,071 Vehicles Sold This Year) Porsche Cars North America, Inc. - Up 3.6% (4,479 Vehicles Sold This Month, 12,718 Vehicles Sold This Year) BMW Group U.S. - Up 3.5% (36,002 Vehicles Sold This Month, 81,933 Vehicles Sold This Year) Nissan North America - Up 3.2% (168,832 Vehicles Sold This Month, 416,891 Vehicles Sold This Year) Volkswagen of America - Up 2.68% (27,635 Vehicles Sold This Month, 76,290 Vehicles Sold This Year) Mercedes-Benz USA - Up 2% (32,352 Vehicles Sold This Month, 87,635 Vehicles Sold This Year) Audi of America - Up 1.7% (18,705 Vehicles Sold This Month, 45,647 Vehicles Sold This Year) General Motors Co. - Up 1.6% (256,224 Vehicles Sold This Month, 689,521 Vehicles Sold This Year) American Honda Motor Co. - Down 0.7% (137,227 Vehicles Sold This Month, 365,293 Vehicles Sold This Year) Toyota Motor Sales - Down 2.1% (215,224 Vehicles Sold This Month, 532,611 Vehicles Sold This Year) FCA US LLC - Down 5% (190,254 Vehicles Sold This Month, 510,798 Vehicles Sold This Year) Ford Motor Company - Down 7.2% (236,250 Vehicles Sold This Month, 617,302 Vehicles Sold This Year) Hyundai Motor America - Down 8% (69,265 Vehicles Sold This Month, 168,792 Vehicles Sold This Year) Kia Motors America - Down 15% (49,429 Vehicles Sold This Month, 127,728 Vehicles Sold This Year) Volvo Cars of North America, LLC - Down 21.9% (5,357 Vehicles Sold This Month, 13,479 Vehicles Sold This Year) Brands: Acura - Down 21.2% (11,696 Vehicles Sold This Month, 31,762 Vehicles Sold This Year) Alfa Romeo - Up 1,191% (555 Vehicles Sold This Month, 1,106 Vehicles Sold This Year) Audi - Up 1.7% (18,705 Vehicles Sold This Month, 45,647 Vehicles Sold This Year) BMW - Up 3.3% (31,015 Vehicles Sold This Month, 71,682 Vehicles Sold This Year) Buick - Up 15.1% (20,957 Vehicles Sold This Month, 50,205 Vehicles Sold This Year) Cadillac - Down 1.5% (12,861 Vehicles Sold This Month, 33,982 Vehicles Sold This Year) Chevrolet - Down 2.2% (172,458 Vehicles Sold This Month, 471,723 Vehicles Sold This Year) Chrysler - Down 33% (16,969 Vehicles Sold This Month, 47,706 Vehicles Sold This Year) Dodge - Up 10% (50,076 Vehicles Sold This Month, 134,063 Vehicles Sold This Year) Fiat - Down 5% (2,922 Vehicles Sold This Month, 7,231 Vehicles Sold This Year) Ford - Down 7.5% (226,696 Vehicles Sold This Month, 590,219 Vehicles Sold This Year) Genesis - N/A (1,755 Vehicles Sold This Month, 5,155 Vehicles Sold This Year) GMC - Up 12% (49,948 Vehicles Sold This Month, 133,611 Vehicles Sold This Year) Honda - Up 1.8% (125,531 Vehicles Sold This Month, 333,531 Vehicles Sold This Year) Hyundai - Down 10.4% (67,510 Vehicles Sold This Month, 163,637 Vehicles Sold This Year) Infiniti - Up 32.6% (18,266 Vehicles Sold This Month, 43,561 Vehicles Sold This Year) Jaguar - Up 132.2% (4,953 Vehicles Sold This Month, 11,376 Vehicles Sold This Year) Jeep - Down 11% (67,983 Vehicles Sold This Month, 188,743 Vehicles Sold This Year) Kia - Down 15% (49,429 Vehicles Sold This Month, 127,728 Vehicles Sold This Year) Land Rover - Down 8.8% (7,965 Vehicles Sold This Month, 19,875 Vehicles Sold This Year) Lexus - Down 7.5% (27,935 Vehicles Sold This Month, 61,845 Vehicles Sold This Year) Lincoln - Down 1.4% (9,554 Vehicles Sold This Month, 27,083 Vehicles Sold This Year) Maserati - Up 32% (1,312 Vehicles Sold This Month, 3,288 Vehicles Sold This Year) Mazda - Up 4.9% (24,549 Vehicles Sold This Month, 69,071 Vehicles Sold This Year) Mercedes-Benz - Up 3.3% (29,092 Vehicles Sold This Month, 79,141 Vehicles Sold This Year) Mercedes-Benz Vans - Down 6.5% (2,871 Vehicles Sold This Month, 7,433 Vehicles Sold This Year) MINI - Up 4.7% (4,987 Vehicles Sold This Month, 10,251 Vehicles Sold This Year) Mitsubishi - Up 6.2% (11,766 Vehicles Sold This Month, 29,147 Vehicles Sold This Year) Nissan - Up 0.5% (150,566 Vehicles Sold This Month, 373,330 Vehicles Sold This Year) Porsche - Up 3.6% (4,479 Vehicles Sold This Month, 12,718 Vehicles Sold This Year) Ram Trucks - Up 6% (51,749 Vehicles Sold This Month, 132,579 Vehicles Sold This Year) Smart - Down 18.8% (389 Vehicles Sold This Month, 1,061 Vehicles Sold This Year) Subaru - Up 11.3% (54,871 Vehicles Sold This Month, 144,250 Vehicles Sold This Year) Toyota - Down 1.2% (187,289 Vehicles Sold This Month, 470,766 Vehicles Sold This Year) Volkswagen - Up 2.68% (27,635 Vehicles Sold This Month, 76,290 Vehicles Sold This Year) Volvo - Down 21.9% (5,357 Vehicles Sold This Month, 13,479 Vehicles Sold This Year) View full article
  16. GM Was the Fastest Growing Automaker in March, Driven by Chevrolet and Buick Strong Retail Share Gain for the First Quarter DETROIT — General Motors (NYSE: GM), which grew its retail sales faster than any other full-line automaker in 2016, outpaced the industry once again in March. The company also gained retail share in the first quarter of 2017. “The economy is strong and we see more growth ahead for our brands,” said Kurt McNeil, U.S. vice president of sales operations. “More people are working, consumer confidence is at a 16-year high, fuel prices are low and Chevrolet, Buick, GMC and Cadillac have a wave of new crossovers to compete in the industry’s biggest and hottest segments.” At Buick, crossovers are expected to account for more than 75 percent of retail deliveries in 2017, up from 66 percent in 2016, driven by the Encore, Envision and Enclave. GMC, which has the highest average transaction prices (ATPs) of any non-luxury brand, will launch the all-new 2018 Terrain in late summer, complementing the redesigned Acadia that went on sale in late summer 2016. Cadillac will benefit from a full year of production of the new XT5 crossover, which is now the second best-selling vehicle in its segment. Chevrolet, which grew retail market share in 2015 and was the industry’s fastest-growing brand in 2016, is particularly well positioned. Chevrolet had its best March and first quarter retail sales since 2007. “Chevrolet will have the industry’s broadest and freshest lineup of utility vehicles led by the all-new 2018 Equinox and Traverse, plus we have a unique three-truck pickup strategy and a dominant position in large SUVs,” McNeil said. “We also have a first-mover advantage in many segments. It will be years before key competitors are able to launch rivals to the Chevrolet Bolt EV, Colorado and Trax.” Highlights (vs. 2016) First Quarter Overview GM’s retail sales were 546,838 units, up 1.9 percent, and retail market share was up 0.2 percentage points to an estimated 16.8 percent. The gains were primarily driven by crossovers, which were up 21 percent. Truck deliveries were up half a percentage point. Chevrolet increased its first quarter retail share by an estimated 0.1 percentage point, as did GMC. Commercial deliveries were up 4 percent, and daily rental deliveries were down 8 percent, or about 6,000 units. Total fleet sales were down 3 percent. Total sales were 689,521 units, up 1 percent, and market share was up an estimated 0.3 percentage points to an estimated 16.7 percent. Average transaction prices were approximately $34,000, in line with last year’s first quarter. March Overview Retail sales were 203,113 units, up 5 percent, and market share was up 0.6 percentage points to an estimated 16.1 percent. Chevrolet’s estimated retail market share increased 0.4 percentage points and Buick was up 0.3 percentage points. Total sales were 256,224 units, up 2 percent, and market share was up an estimated 0.4 percentage points to 15.9 percent. Commercial deliveries were up 3 percent driven by a 67 percent increase in Malibu deliveries and strong pickup and large van sales. Daily rental sales down 18 percent, or more than 5,100 units. Fleet sales were down 9 percent. Brand Highlights (vs. 2016) Chevrolet Crossovers On a retail basis in March, the Trax was up 51 percent, the Equinox was up 26 percent and the Traverse was up 24 percent. For the quarter, Trax retail sales were up 54 percent, the Equinox was up 16 percent and the Traverse was up 7 percent. Bolt EV sales in the quarter were 3,092 units, with limited availability. The days to turn is exceptionally low at 14 days. Chevrolet Trucks Chevrolet had its best first quarter truck sales since 2008, up 6 percent. Key drivers were the Suburban, up 26 percent; the Tahoe, up 11 percent; and strong full-size van sales to small business customers and fleets. Silverado sales were essentially equal to a year ago. Chevrolet retail truck sales in the first quarter were up 2 percent, with the Tahoe up 9 percent, the Colorado up 7 percent and the Suburban up 5 percent. Silverado sales were essentially equal to a year ago. The Tahoe and Suburban had their best March total sales since 2008, and their best first quarter total and retail sales since 2008. The Colorado had its best first quarter retail sales since 2005. Chevrolet Cars Retail deliveries were very strong in March, up 9 percent. The drivers were the Cruze, up 63 percent; the Sonic, up 14 percent; the Spark, up 50 percent; the Volt, up 15 percent; and the Camaro, up 2 percent. During the quarter, retail car deliveries were down 11 percent, reflecting industry-wide changes in customer demand. However, Cruze retail sales were up 22 percent during the quarter; the Spark was up 37 percent; and the Volt was up 39 percent. The Volt had its best first quarter total and retail sales ever. Buick Sales Buick had its best March retail sales since 2005, with sales up 22 percent. The LaCrosse was up 60 percent on a retail basis in March, the Encore was up 17 percent and Regal was up 7 percent. On a total sales basis, it was Buick’s best March since 2006, with deliveries up 15 percent. First quarter retail deliveries were the highest since 2004, driven by a 29 percent increase in crossover sales. The Encore has posted seven consecutive months of year-over-year sales gains, and it had its best-ever March and first quarter sales. The Envision had its best month since launch. GMC Sales Total GMC sales were up 12 percent in March, driven by a 47 percent increase in crossover deliveries. The Acadia, which was redesigned last year, was up 84 percent and the Terrain was up 14 percent. The Yukon XL was up 17 percent. March was the highest-ever month for Denali models, at 29 percent of GMC retail sales. Total GMC sales for the first quarter were the best since 2000, with deliveries up 10 percent. First quarter retail deliveries were up 4 percent, with the Acadia up 30 percent and Sierra HD models up 22 percent. Cadillac Sales Cadillac XT5 retail sales in March were 22 percent higher than the outgoing SRX, and ATPs were about 9 percent higher. Cadillac’s ATPs continue to be in the upper echelon of luxury brands at more than $54,000. Full-year Guidance We believe strong car-buying fundamentals are reflected in the retail component of the light vehicle SAAR (seasonally-adjusted annual rate), which was 14 million in March, up 0.3 million versus a year ago. The retail SAAR for the first quarter was 14.3 million, up 0.1 million. Ten all-new or recently redesigned crossovers are expected to drive GM’s sales and share higher in 2017. GM’s deliveries to daily rental companies are expected to decline for the third year in a row. The company expects inventory in the second quarter to be lower than the first quarter, in a range around 90 days’ supply. The decline reflects strong sales, lower car production and strategic, launch-related growth in truck and crossover stocks. The company expects to end 2017 at essentially the same inventory levels as 2016 on a days’ supply basis, but with fewer cars and more trucks and crossovers in stock. As expected, incentives were down sharply from February 2017, according to J.D Power PIN estimates. Spending as a percentage of average transaction price (ATP) declined from approximately 14.9 percent to about 13.5 percent. The launches of new crossovers and adjustments to passenger car inventories will help moderate incentive spending going forward.
  17. Overall Ford Motor Company U.S. March 2017 sales totaled 236,250 vehicles – a 7 percent decline versus a year ago Retail sales declined 2 percent last month, with 157,740 vehicles sold Fleet sales of 78,510 vehicles were down 17 percent, reflecting a strong year-ago comparison, with customer orders front-loaded in early 2016 Ford Motor Company average transaction pricing increased $1,800 last month, compared to an industry increase of $190* Ford F-Series sales totaled 81,330 pickups – a 10 percent increase versus a year ago, with overall average transaction pricing up more than $2,500* Ford Super Duty high-series trucks – Lariat, King Ranch and Platinum – represented 56 percent of 2017 Super Duty retail sales last month Ford Escape posts record March retail sales with a 13 percent gain Ford Expedition grew 43 percent, with 5,472 SUVs sold Lincoln retail sales up 5 percent; retail car sales up 11 percent, while SUVs gain 2 percent
  18. Jaguar Land Rover North America - Up 18.9% (12,918 Vehicles Sold This Month, 31,251 Vehicles Sold This Year) Subaru of America, Inc. - Up 11.3% (54,871 Vehicles Sold This Month, 144,250 Vehicles Sold This Year) Mitsubishi Motors North America - Up 6.2% (11,766 Vehicles Sold This Month, 29,147 Vehicles Sold This Year) Mazda North American Operations - Up 4.9% (24,549 Vehicles Sold This Month, 69,071 Vehicles Sold This Year) Porsche Cars North America, Inc. - Up 3.6% (4,479 Vehicles Sold This Month, 12,718 Vehicles Sold This Year) BMW Group U.S. - Up 3.5% (36,002 Vehicles Sold This Month, 81,933 Vehicles Sold This Year) Nissan North America - Up 3.2% (168,832 Vehicles Sold This Month, 416,891 Vehicles Sold This Year) Volkswagen of America - Up 2.68% (27,635 Vehicles Sold This Month, 76,290 Vehicles Sold This Year) Mercedes-Benz USA - Up 2% (32,352 Vehicles Sold This Month, 87,635 Vehicles Sold This Year) Audi of America - Up 1.7% (18,705 Vehicles Sold This Month, 45,647 Vehicles Sold This Year) General Motors Co. - Up 1.6% (256,224 Vehicles Sold This Month, 689,521 Vehicles Sold This Year) American Honda Motor Co. - Down 0.7% (137,227 Vehicles Sold This Month, 365,293 Vehicles Sold This Year) Toyota Motor Sales - Down 2.1% (215,224 Vehicles Sold This Month, 532,611 Vehicles Sold This Year) FCA US LLC - Down 5% (190,254 Vehicles Sold This Month, 510,798 Vehicles Sold This Year) Ford Motor Company - Down 7.2% (236,250 Vehicles Sold This Month, 617,302 Vehicles Sold This Year) Hyundai Motor America - Down 8% (69,265 Vehicles Sold This Month, 168,792 Vehicles Sold This Year) Kia Motors America - Down 15% (49,429 Vehicles Sold This Month, 127,728 Vehicles Sold This Year) Volvo Cars of North America, LLC - Down 21.9% (5,357 Vehicles Sold This Month, 13,479 Vehicles Sold This Year) Brands: Acura - Down 21.2% (11,696 Vehicles Sold This Month, 31,762 Vehicles Sold This Year) Alfa Romeo - Up 1,191% (555 Vehicles Sold This Month, 1,106 Vehicles Sold This Year) Audi - Up 1.7% (18,705 Vehicles Sold This Month, 45,647 Vehicles Sold This Year) BMW - Up 3.3% (31,015 Vehicles Sold This Month, 71,682 Vehicles Sold This Year) Buick - Up 15.1% (20,957 Vehicles Sold This Month, 50,205 Vehicles Sold This Year) Cadillac - Down 1.5% (12,861 Vehicles Sold This Month, 33,982 Vehicles Sold This Year) Chevrolet - Down 2.2% (172,458 Vehicles Sold This Month, 471,723 Vehicles Sold This Year) Chrysler - Down 33% (16,969 Vehicles Sold This Month, 47,706 Vehicles Sold This Year) Dodge - Up 10% (50,076 Vehicles Sold This Month, 134,063 Vehicles Sold This Year) Fiat - Down 5% (2,922 Vehicles Sold This Month, 7,231 Vehicles Sold This Year) Ford - Down 7.5% (226,696 Vehicles Sold This Month, 590,219 Vehicles Sold This Year) Genesis - N/A (1,755 Vehicles Sold This Month, 5,155 Vehicles Sold This Year) GMC - Up 12% (49,948 Vehicles Sold This Month, 133,611 Vehicles Sold This Year) Honda - Up 1.8% (125,531 Vehicles Sold This Month, 333,531 Vehicles Sold This Year) Hyundai - Down 10.4% (67,510 Vehicles Sold This Month, 163,637 Vehicles Sold This Year) Infiniti - Up 32.6% (18,266 Vehicles Sold This Month, 43,561 Vehicles Sold This Year) Jaguar - Up 132.2% (4,953 Vehicles Sold This Month, 11,376 Vehicles Sold This Year) Jeep - Down 11% (67,983 Vehicles Sold This Month, 188,743 Vehicles Sold This Year) Kia - Down 15% (49,429 Vehicles Sold This Month, 127,728 Vehicles Sold This Year) Land Rover - Down 8.8% (7,965 Vehicles Sold This Month, 19,875 Vehicles Sold This Year) Lexus - Down 7.5% (27,935 Vehicles Sold This Month, 61,845 Vehicles Sold This Year) Lincoln - Down 1.4% (9,554 Vehicles Sold This Month, 27,083 Vehicles Sold This Year) Maserati - Up 32% (1,312 Vehicles Sold This Month, 3,288 Vehicles Sold This Year) Mazda - Up 4.9% (24,549 Vehicles Sold This Month, 69,071 Vehicles Sold This Year) Mercedes-Benz - Up 3.3% (29,092 Vehicles Sold This Month, 79,141 Vehicles Sold This Year) Mercedes-Benz Vans - Down 6.5% (2,871 Vehicles Sold This Month, 7,433 Vehicles Sold This Year) MINI - Up 4.7% (4,987 Vehicles Sold This Month, 10,251 Vehicles Sold This Year) Mitsubishi - Up 6.2% (11,766 Vehicles Sold This Month, 29,147 Vehicles Sold This Year) Nissan - Up 0.5% (150,566 Vehicles Sold This Month, 373,330 Vehicles Sold This Year) Porsche - Up 3.6% (4,479 Vehicles Sold This Month, 12,718 Vehicles Sold This Year) Ram Trucks - Up 6% (51,749 Vehicles Sold This Month, 132,579 Vehicles Sold This Year) Smart - Down 18.8% (389 Vehicles Sold This Month, 1,061 Vehicles Sold This Year) Subaru - Up 11.3% (54,871 Vehicles Sold This Month, 144,250 Vehicles Sold This Year) Toyota - Down 1.2% (187,289 Vehicles Sold This Month, 470,766 Vehicles Sold This Year) Volkswagen - Up 2.68% (27,635 Vehicles Sold This Month, 76,290 Vehicles Sold This Year) Volvo - Down 21.9% (5,357 Vehicles Sold This Month, 13,479 Vehicles Sold This Year)
  19. FCA US Reports March 2017 U.S. Sales Dodge brand sales up 10 percent; four Dodge brand vehicles post sales gains Ram Truck brand sales up 6 percent; Ram pickup sales increase 6 percent year over year Jeep® Grand Cherokee sales increase 22 percent compared with same month a year ago Fiat 500 sales up 12 percent for the month April 3, 2017 , Auburn Hills, Mich. - FCA US LLC today reported U.S. sales of 190,254 units, a 5 percent decrease compared with sales in March 2016 (199,467 units). In March, fleet sales of 43,992 units were down 15 percent year over year as FCA US continues its strategy of reducing its sales to the daily rental segment. Fleet sales represented 23 percent of total FCA US sales in March. FCA US retail sales of 146,262 units were down 1 percent for the month, and represented 77 percent of total March sales. Dodge brand and Ram Truck brand sales increased year over year in March. Dodge brand sales were up 10 percent, led by the 100 percent increase in Dodge Journey crossover sales. Ram Truck brand sales were up 6 percent in March as the Ram pickup and Ram ProMaster van each posted year-over-year sales gains. Sales of the Jeep® Grand Cherokee – the Jeep brand’s volume leader in March – were up 22 percent compared with the same month in 2016. Sales of the Fiat 500 and the all-new Chrysler Pacifica minivan increased year over year as well in the month. Dodge Brand Four Dodge brand vehicles posted year-over-year sales increases in March, led by the Dodge Journey crossover’s 100 percent sales gain. Sales of the Dodge Challenger were up 17 percent in March. The 2018 Dodge Challenger SRT Demon – the Dodge brand’s new ultimate performance halo car – will be unveiled this month during the 2017 New York International Auto Show week. The Dodge Grand Caravan minivan and the Dodge Viper also turned in year-over-year sales gains for the month. Dodge brand sales were up 10 percent compared with the same month in 2016. Ram Truck Brand Ram pickup truck sales increased 6 percent in March, compared with the same month a year ago. In addition, sales of the Ram ProMaster van were up 24 percent for the month. Ram Truck brand sales, which include the pickup, ProMaster and ProMaster City, were up 6 percent in March. The brand last month unveiled a new exterior color shade for its luxurious and capable Laramie Longhorn line of pickup trucks. RV Match Walnut Brown will serve as the model’s new two-tone contrast color, replacing White Gold. The Ram Laramie Longhorn is the Texas Auto Writers Association’s Luxury Truck of Texas. FIAT Brand Sales of the Fiat 500 increased 12 percent in March, compared with the same month a year ago. Fiat 124 Spider sales were up 39 percent compared with the previous month of February. Experts at Cars.com consider the all-new 2017 Fiat 124 Spider best in its segment, naming it the “Best New Convertible” of 2017. Jeep® Brand The Jeep Grand Cherokee – the brand’s volume leader for the month – recorded a 22 percent year-over-year sales increase in March for its best sales month this year. The all-new 2017 Jeep Compass – the most capable compact SUV ever with the most advanced 4x4 systems in its class – began shipping to Jeep dealerships in March. The new Compass expands the Jeep brand’s global reach with an unmatched combination of attributes that includes legendary and best-in-class 4x4 off-road capability, advanced fuel-efficient powertrains, premium and authentic Jeep design, superior on-road driving dynamics, open-air freedom, and a host of innovative safety and advanced technology offerings. Chrysler Brand Sales of the all-new 2017 Chrysler Pacifica – the most awarded minivan of 2016 and 2017 – were up in its third month of year-over-year comparisons, and increased 3 percent compared with sales in the previous month of February. March also was the Pacifica’s best sales month so far this year. The Pacifica continues to earn a plethora of awards and accolades in 2017, landing on Kelley Blue Book’s list of the “12 Best Family Cars of 2017” in the best minivans category, and “2017 North American Utility of the Year.” Alfa Romeo Brand Alfa Romeo brand sales of 555 units were up 1,191 percent compared with the same month a year ago. Maserati Brand Maserati brand sales of 1,312 units were up 32 percent compared with the same month in 2016. U.S. Sales Summary March 2017 Month Sales Vol % CYTD Sales Vol % Model Curr Yr Pr Yr Change Curr Yr Pr Yr Change Compass 2,651 7,823 -66% 8,552 22,987 -63% Patriot 5,968 9,264 -36% 16,180 29,211 -45% Wrangler 16,336 17,586 -7% 41,311 41,922 -1% Cherokee 14,589 16,302 -11% 40,755 48,438 -16% Grand Cherokee 20,374 16,693 22% 56,600 47,658 19% Renegade 8,065 8,872 -9% 25,345 22,154 14% JEEP BRAND 67,983 76,540 -11% 188,743 212,370 -11% 200 2,565 4,971 -48% 6,620 15,915 -58% 300 4,969 6,172 -19% 15,063 17,141 -12% Town & Country 95 14,200 -99% 341 37,228 -99% Pacifica 9,340 30 New 25,052 140 New CHRYSLER BRAND 16,969 25,373 -33% 47,076 70,424 -33% Dart 1,578 5,137 -69% 4,658 16,241 -71% Avenger 0 8 -100% 0 23 -100% Charger 8,236 8,798 -6% 22,319 26,345 -15% Challenger 6,225 5,325 17% 15,725 16,128 -2% Viper 71 65 9% 178 137 30% Journey 11,858 5,931 100% 34,400 23,892 44% Caravan 15,602 13,124 19% 40,054 38,057 5% Durango 6,506 7,241 -10% 16,729 20,093 -17% DODGE BRAND 50,076 45,629 10% 134,063 140,916 -5% Ram P/U 46,384 43,647 6% 119,199 113,298 5% Cargo Van 0 1 -100% 0 3 -100% ProMaster Van 4,048 3,263 24% 10,047 8,302 21% ProMaster City 1,317 1,886 -30% 3,333 4,551 -27% RAM BRAND 51,749 48,797 6% 132,579 126,154 5% Giulia 484 0 New 966 0 New Alfa 4C 71 43 65% 140 158 -11% ALFA BRAND 555 43 1191% 1,106 158 600% 500 1,671 1,494 12% 4,020 3,595 12% 500L 106 535 -80% 284 1,262 -77% 500X 726 1,056 -31% 1,966 3,258 -40% Spider 419 0 New 961 0 New FIAT BRAND 2,922 3,085 -5% 7,231 8,115 -11% TOTAL FCA US LLC 190,254 199,467 -5% 510,798 558,137 -8% Total Car & MPV 51,432 59,902 -14% 136,381 172,370 -21% Total UV's 87,073 90,768 -4% 241,838 259,613 -7% Total Truck & LCV 51,749 48,797 6% 132,579 126,154 5% MASERATI BRAND 1,312 997 32% 3,288 2,250 46%
  20. FCA US Reports March 2017 U.S. Sales Dodge brand sales up 10 percent; four Dodge brand vehicles post sales gains Ram Truck brand sales up 6 percent; Ram pickup sales increase 6 percent year over year Jeep® Grand Cherokee sales increase 22 percent compared with same month a year ago Fiat 500 sales up 12 percent for the month April 3, 2017 , Auburn Hills, Mich. - FCA US LLC today reported U.S. sales of 190,254 units, a 5 percent decrease compared with sales in March 2016 (199,467 units). In March, fleet sales of 43,992 units were down 15 percent year over year as FCA US continues its strategy of reducing its sales to the daily rental segment. Fleet sales represented 23 percent of total FCA US sales in March. FCA US retail sales of 146,262 units were down 1 percent for the month, and represented 77 percent of total March sales. Dodge brand and Ram Truck brand sales increased year over year in March. Dodge brand sales were up 10 percent, led by the 100 percent increase in Dodge Journey crossover sales. Ram Truck brand sales were up 6 percent in March as the Ram pickup and Ram ProMaster van each posted year-over-year sales gains. Sales of the Jeep® Grand Cherokee – the Jeep brand’s volume leader in March – were up 22 percent compared with the same month in 2016. Sales of the Fiat 500 and the all-new Chrysler Pacifica minivan increased year over year as well in the month. Dodge Brand Four Dodge brand vehicles posted year-over-year sales increases in March, led by the Dodge Journey crossover’s 100 percent sales gain. Sales of the Dodge Challenger were up 17 percent in March. The 2018 Dodge Challenger SRT Demon – the Dodge brand’s new ultimate performance halo car – will be unveiled this month during the 2017 New York International Auto Show week. The Dodge Grand Caravan minivan and the Dodge Viper also turned in year-over-year sales gains for the month. Dodge brand sales were up 10 percent compared with the same month in 2016. Ram Truck Brand Ram pickup truck sales increased 6 percent in March, compared with the same month a year ago. In addition, sales of the Ram ProMaster van were up 24 percent for the month. Ram Truck brand sales, which include the pickup, ProMaster and ProMaster City, were up 6 percent in March. The brand last month unveiled a new exterior color shade for its luxurious and capable Laramie Longhorn line of pickup trucks. RV Match Walnut Brown will serve as the model’s new two-tone contrast color, replacing White Gold. The Ram Laramie Longhorn is the Texas Auto Writers Association’s Luxury Truck of Texas. FIAT Brand Sales of the Fiat 500 increased 12 percent in March, compared with the same month a year ago. Fiat 124 Spider sales were up 39 percent compared with the previous month of February. Experts at Cars.com consider the all-new 2017 Fiat 124 Spider best in its segment, naming it the “Best New Convertible” of 2017. Jeep® Brand The Jeep Grand Cherokee – the brand’s volume leader for the month – recorded a 22 percent year-over-year sales increase in March for its best sales month this year. The all-new 2017 Jeep Compass – the most capable compact SUV ever with the most advanced 4x4 systems in its class – began shipping to Jeep dealerships in March. The new Compass expands the Jeep brand’s global reach with an unmatched combination of attributes that includes legendary and best-in-class 4x4 off-road capability, advanced fuel-efficient powertrains, premium and authentic Jeep design, superior on-road driving dynamics, open-air freedom, and a host of innovative safety and advanced technology offerings. Chrysler Brand Sales of the all-new 2017 Chrysler Pacifica – the most awarded minivan of 2016 and 2017 – were up in its third month of year-over-year comparisons, and increased 3 percent compared with sales in the previous month of February. March also was the Pacifica’s best sales month so far this year. The Pacifica continues to earn a plethora of awards and accolades in 2017, landing on Kelley Blue Book’s list of the “12 Best Family Cars of 2017” in the best minivans category, and “2017 North American Utility of the Year.” Alfa Romeo Brand Alfa Romeo brand sales of 555 units were up 1,191 percent compared with the same month a year ago. Maserati Brand Maserati brand sales of 1,312 units were up 32 percent compared with the same month in 2016. U.S. Sales Summary March 2017 Month Sales Vol % CYTD Sales Vol % Model Curr Yr Pr Yr Change Curr Yr Pr Yr Change Compass 2,651 7,823 -66% 8,552 22,987 -63% Patriot 5,968 9,264 -36% 16,180 29,211 -45% Wrangler 16,336 17,586 -7% 41,311 41,922 -1% Cherokee 14,589 16,302 -11% 40,755 48,438 -16% Grand Cherokee 20,374 16,693 22% 56,600 47,658 19% Renegade 8,065 8,872 -9% 25,345 22,154 14% JEEP BRAND 67,983 76,540 -11% 188,743 212,370 -11% 200 2,565 4,971 -48% 6,620 15,915 -58% 300 4,969 6,172 -19% 15,063 17,141 -12% Town & Country 95 14,200 -99% 341 37,228 -99% Pacifica 9,340 30 New 25,052 140 New CHRYSLER BRAND 16,969 25,373 -33% 47,076 70,424 -33% Dart 1,578 5,137 -69% 4,658 16,241 -71% Avenger 0 8 -100% 0 23 -100% Charger 8,236 8,798 -6% 22,319 26,345 -15% Challenger 6,225 5,325 17% 15,725 16,128 -2% Viper 71 65 9% 178 137 30% Journey 11,858 5,931 100% 34,400 23,892 44% Caravan 15,602 13,124 19% 40,054 38,057 5% Durango 6,506 7,241 -10% 16,729 20,093 -17% DODGE BRAND 50,076 45,629 10% 134,063 140,916 -5% Ram P/U 46,384 43,647 6% 119,199 113,298 5% Cargo Van 0 1 -100% 0 3 -100% ProMaster Van 4,048 3,263 24% 10,047 8,302 21% ProMaster City 1,317 1,886 -30% 3,333 4,551 -27% RAM BRAND 51,749 48,797 6% 132,579 126,154 5% Giulia 484 0 New 966 0 New Alfa 4C 71 43 65% 140 158 -11% ALFA BRAND 555 43 1191% 1,106 158 600% 500 1,671 1,494 12% 4,020 3,595 12% 500L 106 535 -80% 284 1,262 -77% 500X 726 1,056 -31% 1,966 3,258 -40% Spider 419 0 New 961 0 New FIAT BRAND 2,922 3,085 -5% 7,231 8,115 -11% TOTAL FCA US LLC 190,254 199,467 -5% 510,798 558,137 -8% Total Car & MPV 51,432 59,902 -14% 136,381 172,370 -21% Total UV's 87,073 90,768 -4% 241,838 259,613 -7% Total Truck & LCV 51,749 48,797 6% 132,579 126,154 5% MASERATI BRAND 1,312 997 32% 3,288 2,250 46%
  21. Nissan Group reports March 2017 U.S. sales NASHVILLE, Tenn. – Nissan Group today announced U.S. sales in March 2017 set an all-time record at 168,832 units, an increase of 3 percent over the prior year. Nissan highlights: Nissan Division finished March with 150,566 sales, up 1 percent and also the best month on record. Overall sales of Nissan crossovers, trucks and SUVs set an all-time record, up 26 percent. Sales of the Rogue compact crossover set a March record at 39,512, up 43 percent. Sales of the Pathfinder SUV had an all-time record month at 10,442, up 20 percent. Nissan TITAN sales climbed to 5,539, up 335 percent. Nissan Armada finished the month up 215 percent, with 3,094 sales. NISSAN DIVISION MARCH MARCH Monthly CYTD CYTD CYTD 2017 2016 % chg 2017 2016 % chg Nissan Division Total 150,566 149,784 0.5 373,330 217,760 71.4 Versa 12,336 16,244 -24.1 31,075 36,499 -14.9 Sentra 21,960 26,201 -16.2 51,414 62,944 -18.3 Cube 0 3 -100.0 0 13 -100.0 Altima 28,511 34,856 -18.2 73,985 85,332 -13.3 Maxima 6,961 6,588 5.7 15,597 16,225 -3.9 LEAF 1,478 1,246 18.6 3,287 2,931 12.1 Juke 1,487 2,498 -40.5 4,088 5,871 -30.4 370Z 500 576 -13.2 1,248 1,344 -7.1 GT-R 75 66 13.6 195 162 20.4 Total Car 73,308 88,278 -17.0 180,889 211,321 -14.4 Frontier 6,973 8,198 -14.9 15,566 21,395 -27.2 Titan 5,539 1,274 334.8 11,295 3,271 245.3 Xterra 1 0 N/A 1 28 -96.4 Pathfinder 10,442 8,713 19.8 26,720 22,408 19.2 Armada 3,094 981 215.4 7,291 2,848 156.0 Rogue 39,512 27,713 42.6 101,421 69,036 46.9 Murano 7,317 8,657 -15.5 17,249 21,618 -20.2 Quest 620 1,763 -64.8 3,870 5,750 -32.7 NV 1,863 1,791 4.0 4,533 4,517 0.4 NV200 1,897 2,416 -21.5 4,495 5,352 -16 Total Truck 77,258 61,506 25.6 192,441 156,223 23.2 156,223 INFINITI MARCH MARCH Monthly CYTD CYTD CYTD 2017 2016 % chg 2017 2016 % chg Infiniti Total 18,266 13,775 32.6 43,561 32,660 33.4 Infiniti Q40 0 22 -100.0 0 48 -100.0 Infiniti Q50 3,800 5,590 -32.0 10,450 11,868 -11.9 Infiniti Q60 1,829 105 1641.9 3,371 409 724.2 Infiniti Q70 1,072 577 85.8 1,962 1,563 25.5 Infiniti QX30 2,960 0 0.0 6,532 0 0.0 Infiniti QX50 1,724 1,512 14.0 4,318 3,902 10.7 Infiniti QX60 3,821 3,905 -2.2 8,668 9,007 -3.8 Infiniti QX70 1,077 661 62.9 2,905 1,809 60.6 Infiniti QX80 1,983 1,403 41.3 5,355 4,054 32.1 Total Car 6,701 6,294 6.5 15,783 13,888 13.6 Total Truck 11,565 7,481 54.6 27,778 18,772 48.0 NISSAN GROUP MARCH MARCH Monthly CYTD CYTD CYTD 2017 2016 % chg 2017 2016 % chg TOTAL VEHICLE 168,832 163,559 3.2 416,891 250,420 66.5 Total Car 80,009 94,572 -15.4 196,672 225,209 -12.7 Total Truck 88,823 68,987 28.8 220,219 174,995 25.8 Selling days 27 27 75 75
  22. GM Grows Total and Retail Sales in February, Market Share up Sharply, Transaction Prices Set February Record DETROIT — Record sales of crossovers, large SUVs and pickups in February drove General Motors’ (NYSE: GM) retail market share up more than one-half percentage point versus a year ago. Average transaction prices, which reflect what customers pay after sales incentives, also set a February record. “Our retail-focused go-to-market strategy is delivering robust results,” said Kurt McNeil, U.S. vice president, Sales Operations. “All of our brands grew their average transaction prices by healthy amounts, and we delivered solid growth in the industry’s fastest-growing and most profitable segments.” February Highlights (vs. February 2016) GM’s total sales were up 4 percent to 237,388 units compared with an estimated 1 percent decline for the industry. This equates to a market share of 17.5 percent, an increase of 0.9 percentage points. Retail sales totaled 188,715 units, up 5 percent, compared with a flat industry. This equates to a market share of 17.7 percent, an increase of 0.7 percentage points. GM’s average transaction prices (ATPs) rose $570 per unit to $34,900, a February record. Three years of J.D. Power PIN data show that GM has led the industry in ATPs in 35 of 36 months through February. GM internal data shows that incentive spending was essentially flat year over year. This is in sharp contrast to recently published PIN estimates that noted an increase of 2.7 percentage points to 15 percent of ATP. Commercial deliveries were up 7 percent, driven by an 11 percent increase in pickup sales and a 75 percent increase in Chevrolet Malibu sales. It was the best February Commercial sales since 2008. Government sales were up 4 percent and daily rental deliveries were down 2 percent. Total fleet sales were up 2 percent. Small business deliveries, which are included in retail sales, were up 13 percent, driven by a 22 percent increase in full-size pickups and a 39 percent increase in large vans. GM estimates the seasonally adjusted annual selling rate (SAAR) for light vehicles was approximately 17.5 million units. Brand Highlights (vs. February 2016) Chevrolet had its best February retail sales since 2007 and its best February total sales since 2008. Crossovers deliveries set a February record for the brand. Three Chevrolet models ― the Trax, Equinox and Volt ― had their best February total and retail sales ever. Traverse had its best-ever February total sales, and its best February retail sales since 2011. Deliveries of the Chevrolet Bolt EV approached 1,000 units. The national rollout of the crossover is just underway. The Chevrolet Suburban had its best February retail sales since 2008, and the Silverado had its best February total and retail sales since 2007. Buick had its best February retail sales since 2004, driven by the all-new Envision and the Encore, which set a February record. GMC had its best February retail sales since 2002, with trucks and crossovers up 18 percent and 15 percent, respectively. Standouts include the Canyon, up 21 percent; the Sierra, up 19 percent; the Acadia, up 22 percent; and the Terrain, up 8 percent. GMC Denali penetration, at 26 percent of GMC retail sales, was the highest for any February in history. GM estimates that Chevrolet and GMC earned more than 40 percent of all full-size pickup retail sales, with ATPs up nearly $600 per unit. Cadillac XT5 retail deliveries were 6 percent higher than the SRX it replaced. Average transaction prices are 8 percent higher than SRX. GM 2017 Outlook GM is optimistic that the company, and Chevrolet in particular, will continue to gain retail market share in an industry expected to remain at or near record sales levels. “Looking ahead, we will stay focused on strengthening our brands, growing retail sales and share, reducing daily rental deliveries and maintaining our operating discipline,” McNeil said. “Our strong small business deliveries are a clear sign of growing confidence in the economy.” In 2016, GM was the industry’s fastest-growing full-line automaker on a retail sales basis, and Chevrolet has been the fastest-growing full-line brand for two consecutive years. Ten all-new or recently redesigned crossovers are expected to drive GM’s sales and share higher in 2017, including the Chevrolet Equinox and GMC Terrain, which will compete in the industry’s largest segment. GM’s deliveries to daily rental companies are expected to decline as a percentage of total sales for the third year in a row. GM intends to match production with customer demand, and the company’s overall operating discipline should help drive continued improvements in brand health and resale values. Year-end inventories, which include in-transit vehicles, are expected to be in the same range as 2016.
  23. More good news for Volkswagen as the EPA has finally given the ok for the company to start selling repaired TDI vehicles. Bloomberg has learned from Volkswagen Group of America spokeswoman Jeannine Ginivan that dealers can sell TDI models from the 2015 model year once they have been updated with new software. The fix will also include new hardware for the diesel engine, but dealers don't have to wait for the parts to come in early next year. "We are still finalizing the details of this program and will provide more information on its implementation at the appropriate time,” said Ginivan. It should be noted this is only a symbolic step as only 67,000 vehicles are eligible for this - 12,000 of which are currently sitting on dealer lots. The big question is whether or not anyone is interested in buying a Volkswagen TDI vehicle considering all of the trouble it has brought. Source: Bloomberg
  24. More good news for Volkswagen as the EPA has finally given the ok for the company to start selling repaired TDI vehicles. Bloomberg has learned from Volkswagen Group of America spokeswoman Jeannine Ginivan that dealers can sell TDI models from the 2015 model year once they have been updated with new software. The fix will also include new hardware for the diesel engine, but dealers don't have to wait for the parts to come in early next year. "We are still finalizing the details of this program and will provide more information on its implementation at the appropriate time,” said Ginivan. It should be noted this is only a symbolic step as only 67,000 vehicles are eligible for this - 12,000 of which are currently sitting on dealer lots. The big question is whether or not anyone is interested in buying a Volkswagen TDI vehicle considering all of the trouble it has brought. Source: Bloomberg View full article
  25. It is now official. This morning, PSA Group has agreed to buy Opel and Vauxhall from General Motors for 2.2 billion euros (about $2.3 billion). The deal is comprised of a 1.8 billion euros ($1.9 billion) payment for Opel and Vauxhall, along with a stake in Opel's financing arm. This makes PSA Group the second-largest automaker in Europe. “It gives us the opportunity to become a real European champion. Our plan is to build a common future for Opel and Vauxhall and fix the existing issues,” said PSA Chief Executive Officer Carlos Tavares. Those existing issues include Opel and Vauxhall never breaking even for GM. Over the past two decades, Opel and Vauxhall have lost almost $20 billion. In 2016, the division was projected to break even, but the complications of Great Britain leaving the EU meant they posted a loss of $257 million. "The way I look at this is positioning Opel-Vauxhall to be incredibly successful in the future," said GM CEO Mary Barra when asked by a reporter if she was relieved about the sale of Opel and Vauxhall. "General Motors doesn't have to be relieved. They can be proud of giving Opel-Vauxhall a better future," said Tavares. PSA Group is aiming to make Opel and Vauxhall profitable once again, with operating profit targets of 2 percent in 2020 and 6 percent by 2026. These targets will be reached by joint cost savings of 1.7 billion euros (about $1.8 billion) by spreading the costs of developing new vehicles and sharing purchasing costs. General Motors won't be fully cutting its ties with Opel and Vauxhall for the time being. GM has allowed PSA Group to license technology rights to keep selling current models (including the upcoming Insignia) until they transition onto PSA platforms. According to Reuters, the next-generation Opel/Vauxhall Corsa will be the first PSA developed model. GM will also collaborate with PSA on various projects such as hydrogen fuel cells. Finally, GM will pay PSA 3 billion euros ($3.18 billion) to settle transferred pension obligations. But there are still a number of unanswered questions with this deal. The big one deals with job cuts and plant closures. With this deal, PSA group will add roughly 38,000 workers and 10 production facilities. Some analysts believe that PSA Group will close two to three plants within the next five years, with the possibility of those closures taking place in Great Britain due to Brexit. Taveres has said that the automaker would honor existing labor agreements and closing plants is a “simplistic” solution. “We don’t need to shut down plants,” said Tavares. Second is what will happen for Buick and Holden when models they share with Opel transition to PSA platforms. Both Buick and Holden will be getting the next-generation Insignia as the Regal and Commodore. Buick also gets the Opel Mokka to sell as the Encore, while Holden sells the Astra compact. Finally, there is the question about PSA Group's plans to re-enter the U.S. How does the purchase of Opel and Vauxhall affect their plans? Source: Bloomberg, Reuters, Automotive News (Subscription Required), General Motors, PSA Group Press Release is on Page 2 Opel/Vauxhall to join PSA Group Establishes PSA Group as #2 in Europe. This strong and balanced presence in its home markets will serve as the basis of profitable growth worldwide Joint venture in auto financing with BNP Paribas to support development of Opel/Vauxhall brands €2.2 Bn transaction advances GM’s transformation and unlocks shareholder value through disciplined capital allocation Detroit and Paris – General Motors Co. (NYSE:GM) and PSA Group (Paris:UG) today announced an agreement under which GM’s Opel/Vauxhall subsidiary and GM Financial’s European operations will join the PSA Group in a transaction valuing these activities at €1.3 Bn and €0.9 Bn, respectively. With the addition of Opel/Vauxhall, which generated revenue of €17.7 Bn in 20161, PSA will become the second-largest automotive company in Europe, with a 17% market share2. Creates sound European foundation for PSA to support its worldwide profitable growth “We are proud to join forces with Opel/Vauxhall and are deeply committed to continuing to develop this great company and accelerating its turnaround,” said Carlos Tavares, chairman of the Managing Board of PSA. “We respect all that Opel/Vauxhall’s talented people have achieved as well as the company’s fine brands and strong heritage. We intend to manage PSA and Opel/Vauxhall capitalizing on their respective brand identities. Having already created together winning products for the European market, we know that Opel/Vauxhall is the right partner. We see this as a natural extension of our relationship and are eager to take it to the next level.” “We are confident that the Opel/Vauxhall turnaround will significantly accelerate with our support, while respecting the commitments made by GM to the Opel/Vauxhall employees,” continued Mr. Tavares. Advances GM’s Transformation and Unlocks Value “We are very pleased that together, GM, our valued colleagues at Opel/Vauxhall and PSA have created a new opportunity to enhance the long-term performance of our respective companies by building on the success of our prior alliance”, said Mary T. Barra, GM chairman and chief executive officer. “For GM, this represents another major step in the ongoing work that is driving our improved performance and accelerating our momentum. We are reshaping our company and delivering consistent, record results for our owners through disciplined capital allocation to our higher-return investments in our core automotive business and in new technologies that are enabling us to lead the future of personal mobility. “We believe this new chapter puts Opel and Vauxhall in an even stronger position for the long term and we look forward to our participation in the future success and strong value-creation potential of PSA through our economic interest and continued collaboration on current and exciting new projects,” Ms. Barra concluded. Strengthens Each Company for the Long Term The transaction will allow substantial economies of scale and synergies in purchasing, manufacturing and R&D. Annual synergies of €1.7 Bn are expected by 2026 – of which a significant part is expected to be delivered by 2020, accelerating Opel/Vauxhall’s turnaround. Leveraging the successful partnership with GM, PSA expects Opel/Vauxhall to reach a recurring operating margin3 of 2% by 2020 and 6% by 2026, and to generate a positive operational free cash flow4 by 2020. PSA, together with BNP Paribas, will also acquire all of GM Financial’s European operations through a newly formed 50%/50% joint venture that will retain GM Financial’s current European platform and team. This joint venture will be fully consolidated by BNP Paribas and accounted under the equity method by PSA. The transaction is another step in GM’s ongoing work to transform the company, which has delivered three years of record performance and a strong 2017 outlook, and returned significant capital to shareholders. It will strengthen GM’s core business, support its continued deployment of resources to higher-return opportunities including in advanced technologies driving the future, and unlock significant value for shareholders. By immediately improving EBIT-adjusted, EBIT-adjusted margins and adjusted automotive free cash flow and de-risking the balance sheet, the transaction will enable GM to lower the cash balance requirement under its capital allocation framework by $2 Bn, which it intends to use to accelerate share repurchases, subject to market conditions. GM will also participate in the future success of the combined entity through its ownership of warrants to purchase shares of PSA. GM and PSA also expect to collaborate in the further deployment of electrification technologies and existing supply agreements for Holden and certain Buick models will continue, and PSA may potentially source long-term supply of fuel cell systems from the GM/Honda joint venture. Additional Information Terms of the Agreement Opel/Vauxhall automotive operations will be acquired by PSA for €1.3 Bn. GM Financial’s European operations will be jointly acquired by PSA and BNP Paribas for 0.8 times their pro forma book value at the closing of the transaction, or approximately €0.9 Bn. The transaction has a total value of €2.2 Bn, for Opel/Vauxhall automotive operations and 100% of GM Financial’s European operations. The transaction value for PSA, including Opel/Vauxhall and 50% of GM Financial’s European operations, will be €1.8 Bn. In connection with this transaction, GM or its affiliates will subscribe warrants for €0.65 Bn. These warrants have a nine-year maturity and are exercisable at any time in whole or in part commencing 5 years after the issue date, with a strike price of €1. Based on a reference price of €17.34 for the PSA share5 , the warrants correspond to 39.7 MM shares of PSA, or 4.2% of its fully diluted share capital6. GM will not have governance or voting rights with respect to PSA and has agreed to sell the PSA shares received upon exercise of the warrants within 35 days after exercise. The transaction includes all of Opel/Vauxhall’s automotive operations, comprising Opel and Vauxhall brands, six assembly and five component-manufacturing facilities, one engineering center (Rüsselsheim) and approximately 40,000 employees. GM will retain the engineering center in Torino, Italy. Opel/Vauxhall will also continue to benefit from intellectual property licenses from GM until its vehicles progressively convert to PSA platforms over the coming years. In connection with the transaction, GM will take a primarily non-cash special charge of $4.0-4.5 Bn. Ongoing Pension Fund Commitments All of Opel/Vauxhall’s European and U.K. pension plans, funded and unfunded, with the exception of the German Actives Plan and selected smaller plans will remain with GM. The obligations with respect to the German Actives Plan and these smaller plans of Opel/Vauxhall will be transferred to PSA. GM will pay PSA €3.0 Bn for full settlement of transferred pension obligations. Closing Conditions The transaction is subject to various closing conditions, including regulatory approvals and reorganizations, and is expected to close before the end of 2017. Warrants The issuance of the warrants is subject to the vote of shareholders at PSA’s General Meeting of May 10th, 2017. The three main shareholders of PSA (the French State, the Peugeot family and DongFeng) representing in aggregate 36.6% of the share capital and 51.5%7 of the voting rights of PSA have undertaken to vote in favor of the resolution related to the issuance of the warrants to GM. In the event the warrant issuance reserved to GM and its affiliates is not approved by PSA’s General Meeting, PSA will settle the €0.65 Bn in cash over five years. View full article