Car sales across the world are expected to observe their steepest year-over-year drop in 2019 since the financial crisis as consumer demand from the U.S. to China weakens. Global car sales are expected to drop by about 3.1 million this year, a bigger drop than in 2008, Fitch Ratings economics team stated Monday, mentioning data […]
car sales in 2019
Nissan cuts profit forecast after 70% quarterly drop
Nissan Motor reported a 70% fall in quarterly profit on Tuesday and slashed its full-year forecast to an 11-year low, affected by a strong yen and falling sales, and highlighting the turmoil at the Japanese automaker after the ejection of Carlos Ghosn. The recent weak showing from Nissan, which also cut its interim dividend by […]
China’s auto market could decline by about 8% this year
Auto sales in China may slip to 26 million this year, a fall of around 8%, a senior industry executive cautioned, as the world’s largest auto market braces for a second year of contraction amid declining economic growth and tougher vehicle emissions standards. The recent prediction, by Fu Bingfeng, executive vice chairman of the China […]
Renault warns sales to drop in 2019
French automaker Renault on Thursday slashed its revenue guidance for 2019 further and reduced its profitability forecast, mentioning difficulties in markets such as Turkey and Argentina as automakers grapple with a broad-based decline in auto sales. Renault has just rejigged its top management as it attempts to draw a line under a scandal surrounding former […]
Skoda Auto reports 2.7% fall in deliveries in first nine months
Skoda Auto’s global deliveries fell 2.7% to 913,700 cars in the first nine months compared with the same period 2018, the subsidiary of Germany’s Volkswagen stated on Wednesday. The automaker stated that the decrease was mainly caused by further reduction in China, where deliveries dropped by 22.3%. On the other hand, shipments rose in Europe […]
Russia’s car exports increase 27.8% in eight months
Exports of cars from Russia in January – August 2019 boosted by 27.8% compared to the same duration last year to 73,400 cars, according to the Federal Customs Service. Exports of trucks are almost at the same level and amounted to 8,400 vehicles. In value terms, export of passenger cars were at $1 billion (boost […]
Turkey’s auto production almost 490,000 in first quarter
A total of 489,429 vehicles were produced across Turkish automotive industry production lines in the first four months of this year, the Automotive Manufacturers Association (OSD) reported on May 11. The nation’s auto production- consisting of automobiles, commercial vehicles, and tractors- dropped 13% year-on-year in the January-April period. The association stated automobile production in Turkey also declined 14% to […]
Investments, legal fines put brakes on BMW
BMW’s first-quarter operating profit dropped 78 percent to 589 million euros, regardless of higher deliveries of luxury vehicles, as the automaker felt the effects of higher investment spending and a 1.4 billion euro ($1.6 bln) legal provision. The European Commission earlier month informed German automakers they face hefty fines for alleged collusion in the area […]
Auto Sales Predictions and Trends in the US for 2019
The used vehicle market is flourishing in the US. With the new car prices hitting another historic high, the used segment becomes increasingly appealing for buyers all over the US. There are a lot of changes we should expect to see in the US auto market in the following 12 months, mostly driven by the […]
AvtoVaz Makes First Profit in A Decade
Russia’s largest automaker AvtoVaz posted net profit of 5.86 billion rubles ($90.5 million) in last year — the company’s first profit in a decade. The results for 2018 follow on from losses of 9.66 billion rubles under international financial reporting standards (IFRS) in 2017, the company reported on April 30. While some automakers in Russia […]
Volkswagen brushes 1 billion euro legal hit aside with higher SUV sales
Sales of higher-margin sports utility vehicles and cost cuts assisted Volkswagen to brush a 1 billion euro legal charge aside to meet first-quarter operating profit forecasts on Thursday, sending its shares 4.7 percent higher. Revenues prior interest and taxes (EBIT) dropped to 3.9 billion euros ($4.4 billion) from 4.2 billion a year ago but were […]
Toyota, Fiat Chrysler U.S. sales dropped in April
Toyota Motor on Wednesday reported a 4.4 percent drop in U.S. sales in April, due to slack demand for its sedans, consisting of Corolla and Prius. The Japanese automaker stated it sold 162,506 vehicles in April, compared with 170,706 units a year ago. Major automakers reported a weak U.S. new vehicle sales in the first […]
Ford more confident of better results in 2019
Ford Motor on Thursday posted a better-than-expected first quarter mainly because of strong pickup truck sales in its major U.S. market and stated it was more confident in its forecast 2019 would bring improved results than 2018. The first-quarter results sent boost in Ford’s shares about as much as 8 percent in after-market trading. CFO […]
Hyundai bets on U.S., South Korea sales as profit beats consensus
Hyundai Motor revealed a promising outlook for sales in South Korea and in the United States, and also reported its first increase in profit in five quarters, in an early indication of recovery even as it battles a decline in China. This comes as Hyundai’s heir apparent Euisun Chung reshuffles top management to restore stalled […]
Mercedes sells over 600 Maybach models a month in China, says Daimler
Daimler’s China chief stated sales increased 3 percent in the first quarter, defying a total downturn in demand in the biggest car market of the world. There has been a robust demand for ultra-luxury vehicles such as the Mercedes S-Class Maybach. “The Maybach it is still going excellent. Demand is over 600 a month,” Daimler’s […]
