Auto News for July 27 – We Like Our New Cars!

 There is a J.D. Power survey that measures new car owners’ emotional attachment and level of excitement across 77 attributes. They range from the power they feel when they step on the gas to the sense of comfort and luxury they feel when climbing into the driver’s seat.

 This time around Porsche topped the survey for the 13th consecutive year. Genesis ranked second followed by BMW, Audi and Mercedes-Benz. Chrysler was the most improved brand, with strong improvements from Mini, Nissan and Honda, Power said.

 Overall, consumers are finding their new rides more appealing than ever, the survey concluded.

 This headline is not good news – “Auto Sales Expected to Take the Biggest Hit of the Year in July,” predicts Edmunds.Com. It said new vehicle sales are expected to be 3.1 percent lower than last month, and 6.2 percent lower when compared to July of 2016. “July is historically a strong month, but with disappointing sales and inventories still building, something needs to give,” said Jessica Caldwell, Edmunds executive director of industry analysis. “A lot is riding on late-summer sales events to help move vehicles before 2018 models start arriving at dealer lots.” It predicts GM, Toyota and Ford will see the largest setbacks.

 A forecast from Kelley Blue Book echoed the figures from Power.

 At $2.28, the national gas price is three cents more than a week ago, which is the largest seven-day increase since before Memorial Day, said AAA.

 “Demand has remained strong as gasoline stocks dip for a fifth consecutive week, driving up prices at the pump,” said Jeanette Casselano, AAA spokesperson. “For much of the summer, gas prices have been fairly cheap. Those days are in the rearview mirror.”

 Second quarter profit rose 16 percent and adjusted earnings exceed market expectations at Fiat Chrysler. It was sparked by SUV demand including the new Maserati Levante. In fact, Maserati reported earnings that more than quadrupled over the past year. FCA said gains overseas helped offset lower demand here in the U.S.

 Quarterly earnings rose at Volkswagen but there was a 13 percent drop in quarter profit at Nissan.

 Quarterly net profit fell 51 percent year over year at Hyundai as sales sagged in China and here in the U.S. with key figures falling well below analyst expectations. In the first half of this year, Hyundai’s U.S. sales are off 7.4 percent.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s