How Tariffs, Interest Rates Will Shape Car Sales
New trade tariffs have cut the value of automotive shipments 9% in the final five months of 2018, says Gardner Intelligence Chief Economist Michael Guckes. Yet imports have continued to gain market share in the U.S.
Meanwhile, rising benchmark interest rates have been slowing raising the cost of auto loans for three years. The increase is generating downward pressure on new-car sales.
Guckes says manufacturers who prevail in the evolving auto industry will be those that can successfully apply their preexisting areas of expertise to develop new products.
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Delegates to the United Auto Workers union’s annual convention in Detroit have overwhelmingly approved a 31% raise for their salaried international leaders.
Once the playground of exotic car makers, the definition of a niche vehicle has expanded to include image vehicles for mainstream OEMs, and specialist models produced on high-volume platforms.
According to Sandor Piszar, Chevrolet truck marketing director, “We engineer and build our trucks with customers’ expectations in mind.”