May 6, 2014, 6:57 AM
May 1, 2014, 3:41 PM
- Automobile sales in the U.S. showed solid gains in April as Nissan (NSANY), Toyota (TM), and Chrysler (FIATY) all posted double-digit sales growth. General Motors (GM) bested estimates with a 6.9% gain, while Ford (F) had a strong pace of truck sales although car sales came in light.
- Pricing and incentives: The industry averaged $2,751 in incentives per vehicle in April, up 8.9% Y/Y and 1% M/M. Japanese automakers (HYMLF, HMC, NSANY) led the promotional charge. The average transaction price was estimated to be 1.2% higher at $32,141. Detroit automakers saw solid pricing trends in most segments.
- Trucks: Sales gains at most major automakers were paced by strong demand for pickup trucks. Gains at Ford (8%), Nissan (10.5%), and Chrysler (34%) stood out.
- 2014 forecast: Demand in April was strong enough to keep a sales forecast for +16M units for the year in place. New models continue to sell well, but inventory levels will be closely watched as investments continue to pour into North American factories.
- CEO transition: Ford handed the reigns to Mark Fields a bit sooner than anticipated today. Wall Street analysts see a smooth transition with Fields strongly aligned with the course already laid out by Alan Mulally. "It's a story of continuity," Fields told reporters today.
- Tesla watching: Tesla Motors (TSLA) could show a year-over-year decline in deliveries in North America this year, forecasts Morgan Stanley. The investment firm isn't panicked over the potential deceleration in Model S sales growth, noting the long-term story of Tesla disrupting the industry still plays.
May 1, 2014, 9:58 AM
- Ford (F -0.2%) reports a 9.1% drop in cars sold during April, a mark which was offset to a large degree by the 8% increase in truck sales.
- The automaker saw sales for the Ford brand slip 0.3% to 204,323 during the month, while Lincoln sales were off 10.7% to 6,803.
- Sales by model: Ford Fusion -1.1% to 26,435; Ford Taurus -2.8% to 5,725; Ford Focus -15.3% to 19,104; Ford F-Series +7.4% to 63,387; Ford Explorer +17.1% to 16,629; Lincoln -23.9% to 3,054; Lincoln MKX +5.1% to 1,828.
- The EcoBoost engine accounted for 42% of F-Series truck sales during the month.
May 1, 2014, 9:47 AM
May 1, 2014, 8:44 AM
May 1, 2014, 8:01 AM
Apr. 30, 2014, 1:21 PM
- Ford (F -0.5%) will probably hire more than the 12K employees it pledged to under the terms of a 2011 contract with the UAW, according to Joe Hinrichs.
- The automaker is already 75% of the way to the commitment to add 12K new hire by 2015.
- The latest round of hiring was in Claycomo, Missouri outside of Kansas City where Ford builds F-series trucks.
Apr. 30, 2014, 12:06 PM
- The EPA says the average fuel efficiency of vehicles in the U.S. improved to 24 mpg last year.
- Subaru (FUJHY), Volkswagen (VLKAY), and Mazda (MZDAY) topped the list with fleet-wide averages of 26 mpg or better.
- Chrysler (FIATY), General Motors (GM), and Ford (F) all fell below the industry average due to their higher mix of pickups trucks, while Daimler (DDAIF) kept luxury a priority over slashing weight.
- Tesla Motors (TSLA) boasts a gaudy equivalent efficiency rating of 89 mpg, but didn't sell enough cars to land in the rankings.
- What to watch: The U.S. government wants each automaker to boast a fleet average of 54.5 mpg or better by 2025. If those regulations stands, it will create a need for a higher mix of vehicles powered by electric and fuel cell technology as moves like Ford's to build F-150s with aluminum won't be enough to swing the averages far enough north.
Apr. 28, 2014, 8:16 AM
- Kelley Blue Book forecasts new car sales in the U.S. will jump 10% in April to 1.415M units sold.
- Beyond typical macroeconomic, credit, and interest rates factors - a strong outlook for used-car values is contributing to the pickup in demand.
- The compact SUV/Crossover segment is expected to see the strongest growth. The research firm sees a 22.3% gain as the segment picks up market share over car and truck categories.
- KBB manufacturer sales growth (Y/Y) estimates: Nissan (NSANY) +19.5%; Chrysler (FIATY) +18.1%, Toyota (TM) +15.2%; Honda (HMC) +6.1%; General Motors (GM) +5.2%; Volkswagen (VLKAY) +4.2%; Hyundai (HYMLF) +3.7%, Ford (F) -0.9%.
Apr. 25, 2014, 7:22 AM
- Ford's (F) EPS of $0.25 missed consensus of $0.31.
- Net profit slumped 39% to $989M, hurt by Ford adding $400M in warranty reserves for older vehicles in North America. The company also booked $100M for higher freight and other items due to the severe winter weather, and previously disclosed expenses of $400M that are mainly due to Venezuela's currency devaluation.
- Wholesale volume and revenue increased, with continued market share gains in Asia Pacific, driven by record market share in China
- Shares are -2% premarket. (PR)
Apr. 25, 2014, 7:01 AM
Apr. 25, 2014, 12:05 AM
Apr. 24, 2014, 5:30 PM
Apr. 24, 2014, 1:40 PM
- A forecast from J.D. Power and LMC Automotive calls for automobile sales in the U.S. to reach 1.1M units in April, up 5% Y/Y.
- The average transaction price in April is expected to be 3.6% higher at close to $29.8K.
- What to watch: Close to half of the new models in 2014 are arriving in the premium segment which will cause new competition as some premium pricing dips down into the levels of non-premium models.
- Automakers: GM, F, TM, FIATY, HMC, NSANY, TSLA, VLKAY, DDAIF, HYMLF, BAMXY, KIMTF, MMTOF, TTM
Apr. 23, 2014, 6:58 AM
- Ford (F) CEO Alan Mulally reportedly has a particular board position lined up at another company. The development prompted Ford to tap COO Mark Fields sooner rather than later.
- Mulally will hand off his duties to Fields before the end of the year, according to sources. A formal announcement is expected within weeks.
Apr. 22, 2014, 1:28 PM
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