TrueCar Predicts November Auto Sales Increase Caused by Black Friday, Two More Selling Days

TrueCar Predicts November Auto Sales Increase Caused by Black Friday, Two More Selling Days

TrueCar said Tuesday it expects total vehicle sales to be up 3.6% from a year ago in November — to 1,366,900 units. The company said that while there’s also a chance it could be down if you adjust for two more selling days this year versus November 2015, Black Friday deals are largely picking up the slack left from declined fleet sales. November’s seasonally adjusted annualized rate is projected at […]

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Toyota Motor Targets Increased Hybrid Sales In India

Toyota Motor Targets Increased Hybrid Sales In India

Toyota Motor Corp said it expects hybrid cars to make up 20% of its total vehicle sales in India by 2020 from less than 2% currently, according to a report from Reuters on Wednesday which cited an unnamed senior company official. Toyota sells the Camry hybrid in India and plans to introduce hybrid technology in models like the Corolla and Prius sedans, the report said. The company may also introduce […]

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Malibu Boats Buys Engines for its Boats from General Motors

Malibu Boats Buys Engines for its Boats from General Motors

Malibu Boats said late Monday it signed an agreement with General Motors (GM) for the supply of engine blocks. Terms of the deal were not disclosed. The company expects to begin using the GM engines as early as in its model year 2019 boats. To facilitate the marinization of the GM engines, Malibu recently closed the acquisition of a 70,000 square foot facility adjacent to its boat manufacturing operations in […]

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Auto Industry Sees Negatives, Positives in Trump Presidency, RBC Says

Auto Industry Sees Negatives, Positives in Trump Presidency, RBC Says

The auto industry may see benefits and pitfalls from Donald Trump’s election to the US presidency this week, RBC Capital Markets analysts said in a note to clients. Trump has said he wants to scrap or renegotiate the North American Free Trade Agreement, and has the power to withdraw from the agreement with only six months’ notice. That could have repercussions on the automotive value chain, RBC said. Before the […]

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Tesla Electric Car Drivers to Start Paying for Supercharging

Tesla Electric Car Drivers to Start Paying for Supercharging

Tesla Motors is set to begin making drivers pay for use of their Supercharger product that allow for rapid powering of their electric cars in a bid to expand the network of stations ahead of the release of their Model 3 vehicle. Cars ordered after Jan. 1 will come with 400 kilowatt hours of annual free Supercharging credits, which Tesla said is about 1,000 miles. “Beyond that, there will be […]

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Ford Motor Company Sales Fall 12% in October

Ford Motor Company Sales Fall 12% in October

Ford Motor Company said US sales fell 12% in October from the same month a year earlier as fleet sales plunged. The company said it sold 188,813 vehicles last month. Retail sales decined 7% and fleet sales dropped 24%, Ford said in a report delayed by a fire at its headquarters that affected one of its data centers. Total sales of its F-Series trucks rose 1% driven by demand for […]

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General Motors Vehicle Sales Contract in October

General Motors Vehicle Sales Contract in October

General Motors’ (GM) total vehicle sales fell slightly year-on-year in October as fewer purchases of Chevrolets, Cadillacs and GMCs offset an increase in the number of Buicks that were sold. The Detroit-headquartered automaker’s total US sales in October were 258,626 vehicles, according to a statement published on the company’s website on Tuesday. This was 1.7% lower than the number sold in the corresponding month of the prior year. A breakdown […]

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Wall Street Stays Negative as Focus Shifts to Election, NFP

Wall Street Stays Negative as Focus Shifts to Election, NFP

Stocks were trading lower in Tuesday’s midday trade with the S&P 500 extending its losing streak to a sixth consecutive trading day as Wall Street remains defensive leading into Friday’s payroll report and next week’s presidential election. Stocks were also derailed by an unexpected drop in construction spending and weak auto sales that compromised pre-market gains tied to upbeat Chinese manufacturing data. The benchmark indices opened marginally higher but quickly […]

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In Big Reversal, Tech Stocks Little Changed Mid-Afternoon

In Big Reversal, Tech Stocks Little Changed Mid-Afternoon

Technology stocks were little changed in recent trade, with shares of tech companies in the S&P 500 down less than 0.1% after earlier jumping out to a nearly 0.8% rise. In company news, Applied Micro Circuits Corp (AMCC) rallied Friday after the specialty chipmaker swung to a non-GAAP profit during its fiscal Q2, also exceeding analyst projections. Excluding one-time items, net income during the three months ended Sept. 30 was […]

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Standard Motor Products Q3 EPS Beats By A Cent, Revenues Meet Views

Standard Motor Products Q3 EPS Beats By A Cent, Revenues Meet Views

Shares of Standard Motor Products (SMP) were slipping over 1% Thursday even though the automotive parts distributor reported Q3 adjusted EPS of $0.92 per share, up from $0.80 per share a year earlier, which was a penny above the consensus compiled by Capital IQ. Revenues rose to $300.8 million from $270.0 million and met analysts’ expectations. In reference to the integration of various wire distribution centers into its existing wire […]

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