A lot is happening in the car market in the United States right now. General Motors just announced plant closings in Canada and the Midwest. They claim tariffs have cost them heavily, but also, that their sedans- like the Buick LaCrosse and Cadillac CT6, just aren’t selling. North Americans prefer SUV’s, hybrids, and trucks. In fact, across the board, new auto sales have fallen by 1 million vehicles since September 2017.
However, subprime auto loans for used cars are increasing nationwide. According to separate reports by both the Federal Reserve Bank of New York and TransUnion, subprime loans are up 10 percent from the third quarter of 2017. There are two main reasons for this. More lending institutions, such as banks, are making subprime auto loans. These include big names such as Wells Fargo and Santander Consumer USA. However, due an uptick in defaults, [...]
Global sales of BMW Group’s core brand rose faster in June than at Audi and Mercedes-Benz as demand from China and the United States helped the premium carmaker to extend a lead over the two rivals in the first six months of the year.
Sales at the brand were up 9 percent last month to 153,075, the group said today, compared with growth of 5 percent to 140,300 and 8 percent to 131,609 at Audi and Mercedes respectively.
Six-month sales at BMW brand rose 8 percent to 804,000 cars, expanding the lead over runner-up Audi to 24,000 from 11,000 after five months. Half-year sales at Audi and Mercedes rose 6 percent each to 780,500 and 694,000 respectively.
“BMW has stronger momentum than Audi and Mercedes, that won’t change in the second half,” said Hanover-based NordLB analyst Frank Schwope. “Design of their cars has improved and they’re ahead [...]
Tesla Motors Inc., the world’s best-performing automotive stock this year, will join the Nasdaq-100 Index next week, filling the spot vacated by Oracle Corp., which is moving to the New York Stock Exchange.
The electric-car maker will be added to the gauge, which tracks the biggest companies on the Nasdaq, before the start of trading on July 15, Nasdaq OMX Group Inc. said in a statement Monday. Oracle, which last month said it will join the NYSE, is the biggest company to jump between the competing exchanges.
Shares of Tesla, the carmaker headed by billionaire Elon Musk, have more than tripled this year as the popularity of its new Model S sedan helped the company turn its first quarterly profit. Gaining entry to benchmarks tracked by investors is attractive to public companies because it provides a guaranteed shareholder base.