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GM lowers outlook for U.S. 2017 new vehicle sales
Mon Jun 26, 2017 | 4:10pm EDT
GM lowers outlook for U.S. 2017 new vehicle sales
By Nick Carey and Joseph White | DETROIT
General Motors Co (GM.N) now expects U.S. new vehicle sales in 2017 will be in the "low 17 million" unit range, reflecting a widespread expectation that the industry is headed for a moderate downturn, a top executive said on Monday.
"The market is definitely slowing … it’s something we are going to monitor month to month," Chief Financial Officer Chuck Stevens told analysts on a conference call. "Pricing is more challenging."
U.S. new vehicle sales hit a record of 17.55 million units in 2016 after a boom that began in 2010. A glut of nearly-new used vehicles is expected to undermine sales this year. Major automakers have reported sales declines for the past three months.
GM had previously announced it expected 2017 new vehicle sales in the "mid-17 million" unit range. Stevens told analysts that sales could fall by 200,000 to 300,000 units this year but that the automaker had "somewhat insulated" itself from a downturn by reducing fleet sales, which lower vehicles' residual values.
....
(Reporting by Nick Carey; Editing by Leslie Adler and Tom Brown)
GM lowers outlook for U.S. 2017 new vehicle sales
By Nick Carey and Joseph White | DETROIT
General Motors Co (GM.N) now expects U.S. new vehicle sales in 2017 will be in the "low 17 million" unit range, reflecting a widespread expectation that the industry is headed for a moderate downturn, a top executive said on Monday.
"The market is definitely slowing … it’s something we are going to monitor month to month," Chief Financial Officer Chuck Stevens told analysts on a conference call. "Pricing is more challenging."
U.S. new vehicle sales hit a record of 17.55 million units in 2016 after a boom that began in 2010. A glut of nearly-new used vehicles is expected to undermine sales this year. Major automakers have reported sales declines for the past three months.
GM had previously announced it expected 2017 new vehicle sales in the "mid-17 million" unit range. Stevens told analysts that sales could fall by 200,000 to 300,000 units this year but that the automaker had "somewhat insulated" itself from a downturn by reducing fleet sales, which lower vehicles' residual values.
....
(Reporting by Nick Carey; Editing by Leslie Adler and Tom Brown)
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