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U.S. auto sales in April expected to drop despite big discounts

DETROIT — U.S. auto sales in April likely fell nearly 8 percent from the same month in 2017 despite big discounts for consumers, industry consultants J.D. Power and LMC Automotive said on Thursday. For much of the past two years, the discounts offered by automakers have remained at levels that industry analysts say are unsustainable and unhealthy in the long term. April U.S. new vehicle sales will likely be about 1.31 million units, down from 1.42 million units a year earlier, the consultancies said. The forecast was based on the first 17 selling days of April. Automakers, including Ford and Fiat Chrysler Automobiles, will release April U.S. sales results on May 1. Earlier this month, No. 1 U.S. automaker General Motors said it will stop reporting monthly U.S. sales because the 30-day snapshot does not accurately reflect the market. GM will instead issue quarterly sales reports. U.S. new vehicle sales fell 2 percent in 2017 to 17.23 million units after hitting a record high in 2016. Sales are expected to drop further in 2018 as interest rates rise and more late-model used cars return to dealer lots to compete with new ones. LMC expects full-year 2018 U.S. new vehicle sales to come in at around 17 million units. "Uncertainty and unfavorable factors appear to be mounting for autos, including a volatile stock market, rising interest rates, rising oil prices and potential trade roadblocks," Jeff Schuster, LMC's head of global vehicle forecasts, said in a statement. The seasonally adjusted annualized rate of sales for April will be 16.6 million vehicles, down more than 2 percent from 17 million units in April 2017, the consultancies said. Retail sales to consumers, excluding lower-margin fleet sales to rental agencies, businesses and government, were set to decline about 9 percent in April. The level of consumer discounts, which can erode profit margins and undercut resale values, "remains the larger concern," the consultancies said. The average discount was $3,698, up $187 from April 2017. Discounts on trucks and SUVs were up $426, but down $226 on passenger cars. Reporting by Nick CareyRelated Video: Image Credit: Reuters Earnings/Financials Chrysler Ford GM JD Power

Local UAW leaders recommend membership approve FCA contract

DETROIT — Union leaders from Fiat Chrysler factories are sending a new four-year contract to a membership vote. The 47,000 members of the United Auto Workers union at the company will vote on the deal starting Friday. Local leaders assembled on Wednesday in Detroit to go over the pact, which includes a $9,000 bonus per worker upon ratification. The company also has promised $4.5 billion worth of new investments in U.S. factories. The union reached agreement with Fiat Chrysler last weekend. The new contract also offers a mix of lump sums and pay raises for longtime workers, full top wages for new hires within four years and a path for temporary employees to become full-time after three years of work. The Fiat Chrysler contract also adds 12.5% to the union workers' profit-sharing formula, giving them $900 per 1% of profit margin generated North American. That's up from $800, and a $12,000 cap was lifted. The UAW says the deal created more than 7,900 jobs, including a $4.5 billion investment previously announced at two factories in Detroit. Fiat Chrysler is the last of the Detroit automakers to settle with the union. Workers at General Motors ratified their contract Oct. 31, ending a 40-day strike that paralyzed GM's U.S. factories. Ford workers followed by approving a contract in November. In a summary of the contract, the union said FCA agreed to extend a moratorium on outsourcing of jobs and will maintain its U.S. manufacturing presence through the life of the contract. The $9 billion of factory investment includes $4.5 billion previously announced at two factories in Detroit, including a new assembly plant. Also included is an agreement to build fresh models off the Jeep Cherokee SUV underpinnings and invest $55 million into the Belvidere, Illinois, assembly plant, where the Cherokee is built. At the Toledo, Ohio, North Assembly plant, which builds the Jeep Wrangler SUV, the company will invest $160 million and hire 100 more people to build a plug-in hybrid version of the Wrangler. The Toledo South plant gets $120 million to keep building the Jeep Gladiator pickup. At an assembly plant in Sterling Heights, Michigan, Fiat Chrysler will invest $210 million to keep building light-duty Ram pickup and new high-performance version of the truck. Another truck plant in Warren, Michigan, will get $2.8 billion including engineering and development expenses to keep building the Ram pickup and a new three-row SUV called the Wagoneer and Grand Wagoneer.

Chrysler 300C returns for 2023 with SRT power and more

Chrysler will revive the SRT formula for a special 2023 300C model equipped with the snarling 6.4-liter Hemi V8. While the badge itself won't return, the 2023 300C will offer everything the old 300 SRT had and more, including a limited-slip differential, big brakes, a sport exhaust and active dampers. Chrysler 300 Scat Pack, here we come — but you'd better act fast, as only 2,000 of them will be produced for the U.S. market (plus another 200 for Canada). And after 2023, the whole Chrysler 300 lineup will be gone for good.  "WeÂ’re celebrating the Chrysler 300 and itÂ’s iconic legacy in the automotive world," said Chrysler brand chief Chris Feuell. "The Chrysler 300 changed the automotive world in so many ways, and we will carry that spirit of ingenuity forward as we transform Chrysler with a fully electrified future and breakthrough customer experiences." Chrysler last sold the 300C variant (with its standard 5.7-liter Hemi V8) for the 2020 model year. While the 5.7 was still available in the 300S, the C was long the pinnacle of non-SRT models in the 300 lineup. In much the same way that Lexus IS500 F Sport Performance revived the underlying formula of the old IS F, this limited-edition 300C brings back the magic that made the SRT8 (later just SRT) model so desirable.  Before it was canned for the U.S. market in 2015, the 300 SRT was briefly offered with the 6.4, albeit with the five-speed automatic that dated to the Daimler-Chrysler years. The 2023 revival packs 485 horsepower (up from the old SRT's 470) and 470 pound-feet of torque. Power goes to the rear wheels by way of an eight-speed automatic and limited-slip differential. Chrysler says this combo is good for a 4.3-second sprint to 60 and a quarter-mile time of 12.4 seconds.  2023 Chrysler 300C View 28 Photos From there, the list of goodies on this limited-run 300C lines up pretty closely with a standard Dodge Charger Scat Pack. Chassis improvements include four-piston Brembo brakes and active dampers, and the round black tips are attached to an active exhaust to allow for mild cruising or wild hooning. Unique 20-inch wheels, black chrome accents on the grille and bumpers, blacked out head- and taillights and a new tri-color Chrysler badge will help the 2023 300C stand out in a crowd.  Inside, unique elements include Black Laguna leather seats embossed with the 300C logo, unique silver stitching, carbon fiber inserts and gloss black trim.