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GM and Ford quarterly sales continue to slump in China

BEIJING — General Motors and Ford announced their quarterly sales in China fell, albeit at a slower pace sequentially, as the U.S. automakers were hit by a slowing economy amid the Sino-U.S. trade war. GM's vehicle sales in China for the quarter ended June 30 dropped 12.2%, while Ford's sales slumped by 21.7%. While GM also suffered from heightened competition in its key mid-priced SUV segment, Ford was hurt by the limited new models for customers to choose from. For the first quarter of this year, Ford's sales in China tumbled 35.8 percent while GM's skid 17.5 percent. Still, the numbers from GM, the second biggest international automaker in China by sales, and Ford portend more uncertainty for the industry which is trying to rebound from a downward spiral that led to its first annual sales decline last year in more than two decades. GM delivered 1.57 million vehicles in China in the January-June period this year, while Ford delivered 290,321 vehicles. China's factory activity shrank more than expected in June, highlighting the need for more economic stimulus amid higher U.S. tariffs and weaker domestic demand. Annual car sales in China fell last year for the first time since the 1990s, and they are expected to fall this year too. Sales tumbled 16.4% in May from the same month a year prior, the China Association of Automobile Manufacturers (CAAM) said. That marked the 11th consecutive month of decline and followed falls of 14.6% in April and 5.2% in March. U.S. car companies' share of total China passenger vehicles sales fell to 9.6% in the first five months of this year from 10.9% in the year-ago period, according to CAAM. Over the same period, German car makers' share has risen to 23.3% from 20.9% and Japanese auto makers' to 21.3% from 17.3%. CAAM is set to announce June sales next week, which industry analysts forecast will be negative.   New models In China, GM has a joint venture with SAIC Motor Corp, in which the Buick, Chevrolet and Cadillac are made. It also has another venture, with SAIC and GuangxiAutomobile Group, in which they make no-frills minivans and have started to make higher-end cars. Sales of GM's affordable brand Baojun dropped 31.8% for the latest quarter. But luxury brand Cadillac's sales jumped 36.6%. GM sold 3.64 million units in China last year, down from 4.04 units in 2017. Ford makes cars in China through its joint venture with Chongqing Changan Automobile Co and Jiangling Motors Corp (JMC).

Vintage photos: How presidential limos evolved from open convertibles to Biden's armored Cadillac

President Ronald Reagan waves from the back of his limousine in 1984.Ronald Reagan Library/Getty Images US presidents used to ride in unarmored convertibles with open roofs. After John F. Kennedy's assassination, presidential cars were customized with safety features. Today's presidential limousine is a 20,000-pound, $1.5 million Cadillac known as "The Beast." US presidents used to ride around in open convertibles. Today, President Joe Biden is driven in a 20,000-pound, $1.5 million armored Cadillac known as "The Beast." Take a look at how presidential limousines have changed through the years. Presidential cars replaced horses and carriages in the early 20th century. President William McKinley rides in an automobile in 1896.Photo12/Universal Images Group via Getty Images President William McKinley, who served from 1897 to 1901, was the first US president to ride in a car, according to the National Archives. The administration of President Theodore Roosevelt, who succeeded McKinley after his 1901 assassination, was the first to include a government-owned car. In 1941, President Franklin D. Roosevelt became the first president to ride in an armored vehicle — a limousine that previously belonged to gangster Al Capone. President Franklin D. Roosevelt rides in a car with bulletproof glass in 1942.Bettmann/Contributor/Getty Images Roosevelt previously drove around in a 1936 Packard Touring Limousine. Then, in 1941, he upgraded to an automobile with bulletproof glass that the Treasury Department had seized from Capone in 1932, according to the US Secret Service. President Dwight Eisenhower's presidential limousine was a 1955 Chrysler Crown Imperial. President Dwight Eisenhower waves to cheering crowds in 1955.Bettmann/Contributor/Getty Images The car featured a 250-horsepower V8 engine and a sunroof, according to the US Secret Service. President John F. Kennedy's assassination in the back of a 1961 Lincoln Continental changed presidential cars forever. President John F. Kennedy, and first lady Jacqueline Kennedy ride through Dallas in 1963. Minutes later, Kennedy was assassinated as his car passed through Dealey Plaza.Bettmann/Contributor/Getty Images Kennedy's limousine included a hydraulic seat that could be raised 10.5 inches for a better view of the president, but no protective features. After Kennedy's assassination, presidential cars were customized to prioritize the safety of the commander-in-chief with thick layers of armor.

U.S. new-vehicle sales in 2018 rise slightly to 17.27 million [UPDATE]

DETROIT — Sales of new vehicles in the U.S. rose slightly in 2018, defying predictions and highlighting a strong economy. Automakers reported an increase of 0.3 percent over a year ago to 17.27 million vehicles. The increase came despite rising interest rates, a volatile stock market, and rising car and truck prices that pushed some buyers out of the new-vehicle market. Industry analysts and automakers said strong economic fundamentals pushed up sales and should keep them near historic highs in 2019. "Economic conditions in the U.S. are favorable and should continue to be supportive of vehicle sales at or around their current run rate," Ford Chief Economist Emily Kolinski Morris said after the company and other automakers announced their sales numbers Thursday. That auto sales remain near the 2016 record of 17.55 million is a testimonial to the strength of the economy, said Mark Zandi, chief economist at Moody's Analytics. The job market, he said, has created new employment, and wage growth has accelerated. "That's fundamental to selling anything," he said. "If there are lots of jobs and people are getting bigger paychecks, they will buy more." The unemployment rate is 3.7 percent, a 49-year low. The economy is thought to have grown close to 3 percent last year, its best performance in more than a decade. Consumers, the main driver of the economy, are spending freely. The Federal Reserve raised its key interest rate four times in 2018 but is only expected to raise it twice this year. Auto sales also were helped by low gasoline prices and rising home values, Zandi said. It all means that people are likely to keep buying new vehicles this year even as they grow more expensive. The Edmunds.com auto-pricing site estimates that the average new vehicle price hit a record $35,957 in December, about 2 percent higher than the previous year. It will be harder for automakers to keep the sales pace above 17 million because they have been enticing buyers for several years now with low-interest financing and other incentives, Zandi said. He predicts more deals in the coming year as job growth slows and credit tightens for higher-risk buyers. Edmunds, which provides content, including automotive tips and reviews, for distribution by The Associated Press, predicts that sales will drop this year to 16.9 million.