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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

Ford builds one-off 50th anniversary Mustang Convertible for charity

At the New York Auto Show this year, Ford revealed a special-edition Mustang to honor the iconic pony car's 50th anniversary. Only 1,964 highly symbolic examples will be made, all of them fixed-roof coupes. But the Blue Oval automaker has just announced that it's also building a single 50 Years edition convertible that it will raffled off for charity.
The first production example of the new Mustang Convertible to roll off the line this fall, this one-off will pack many of the features on the 50 Years coupe, including its white paintjob, chrome trim, aluminum dashboard, two-tone upholstery, contrast stitching, special 19-inch wheels and special-edition badging throughout.
This unique cabrio will also be fitted with a special performance pack including Pirelli PZero rubber, Brembo brakes and a limited-slip differential to help get the 420 horsepower and 390 pound-feet of torque from the 5.0-liter V8 through the six-speed manual transmission and down to the road. It'll also feature a serial plaque with the number 0001 of 0001 and chairman Bill Ford's signature.

Trump takes potshots at Ford in Flint

Doubling down on his general dislike of everything south of the Rio Grande, Republican presidential hopeful Donald Trump took aim at local favorite Ford during his first campaign visit to Michigan yesterday. "Ford is building a $2.5 billion plant in Mexico," Trump told a standing-room-only crowd in Birch Run, MI, yesterday evening. "I'll actually give them a good idea. Why don't we just let the illegals drive the cars and trucks right into our country?" This is not the first time real estate mogul turned reality TV star has whined about Ford's Mexican factory plans. Previously, he promised that if he were elected, he'd levy a 35-percent tax against Mexican-built Fords. Then, as he has here, Trump failed to address other automakers selling Mexican-built vehicles in the US, including Detroit-based General Motors as well as foreign brands like Volkswagen, Nissan, and Toyota. "I would say, the deal is not going to be approved, I won't allow it. I want that plant in the United States, preferably here," Trump said, with Bloomberg reporting his comments were meant with chants of "USA." Ford announced the $2.5-billion Mexican investment in April, saying it'd build two factories to produce transmissions and engines. In response to Trump's criticism of the deal, the Dearborn-based automaker was quick to point out that it hasn't exactly been stingy about building its business here in the US. "We are committed to leveraging our global manufacturing footprint and will continue to invest where it makes the best sense for our business," Ford spokesman Karl Henkel told Bloomberg. "We are proud that we have invested $6.2 billion in our US plants since 2011 and hired nearly 25,000 US employees." Related Video: