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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.

GM's redesigned full-size 2021 SUVs face delay over coronavirus

As General Motors works to conserve cash for the coronavirus pandemic, the automaker reportedly told suppliers that it is postponing development of several future vehicles. The situation may cause GM to delay the launch of the 2021 Cadillac Escalade, GMC Yukon, Chevrolet Tahoe and Chevrolet Suburban SUVs, which had been planned to roll out in April. The original launch plan for the redesigned full-size SUVs, which are some of the most profitable vehicles produced by GM, had called for production of the current models to end at its plant in Arlington, Texas, this week. After a retooling process, the redesigned SUVs were slated to begin production late in the month of April. In an email to suppliers viewed by Reuters and confirmed as authentic by GM, the automaker also said it was suspending development work on six future vehicle programs, including updates of the Chevrolet Equinox, GMC Terrain, Cadillac XT4, Bolt EV, Chevrolet Silverado and GMC Sierra. GM said preproduction work on those programs would be pushed back to calendar year 2021, with most of the updated vehicles scheduled to be launched as 2022 models. According to the Detroit News, work has also been paused on the Chevy Camaro and a future version of the Corvette that has yet to be unveiled and wasn't planned for production during the 2020 calendar year. Last week, the automaker told employees and suppliers it was delaying work on some future vehicles while pushing ahead with near-term models such as its redesigned full-size SUVs and the GMC Hummer EV, Cadillac Lyriq, Chevrolet Bolt EUV and Cruise Origin, as well as its new Ultium battery system. A GM spokesman who spoke with Reuters reiterated on Monday what the automaker had said last week — that the situation with its U.S. plants was "fluid" and that the automaker would "continue to evaluate" whether and when to reopen those plants on a week-by-week basis, with "employee safety" guiding that decision. GM said previously that it was closing most of its U.S. plants indefinitely. In its Monday email, GM asked suppliers to stop work on all pre-production tooling and pre-production parts manufacturing, but also not to dispose of any tooling or materials. GM told Reuters it had solicited volunteers from its workforce to finish the build-out of the current SUVs on a single shift in Arlington.

2016 GMC Sierra Denali Ultimate wants to take even more off the top

What do you do when getting to the top of Denali isn't enough? You create a higher peak called Denali Ultimate. That's what GMC has done with the 2016 Sierra, the new Sierra Denali Ultimate adding even more content and showing off the truck's refreshed face and new Denali grille. The reasoning behind this truck is perfectly sane. GMC says that in 2013 it had zero percent of the premium light-duty truck market; since that time, the brand says the segment (with an average transaction price beyond $55,000) has grown by a factor of ten, and the Sierra Denali has given GMC a 15.5-percent share. When it goes on sale in in the first quarter of next year, it can be optioned on the four-wheel drive 1500 Crew Cab with either the five-foot-eight or six-foot-six-inch bed. Standard equipment includes a sunroof, Lane Keep Assist, automatic headlights, Tri-Mode Power Steps, chrome tow hooks, and 22-inch wheels. The press release below has more. GMC Sierra Denali Ultimate: The Pinnacle of Premium Unique 22-inch wheels, expanded package of standard content drives exclusivity DETROIT, Tuesday, Nov. 17, 2015 – GMC is taking the range-topping style, craftsmanship and capability of the Sierra Denali even higher with the 2016 Sierra Denali Ultimate. It builds on the Sierra Denali's already class-leading attributes with a package of precision-crafted features designed to elevate its comfort, design and capability in the growing premium niche of the full-size truck market. GMC introduces the Sierra Denali Ultimate today, ahead of its public debut at the Los Angeles Auto Show. It goes on sale late in the first quarter of 2016. "The Sierra Denali has helped drive the growth of premium portion of the light-duty crew cab segment," said Duncan Aldred, vice president of GMC Sales and Marketing. "This truck is the ultimate expression of the Sierra Denali with greater emphasis on the bold and refined presence and advanced features that make Denali models synonymous with precision and exclusivity." Thanks in large part to Sierra Denali, which was redesigned in 2014, GMC commands 15.5 percent of the premium full-size truck segment, where average transaction prices exceed $55,000. The segment has nearly doubled in 2015 and grown tenfold since 2013, when GMC had zero percent of the market. In fact, Sierra Denali has helped GMC earn a higher share of the premium portion of the light-duty crew cab segment than of the overall full-size pickup segment.