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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 already raising prices on 2014 Silverado and Sierra pickups

General Motors must be pretty pleased with sales of its two newest pickups, the GMC Sierra and Chevrolet Silverado, as it's announced price hikes for both models, as part of a planned price tweak.
Prices will be bumped by as much as $1,500, although weirdly, they'll be offset by as much as $1,500 in cash-back offers through the end of October. Fox Business reports that GM spokesman Jim Cain said of the price hike, "With the sell down of the '13 models nearly complete, this price adjustment was planned and is a normal part of business."
The move, as Fox is quick to point out, is an interesting one, as sales of the twin pickups struggled last month relative to the Ford F-Series, while both of GM's crosstown competitors have been aggressively undercutting Silverado and Sierra prices. The F-150 starts at $24,070 and the Ram 1500 comes in at $23,600, not counting any cash on the hood. A base Silverado, meanwhile, retails at $25,575.

Next-gen GMC Canyon spied with big screen and heavy camo

The next generation of midsize GM pickups is well on its way to being ready, and these new spy shots give us an early look at the new interior inside the GMC Canyon. To our delight, the new Canyon interior doesn’t even remotely resemble the current truck. The relationship between the refreshed SierraÂ’s new interior and what we can see in these Canyon spy shots is impossible to ignore. While itÂ’s not an exact replica of, or a shrunken version of, the CanyonÂ’s screen hardware looks similar to the SierraÂ’s. We can see the volume knob sprouting out of the top left corner, and the whole screen is surrounded by shiny black plastic. The software itÂ’s running is GMÂ’s new Android Automotive-based infotainment that weÂ’ve already sampled in the 2022 Yukon. Just like in that vehicle, we can see that Google Maps is the native navigation system, and it features similar shortcuts on the left-hand side of the screen. Below the screen, the next-gen Canyon features all of its climate controls. The model weÂ’re looking at here must be an upmarket trim, because itÂ’s featuring heated and cooled seats. Another indication that this model could be a Denali (or other higher trim) is the small piece of wood trim on the door that is mostly shrouded by camouflage. We canÂ’t make it out all that well, but any amount of wood trim in a midsize pickup means luxury.  ItÂ’s difficult to make out whatÂ’s going on with the steering wheel, though we can see what appear to be silver switches flanked by flat black buttons. The instrument cluster is similarly difficult to see, but if the little glimpse of a “125 miles to empty” readout is any indication, it could very well be a totally digital cluster. WeÂ’ll need to wait to fully confirm that thought, though. When it comes to the exterior, there isnÂ’t a whole lot to see under the heavy camouflage. We have a reasonable look at the grille behind the mesh, and the front LED lighting signature is partially visible, too. WeÂ’ll note that there isnÂ’t much of a front bumper on this test truck, which is giving it the appearance of being an off-road capable pickup — itÂ’s just nowhere near as extreme as the Canyon prototype we spied last year sporting a ZR2-style suspension.  Big wheels fitted to this tester gives more credence to it possibly being a Denali. The rear is perhaps even more covered up than the front, making it even more difficult to see what GM is hiding.