Shortage of computer chips causes problems for auto industry
DETROIT – A shortage of computer chips is causing problems for the auto industry. General Motors has warned that it is likely to lose around $2 billion this year as a result. READ: Why you should ask about ‘destination fee’s before purchasing a new vehicleFor the auto industry the problem is a supply and demand issue created by manufacturing. Because of the issue many automakers are having to slow or stop production to put the chips in vehicles. Or, if it’s something like a powertrain where every vehicles got it 100 percent of your vehicles have that powertrain chip, then you’re basically stuck,’ he said.
China’s vehicle sales pick up in September as market revives
BEIJING – China’s vehicle sales including trucks and buses accelerated in September as the industry’s biggest global market recovered from the coronavirus pandemic, an industry group reported Tuesday. Sales rose 17.4% over a year earlier to 2.6 million vehicles, up from August’s 11.6% growth, according to the China Association of Automobile Manufacturers. It said SUV sales set a new monthly record and purchases of other passenger vehicles also rose but gave no details. In the first nine months of the year, sales declined 6.9% from a year earlier to 17.1 million, CAAM said. That hurts global automakers that are looking to China to propel sales growth.
Detroit gets its first car vending machine -- Here’s how it works
DETROIT – Buying a used car normally gets pretty tedious. READ: A look at why used car sales are up despite COVID-19You go to a dealership, take a test drive and haggle before getting the keys. Detroit just got its first car vending machine and it’s a very different experience. Tim Pamplin takes a look at the vending machine in the video above
A look at why used car sales are up despite COVID-19
DETROIT The coronavirus (COVID-19) pandemic and the financial difficulties it created has made for some unusual trends. Heres why now may be the perfect timeThere has been a scramble for used cars all across Metro Detroit. He said his used dealership sales are 40 percent over their record year, each in the past two months. Szott said the second a leased car gets turned in, its already sought after by multiple buyers. Autotrader data shows right now used car sales are ahead of last year at this time.
China auto sales up 14.5% in May, recovering after pandemic
Chinas auto sales surged 14.5% in May, a second straight month of growth as the global industrys biggest market gradually recovers from the coronavirus pandemic, the China Association of Automobile Manufacturers said Thursday. (AP Photo/Mark Schiefelbein)HONG KONG Chinas auto sales surged 14.5% in May, a second straight month of growth as the global industrys biggest market gradually recovers from the coronavirus pandemic. Sales fell 9.6% last year, their second straight annual decline. The downturn is squeezing brands that are investing billions of dollars to develop electric vehicles under pressure to meet government sales targets. Demand for electric vehicles weakened last year after Beijing reduced subsidies that helped to make China their biggest market, accounting for half of global sales.