Unlike the average Beltway insider, a report by Interest.com claims the majority of medium-income American households in 24 of 25 cities studied cannot afford the average new-car price of $32,086.
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Category: High Finance
As fears of increasing auto loan delinquencies are giving some lenders pause, Capital One Auto Finance president of financial services Sanjiv Yajnik calls said increase a return to “norm,” with pent-up demand and greater competition will maintain availability of credit.
A combination of income tax refunds issued in January and February with accessible financing have boosted used-car prices overall in the first two months of 2014.
In a sign the broader economy is on an upswing, small business owners who use commercial vans in their business are replacing their aging equipment with new vans, fueling a boom not seen since the start of the Great Recession.
After months of speculation, Tesla drew back the curtain on their most ambitious project to date, the Gigafactory.
In anticipation of heavy spending this year and beyond, Ford is seeking a line of credit expansion totaling $12 billion.
Tesla’s shares roared to over $250 on Tuesday February 5th, amid release of financial results. Tesla’s 8-K regulatory filing highlights a record 6,892 Model S’s sold, non-GAAP earnings of $46M ($0.33 on a per share basis), and projected vehicle delivery growth of 55% among others. The shares are currently trading just above the $260 during after-hours trading.
With declining membership and fees paired with a defeat in a close election recently held at Volkswagen’s plant in Chattanooga, Tenn., the Detroit Three fear the United Auto Workers not only have no future, but their replacement would bring back the days of turmoil settled over a decade before.
As inventories of Ford’s Fusion continue to outpace demand — the result of a second plant brought online last year to keep up with demand for the newly redesigned midsize sedan — the automaker has been raising incentives to move more Fusions out of the lot.
China’s Ministry of Industry and Information Technology, in line with President Xi Jinping’s desire for opening the domestic economy to private and foreign investors, plans to relax restrictions on foreign ownership of joint ventures with local automakers in the face of those warning such a move would be the beginning of the end of the Chinese local auto industry.
The PSA Peugeot Citroen-Dongfeng-French government deal agreed upon by the three parties earlier this week received initial backing from the European Union, though skepticism remains as to whether the deal will bring stability to the ailing French automaker.
Tesla announced their Q4 2013 earnings saw a total net loss of $16 million while pulling in an annual revenue of $2 billion on the strength of higher sales and more efficient manufacturing methods.
Just as total auto loan balances in Q4 2013 climb to $798.5 billion, the United States Chamber of Commerce has called upon the Consumer Financial Protection Bureau to draw up a detailed compliance guide for auto lenders returning to the fray.
The founding family behind PSA Peugeot Citroen has approved the 3 billion euro ($4.1 billion USD) deal between the French government and Chinese automaker Dongfeng just an industry analyst penned an open letter for PSA chairman Thierry Peugeot to reconsider before it becomes too late to turn back.
Fiat Chrysler Automobiles NV boss Sergio Marichonne, in talks with federal and provincial governments in Canada for loans to help prepare their factories in Windsor and Brampton, Ontario for new vehicle production, may come to a decision about moving forward with plans for where new minivans will be built by the end of March 2014.
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