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Inside this issue
Why Are U.S. Auto Sales Suddenly Slipping into Reverse?
Car Makers, Despite Promises to Donald Trump, Set on Job Cuts
Ford to Eliminate 1,400 White Collar Jobs in North America and Asia
As Camry and Prius Sales Tumble, Toyota Ramps Up SUVs
Millennials Have Less Connection to First Car Than Boomers
Top Stories
Why Are U.S. Auto Sales Suddenly Slipping into Reverse?

In April, the industry reported a 4.7 percent sales drop, according to industry tracker Autodata. General Motors, Fiat Chrysler and Ford showed declines of 7 percent or more in sales. Japanese car companies also were off in the North American market, although not as much. Demand has peaked. Last year, there was a record vehicle sales volume of 17.55 million. But the National Automobile Dealers Association forecasts that will slide to 17.1 million in 2017, which still is on the high side historically.
Source: CBS Moneywatch

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Car Makers, Despite Promises to Donald Trump, Set on Job Cuts

GM, Ford plan to cut U.S. workforce amid slump in automobile sales, outpacing recent job commitments

Amid softening U.S. car sales and mounting investor skepticism about Detroit’s ability to weather the industry’s first downturn in nearly a decade, auto executives are facing a tough choice in whom to please: Wall Street or the White House. Earlier this year, company executives promised to add head count at certain factories in response to criticism from President Donald Trump. Now, those executives are quickly retreating.
Source: The Wall Street Journal (Subscription required)

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Ford to Eliminate 1,400 White Collar Jobs in North America and Asia

Ford Motor told employees today it plans to reduce 10 percent of its salaried costs and personnel levels in North America and Asia Pacific, eliminating 1,400 jobs through early retirement and voluntary buyouts. The job cuts are part of a heightened focus on costs as Ford tries to stay focused on its three priorities: strengthening the most profitable parts of its core business, transforming underperforming areas such as Lincoln and small cars and investing in emerging opportunities like autonomous cars, electrified vehicles and shared mobility.
Source: Forbes.com

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As Camry and Prius Sales Tumble, Toyota Ramps Up SUVs

The Toyota Camry has been America’s best-selling car for 15 years. Yet last month, Toyota’s RAV4, a crossover sport utility vehicle, sold 329 more units in the U.S. It’s the second time this year that the RAV4 has topped the Camry in monthly sales, and the trend says a lot about the direction of the market and how the world’s most valuable automaker is adjusting. At an auto forum [hosted by NADA and J.D. Power] in New York, Bob Carter, executive vice president of sales for Toyota North America, acknowledged that dealers probably had too many cars on their lots.
Source: The Dallas Morning News

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Millennials Have Less Connection to First Car Than Boomers

A new survey from CarGurus reveals that the first car buying experience of millennials starkly differs from that of previous generations. Compared to millennials, baby boomers were not only found to have been more involved when selecting their first car, but were also far more likely to have contributed to the purchase cost, the online automotive shopping platform said.
Source: Auto Remarketing

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Quotable
"We are very cognizant that we operate in a cyclical industry and we are in the eighth year of expansion. We are very focused on acting like we're in a downturn."

    -- Chuck Stevens, GM's chief financial officer, commenting on declining auto sales, CBS Moneywatch, May 17

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