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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.

2017 Cadillac CT6 Plug-in Hybrid is the most efficient and torquey CT6 of all

Cadillac is returning to the hybrid game after discontinuing the ill-fated ELR, this time with an existing car and a new drivetrain. The company has taken its CT6 flagship and given it a turbocharged 2.0-liter four-cylinder, a pair of motors, and a big battery pack. The result of this combination is a CT6 that manages a rating of 65 MPGe, can go 30 miles on a full electric charge or 400 miles combined with the engine. The powertrain produces 335 horsepower and 432 lb-ft of torque. That's the same amount of power as the 3.6-liter V6 CT6, and more torque than that engine or the twin-turbo 3.0-liter V6. Cadillac claims the CT6 plug-in is capable of hitting 60 miles per hour in 5.2 seconds and reaching a top speed of 150 mph. The green and grunty CT6 plug-in will be available this coming spring, and it will have a premium price of $76,090. Cadillac says that its equipment list is comparable to the CT6 Premium Luxury trim level, which starts at $64,590 with the 3.6-liter V6, and $68,590 with the twin-turbo V6. However, in addition to the hybrid powertrain, Cadillac throws in a number of features that are options on the conventional gasoline models. To get the hybrid's rear seat infotainment system and enhanced night vision, a buyer would have to add $5,800 in option packages. That still leaves the twin-turbo model $1,700 shy of the hybrid, but that's not a terrible trade for the option of fuel-free driving for at least some of the time. Related Video: Featured Gallery 2017 Cadillac CT6 Plug-in Hybrid View 15 Photos Image Credit: Cadillac Green LA Auto Show Cadillac Hybrid Luxury Sedan cadillac ct6 2016 LA Auto Show

GM moving international sales HQ to Singapore from Shanghai

General Motors has announced that it will be moving its international headquarters from Shanghai to Singapore, a move that will see 120 employees working from the city-state by the time business opens in 2014. Meanwhile, 250 to 300 of the employees at the Shanghai office will remain in China, according to a report from The Wall Street Journal.
The shuffle is part of a bigger reorganization that will see GM isolate its operations in the People's Republic from its broader international efforts. This sort of divide-and-conquer strategy will allow GM to still react to emerging markets while, according to the WSJ, providing a dedicated management team for the Chinese market. The team in Singapore will be responsible for operations in Africa, southeast Asia, Australia, India, South Korea and the Middle East, on top of managing Chevrolet and Cadillac in Europe, according to a statement from GM.
The shift to Singapore "will help us to create a renewed identity for CIO (Consolidated International Operations) and lead GM's umbrella strategy for the region," said GM Executive Vice President of CIO, Stefan Jacoby.