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Krafcik says US Gov. shutdown is slowing Oct. auto sales

The government shutdown is eroding consumer confidence in the auto market, says John Krafcik, CEO of Hyundai's US sales unit, and could lower October sales by as much as 10 percent, Automotive News reports. "It's that anxiety that keeps customers, potential buyers, on the sidelines when making a big purchase like an automobile," Krafcik says, adding that industry sales could be off by five to 10 percent in October compared to September.
The fourth quarter, which started October 1, usually consists of increased auto sales as dealerships clear their lots to make room for the next year's models. Leading up to the fourth quarter this year, the auto industry was doing well in the fragile, recovering US economy, although September deliveries decreased by 4.2 percent, due in part to this year's Labor Day sales being recorded for August.
To help its customers, Hyundai announced it is deferring new-car loan and lease payments for furloughed federal workers until they're called back to work and also offering them a three-month payment deferral if they buy a new Hyundai in October. "We have already had requests from over a thousand people to have their payments deferred," Krafcik says.

Auto sales in March and first quarter down nearly across the board

Nearly every major automaker reported weak U.S. sales for March and the first quarter of 2019, citing a rough start to the year, but said a robust economy and strong labor market should encourage consumers to buy more vehicles as 2019 rolls on. GM, which no longer releases monthly sales figures, saw first-quarter sales fall 7 percent, with declines across all brands. Sales of Silverado pickup trucks fell nearly 16 percent and the high-margin Chevy Suburban large SUV dropped 25 percent. Ford also no longer releases monthly sales numbers, but is due to release its first-quarter sales figures on Thursday. According to industry data, Ford's sales fell 2 percent in the quarter and 5 percent in March. Ford representatives did not immediately respond to requests for comment. FCA reported a 7 percent fall in U.S. sales in March and a 3 percent drop for the first quarter. All of FCA's brands dropped in March, except for Ram, which saw a 15 percent increase in pickup truck sales. "The industry had a tough first quarter, but with spring finally starting to show its face and continued strong economic indicators ... we are confident that new vehicle sales demand will strengthen going forward," FCA's U.S. head of sales, Reid Bigland, said in a statement. Toyota reported a 3.5 percent fall in U.S. sales in March and 5 percent for the first quarter, hurt by declining demand for its Corolla sedans and Camry vehicles. "While some of our competitors are abandoning sedans, we remain optimistic about the future of the segment," Toyota said in a statement. Nissan posted a 5.3 percent drop in sales in March, and its first-quarter sales were down 11.6 percent. Honda and Hyundai bucked the trend. Honda's U.S. sales rose 4.3 percent in March and 2 percent in the quarter, while Hyundai's were up 1.7 percent and 2.1 percent, respectively. Passenger-car sales suffered throughout the January-March quarter compared with the same period in 2018 as Americans continued to abandon them in favor of larger, more comfortable pickup trucks and SUVs, which are far more profitable for automakers. The battle for market share in the particularly lucrative large-pickup truck market intensified in the quarter, as Fiat Chrysler Automobiles' Ram brand outsold the U.S.' No. 1 automaker General Motors' Chevrolet-brand trucks. The two automakers have both launched redesigned pickup trucks.

Hyundai and Kia announce $3.1-billion investment in US facilities

Update: A US spokesperson for Hyundai had no further information, but called the reports about the automaker's investments accurate. Hyundai and Kia announced this morning a plan to invest $3.1 billion into its US facilities over the next five years. According to Automotive News, the new investment is a 50-percent increase over what Korea's two largest automakers have brought to the US in the last five years. The automakers already have several large-scale manufacturing bases in the US, but the new investment could bring another plant into the fold. There is the possibility of producing a Genesis product in the US or building a new plant for a US-specific crossover. The announcement is the latest US investment plan as President-elect Donald Trump prepares to take office Friday. Trump has singled out automakers for not building cars in the United States, and Ford, General Motors, and Fiat Chrysler all announced plans to invest in the US since the beginning of January. Skeptics say these moves would have to be years in the making, though Trump has been quick to take credit for them. Not all of the new money will go toward building new plants. Hyundai and Kia could simply expand the already busy plants in Montgomery, AL, and West Point, GA. Beyond that. The automakers could further their research into electric and autonomous vehicles. Like many other automakers, the two Korean giants have backed down from planned expansions into Mexican manufacturing. Although many automakers currently build or were planning to build new vehicles in Mexico, threats of importation fees appear to be causing caused automakers to refocus some of their efforts toward US production. With all this new investment in the US, Kia and Hyundai said there will be no jobs moved to Mexico. Meanwhile, this morning GM announced plans to bring truck axle manufacturing back from Mexico. As with all of the recent announcements, Hyundai and Kia stated that Trump's upcoming presidency played no part in the decision to reinvest in the US. Related Video: News Source: Automotive News Plants/Manufacturing Genesis Hyundai Kia Mexico Trump jobs investment