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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.

Recharge Wrap-up: Cadillac CT6 Plug-In on sale in China, Oregon utilities spur EV adoption

The Cadillac CT6 Plug-In is now available in China. The luxury plug-in hybrid sedan uses a turbocharged 2.0-liter engine plus two electric motors, which give the car a 0-62 mph time of 5.4 seconds. Its liquid-cooled 18.4-kWh lithium-ion battery pack gives the car an all-electric range of 50 miles, with a total range of 581 miles. Cadillac offers a 200V charger with the CT6 Plug-In, which provides a full charge in less than five hours. Owners can check charging status remotely using OnStar or the MyCadillac app. The CT6 Plug-In is offered in two variants, priced at about $80,400 and $94,800. Read more from GM. Two Oregon utilities are launching a program to increase EV adoption. Portland General Electric (PGE) will build six charging locations, each with up to four dual-standard fast chargers. PGE will also build and operate charging sites for electric buses, freeing up money for Portland's TriMet transit agency to spend on the actual buses. Pacific Power will also build public EV chargers, and lower some electricity rates for operators. Both companies will also work to inform the public about the benefits of electric mobility. Oregon utilities are required to stop using coal by 2030, and use 50 percent renewable energy by 2040, which will make EVs even cleaner. Read more at Green Car Reports. Continental says a shift to EVs will cost its company jobs. The automotive parts supplier's CEO, Elmar Degenhart, says that while the company will need to cut production jobs, those will be offset at least in part by the creation of new positions related to electric mobility. "There is enough time to design the process such that the blow is softened and major pain can be avoided," says Degenhart. Some 30,000 jobs at Continental are tied to combustion engines. Read more at Automotive News Europe. Featured Gallery 2017 Cadillac CT6 Plug-in Hybrid View 15 Photos News Source: GM, Green Car Reports, Automotive News EuropeImage Credit: Cadillac Green Hirings/Firings/Layoffs Cadillac GM Green Culture Electric Luxury recharge wrapup

Cadillac abandons plans for six-digit flagship sedan

So much for that party. Cadillac has announced that it is walking away from plans to build a high-dollar, rear-wheel-drive ultraluxury sedan. The low-volume model would have been based on the lusty Ciel Concept, and the production iteration would have carried a price tag well over $100,000. Executives with the automaker reportedly claim the model wouldn't have bolstered the brand enough to be worth the investment.
Even so, Automotive News reports Cadillac is still on track to build a range-topping four-door to go head-to-head with the BMW 7 Series and Mercedes-Benz S-Class. That model will likely be constructed on the company's upcoming Omega rear-wheel-drive platform, but we won't see it bow until at least 2016. Right now, the front-wheel-drive XTS sits at the top of the Cadillac lineup, and while that machine and it's twin-turbocharged V6 variant makes a compelling argument against certain luxury entries, it falls short serving as a legitimate competitor for the likes of the 7 Series and S-Class for enthusiast drivers.