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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.

GM recalls half-million full-size SUVs to address seatbelt issue

GM is recalling its redesigned full-size SUV models to address improperly riveted mounts securing the third-row seatbelts that may fail in the event of an accident. The population includes the 2021-2022 Cadillac Escalade and Escalade ESV, 2021-2022 Chevrolet Suburban and Tahoe, and 2021-2022 model year GMC Yukon and Yukon XL, for a total of 484,155 vehicles. "Operators at the supplier’s manufacturing plant may have not properly followed manufacturing processes and inadvertently missed the rivet forming operation," GM said in its defect report to NHTSA. "In certain of these vehicles, the rivet that retains the buckle to the mounting bracket in the left or right side third-row seatbelt buckle assembly may not have been properly formed during the manufacturing process. If the third-row seatbelt assembly is not properly riveted, it may not properly restrain occupants in a crash, increasing the risk of injury." Fortunately, the fix is relatively simple. GM service technicians will inspect the rivets on the rear seatbelt buckle assemblies and replace the entire unit if the rivets are not to spec. Dealer notifications have already been distributed; owners should receive notice start in September. Related video: Cadillac Chevrolet GM GMC Ownership Safety SUV

Chevrolet Silverado, GMC Sierra could get independent rear suspension

The Chevrolet Silverado and the GMC Sierra could reportedly receive a variant of the four-link independent rear suspension found under the new Tahoe and Suburban. While that's not a surprise, a recent report suggests electrification, not comfort, convinced General Motors to make the change. Replacing the time-tested solid rear axle with an independent suspension will improve comfort, handling and off-road prowess, while adding weight, and likely making the trucks a little bit more expensive. It's a fair trade-off, but GM Authority learned the real reason for the swap is that at least one of the pickups will spawn an electric model, and it's more difficult to package a bulky battery pack around a solid rear axle. The independent rear suspension takes up far less space, even if it has more moving parts. General Motors will build its first regular-production electric pickup on an evolution of the Silverado's T1 platform named BT1, according to the same source. The b stands for -- you guessed it -- batteries. The firm reportedly doesn't want to make two suspensions for cost reasons, so the independent setup will come standard regardless of whether the truck runs on gasoline, diesel, or electricity. As a bonus, Chevrolet and GMC could choose to offer their T1-based trucks with Magnetic Ride Control or an air suspension, options available on the 2021 Suburban and Tahoe. The independent rear suspension will also find its way to the next-generation GMC Yukon due to be revealed January 14, and to the 2021 Cadillac Escalade scheduled to make its debut February 4. The long-rumored, born-again Hummer will get it, too, because it will arrive as an electric model built on the BT1 platform. It's worth noting none of this is official, and General Motors has remained quiet about what's next for its new suspension design, and what will be under its electric truck's sheet metal. If the GM Authority report is accurate, the Silverado (pictured) and the Sierra could ditch their solid rear axle for the 2021 model year. The change will likely be accompanied by other tweaks inside and out. Featured Gallery 2019 Chevrolet Silverado 1500 View 16 Photos Chevrolet GMC Truck