Latest news with #AutomobileManufacturers
Yahoo
3 days ago
- Business
- Yahoo
US manufacturing production stalls in July
WASHINGTON (Reuters) -U.S. factory production was unchanged in July suggesting manufacturing activity was stalling as businesses navigate higher costs from import tariffs. The unchanged reading in manufacturing output reported by the Federal Reserve on Friday followed an upwardly revised 0.3% increase in June. Economists polled by Reuters had forecast production for the sector, which accounts for 10.2% of the economy, dipping 0.1% after a previously reported 0.1% gain in June. Production at factories increased 1.4% on a year-over-year basis in July. Motor vehicle and parts output slipped 0.3% last month after falling 2.5% in June. Automobile manufacturers typically shut down production lines in July for the summer break as well as maintenance and retooling for new models. Excluding motor vehicles, factory output fell 0.1% after rising 0.5% in June. "Tariffs on various inputs to production, in particular steel and aluminum inputs, could mean longer or more broad-based shutdowns this summer," said Veronica Clark, an economist at Citigroup. President Donald Trump has imposed a 50% duty on steel and aluminum as well as a 25% tax on motor vehicles and parts. Trump has defended the duties as necessary to revive a long-declining U.S. industrial base, though economists argue that cannot be accomplished in a short period of time, citing high production and labor costs as among the challenges. There were solid increases in the production of electrical equipment, appliances and components, aerospace and miscellaneous transportation equipment as well as furniture and related products. But production of primary metals and machinery declined. Durable goods manufacturing production rose 0.3%. Nondurable manufacturing output decreased 0.4%, with production falling across all categories. Mining output fell 0.4% after easing 0.3% in the prior month. Utilities production slid 0.2%. That followed a 1.8% surge in June. Overall industrial production fell 0.1% after rising 0.4% in June. Industrial output advanced 1.4% on a year-over-year basis. Capacity utilization for the industrial sector, a measure of how fully firms are using their resources, declined to 77.5% from 77.7% in June. It is 2.1 percentage points below its 1972–2024 average. The operating rate for the manufacturing sector slipped to 76.8% from 76.9% in June. It is 1.4% percentage points below its long-run average.
Reuters
3 days ago
- Business
- Reuters
US manufacturing production stalls in July
WASHINGTON, Aug 15 (Reuters) - U.S. factory production was unchanged in July suggesting manufacturing activity was stalling as businesses navigate higher costs from import tariffs. The unchanged reading in manufacturing output reported by the Federal Reserve on Friday followed an upwardly revised 0.3% increase in June. Economists polled by Reuters had forecast production for the sector, which accounts for 10.2% of the economy, dipping 0.1% after a previously reported 0.1% gain in June. Production at factories increased 1.4% on a year-over-year basis in July. Motor vehicle and parts output slipped 0.3% last month after falling 2.5% in June. Automobile manufacturers typically shut down production lines in July for the summer break as well as maintenance and retooling for new models. Excluding motor vehicles, factory output fell 0.1% after rising 0.5% in June. "Tariffs on various inputs to production, in particular steel and aluminum inputs, could mean longer or more broad-based shutdowns this summer," said Veronica Clark, an economist at Citigroup. President Donald Trump has imposed a 50% duty on steel and aluminum as well as a 25% tax on motor vehicles and parts. Trump has defended the duties as necessary to revive a long-declining U.S. industrial base, though economists argue that cannot be accomplished in a short period of time, citing high production and labor costs as among the challenges. There were solid increases in the production of electrical equipment, appliances and components, aerospace and miscellaneous transportation equipment as well as furniture and related products. But production of primary metals and machinery declined. Durable goods manufacturing production rose 0.3%. Nondurable manufacturing output decreased 0.4%, with production falling across all categories. Mining output fell 0.4% after easing 0.3% in the prior month. Utilities production slid 0.2%. That followed a 1.8% surge in June. Overall industrial production fell 0.1% after rising 0.4% in June. Industrial output advanced 1.4% on a year-over-year basis. Capacity utilization for the industrial sector, a measure of how fully firms are using their resources, declined to 77.5% from 77.7% in June. It is 2.1 percentage points below its 1972–2024 average. The operating rate for the manufacturing sector slipped to 76.8% from 76.9% in June. It is 1.4% percentage points below its long-run average.
The Independent
26-06-2025
- Automotive
- The Independent
The Elon Musk effect continues as Europe's Tesla sales drop for fifth month in a row
Tesla's sales in Europe have plummeted for the fifth consecutive month, with new figures revealing a significant 28 per cent drop in May. The downturn, reported by the European Automobile Manufacturers' Association, saw Tesla's performance falter across 30 European countries. This stark decline comes despite a robust expansion in the overall electric vehicle market across the continent, highlighting a growing challenge for the US carmaker. The poor showing is a considerable setback for investors, particularly as it follows Tesla's billionaire CEO, Elon Musk, having previously promised a "major rebound" was imminent. That assurance had recently fuelled a buying frenzy among shareholders. However, those hopes were dashed on Wednesday, as Tesla's stock price fell by more than 4 per cent in early afternoon trading, reflecting widespread investor disappointment and raising questions about the company's immediate future in a key global market. Musk had said Tesla was sure to get a boost once the company was done retooling its factories to produce a new version of its biggest seller, the Model Y. But that was finished months ago, and the new models are widely available. Investors are now hoping that a cheaper Tesla expected to be out later year will help reverse the sales decline. Overall, battery electric vehicle sales rose 25% in Europe compared to a year earlier. The market for EVs was particularly strong in Germany, where Musk has angered potential buyers by publicly supporting the far-right, anti-immigrant Alternative for Germany party in elections. Overall EV sales there leapt 45%. China's SAIC Motor was the big winner for the month with its European sales of EVs and other kinds of cars jumping 38%. That has allowed the company to leapfrog Tesla, which a year ago was selling more cars in the region. SAIC sold 18,716 vehicles last month versus Tesla's 8,729. The sales drop for Tesla comes at a crucial time for the company as it launches a test run of its driverless 'robotaxis' service in Austin, Texas. Musk says that if goes well, he expects to introduce the service in several other cities in quick succession and have as many as a million of the automated cabs on roads by the end of the year. Reviews so far have been mostly good, but the service is limited to a dozen or so cars and some passengers have circulated videos of problems during their rides, including one showing a robotaxi heading down a lane for opposing traffic. Federal traffic safety regulators said Tuesday they were looking into the videos.
Washington Post
25-06-2025
- Automotive
- Washington Post
Europeans angry with Musk still aren't buying his cars as Tesla sales drop for fifth month in a row
NEW YORK — Europeans still aren't buying Teslas with figures out Wednesday showing sales plunged for a fifth month in a row in May, a blow to investors who had hoped anger toward Elon Musk would have faded by now. Tesla sales fell 28% last month in 30 European countries even as the overall market for electric vehicles expanded sharply, according to the European Automobile Manufacturers' Association. The poor showing comes after Tesla's billionaire CEO had promised a 'major rebound' was coming last month, adding to a recent buying frenzy among investors.
CTV News
25-06-2025
- Automotive
- CTV News
Europeans angry with Musk still aren't buying his cars as Tesla sales drop for fifth month in a row
NEW YORK — Europeans still aren't buying Teslas with figures out Wednesday showing sales plunged for a fifth month in a row in May, a blow to investors who had hoped anger toward Elon Musk would have faded by now. Tesla sales fell 28% last month in 30 European countries even as the overall market for electric vehicles expanded sharply, according to the European Automobile Manufacturers' Association. The poor showing comes after Tesla's billionaire CEO had promised a 'major rebound' was coming last month, adding to a recent buying frenzy among investors. They were selling on Wednesday, pushing the prices down more than 4% in early afternoon trading. Musk had said Tesla was sure to get a boost once the company was done retooling its factories to produce a new version of its biggest seller, the Model Y. But that was finished months ago, and the new models are widely available. Investors are now hoping that a cheaper Tesla expected to be out later year will help reverse the sales decline. Overall, battery electric vehicle sales rose 25% in Europe compared to a year earlier. The market for EVs was particularly strong in Germany, where Musk has angered potential buyers by publicly supporting the far-right, anti-immigrant Alternative for Germany party in elections. Overall EV sales there leapt 45%. China's SAIC Motor was the big winner for the month with its European sales of EVs and other kinds of cars jumping 38%. That has allowed the company to leapfrog Tesla, which a year ago was selling more cars in the region. SAIC sold 18,716 vehicles last month versus Tesla's 8,729. The sales drop for Tesla comes at a crucial time for the company as it launches a test run of its driverless 'robotaxis' service in Austin, Texas. Musk says that if goes well, he expects to introduce the service in several other cities in quick succession and have as many as a million of the automated cabs on roads by the end of the year. Reviews so far have been mostly good, but the service is limited to a dozen or so cars and some passengers have circulated videos of problems during their rides, including one showing a robotaxi heading down a lane for opposing traffic. Federal traffic safety regulators said Tuesday they were looking into the videos. --- Bernard Condon, The Associated Press
