Latest news with #NathanGomes
Yahoo
6 days ago
- Automotive
- Yahoo
Ford, Hyundai post higher US sales in May on strong SUV, truck demand
By Nathan Gomes and Kalea Hall (Reuters) -U.S. auto sales for Ford Motor and South Korea's Hyundai Motor rose in May, the companies reported on Tuesday, as concerns over potential tariff-related price hikes prompted buyers to act fast on their purchases of cars and SUVs. U.S. President Donald Trump's tariff policies have fueled uncertainty across the auto industry, driving up supply costs, pressuring margins and pushing some automakers to pass the expenses on to consumers. The sales also got a boost from offers and trade-in deals for affordable pickups and crossovers. Ford's overall sales rose to 220,959 units in May from 190,014 units a year ago. The Detroit automaker's F-Series truck sales climbed 15% to 79,817 vehicles during the month. Ford in April extended discounted rates to its customers that are generally reserved for its workers to keep sales moving, although the automaker also hiked prices on three of its Mexico-made products in May. Hyundai also reported an 8% year-on-year rise in U.S. auto sales to 84,521 vehicles in May. The company noticed a pick up in demand in March and April with a "little bit of a rush" from consumers coming in to purchase because they were concerned about potential tariff price increases, Randy Parker, CEO of Hyundai Motor America, said in an interview on Tuesday. But no decisions were made on changing sticker prices for the brand's vehicles as a result of tariffs, Parker added. A price protection program instituted by the automaker in early April ended on June 2 and was not extended. The program guarantees no hikes to sticker prices on new vehicles sold through the period. "This period really marks our regular annual pricing review," Parker said. "We take a look at market dynamics, consumer demand, independent of tariffs." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-05-2025
- Automotive
- Yahoo
GM to reduce shifts at Canadian truck assembly plant amid demand, trade pressures
By Nathan Gomes and Kalea Hall (Reuters) -General Motors' Oshawa Assembly plant in Canada, which builds pickup trucks, will cut back to a two-shift schedule from three due to softening demand and trade-related challenges, the company and the union representing workers said on Friday. U.S. President Donald Trump's tariff policies have rattled the automotive industry, forcing them to rethink where they source their parts from as well as production output. The Oshawa plant assembles light and heavy-duty Chevrolet Silverado pickup trucks for the North American market. These vehicles are also assembled at factories in the U.S. and Mexico. Unifor, which represents about 3,000 members at the Detroit automaker's Oshawa assembly plant, said GM's decision to reduce operations was "reckless". GM is increasing production output at its light-duty truck plant in Fort Wayne, Indiana, which Reuters first reported. It intends to reduce Oshawa truck exports to the U.S. and recalibrate the plant for Canadian sales, starting in the fall. The automaker said the move would impact around 700 employees but did not provide any further details. GM said it would work with partners to support employees through the transition. Ontario Premier Doug Ford on Friday called the announcement "extremely tough" for impacted employees. Last month, GM said it would temporarily halt production of electric commercial vans at its assembly plant in Ontario and temporarily lay off some workers over slow sales. Sign in to access your portfolio
Yahoo
19-03-2025
- Automotive
- Yahoo
Hyundai, Kia's anti-theft measures fuel steep dip in US vehicle thefts
By Nathan Gomes and Akash Sriram (Reuters) - Vehicle thefts in the United States recorded their biggest yearly drop in four decades as automakers, mainly Hyundai and Kia, bolstered anti-theft measures, while easing supply chain constraints made stealing vehicles for parts less lucrative. Hyundai and Kia cars topped the list of the most stolen vehicles in 2021 and 2023 as their lack of immobilizers made them easy targets for stealing, fuelling viral social media trends such as the "Kia Boys". Although cars made by Hyundai and Kia were among the top five models that were stolen last year, their thefts fell by about 37.5%, data from the National Insurance Crime Bureau showed. Hyundai Motor America said it implemented measures to combat thefts of certain entry-level models lacking immobilizers by including free software upgrades, ignition cylinder protectors and reimbursement programs. The automaker, whose Korean parent owns a third of Kia and shares platforms and components, said 68% of vulnerable vehicles had already received the anti-theft update. Vehicle thefts across the U.S. fell 16.6% to 850,708 units in 2024 from a year earlier, according to the NICB data. They hit a record high of 1.02 million vehicles in 2023. Improved supplies of auto parts and new vehicles have also made stealing cars less attractive for thieves. Carjackings spiked during the pandemic as supply chain disruptions drove up prices for vehicles and parts, but the economic allure of vehicle stripping has since waned with better inventories, said Art Wheaton, professor at Cornell University. Washington state witnessed a significant drop in vehicle thefts, while Nevada, Nebraska, Oregon and Colorado also saw a big fall in the number of stolen vehicles in 2024. While models like the Ford F-150, Chevrolet Silverado, Toyota Camry and Honda Civic topped theft lists due to their large presence on the streets, four Hyundai and Kia vehicles in the top 10 for 2024 still point to broader issues, Wheaton said. Meanwhile, Washington, DC, had the highest vehicle theft rate last year, with 842 thefts per 100,000 people, even though the U.S. capital saw an 18% drop from a year earlier. California and New Mexico followed the capital region with theft rates of around 460 units for every 100,000 residents. Alex Piquero, professor of criminology at the University of Miami, credited law enforcement efforts to disrupt theft rings, while the Council on Criminal Justice noted that fewer black-market sales, both domestically and internationally, may also have contributed to the decline.
Yahoo
07-02-2025
- Automotive
- Yahoo
BorgWarner forecasts annual revenue, profit below estimates
By Nathan Gomes (Reuters) -Auto parts supplier BorgWarner forecast full-year 2025 revenue and profit below Wall Street estimates on Thursday, on expectations of lower automobile production and a strong U.S. dollar. Shares of the company fell about 1.7% in afternoon trade. The Western auto industry is grappling with uncertainty induced by U.S. President Donald Trump's tariffs, a consumer hit by inflation and rising competition from affordable Chinese brands. The stiff competition has caused many automakers to scale back on their electrification ambitions over the past year, impacting companies like BorgWarner, which makes drivetrains among other parts. "We expect another year of declining industry volumes combined with the uncertainty of tariff implications," BorgWarner executives said on a post earnings conference call. The company's CFO Craig Aaron said that they would watch for potential costs on tariffs and find a way to share them with their suppliers and customers. Peer Aptiv forecast 2025 profit above analysts' estimates on Thursday aided by steady demand and cost measures, but expressed caution on potential tariffs that might impact supply chains and vehicle production. BorgWarner said it expects light and commercial weight vehicle production to fall between 1% to 3% this year, with auto output declining in both North America and Europe. The Michigan-based company expects 2025 net sales to be in the range of $13.4 billion to $14.0 billion, below estimates of $14.41 billion, according to data compiled by LSEG. Full-year adjusted profit per share is expected to be between $4.05 and $4.40, compared with estimates of $4.49 per share. Sign in to access your portfolio
