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Analysts believed that August was going to be the month the auto industry would post its first year-over-year increase for 2017. But then Hurricane Harvey hit Texas, leaving a path of destruction and extensive flooding. Sales for the month would drop 1.9 percent to 1.48 million vehicles when compared to the same month a year ago. "Harvey will also depress one of the most critical selling periods of the year, spanning the August sales month close and Labor Day weekend. In 2016, these 11 days alone accounted for 4.1% of retail sales, or 580,000 units, nationally,” LMC Automotive said in a report. But analysts believe sales - new and used - will bounce back in September. "We expect the recovery in vehicle sales to be quick. People need transportation to get their lives back in order, and in Houston, that transportation is the automobile," said Jonathan Smoke, chief economist for Cox Automotive. Estimates from Kelly Blue Book puts the amount of vehicles damaged in Harvey between 300,000 to 500,000. As people get their checks from insurance companies and begin the process of finding a replacement vehicle, automakers are redirecting vehicles to their dealers in Texas. Because of this, Kelly Blue Book has bumped up their sales outlook for the year to top 17 million new vehicles sold. Whether this pans out or not remains to be seen, especially as Hurricane Irma is projected to hit Florida sometime this weekend. Source: Detroit Free Press View full article -
Analysts believed that August was going to be the month the auto industry would post its first year-over-year increase for 2017. But then Hurricane Harvey hit Texas, leaving a path of destruction and extensive flooding. Sales for the month would drop 1.9 percent to 1.48 million vehicles when compared to the same month a year ago. "Harvey will also depress one of the most critical selling periods of the year, spanning the August sales month close and Labor Day weekend. In 2016, these 11 days alone accounted for 4.1% of retail sales, or 580,000 units, nationally,” LMC Automotive said in a report. But analysts believe sales - new and used - will bounce back in September. "We expect the recovery in vehicle sales to be quick. People need transportation to get their lives back in order, and in Houston, that transportation is the automobile," said Jonathan Smoke, chief economist for Cox Automotive. Estimates from Kelly Blue Book puts the amount of vehicles damaged in Harvey between 300,000 to 500,000. As people get their checks from insurance companies and begin the process of finding a replacement vehicle, automakers are redirecting vehicles to their dealers in Texas. Because of this, Kelly Blue Book has bumped up their sales outlook for the year to top 17 million new vehicles sold. Whether this pans out or not remains to be seen, especially as Hurricane Irma is projected to hit Florida sometime this weekend. Source: Detroit Free Press -
Mitsubishi is playing to its strengths to help it rebound in the U.S. That includes the introduction of three crossovers with electric powertrains. Mitsubishi CEO Osamu Masuko tells Automotive News the company will channel their limited resources into creating a more compact lineup mostly made up of crossovers and SUVs. "We are strong in SUVs and four-wheel drives. And that is what we would like to focus on as core models in the U.S. market. We have changed direction. We are going to allocate more resources to the areas where we are strong in the U.S," said Masuko. This move means we will likely not see a replacement for aging Lancer compact and i-MiEV. Instead, Mitsubishi will introduce a new coupe-styled crossover that will slot in between the Outlander Sport and Outlander in 2017. A redesigned Outlander will arrive in 2018 and a new Outlander Sport will come a year after. Each crossover will come with a gas powertrain and some sort of electrification, whether that be through a plug-in hybrid system or an electric powertrain. In the meantime, Mitsubishi will introduce "big minor changes" to keep their nameplates fresh. This was first shown at the LA Auto Show with the introduction of the 2016 Outlander Sport and 2017 Mirage. Source: Automotive News (Subscription Required) View full article
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Mitsubishi is playing to its strengths to help it rebound in the U.S. That includes the introduction of three crossovers with electric powertrains. Mitsubishi CEO Osamu Masuko tells Automotive News the company will channel their limited resources into creating a more compact lineup mostly made up of crossovers and SUVs. "We are strong in SUVs and four-wheel drives. And that is what we would like to focus on as core models in the U.S. market. We have changed direction. We are going to allocate more resources to the areas where we are strong in the U.S," said Masuko. This move means we will likely not see a replacement for aging Lancer compact and i-MiEV. Instead, Mitsubishi will introduce a new coupe-styled crossover that will slot in between the Outlander Sport and Outlander in 2017. A redesigned Outlander will arrive in 2018 and a new Outlander Sport will come a year after. Each crossover will come with a gas powertrain and some sort of electrification, whether that be through a plug-in hybrid system or an electric powertrain. In the meantime, Mitsubishi will introduce "big minor changes" to keep their nameplates fresh. This was first shown at the LA Auto Show with the introduction of the 2016 Outlander Sport and 2017 Mirage. Source: Automotive News (Subscription Required) -
After seven years of not really introducing new products and posting losses and declining sales, Mitsubishi is making a comeback in the U.S. The automaker expects to make a to make an operating profit of $27 million, and boosted sales projections to 116,000 vehicles for the fiscal year that ends next March. "One of the important efforts inside the company has been turning North America from red ink to black. Finally we can realize that," said Mitsubishi Motors CEO Osamu Masuko. Makuko credits the Outlander Sport and Mirage for getting Mitsubishi back in the black. Through October, Mitsubishi has seen sales climb to 64,564 vehicles, up 30 percent. With all of this good news, Mitsubishi wants to capitalize on it. The company plans on introducing some new models into the U.S. including a sedan version of the Mirage and the Outlander PHEV. Masuko also said that the company is considering bringing back the Montero (sold as the Pajero elsewhere) to the U.S. "We are putting our emphasis on SUVs in the United States. So we have to think about introducing the next-generation Pajero to the United States. There's going to be a PHEV version. And we would like to introduce it," said Masuko. What about the big sedan that will fill in the hole left by Galant? Mitsubishi and Renault have been in talks this month about this very thing. Source: Automotive News (Subscription Required) -
After seven years of not really introducing new products and posting losses and declining sales, Mitsubishi is making a comeback in the U.S. The automaker expects to make a to make an operating profit of $27 million, and boosted sales projections to 116,000 vehicles for the fiscal year that ends next March. "One of the important efforts inside the company has been turning North America from red ink to black. Finally we can realize that," said Mitsubishi Motors CEO Osamu Masuko. Makuko credits the Outlander Sport and Mirage for getting Mitsubishi back in the black. Through October, Mitsubishi has seen sales climb to 64,564 vehicles, up 30 percent. With all of this good news, Mitsubishi wants to capitalize on it. The company plans on introducing some new models into the U.S. including a sedan version of the Mirage and the Outlander PHEV. Masuko also said that the company is considering bringing back the Montero (sold as the Pajero elsewhere) to the U.S. "We are putting our emphasis on SUVs in the United States. So we have to think about introducing the next-generation Pajero to the United States. There's going to be a PHEV version. And we would like to introduce it," said Masuko. What about the big sedan that will fill in the hole left by Galant? Mitsubishi and Renault have been in talks this month about this very thing. Source: Automotive News (Subscription Required) View full article
