US Auto Sales Dampened by Hurricane Harvey
US Auto Sales Dampened by Hurricane Harvey

US Auto Sales Dampened by Hurricane Harvey

US Auto Sales Dampened by Hurricane Harvey

US automakers reported weaker sales than forecast for August as Hurricane Harvey slowed purchases towards the end of the month.  Sales rose at a seasonally adjusted annual rate of 16.14 million, according to AutoData, Business Insider reported. Before the hurricane hit, analysts expected an increase for the first time this year. But August ended up extending the sales slowdown this year, which comes after seven straight years of record-setting numbers. Like other sectors of the economy dented by the hurricane, the new cars bought to replace those salvaged by the storm should boost the auto industry in the coming months.  Many automakers have pared down their less profitable sales to rental fleets, and this has subtracted from overall sales this year. Also, more profitable SUVs and trucks are outselling sedans, which have lower margins, suggesting that a shift in consumer preferences is underway.

Short URL : https://goo.gl/fscZ8N
  1. https://goo.gl/2K11M6
  • https://goo.gl/Mhvn7m
  • https://goo.gl/xkSSde
  • https://goo.gl/qFyAVJ
  • https://goo.gl/GoLcsC

You can also read ...

Iran Receives First Round of Post-Sanctions Finance From European Banks
In what were the first finance deals clinched with cautious...
Indian Bank to Extend $150m for Chabahar Development
Iran is expected “very soon” to approach India’s Exim Bank...
TEDPIX soared by 3,459 points or 4.2% during the sixth month of the year–the highest monthly rise recorded so far this year.
Tehran Stock Exchange’s primary index TEDPIX gained 8,346.3...
Gold Coin Hits 3-Week Low
Gold coin prices are modestly down and hit a three-week low in...
Roads and Urban Development Minister Abbas Akhoundi has...
68% of Non-Oil Exports Headed to 5 Countries
China, Iraq, the UAE, South Korea and India imported 68.7% of...
Flat Steel Import Market Cools as Domestic Prices Drop
Import prices for flat steel materials cooled down in Iran in...
51.5% Rise in University Graduates
The findings of the most recent National Population and...

Add new comment

Read our comment policy before posting your viewpoints

Enter the characters shown in the image.