The numbers are in for 2018 and car sales remain strong for 2018 with total sales more than 17 million units.
Here are the Big 3's sales numbers:
- General Motors down 1.6%
- Ford down 3.5%
- Fiat Chrysler up 9%
The strong numbers are not expected to continue in 2019.
Auto analyst John McElroy says, “There’s no question we’ve been on a tear with car sales going up and up and up. Now it looks like they’ve going to start to come down.”
There are factors beyond the auto industry that could be driving the economy later in 2019.
McElroy says, “Now if you look at interest rates, the stock market and trade worries that might be a different story. But the numbers in car sales don’t show a recession at all.”
General Motors announced 5 plant closings for this year, 4 in the U.S. and one in Oshawa, Ontario Canada.
After meeting with the Canadian Union President last month, GM has said options remain open with Canada.
But McElroy is not optimistic saying, “I don’t see it happening. There’s an outside chance, maybe they’ll keep the Lordstown, Ohio plant open, maybe, maybe they’ll keep Detroit Hamtramck open but that’s going to involve a lot of negotiation.”
Canadian Union officials say they’ve heard nothing from GM but the target date for a response is Monday.
Ford is expecting to announce cuts this year. And we could learn more about future plans from all the car makers at the Detroit Auto Show in a week and a half.
