Steel Markets
US Automotive Sales See Double-Digit Increases
Written by Sandy Williams
August 3, 2014
US automotive sales were hot in July with double digit increases for many automakers. WardsAuto estimates 1.43 million vehicles were delivered in July, a 9.1 percent over July 2013. The seasonally adjusted annual rate of 16.4 million came in lower than the consensus range forecast of 16.6 million to 17.2 million. Summer sales incentive helped boost sales.
“Sales of utility vehicles soared in July because American families feel better about the economy than they have in a long time, and they are finding an incredible variety of redesigned and all-new models in our showrooms,” said Kurt McNeil, U.S. General Motors vice president of Sales Operations. “Small, compact, medium, large – sales were strong across the board.”
In July, Volkswagen announced they will invest approximately $900 million in the production of a seven-passenger SUV at the Chattanooga, Tennessee manufacturing facility. The investment is expected to create 2,000 additional jobs in the US and includes the establishment of a National Research & Development and Planning Center in Chattanooga. Production of the new vehicle will start at the end of 2016.
Sandy Williams
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