NEW YORK (AFP) - Tesla engineered its latest coup on Wednesday (July 1), becoming the world's richest car company while two of Detroit's old guard, General Motors and Fiat Chrysler, reported sagging auto sales amid the coronavirus pandemic.. Read more at straitstimes.com.
NEW YORK - Tesla engineered its latest coup on Wednesday , becoming the world's richest car company while two of Detroit's old guard, General Motors and Fiat Chrysler, reported sagging auto sales amid the coronavirus pandemic.
The lower sales at two of Detroit's"Big Three" were largely due to the coronavirus pandemic, which depressed auto demand during the quarter and prompted a nearly two-month shutdown of US auto production. "The market is losing the upward momentum that it enjoyed in May and early June," said Cox Automotive chief economist Jonathan Smoke.
The auto giant, along with Ford and FCA, halted manufacturing for nearly two months at the height of the virus outbreak, but has returned to normal operating levels at most plants. "Auto sales are benefiting from historically low interest rates that make now an attractive time to buy a vehicle for many customers. We expect continued sales recovery as businesses ramp back up, but recognize that the path forward may not be linear."
Tesla shares gained 3.7 per cent to finish at US$1,119.63, while GM shed 1.3 per cent to US$24.96 and FCA fell 3.3 per cent to US$9.90.Conventional automakers have ramped up their online sales to include features such as delivering a car to consumers.
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