The pandemic may have ended the auto industry's age-old battle for market share
Automakers like GM and Ford are still profitable, even with lessening market share. They held 16.3% and 13.3%, respectively, of the market in 2022 — with Toyota in the middle at 15.2%. Because consumers have indicated they'll wait — and pay more — for vehicles, even vehicles that don't necessarily have what they want, these auto companies know they don't have to fight or"Especially GM and Ford, Stellantis, too, they like not having to have these end-of-summer, bargain-basement blowouts and even the December, end-of-year stuff," Stoddard said at the symposium.
So long as Ford and GM stay focused on money-making vehicles, it won't necessarily be bad for them if they don't recover — though they still need to pay attention to the vehicles that are profitable for them outside of the popular pickups and SUVs in the US, experts say. As for car-buyers, these dynamics might impact those who are used to certain annual sales, incentives, and lower-cost vehicles. "There's going to be more of a focus on more of those high-profit-type vehicles," Stoddard said."The plan is at least, strategically, to stay away from those lower things."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Al-Attiyah wins fifth Dakar Rally title; Benavides wins bike sprint - AutoblogSebastien Loeb is widely considered the greatest rally driver, but when it comes to the Dakar, he bows to Nasser Al-Attiyah, who won for a fifth time.
Read more »
Paul Krugman says Elon Musk's Tesla can never be a 'profit machine' like Apple - AutoblogMusk is nothing like Steve Jobs and the Tesla CEO has destroyed his 'image of cool' in recent months, according to Krugman.
Read more »
Toyota GR Yaris showered with love at Tokyo Auto Salon - AutoblogOver the weekend at the Tokyo Auto Salon, Toyota showed it's not finished making frequent, substantive evolutions to its super-hot GR Yaris hatchback
Read more »
Volvo recalls small batch of cars — 74, exactly — for potentially serious steering issue - AutoblogVolvo is recalling a small number of crossovers to address a potentially serious steering issue.
Read more »
British company unveils Ford Mustang Mach-E-based hearse and limousine - AutoblogBritish coachbuilder Coleman Milne unveiled a limousine and a hearse based on the Ford Mustang Mach-E.
Read more »
Completed Project Arrow EV crossover is a Canadian tech showcase - AutoblogCanada's auto parts association completes its Project Arrow tech showcase on time, a battery-electric CUV for display at CES 2023.
Read more »