Vanguard auto sales: ‘I can see the sales moving forward’
Vanguard car sales have grown more than fivefold since the start of the year, and are poised to surpass last year’s record high, analysts said Tuesday.
The company expects to have more than 5.5 million vehicles in stores by the end of the month, up from 3.5-million vehicles a year ago, according to an annual report.
The company is selling a record number of cars this year, with a record 2.1 million in sales, compared to 2.2 million in 2016.
The company said the record sales were largely driven by sales in New York and the Midwest, where the industry’s new standards for safety and emissions have prompted some automakers to offer bigger discounts.
The report also showed that the market for small, affordable SUVs is also growing, with more than one in five vehicles sold in the third quarter of 2017, up sharply from less than one percent in 2016, when the industry started the year with fewer vehicles.
Vanguard, which makes cars and trucks and employs about 1,400 people, also reported strong sales of electric vehicles, including the Chevy Volt, Tesla Model 3 and Nissan Leaf.
The market for electric cars has surged as the price of batteries has plummeted and electric vehicles have become cheaper to make and sell.
Analysts at Raymond James, an automotive consulting firm, predicted that in 2018 the U.S. will see more than 1 million vehicles sold for the first time, with the top two vehicles, SUVs and midsize SUVs, accounting for about half of the total.
Volkswagen, which had about 975,000 vehicles sold last year, had about 3.4 million, according the report.
In addition to electric vehicles and cars, Vanguard plans to sell about 1.5 billion shares of stock over the next five years, which is up from about 1 billion shares sold in 2017.
Viking Automotive Co., the company behind the Lincoln Town Car and Cadillac Escalade, also announced Tuesday that it will sell more than 2.5 trillion shares of common stock, up about 12.5 percent from last year.
It is the biggest share sale by a U.K. automaker.
Viking and Volkswagen are among the world’s largest automakers.
U.S.-based Volvo also reported record sales, as did General Motors, Ford and Chrysler.
Sales of cars and pickups were down about 10 percent from the previous year.
Other U.N. agencies, including UNICEF, the U-N and the World Health Organization, said that there was no evidence of climate change in the global warming.
Backed by the European Union, Germany and the United States, the United Nations Climate Change Convention aims to reduce greenhouse gas emissions by cutting emissions of heat-trapping gases such as carbon dioxide, methane and nitrogen oxide.
The U.F.O. is the world leader in monitoring air quality in developing countries and has set goals to reduce emissions by 80 percent from 1990 levels by 2030.
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