Canadian retail sales edged up in July, but economists say it will take further interest rate cuts to spark lasting activity. Statistics Canada said Friday that retail sales rose 0.9 per cent, to $66.4 billion, in July, helped by stronger new car sales. The agency says sales were higher in seven of the nine subsectors it … Read more
Stung by leftover inventory and unsure about consumer spending, India’s auto dealers are worried about having to discount more to boost demand in the upcoming festive season, a representative of the dealers’ body said on Thursday. The double whammy of higher inventory costs and deeper discounts is a nightmare for auto dealers as that has … Read more
A cyber outage at retail technology and software provider CDK entered its second consecutive day on Thursday, impacting automobile dealers in Canada and the U.S., the affected companies said on Thursday. CDK briefly shut down all its systems on Wednesday, saying it was investigating a second breach that happened in the evening. CBC News reached out to the company … Read more
Mumbai: Passenger vehicle makers have approached auto financiers requesting them to extend the credit cycle for dealers to 90 days from 60 at present, indicating the pressure building up in the retail channels amid slowing sales, which is leading to stock piling up at car dealers. This trend was last seen in FY19, said multiple … Read more
Carmakers expect to face a record stockpile of 400,000 vehicles worth ₹44,000 crore by this month-end as demand cools in India after a 3-year run of scorching sales. With car despatches to dealers outpacing demand, passenger vehicle registrations, taken as a proxy for retail sales, are also expected to fall by 5% in May from … Read more
The Biden administration on Wednesday slashed its target for U.S. electric vehicle adoption from 67 per cent by 2032 to as little as 35 per cent after industry and autoworker backlash in the political battleground state of Michigan. The Environmental Protection Agency (EPA) instead adopted a “technology neutral” regulatory scheme that allows automakers far more freedom … Read more
