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Harsh winter hurts sales of leading US auto makers in February  

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nissan-versa

The leading auto makers in the US on Tuesday showed a cold steam in their sales in February as the harsh winters crippled most parts of the country, hurting the automobile industry.

The analysts had expected robust sales gains by the auto industry in February after last year’s bone-chilling winters left many buyers to stay at their homes.

In February, both Nissan Motor Co. and Fiat Chrysler Automobiles NV were found missing the analysts’ expectations in their sales. The sales of auto maker Ford Motor Co. fell two percent in the month.

General Motors Co. stood out among its rivals after it posted a rise of 4.2 percent in its sales, which is better-than-expected, as its sales of truck surged to an impressive 36 percent.

The GMC brand of General Motors showed a 19.3 percent increase in its sales, and the Chevrolet sales gained 3.8 percent. Sales of both Buick and Cadillac declined 9.2 percent and 12.6 percent respectively.

Ford said that it delivered 180,383 vehicles in February after its Lincoln brand had a 7.5 percent drop in sales and its namesake brand posted a 1.7 percent fall.

The car sales fell 8.1 percent, offset in part by a rise of four percent in the sales of truck.

Nissan said that its sales grew 2.7 percent to 118,436 last month, missing the expectations for a 7.2 percent rise after its car sales plunged 2.9 percent, but its truck sales grew 11.5 percent. The sales of its Infiniti division rose 19.8 percent, while Nissan division surged 1.1 percent.

The sales of Fiat Chrysler increased six percent to 163,586 last month. The Edmunds.com sales posted an 8.2 percent surge. Its Ram brand reported a 12 percent increase in its sales, as the Jeep brand reported a 21 percent surge in sales.

Chrysler’s projections for the total industry sales in the US were at a seasonally adjusted annual rate of 16.5 million units. Edmunds, on the other hand, made forecast of 16.6 million units.

Filed Under: Financial News Tagged With: Fiat chrysler, Fiat Chrysler Automobiles NV, Ford Motor Co., General Motors Co., Nissan, Nissan Motor Co, US automakers, US car sales, US car sales in February

US stocks drop from latest records on soft car sales, Iran nuke comment

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A day after Dow and S&P hit record high levels, the stocks at the Wall Street dropped on Tuesday, as Nasdaq retreated after hitting a 15-year milestone after cold car sales data and commentary by Iran raised high concerns among some investors.

The decrease in US stocks followed a strong run-up for key indexes in the month of February and ahead of a series of economic data to be released later this week, concluding with the monthly payrolls report.

The American vehicle sales slowed down for the second year in a row in February, thanks to the tough winter weather conditions. Several automakers missed the projections made by the market analysts. The shares of US-listed Fiat Chrysler dropped three percent to USD 15.32, while Ford Motor fell 2.5 percent to USD 16.16.

On Wednesday morning, Israeli Prime Minister Benjamin Netanyahu cautioned US President Barack Obama against approving a nuclear agreement with Iran. According to him, the deal would be a “countdown to a potential nuclear nightmare by a country that will always be an enemy of America.”

The S&P 500 fell 0.48 percent, or 10.14 points, to 2,107.25, while the Dow Jones industrial average dropped 0.45 percent, or 82.17 points, to 18,206.46. On the other hand, the Nasdaq Composite declined 0.64 percent, or 32.01 points, to 4,976.08.

Decliners outnumbered advancers 1,818 to 1,193, for a 1.52-to-1 ratio on the NYSE, 1,744 issues dropped and 954 advanced, for a 1.83-to-1 ratio on the Nasdaq.

The S&P 500 was recording nine new 52-week highs and no new lows, while the Nasdaq Composite was posting 27 new lows and 63 new highs.

Filed Under: Financial News Tagged With: Barack Obama, Benjamin Netanyahu, Dow Jones Industrial Average, Nasdaq Composite, S&P 500, US car sales, US stocks, Wall Street stocks

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