GM is recalling nearly 4,000 2010 Cadillac SRX crossovers to repair power steering lines that may get damaged and leak fluid, the automaker said Thursday. The problem has resulted in at least one fire, but GM said there have been no crashes or injuries as a result of the defect.
Auto sales turned in a strong performance in September. "People seem to be saying, 'It's not as quite as scary anymore,'" says Arthur Wheaton, automotive analyst at Cornell University's ILR School.
General Motors reported Friday that overall vehicle sales in September 2010 climbed 10.5% on a year-over-year basis, based on strong demand for its new generation of crossover vehicles. Among its four core brands, GM sales rose 22%.
Demand for new cars and trucks should be better than it was a year ago. But expectations now are for lower sales than in August, itself unimpressive. That would leave autos stuck in a four-month-long rut.
General Motors' share of the U.S. automobile market is expected to slip to 18% in September, the third lowest ever recorded by the Detroit automaker.
U.S. auto sales started off strong over the Labor Day holiday weekend, but have since dropped significantly, according to analysis by car-buying guide Edmunds.com.
As expected, automakers Wednesday reported sluggish sales for August. The nation's anemic economic recovery kept consumers away from dealerships, despite generous end-of-model-year incentives on the part of many manufacturers.
GM reported Wednesday that sales fell 25% year-over-year in August as the recovery appeared to stall and cautious consumers held back on buying cars. But despite the downturn, GM officials said they remain upbeat that the hard-hit auto industry will continue to improve in the months ahead.
Auto sales braked sharply in August, starting out strong, then slowing to a level that may be the lowest in 28 years. The weak economy made nervous consumers hesitant to buy, despite the bevy of end-of-model-year deals.
The new incoming CEO will need to convince shareholders that GM, which is only a year out of bankruptcy and has posted just two profitable quarters, is a worthy investment. He'll also have to make sure the carmaker's dramatic turnaround is built to last.
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Among domestic makes, Ford, General Motors and Chrysler all reported total increases in the single digits, but Japanese giants Toyota and Honda slipped.
Monthly sales at Buick, Cadillac, Chevrolet and GMC rose smartly compared with a year ago, when GM was just exiting bankruptcy. The company's new sales VP says "from our standpoint we actually see a low risk" of a double-dip recession.
General Motors reported vehicle sales rose 5.4% in July compared to last year, as cautious consumers continued to buy new cars and trucks. Among its four remaining core brands -- Buick, Cadillac, Chevrolet and GMC -- the Detroit auto giant said sales rose 24.6% above prior-year levels.
Analysts' expectations are that sales rose to the highest levels of the year last month as increased automaker incentives lured bargain-hunters.