(Mike Colias – Wall Street Journal)
General Motors Co. expects industry vehicle sales to fall short of its original forecast for the year, the latest sign of a slowdown in the U.S. auto market after a record run.
GM now expects U.S. light-vehicle sales in the “low” 17-million range, down from an earlier expectation that this year’s tally would roughly match the 17.55-million record from last year, finance chief Chuck Stevens told analysts during a conference call Monday.
Stevens also said U.S. pricing has become “very, very competitive” amid slowing sales during the first several months of the year. But he said incentives have moderated recently, a sign that car makers aren’t willing to cut into profitability to maintain market share as demand cools.
“It appears the industry is becoming a bit more rational,” Stevens said. Click here to read more.