Auto Stock Roundup: Mixed November Sales, Ford Plans Fresh China Policy, AutoZone Reports
Zacks Investment Research | Dec 06, 2017 09:37PM ET
Major automakers have come up with their November 2017 sales figures. The performance has been mixed. According to the data provided by Autodata Corp, the seasonally adjusted annualized rate (SAAR) of U.S. car and light truck sales fell to 17.48 million vehicles in November 2017 from 17.71 million in November 2016. Major automakers which reported overall sales decline in November are General Motors Company (NYSE:GM) , Toyota Motor Corporation (NYSE:TM) and Fiat Chrysler Automobiles NV (NYSE:F) . On the other hand, Ford Motor Co (NYSE:F) and Honda Motor Co., Ltd. (NYSE:HMC) reported increase in overall sales in November.
In a major development, Ford is reorienting its China expansion strategy. In order to boost sales growth in China and give more emphasis on electric vehicles (EVs), the company is planning to introduce 50 new vehicles in China by 2025, which includes 15 electric vehicles too. The U.S. auto giant’s sales in China have been dismal in recent months. Ford’s China plan is built around electric and connected vehicles, growth of SUVs, business structure streamlining and strong tie-up with customers in that country.
During the week, AutoZone, Inc. (NYSE:AZO) , the specialty retailer of automotive replacement parts, reported first-quarter fiscal 2018 (ended Nov 18, 2017) adjusted earnings per share of $9.96, beating the Zacks Consensus Estimate of $9.80. Quarterly revenues also surpassed the Zacks Consensus Estimate.
(Read the previous roundup here: Zacks Investment Research
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