U.S. new vehicle sales likely rose in the third quarter on improving supply and steady demand, but a strike by autoworkers has muddied the outlook for the 'Detroit Three' for the rest of the year, analysts said.
New vehicles are seen at a parking lot in the Port of Richmond, at the bay of San Francisco, California June 8, 2023. REUTERS/Carlos BarriaOct 2 - U.S. new vehicle sales likely rose in the third quarter on improving supply and steady demand, but a strike by autoworkers has muddied the outlook for the "Detroit Three" for the rest of the year, analysts said.
The UAW union initially targeted one assembly plant at each of the Detroit Three automakers that make some of their most profitable models and later expanded the coordinated strike, citing a lack of progress in talks. S&P forecast daily losses from the strike at the three plants at over 4,000 units, warning further walkouts may lead to cumulative losses reaching hundreds of thousands of units.
The automakers haven't disclosed a financial hit from the strikes so far and September sales are likely to be unscathed given the inventory built up in anticipation of the strike. But analysts have warned that a prolonged, full strike may cost billions of dollars.U.S. new vehicle sales likely rose 17% to 3,941,700 units, whereas, the September seasonally adjusted annualized rate is expected to be 15.4 million units, consultants J.D. Power and GlobalData said.
A top court in Indonesia on Monday rejected a petition to review a controversial pro-investment law passed earlier this year that labour and environmental groups have said is too pro-business.The start of October in Spain this year has been the warmest since records began, the country's meteorological agency AEMET said on Monday, with nearly 40% of weather stations recording maximum temperatures above 32 degrees Celsius .
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