Economic news

GM downgrades 2017 U.S. light-vehicle sales forecast

General Motors Co. (GM) lowered outlook for the U.S. auto market for 2017 amid a decline in sales during each month since the beginning of the year.

GM now expects U.S. vehicle sales in the low 17-million range this year, down from an earlier estimate that demand would be about equal to last year's an all-time high of 17.55 million units.

Recently, automakers have begun to reduce discounts for buyers, GM finance chief Chuck Stevens said. This, in his opinion, indicates that automakers do not intend to maintain market share thanks to reducing profitability. According to Stevens, various incentives and discounts for buyers in June were minimal over about a year.



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