Cars are as expensive as ever, but carmakers’ profit margins don’t look any better. They have a narrow path to maintain the profitability they need to become competitors to the likes of Tesla, writes JMAGuilford:
General Motors said that first-quarter operating profit was $4 billion, down from $4.4 billion a year earlier but above analyst expectations of $3.5 billion for the quarter, according to Refinitiv. The next day, Ford Motor reported operating profit of $2.3 billion, down from $3.9 billion the year prior and above expectations of $2 billion.
Amid tight supply, automakers and dealers have steadily pushed up prices while reducing purchase incentives, with prices increasing 12.9% in March year-over-year, while incentives have fallen to a new low of 3.2% of purchase price, according to Kelly Blue Book.FILE PHOTO: The charging socket is seen on Ford Motor Co's electric Mustang Mach-E vehicle during a photo shoot at a studio in Warren, Michigan, U.S. October 29, 2019.
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