HOUSTON, Feb. 3, 2020 /PRNewswire/ -- BBVA Research
published its January auto sales chartbook, noting vehicle sales
were 16.9 million in 2019, down 1.7% from 2018. While the sales
results are still solid, 2019 sales were the lowest since 2014.
New car sales are expected to slow further in 2020, due to slow
economic growth and less affordable vehicles, though stable
interest rates should provide some relief to both dealers and
consumers. Used vehicle sales will be bolstered by consumer access
to credit, the high price of new vehicles and a robust supply of
"off-leasing" vehicles.
Both plug-in and battery electric vehicle sales declined in
2019, down to 319,554 in 2019 from 349,688 in 2018. While electric
pick-up models may start production in 2020, the battle for
corporate average fuel economy (CAFE) targets, affordability and
the phase out of the federal tax credit for some companies may
limit prospects for electric vehicles in general.
Read the full auto sales chartbook here.
See the complete library of BBVA Research publications here.
For more BBVA news visit, www.bbva.com and the U.S.
Newsroom.
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Instagram.
For more financial information about BBVA in the U.S., visit
bbvausa.investorroom.com.
About BBVA
BBVA Group
BBVA (NYSE: BBVA) is a customer-centric global financial services
group founded in 1857. The Group has a strong leadership position
in the Spanish market, is the largest financial institution in
Mexico, it has leading franchises
in South America and the Sunbelt
Region of the United States. It is
also the leading shareholder in Turkey's Garanti BBVA. Its purpose is to bring
the age of opportunities to everyone, based on our customers' real
needs: provide the best solutions, helping them make the best
financial decisions, through an easy and convenient experience. The
institution rests in solid values: Customer comes first, we think
big and we are one team. Its responsible banking model aspires to
achieve a more inclusive and sustainable society.
BBVA USA
In the U.S., BBVA is a Sunbelt-based financial institution that
operates 641 branches, including 330 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 44 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25
largest U.S. commercial banks based on deposit market share and
ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the U.S., BBVA has been
recognized as one of the leading small business lenders by the
Small Business Administration (SBA) and ranked 8th nationally in
terms of dollar volume of SBA loans originated in fiscal year
2018.
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SOURCE BBVA USA