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Business Highlights: DaimlerChrysler Sets Records, Automotive Sales Rise

Strategic Insights

— 2 min read

DaimlerChrysler, the merger of Daimler-Benz and Chrysler, reported a stellar 1998, setting 16 U.S. sales records and achieving its strongest sales year ever. The automaker logged a record 2.5 million sales of Dodge, Jeep, Chrysler, and Plymouth vehicles in the United States, while worldwide sales of the same brands exceeded 3 million for the first time. Automotive sales rose 9 percent, with truck sales hitting a new record of 13 percent. Additionally, Mercedes-Benz, a product of the Daimler-Benz-Chrysler merger, sold a record 170,245 passenger cars in the United States. Volkswagen also reported its best annual U.S. sales in 17 years, with a 59 percent increase from 1997, selling over 219,000 cars in the United States. Construction spending rose a stronger-than-expected 0.9 percent in December, marking the first time in over six years that it has increased for six consecutive months.

Key Takeaways:

  • DaimlerChrysler set 16 U.S. sales records in 1998, its strongest sales year ever, with U.S. sales of Dodge, Jeep, Chrysler, and Plymouth vehicles totaling 2.5 million for the year.
  • Worldwide sales of the same brands exceeded 3 million for the first time, with a 9 percent increase in car sales and a 13 percent rise in truck sales.
  • Mercedes-Benz sold a record 170,245 passenger cars in the United States.
  • Volkswagen reported its best annual U.S. sales in 17 years, selling over 219,000 cars in the United States, a 59 percent increase from 1997.
  • Construction spending rose 0.9 percent in December, marking the first time in over six years that it has increased for six consecutive months.
  • On a year-on-year basis, construction spending was up 8.8 percent.
  • Chain store sales nationwide rose 0.2 percent last week, with adjusted year-on-year sales up 5.0 percent.
  • Kellogg named Carlos Gutierrez its new chief executive officer, effective April 23.
  • AirTouch Communications received a merger proposal from Britain's Vodafone, the world's largest mobile phone company.
  • Amazon.com reported fourth-quarter sales of $250 million more than three-and-a-half times fourth-quarter 1997 sales.
  • America Online chose CBS News as its exclusive provider of broadcast news on AOL and CompuServe.

Statistics:

  • U.S. sales of Dodge, Jeep, Chrysler, and Plymouth vehicles totaled 2.5 million for the year.
  • Worldwide sales of the same brands exceeded 3 million for the first time.
  • Automotive sales rose 9 percent, with truck sales up 13 percent.
  • Mercedes-Benz sold 170,245 passenger cars in the United States.
  • Volkswagen sold over 219,000 cars in the United States, a 59 percent increase from 1997.
  • Construction spending rose 0.9 percent in December.
  • Construction spending was up 8.8 percent on a year-on-year basis.
  • Chain store sales nationwide rose 0.2 percent last week.
  • Adjusted year-on-year sales were up 5.0 percent.
  • Cumulative month-to-date sales fell 0.2 percent compared with the same period a month earlier.

Sources:

  • DaimlerChrysler reports setting 16 U.S. company sales records in 1998.
  • Commerce Department statistics.
  • Bank of Tokyo-Mitsubishi commercial data.
  • Amazon.com press release.
  • America Online press release.
  • Volkswagen press release.

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