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Category Archives: economy
Chinese Auto Industry Steady in July?
The Chinese automotive industry’s economic operations remained fundamentally stable in July, with just a minor dip in monthly production and sales, according to an analysis of the world’s largest auto market just released by the respected GlobalData* consultancy. Domestic light vehicle (LV) sales, excluding exports, totaled 1.8 million units, reflecting a significant year-on-year (YoY) decrease of 10.4% and a month-on-month (MoM) decline of 12.5%, affected by the high comparative base of the same month last year. Continue reading
Posted in auto news, economy, electric vehicles, environment, manufacturing, marketing, news analysis, results, sales
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, GlobalData, July 2024 Chinese Light Vehicle Sales and Production, Ken Zino, X @KenAutoinformed
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Slight Labor Day Jump Forecast for August US Auto Sales
Absolute new-vehicle sales for August 2024, including retail and non-retail transactions, are set to reach 1,437,954, a 4.2% increase from August 2023 on a selling day adjusted basis, according to a joint forecast from J.D. Power and GlobalData.* August 2024 has 28 selling days, one more than August 2023. Comparing the same sales volume without adjusting for the number of selling days translates to an increase of 8.1% from 2023.
“New-vehicle sales in August are up from a year ago, as expected. A key element of the improvement is that this year, the Labor Day holiday weekend falls within the August** sales reporting period instead of September where it normally falls,” said Thomas King, president of the data and analytics division at J.D. Power. “While the sales results for August will be positive, the seasonally adjusted annualized rate (SAAR), which corrects for Labor Day timing, is relatively modest at just 15.3 million units.” Continue reading
GM BrightDrop Electric Commercial Vans To Join Chevrolet
General Motors (NYSE: GM) said today that it is moving its BrightDrop electric commercial vans* under the Chevrolet brand. The shift brings BrightDrop EVs to Chevrolet’s broad commercial vehicle sales and service dealer network. BrightDrop EVs offer GM-estimated 272 miles of combined city/highway range** and advanced features to help keep drivers safe and alert. This give BrightDrop customers access to one of the industry’s largest and most extensive commercial sales and service networks. All Chevrolet dealers will sell BrightDrop vans if they meet certain commercial EV requirements.
“With the addition of BrightDrop to the Chevrolet lineup, we are combining advanced EV technology with the dependability and widespread accessibility that only Chevrolet can offer,” said Scott Bell, vice president, Chevrolet. “This move strengthens our EV offerings and reaffirms our role as a leading commercial brand that enables businesses large and small to get work done.” Continue reading
Posted in auto news, economy, electric vehicles, environment, marketing, milestones, mobility company, news analysis, shows and events, transportation
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, BrightDrop EVs, CAMI, Chevrolet commercial vehicles, Ken Zino, Kristian Aquilina, Sandor Piszar, Scott Bell, X @KenAutoinformed
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Canadian Government Halts Teamsters Canada Freight Strike
Major automakers such as Ford Motor, General Motors, Honda, Stellantis and Toyota assembling vehicles in Canada or shipping engines and various other components to the United States got a reprieve late today as a previously reluctant Canadian government intervened in a railroad freight strike.
“I’ve directed the Canada Industrial Relations Board to assist the parties in settling the outstanding terms of their collective agreements by imposing final binding arbitration,” said Canadian Labor Minister Steve MacKinnon at a press conference. Continue reading
Posted in auto news, customer satisfaction, economy, labor issues, manufacturing, news analysis
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Canada Industrial Relations Board, Canadian Labor Minister Steve MacKinnon, ford motor, general motors, honda, Ken Zino, Stellantis, toyota, X @KenAutoinformed
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Strength in August Auto Retail Market but…
In the Cox Auto Market Report published this morning, Chief Economist Jonathan Smoke noted that first half of August saw massive volatility in the stock market, but halfway through the month there is strength in the retail sale vehicle market.”
“Keep your seatbelts buckled as the election, geopolitics and the Fed are all likely to create more volatility over the next several weeks,” Smoke cautioned. Continue reading
UAW Locals Preparing to Strike Stellantis – National Strike?
The UAW said today that several UAW locals representing tens of thousands of workers under the national UAW Stellantis agreement are prepared to file grievances over the Stellantis’ failure to keep its investment commitments and honor the union contract,. This, of course leads to a national strike at Stellantis, if necessary.
“This company made a commitment to autoworkers at Stellantis in our union contract, and we intend to enforce that contract to the full extent,” said UAW President Shawn Fain. “On behalf of autoworkers everywhere, we’re standing up against a company that wants to go back on its commitments and drive a race to the bottom at the expense of the American worker.” Continue reading
Posted in auto news, customer satisfaction, economy, labor issues, manufacturing, news analysis, transportation
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Belvidere Assembly, Detroit Assembly Complex, Ken Zino, Kokomo Casting, Kokomo Transmission, Toledo assembly, UAW President Shawn Fain, warren truck, X @KenAutoinformed
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July 2024 Global Light Vehicle Sales at 91 Million Year’s Best
“Sales in China maintained a solid pace as NEVs sales continue to gain traction. In the US, YoY sales declined as high vehicle pricing and concerns over the economy weighed on vehicle consumers. The same can be said for Western Europe, which saw its selling rate struggle in July. Meanwhile, the Japanese market surged as supply has begun to catch up from the losses created by the previous vehicle certification issues,” the Global Data forecast team said. Continue reading
Posted in auto news, economy, marketing, news analysis, results, sales
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, GlobalData, GlobalData Light Vehicle Sales Forecasting, July Global Light Vehicle sales, Ken Zino, X @KenAutoinformed
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July Manheim Index Show Wholesale Used-Vehicle Prices Up
“In late June, wholesale value declines slowed, and that trend continued throughout July as we saw values appreciate over the course of the month,” said Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive. “The sales conversion rate has been higher for each week in July, and that translated to higher prices overall at the wholesale level for the month. We are just beginning to see lower lease maturities for the key 3-year-old segment, and that impact will be felt over the rest of this year and into 2025 and 2026. As supply tightens for this key segment for the used vehicle market, we expect to see variances from historical average depreciation rates.” Continue reading
Western European Passenger Car Sales Down in July
The Western Europe passenger vehicle (PV) selling rate dropped in July, at 11.2 million units/year, returning to the levels seen pre-June. PV registrations fell 0.2% YoY to 916,000 units.* “Following an improvement in the selling rate in June, Western Europe … Continue reading
Soothsayer Shortfall – US Light Vehicle Sales Flat in July
US Light Vehicle (LV) sales fell by 0.4% YoY in July, to 1.30 million. When sales contracted in June largely as the result of the CDK cyberattack,* it was expected by industry soothsayers that the market would experience a significant rebound in July. It didn’t happen. According to preliminary estimates released today by the respected GlobalData** consultancy, Light Vehicle (LV) sales fell by 0.4% YoY. Continue reading
Posted in economy, news, news analysis, results, sales
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, CDK, GlobalData, Jeff Schuster, July US Light Vehicle Sales Flat, Ken Zino, national automobile dealers association, Patrick Manzi, X @KenAutoinformed
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EPA – State Fuel Waivers for ExxonMobil Refinery Shutdown
The action comes after progressive Michigan Governor Gretchen Whitmer sent a letter to the EPA, “requesting an emergency fuel waiver that will increase the supply of fuel and help mitigate price fluctuations amidst the refinery outage, the ongoing hurricane season, and as Michiganders continue to enjoy summer travel plans.” Continue reading
Posted in alternative fuels, auto news, economy, environment, news analysis, people
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Ken Zino, Michigan Governor Gretchen Whitmer, reformulated gasoline, reid vapor pressure, X @KenAutoinformed
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Penske Automotive Group Posts Lukewarm Q2 Results
“I am pleased to see that our service and parts business remains strong and contributed to our record total quarterly revenue of $7.7 billion. In addition, our focus on efficiency and controlling costs drove a sequential decline in selling, general, and administrative expenses as a percentage of gross profit by 50 basis points to 70.2%,” said Chair and CEO Roger Penske, which is more or less what he said about Q1 results. Continue reading
Commercial Vehicle Sales Up in EU H1 2024
During the first half of 2024, new EU van sales increased by 15%, at 840,409 units, driven by double-digit growth in key markets, according to data just released by The European Automobile Manufacturers’ Association (ACEA).* “Germany led with a remarkable 19.3% rise, followed by Spain at 18.5%, Italy at 17.8%, and France at 10.5%. New EU truck registrations saw a more modest increase of 3%, at 183,295 units from January to June. This growth was primarily driven by an 18.2% increase in medium-truck sales, while heavy trucks remained stable with a 0.3% increase. Spain and Italy led with double-digit gains of 21.7% and 10.5%, respectively, while Germany (+8.1%) and France (+5.5%) also posted growth,” ACEA said. Continue reading
August U.S. Auto Sales Highest Year-to-Date
After U.S. Labor Day holiday weekend sales, initial August new-vehicle sales results, as expected, are indicating healthy volume gains, according to Cox Automotive.* Full results will be in by the end of the week, but early reports suggest the extra selling days helped the auto market navigate August with strength, according to Cox Automotive Chief Economist Jonathan Smoke in his latest Auto Market Report released this morning.
“New- and used-vehicle sales volumes are at the highest level for 2024. With growing demand, supply has tightened, and prices are creeping up. For the first time this year, the popular 3-year-old product – a staple of the used-vehicle business our team tracks closely – experienced a price increase in both the wholesale and retail markets,” said Smoke. Continue reading →