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Category Archives: economy
European Passenger Car Sales Soft in January 2024
The Western Europe passenger car selling rate fell slightly to 12 million units a year in January, according to numbers just released by the respected GlobalData* consultancy, at 901,000 vehicle registrations. Year-over-year (YoY) January grew 10.7% with strong growth in Germany and other major West European countries. However, relative to pre-pandemic January 2019, the passenger vehicle (PV) market is down almost 19%.
“With supply having been a key limiting factor over recent years, 2024 will see the focus return to the health of underlying demand. In this regard, consumers face headwinds such as high interest rates, inflation, and elevated vehicle pricing. However, the latter should ease as a function of greater vehicle supply and further volume recovery is baked into the 2024 outlook. Risks remains, noting the recent Red Sea attacks hitting freight costs, which only increases pressure on the manufacturing cost base,” the GlobalData European Light Vehicle Sales Forecasting Team said. Continue reading
Cox Automotive – US Vehicle Market Off To Slow Start, But…
Chief Economist of Cox Automotive* Jonathan Smoke said this morning that the US auto market is off to a slow start. However, the two-handed economist said that “We are seeing more positive momentum in the used-car market and in fixed operations. Tax refunds are just now starting to flow, and that should bring the strongest used-car market performance for the year.”
“We’re only halfway through January with the credit card spending data. But so far it appears that the consumer is holding up with spending growth stable relative to the level of spending growth we had at the end of last year. That was slower than we had seen previously in 2023. But it is enough. To produce growth of roughly 4% in nominal terms in consumer spending, and that’s enough to keep the economy moving forward,” Smoke said.** Continue reading
US Transportation Sector January Unemployment Flat
Unemployment in the transportation sector was higher than overall unemployment. BLS reports that the US unemployment rate, not seasonally adjusted, in January 2024 was 4.1% or 0.6 percentage points below the transportation sector rate. Seasonally adjusted, the U.S. unemployment rate in January 2024 was 3.7%, as the Federal reserve continues its indefensible ideological, anti-data tight money policy (the highest interest rates in two decades!) with little or lately no inflation in AutoInformed’s view. Continue reading
Slow Sales Start for US Light Vehicles in January 2024
“After a flurry of sales activity in December, there was always a risk that January would see some payback, with fewer consumers on the hunt for a new vehicle, and so it transpired. Apart from normal seasonal effects, the current environment is such that buyers remain price-sensitive and if the right deals are not available, volumes are liable to suffer,” said David Oakley, Manager, Americas Sales Forecasts, GlobalData. Continue reading
Posted in auto news, economy, electric vehicles, marketing, news analysis, results, sales
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, David Oakley, GlobalData, GM, Jeff Schuster, Ken Zino, tesla, Toyota Group, Toyota RAV4, US light vehicle sales January 2024
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January 2024 US Light Vehicle Sales Forecast to Drop a Tad
“After December 2023 reached the strongest sales pace in several years, January’s pace has slowed to 15.2 million units. December’s SAAR of 16.2 million was inflated by elevated discounts from manufacturers, particularly as they aimed to clear out remaining inventory of 2023 model-year vehicles. In addition, changes in the eligibility of many electric vehicles to qualify for government rebates, which took effect Jan. 1, meant many EV purchases that would have occurred in January were made in December. Since January is the month of the year when the fewest vehicles are sold, the aforementioned factors have a bigger effect on the SAAR than they would in higher volume months. In fact, while the drop in the SAAR is notable, January sales results historically are not particularly indicative of future sales performance,” says Thomas King, president of the data and analytics division at J.D. Power. Continue reading
Donald Trump is a Scab – UAW Endorses President Biden
“This November, we can stand up and elect someone who wants to stand with us and support our cause. Or we can elect someone who will divide us and fight us every step of the way,” said UAW President Shawn Fain. “That’s what this choice is about. The question is, who do we want in that office to give us the best shot of winning? Of organizing. Of negotiating strong contracts. Of uniting the working class and winning our fair share once again, as our union has done so many times in our nation’s history. We need to know who’s going to sit in the most powerful seat in the world and help us win as a united working class,” said Fain. Continue reading
Posted in auto news, customer satisfaction, economy, labor issues, manufacturing, milestones, people, shows and events, transportation
Tagged 2024 presidential election, auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, CAP, donald trump, Ken Zino, President Biden, Shawn fain, uaw, UAW Community Action Program conference
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More Biden-Harris Infrastructure Projects Funded
“With this announcement, we are advancing projects so large, complex, and ambitious that they could not get funded under the infrastructure programs that existed prior to the Biden administration,” said US Transportation Secretary Pete Buttigieg. “Our INFRA and Mega programs are helping build the cathedrals of American infrastructure: truly transformative projects that will change entire regions and our entire country for the better.” Continue reading
Posted in economy, news analysis, people, shows and events, transportation
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Biden-Harris Administration, Bidenomics, Infrastructure for Rebuilding America, Ken Zino, National Infrastructure Project Assistance, Pete Buttigieg
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DOT – Brightline West High-Speed Rail Gets $2.5B
“Today, the Biden-Harris administration takes the next step to fulfill the promise of high-speed rail in the American West, with $2.5 billion in private activity bond authority to lay tracks, create jobs, and connect American cities,” said U.S. Transportation Secretary Pete Buttigieg. Continue reading
Posted in economy, electric vehicles, environment, mobility company, news analysis, people, shows and events, transportation
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Biden-Harris Administration, Brightline West high speed rail, Fortress Investment Group, Investing in America, Ken Zino, Nevada Department of Transportation, Polly Trottenberg, San Bernardino County Transportation Authority, Transportation Secretary Pete Buttigieg, Wes Edens
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US Postal Service Unveils First EV Charging Stations
“The improvements we need to achieve in sustainability are an integral outgrowth of the broader modernization efforts we have undertaken through our 10-year Delivering for America plan,” said Postmaster General Louis DeJoy. “As we transform our operating processes and invest in new automation, new technologies, and upgraded facilities and vehicles, we will generate significant efficiencies that reduce our costs, slash our carbon footprint and minimize waste. We are grateful for the support of Congress and the Biden Administration through Inflation Reduction Act funding, which helped enable the electrification in evidence here today.” Continue reading
Posted in auto news, blog, economy, electric vehicles, environment, news analysis, shows and events, transportation
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Biden Administration, Inflation Reduction Act funding, John Podesta, Ken Zino, Postmaster General Louis DeJoy, Sorting and Delivery Center, United States Postal Service, USPS
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GMC to Add New Markets – Australia, New Zealand, China
GMC (NYSE: GM) said today that it is adding three new international markets. The premium truck brand at General Motors said customers in Australia, New Zealand and China will have the choice of the Yukon full-size SUV in these high-growth markets. China sales are expected to begin in 2024, with Australia and New Zealand following in 2025. This announcement follows the launch of GMC in South Korea in 2023 with the GMC Sierra LD pickup truck, pioneering the premium pickup market in the country. These new markets add to GMC sales in the US, Mexico, Canada and Middle East. Continue reading
Posted in auto news, blog, connected vehicles, economy, electric vehicles, marketing, milestones, news analysis, shows and events
Tagged AT4, auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Denali, Duncan Aldred, GMC 2023 sales, GMC export markets, Ken Zino, Sierra LD, Yukon and Yukon XL
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Ford Cuts F-150 Lightning Production. Ups Bronco and Ranger
“We are taking advantage of our manufacturing flexibility to offer customers choices while balancing our growth and profitability. Customers love the F-150 Lightning, America’s best-selling EV pickup,” said Ford President and CEO Jim Farley, who last year was boasting about his ability to increase prices on the Lightning. “We see a bright future for electric vehicles for specific consumers, especially with our upcoming digitally advanced EVs and access to Tesla’s charging network beginning this quarter,” Farley claimed.
Ford of course is hemorrhaging red ink in it’s EV business as Tesla (Cybertruck), GM (Chevy, Cadillac Lyric SUV, GMC, Hummer) and Stellantis – (electrified Jeeps) increase theirs. Ford’s EV business – Model e – lost $1.3 billion on electric vehicles even though it reported 44% higher shipments of electric vehicles, and 26% revenue growth during Q3 of 2023. Continue reading
Posted in auto news, economy, labor issues, manufacturing, mobility company, news analysis, people, sales
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, F-150 Lightning, Ford Special Retirement Incentive Program, Jim Farley, Ken Zino, Michigan Assembly, Rouge Complex in Dearborn, Special Retirement Incentive Program
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Western European Market Diesel Car Sales Down in 2023
“The slowdown in BEV growth will no doubt have boosted the internal combustion engine (ICE) sector to some degree and perhaps fed into the relatively buoyant end to the year as far as diesel is concerned,” said GlobalData. “All markets ended 2023 with a smaller diesel share than seen in 2022 except one. Our figures indicate that Germany, with a diesel share of 24.4% for 2023 saw a rise from the 2022 value of 23.6%. Diesel demand has held up well in the country, supported by plenty of product from the dominant domestic brands and driving patterns that highlight the value available from diesel versus alternatives very well.” Continue reading
EU Car Market Drops in December after 16 Months of Growth
During 2023, the EU car market concluded with a 13.9% expansion compared to 2022, reaching a full-year volume of 10.5 million units. All EU markets grew in the past year except for Hungary (-3.4%). Double-digit gains were recorded in most markets, including three of the largest: Italy (+18.9%), Spain (+16.7%), and France (+16.1%). Conversely, Germany recorded a more modest 7.3% year-on-year increase, influenced by its weaker December performance. Continue reading
Posted in auto news, connected vehicles, economy, electric vehicles, marketing, news analysis, results, sales
Tagged acea, auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Death of the diesel, EU car markets sales, GlobalData, Ken Zino, The European Automobile Manufacturers’ Association
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Stellantis Increases January European Sales and Market Share
“Stellantis’ sales growth across key markets in January reflects our collective dedication to innovation and customer satisfaction,” said Uwe Hochgeschurtz, Stellantis Chief Operating Officer, Enlarged Europe. “This performance, both in volumes and market share across all energies and segments, reaffirms our position as the unrivaled challenger for the #1 spot in Europe. Continue reading →