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Category Archives: economy
Inflation Reduction Act Birthday – Changes Needed
“On the minus side, however, the IRA has no requirements for these massively subsidized companies to do good by their production workers. There are no market-based wage or benefit requirements, nothing that mandates company leaders to pay workers a wage to support themselves or their families – even though the 45X credit on its own is enough to completely cover these companies’ capital investment costs and their total wage bill for the first several years of production. Fortunately, states and communities can take action to ensure this pivotal moment doesn’t turn into another boondoggle for the One Percent, ” said Good Jobs First today. Continue reading
UAW Publicly Pans Stellantis Contract Proposal
The UAW used social media last night to update members about the contract talks at Stellantis (formerly Fiat-Chrysler or FCA). Shawn Fain led of course with the oft used observation that “Stellantis just made $12.1 billion in net profits in the first half of 2023. What followed was an update that appears to show that little to no progress is being made. The UAW contract expires on Sept. 14, and it covers 150,000 autoworkers at Ford, General Motors and Stellantis. Stellantis CEO Carlos Tavares’ compensation has increased 72% over the last four years, the UAW noted. Continue reading
Toyota Posts Strong FY 2024 Q1 Results – $9.2 Billion Net
Sales volume increased in all regions due to productivity improvements inside TMC and with its suppliers. Consolidated vehicle sales Q1 was 2,326,000 units, at 115.5% of consolidated vehicle sales for the same period of the previous fiscal year. Toyota and Lexus vehicle sales was at 2,538,000 thousand units, at 108.4% of such sales for the same period of the previous fiscal year. This coincided with the better supply of semiconductors, which is still delaying delivery, particularly on new models. Notably, electrified vehicles were 34% of total sales. Continue reading
EU New Commercial Vehicle Registrations Up in H1 2023
Commercial vehicle sales in Europe are up in double digits during H1 2023, according to ACEA* data released this morning. During the first half of 2023, new EU van sales increased by 11.6% to 725,418 units as supply chain issues eased. Continue reading
Posted in economy, sales
Tagged acea, auto industry commentary, autoinformed.com, EU commercial vehicle sale H1 2023, Ken Zino
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US July Vehicle Sales Forecast Up Significantly Again
Total new-vehicle sales for July 2023, including retail and non-retail transactions, are projected to reach 1,320,982 units, a 21.5% increase from July 2022, according to a joint forecast released today from J.D. Power and GlobalData.* Total sales of new vehicles this month are expected to reach 1,320,982 units, a 21.5% increase compared with July 2022 when adjusted for selling days.
Bidenomics is clearly working in AutoInformed’s point of view. (July 2023 has 25 selling days, one less than July 2022.) Comparing the same sales volume without adjusting for the number of selling days translates to an increase of 16.8% year-over-year. The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 16 million units, up 2.6 million units from July 2022. Continue reading
Teamsters Union Agrees with UPS on New Contract
The Teamsters said today that it has reached what it called “the most historic tentative agreement for workers in the history of UPS, protecting and rewarding more than 340,000 UPS Teamsters nationwide.” The contract raises wages for all workers, creates more full-time jobs, and includes dozens of workplace protections and improvements. The UPS Teamsters National Negotiating Committee unanimously endorsed the five-year tentative agreement. The agreement increases the pressure on automakers to settle with the UAW under the ongoing contract negotiations. Continue reading
New Extended Range Option on 2024 Hummer EV 3X Pickup
“The 2024 GMC HUMMER EV 3X Pickup will take you where you need to go, now with more driving range and confidence,” said Al Oppenheiser, chief engineer, GMC HUMMER EV. Continue reading
June 2023 US Light Vehicle Sales Up Significantly
The first half of 2023 has US LV sales estimated to have increased by 13.1% YoY, to 7.68 million units as the Biden Administration recovery continues. Continue reading
US 2023 National Export Strategy – Jobs Through Exports
The 2023 NES was released during the Biden-Harris Administration’s inaugural meeting of the President’s Export Council (PEC), a body that serves as the major national advisory committee on international trade. The PEC is comprised of more than two dozen leaders from the private sector, labor, and academia who provide recommendations to the President on policies and programs that affect US trade performance. It is a decidedly awakened approach in stark contrast to the job losing export killing trade war polices of the previous Administration that voters dumped four years ago. Continue reading
EV Politics – Biden versus the UAW
AutoInformed notes that this is a UAW contract year and an election year. Biden’s endorsement by the UAW is by no means assured, although we understand trade offs are unappetizing, but not as bad as endorsing a Republican candidates? Ford Motor is also opening a $3.5 billion manufacturing plant in 2026 in Marshall, Michigan, using technology licensed from Chinese CATL. Continue reading
June US New-Vehicle Sales Forecast Up Again
“The 2023 theme of strong sales growth, enabled by increased vehicle production and pent-up demand, is continuing in June. On a volume basis, June year-to-date total sales will be just more than 7.6 million units – an increase of 13.6% – but still below pre-pandemic sales levels which were north of 8 million, said Thomas King, president of the data and analytics division at J.D. Power, which is part of GlobalData. Continue reading
What Does American Made Mean?
The website Cars.com released its 2023 American-Made Index® today at a time of intense discussion about whether the term means anything. The standards for the American-Made Index include location of final assembly; percentage of US. and Canadian parts; country of origin for available engines; country of origin for available transmissions; US manufacturing employees relative to the automaker’s footprint. Continue reading
Diesels Still Selling in the EU New Car Market
Preliminary May diesel market share figures for the European Union show that ~16.8% of new car sales were with a diesel engine, including diesel hybrids, according to data just publicly released by the respected LMC Automotive consultancy, part of the GlobalData. *
LMC also confirmed that the April diesel share was 17.1%. The latest share figure is a 2.7 percentage-point drop from the year-ago sales, while volume, conversely, rose by ~5000 units to just under 170000 sales,” LMC said. Continue reading
EPA Celebrates Inflation Reduction Act Anniversary
The US Environmental Protection Agency (EPA) today is marking what it says is one year of progress implementing President Biden’s Inflation Reduction Act, the most ambitious climate law in U.S. history and a core pillar of Bidenomics and the President’s Investing in America Agenda. Since the legislation was signed into law, EPA has put an historic $41 billion to work to reduce emissions, build a clean economy, lower energy costs for American households and businesses, create good-paying union jobs, and advance environmental justice across the country. Continue reading →