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Category Archives: economy
US Auto Sales Soar in May
“After a particularly robust result in April, it would not have been surprising if May sales were a little disappointing, but instead, we interpret May’s outcome as another encouraging one for the industry,” said David Oakley, Manager, Americas Sales Forecasts, GlobalData. Continue reading
Chinese April Sales Soft – EV Exports Threaten Global Trade
AutoInformed notes here that the Biden Administration’s Inflation Reduction Act is actual a climate change and industrial policy bill that has global trade implications among US allies, trading partners and hostile states – say Russia and China. This is leading to the creation of a new term that will replace “offshoring” in trading and policy jargon. How about “friend shoring,” which is starting to emerge in automotive circles. Continue reading
May US Light Vehicles Sales Forecast Up 20%
“The industry is positioned for another strong month in May as retail sales are estimated to surge 9.6% from a year ago. This positive performance is complemented by a projected 0.7% increase in average transaction prices. As a result, it is anticipated that consumers will spend nearly $47 billion on the purchase of new vehicles in May, showcasing a significant 13% growth from a year ago,” said Thomas King, president of the data and analytics division at J.D. Power. Continue reading
Posted in economy, results, sales
Tagged auto industry commentary, autoinformed.com, GlobalData, j.d power, Jeff Schuster, Ken Zino, lmc automotive, Thomas King
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Global Light Vehicle Sales Soar in April 2023
Numerous national or regional markets have advanced from an easing of supply constraints, with overall YoY growth of 25%. China, the world’s largest auto market remains problematic. Continue reading
Posted in economy, results, sales
Tagged auto industry commentary, autoinformed.com, Ken Zino, lmc automotive
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April US Transportation Sector Unemployment Up Slightly
The April 2023 rate was above the April 2022 rate of 3.6%. This was just above the pre-pandemic April level of 3.7% in 2019. Unemployment in the transportation sector reached its highest level during the COVID-19 pandemic (15.7%) in May 2020 and July 2020 during the Trump administration. Continue reading
NADA – 2023 US Sales Forecast at 14.6 Million
Forecasting is a risky business in these times. Multiple factors are in play. The increasing number of new-vehicle incentives also contributed to the April sales gains. According to J.D. Power, average incentive spending per unit in April is expected to total $1599, an increase of, gulp, 58.9% compared with April 2022. While average incentive spending has risen from extreme lows, it has not increased at the same rate at all automakers. Some brands have been able to finally increase new-vehicle supply, but others are still struggling. To state the obvious, brands with more to sell are positioned to offer incentives. Key here might be the return of Memorial Day sales later at the end of May. Continue reading
Ford Motor Q1 Sales, Profits, Cash Flow Up. But…
Late yesterday Ford Motor posted Q1 2023 revenue of $41.5 billion, up 20% from the same period a year ago on shipments ~1.1 million vehicles, a 9% increase with $1.5B in net income. A year ago Ford posted a net … Continue reading
Posted in economy, electric vehicles, financial results
Tagged auto industry commentary, autoinformed.com, Ford, ford credit, Jim Farley, Ken Zino
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April US Light Vehicle Sales up 10%
Average transaction prices are high by historical standards and continued to be up (by 3.6%) YoY in March. However, prices have declined month-on-month (MoM) in each month of 2023, and this trend is expected to have continued in April, with incentives also beginning to creep up. In March, incentives were up by 56.2% YoY, from an extremely low base. Continue reading
Posted in economy, prices, sales
Tagged auto industry commentary, autoinformed.com, Global data, JATO Dynamics, Ken Zino, lmc automotive, oxford economics
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PACCAR, Toyota to Sell Fuel Cell Trucks in 2024
The expanded agreement supports ongoing development and sale of zero-emission versions of the Kenworth T680 and Peterbilt 579 models with Toyota’s hydrogen fuel cell powertrain kit. Initial North American customer deliveries are planned for 2024. Continue reading
US New Vehicle Sales Soar in April 2023 at 1.3 Million
“The industry is poised for another favorable month in April, with projected retail sales expected to increase 5.9%, accompanied by a 2% increase in average transaction prices. Consequently, it’s expected that consumers will spend ~$47.5 billion on new vehicles this month, reflecting 2.9% growth compared with the same month a year ago,” said Thomas King, president of the data and analytics division at J.D. Power. Continue reading
Posted in economy, results, sales
Tagged auto industry commentary, autoinformed.com, J.D. Power and LMC Automotive, Ken Zino, Thomas King
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Troubled Asset Relief Program Report – Same Villains
Lawmakers created the TARP in 2008 to stabilize the roiling financial markets. Given what appears to be universal Republican intransigence on guaranteeing US Treasury repayment of the huge amount of debt piled up considerably during the Trump Administration, and the ongoing Republican folly of tax-cuts for the wealthy and other forms of corporate welfare, it appears that the US is once again headed for a crash in the financial markets, a recession and perhaps a resulting global depression. If another bailout is needed to provide stability in financial markets by purchasing and guaranteeing “troubled assets,” let’s hope we learn from the past and awaken to the idea that bailed out banks and financial institutions will have to give taxpayers equity in the institutions commensurate with the amount of money given them. Continue reading
March Global Light Vehicles Sales Up 12%
The month-on-month (MoM) improvement in the SAAR is largely attributed to the rebounding of the China market as customers took advantage of expiring tax incentives before April, in LMC’s view. Relatedly, both the North American market and the Western Europe markets saw YoY improvements when compared against a very weak 2022. Eastern Europe showed the first positive YoY growth in March since the beginning of the Ukraine conflict in February 2022, LMC noted. Continue reading
FedEx Canada Receives first BrightDrop Zevo’s
FedEx Express Canada in Toronto today received its first 50 BrightDrop Zevo 600 electric delivery The introduction of BrightDrop’s electric vans into the FedEx fleet in Canada is part of the company’s goal to transform its entire parcel pickup and delivery (aka PUD – we didn’t make this acronym up they did – AutoCrat) fleet to all-electric, zero-tailpipe emission vehicles by 2040. Continue reading →