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Category Archives: economy
Michigan Opens New EV Jobs Academy Website
The EV Jobs Academy is devised to provide Michiganders with tuition assistance and supportive services, including “earn while you learn” opportunities through a Registered Apprenticeship, to support and streamline “on-ramps to high-wage, in-demand careers. ” With more than 100 partners including employers, industry stakeholders and education institutions, the EV Jobs Academy is driving the state’s advanced mobility talent development for the future. It’s the latest example of a growing progressive awakening to make America great again by creating high-paying jobs for blue collar workers. Continue reading
First CHIPS for America Funding Applications Now Open
Awards will take the form of direct funding, federal loans, and/or federal guarantees of third-party loans. Awards are designed to complement—not replace—private investment and other sources of funding, and applicants are strongly encouraged to bring capital to the table. CHIPS for America awards will be made as soon as applications can be rigorously evaluated and negotiated. The automobile industry, of course, has been hobbled by interruptions in its supply of offshore-produced chips or semi-conductors. Continue reading
Biden Harris Administration Announce $1B in Airport Funding to Meet Growing Travel Demand as Covid Recovery Continues
Today’s fiscal year 2023 funding is from the Airport Terminal Program, one of three aviation programs created by the Bipartisan Infrastructure Law. The law provides $1 billion annually for five years for Airport Terminal Program grants. In total, the Bipartisan Infrastructure Law provided a historic $25 billion to modernize our country’s airport infrastructure. Continue reading
CHIPS Act – a Vision for America’s Technological Leadership
US Secretary of Commerce Gina Raimondo today delivered a speech titled “The CHIPS Act and a Long-term Vision for America’s Technological Leadership” at Georgetown University’s School of Foreign Service. In her remarks, Raimondo outlined the opportunity provided by the CHIPS and Science Act and the long-term goals she has set for the program to solidify America’s technology and innovation leadership while protecting America’s economic and national security. Continue reading
BMW Manufacturing is Largest US Automotive Exporter
BMW Manufacturing led the nation in automotive exports by value, according to data released by the US Department of Commerce. The South Carolina plant exported 227,029 BMW Sports Activity Vehicles and Coupes during 2022 with an export value of ~$9.6 … Continue reading
January Global Light Vehicle Sales Flat at 83 Million
January’s Global Light Vehicle (LV) selling rate stood at 83 million units annually, consistent with the previous month, according to the latest data just published by LMC Automotive.* Global supply constraints remain a key issue with some “distortions from tax changes,” in the respected consultancy’s view. Monthly registrations were down 8% year-on-year (YoY), at 6 million units for the month. Continue reading
Posted in economy, sales
Tagged auto industry commentary, autoinformed.com, global light vehicle sales, Ken Zino, lmc automotive
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Toyota Profit for Q3 Up 22%. YTD Down
Toyota said “we are striving to quickly evaluate alternative semiconductors and respond to design changes in order to secure stable procurement of semiconductors. We are also seeking to shorten the lead time by visualizing the process from order to delivery for each vehicle. We are absorbing the burden on our suppliers caused by the soaring materials and energy prices in order that activities to strengthen competitiveness are installed widely and deeply across the entire supply chain.” Continue reading
Posted in economy, financial results, mobility company, results
Tagged auto industry commentary, autoinformed.com, Ken Zino, toyota motor
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US Trade Deficit Grows in 2022 as Economy Recovers
For 2022, the goods and services deficit increased $103.0 billion, or 12.2% from 2021. This is the largest deficit on record as the economy continued to recover as consumers and businesses purchased higher amounts of machinery, car components, industrial supplies, medicines among other things. Exports increased $453.1 billion or 17.7% . Imports increased $556.1 billion or 16.3%. Continue reading
January 2023 Western EU Passenger Vehicles Sales Plunge
LMC noted that the 2022 year‐end had a stronger selling rate in part due to legislation changes pulling forward sales. However, in monthly registration terms, January 2023 was up 9.8% year‐on‐year (YoY), at 810k units. Continue reading
Posted in economy, sales
Tagged auto industry commentary, autoinformed.com, Global data, Ken Zino, lmc automotive
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Renault and Nissan, Mitsubishi Alliance to Restructure
The transactions contained in the agreements would be subject to regulatory approvals, and completion is expected to occur in the fourth quarter of 2023. In the tangled web of individual country industrial policy this brings some measure of stability to a global, multi-national, politically diverse enterprise as the movement to electrified vehicles and other earth-saving technologies continues. The 24-year-old Alliance covers 100% of the world’s major global vehicle markets with Euro 85 billion in annual purchases. It already shares 60% of its vehicle platforms, and up to 90% of EV architectures, noted Jean-Dominique Senard, Chairman of the Alliance Board at the press conference. The upside for all is survival in a difficult environment, in our view. Continue reading
US Light Vehicles Sales in January 2023 Weak at 1 Million
The usual problems remain – record high transaction prices, economic uncertainty, the Federal Reserve’s determination to send the economy into a recession via its ongoing interest rate increases, skimpy inventory caused by supply chain disruptions for some major automakers, notably Ford and Toyota – all make for a rerun of the flop show Pandemic Blues. So good luck reopening that show in 2023 with the same cast and plot. Continue reading
Posted in economy, news analysis, sales
Tagged auto industry commentary, autoinformed.com, David Oakley, GlobalData, Jeff Schuster, Ken Zino, lmc automotive, nada, Patrick Manzi
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Biden Recovery – Unemployment at Lowest Level in 54 years
“Let’s not forget where we were when the President took office – the economy was in crisis,” said Commerce Secretary Gina Raimondo. “Now, we’ve achieved record job creation, record low unemployment, and a record number of small business applications. America is on the move once again.” Continue reading
January US Vehicle Sales Up as Transaction Prices Hit Record
The record transaction prices means that buyers are on track to spend nearly $39.9 billion on new vehicles this month, the highest level ever for the month of January, an increase of 2.4% from January 2022 despite the Federal Reserve’s efforts to send the US into a recession. The looming Republican creation of a depression over the deficit, aka Congressional contract hit on America II, remains ominous. Continue reading
US Light Vehicle Sales Up in February Amid Uncertainty
The February selling rate was estimated to be 15.0 million units/year, aka SAAR, down from 16.0 million units/year in January. However, as LMC observed last month, January’s rate appears to have been distorted by changing seasonality and the unique conditions in the market whereby a lack of supply is still constraining sales in some cases. Continue reading →