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Category Archives: economy
Becoming One of Us – Mercedes-Benz Recruiting Globally
Mercedes said “that people are more motivated, more efficient and happier when they are constantly developing and can contribute their personality and identity as is. The company creates and promotes equal opportunity and a culture of appreciation and respect. For example, Mercedes-Benz has set the goal of filling 30% of senior management positions with qualified women by 2030. The Management Board is already 37.5% female. Continue reading
December Global Light Vehicle Sales at 82M Down Again
China’s market was a major culprit with its sluggish end to 2022 . In China December raw sales were down almost 12% year-over-year (YoY), which LMC attributed to increased disruption and uncertainty with the abrupt ending to the zero-Covid policy. North America and Europe showed positive YoY growth for December, although both remained below their 2021 sales, -7% and -11% respectively. Continue reading
Posted in economy, news analysis, sales
Tagged auto industry commentary, autoinformed.com, December global sales, Ken Zino, lmc, oxford economics
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Infected – November 2022 US Aviation Fuel Consumption Down
The Department of Transportation’s Bureau of Transportation Statistics (BTS) today released U.S. airlines’ November fuel cost and consumption numbers show US scheduled service airlines used 1.398 billion gallons of fuel, 2.5% less fuel than in October 2022 (1.434 billion gallons) and 3.2% less than in pre-pandemic November 2019. Continue reading
Penske Automotive Group SEC 8K Filing – Cuts Credit Costs
“The U.S. Credit Agreement provides for up to $800.0 million in revolving loans for working capital, acquisitions, capital expenditures, investments, and other general corporate purposes, and provides up to an additional $50.0 million of letters of credit. The U.S. Credit Agreement provides for a maximum of $150.0 million of borrowings for foreign acquisitions and expires on September 30, 2025. The interest rate on revolving loans is LIBOR plus 1.50%, subject to an incremental 1.50% for uncollateralized borrowings in excess of a defined borrowing base.” Continue reading
Posted in auto news, economy, financial results, shows and events
Tagged auto industry commentary, autoinformed.com, Ken Zino, sec
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US December Unemployment at Record Low of 3.5%
Nevertheless, the Federal Reserve seems determined to send the US economy into a deep recession. The Fed has done this in the past with reckless interest rate increases from an ideology that thinks it is good when people lose jobs to keep demand and inflation down. However, consider that during December, average hourly earnings for all employees on private non-farm payrolls rose by 9 cents, or a mere 0.3%, to $32.82. During the past 12 months, average hourly earnings have increased by 4.6%. In December, average hourly earnings of private-sector production and non-supervisory employees rose by 6 cents, or 0.2%, to $28.07. AutoInformed doesn’t consider the latest data as cause for inflationary worries, let alone more interest rate increases. (Autoinformed.com: Federal Reserve Chair Powell Says Inflation Remains Too High) Continue reading
2022 US Light Vehicles Sales Worst Since 2011
However, December posted the highest volumes of 2022, ahead of March by ~26,000 units. The daily selling rate was estimated by LMC as 47,500 units/selling day, compared to 44,900 units/selling day in November. LMC thinks that shows how the annualized selling rate was affected by the historical seasonality rather than the pace of sales necessarily slowing down. According to preliminary estimates, retail sales totaled around 1,057,000 units, unchanged from December 2021, while fleet accounted for approximately 225,000 units, representing 17.6% of the total market. Continue reading
Posted in economy, news analysis, sales
Tagged auto industry commentary, autoinformed.com, David Oakley, GlobalData, Jeff Schuster, Ken Zino, lmc
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Trade Deficit Drops $16 Billion in November 2022
The goods and services deficit was $61.5 billion in November, down $16.3 billion from $77.8 billion in October (revised) the U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today.* However, it was because November exports were $251.9 billion, $5.1 billion less than October exports; but November imports were $313.4 billion, $21.5 billion less than October imports.
In short, the US economy stopped buying more imports at an amount greater than its exports increased. Whether this is good or bad depends on your economic ideology. Continue reading
Posted in economy
Tagged auto industry commentary, autoinformed.com, goods and services deficit, Ken Zino
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Mercedes-Benz to Open a Global EV Charging Network
General Motors is arguably well ahead of Mercedes in offering charging stations. Even though more public charging stations are in operation than ever, customer satisfaction with public Level 2 charging declined from last year, dropping to 633 (on a 1,000-point scale) from 643 in 2021, while satisfaction with the speedier DC (direct current) fast charger segment remains flat at 674, J.D. Power told AutoInformed last August. Continue reading
General Motors Posts US Sales Leadership for 2022
General Motors (NYSE: GM) said today that GM and its dealers delivered 2.8 million vehicles in the U.S. in 2022 (+3%), leading the industry in total sales. GM also claimed that it extended its leadership in key market segments including full-size pickups and full-size SUVs.
Industry sales results will be forthcoming during the next couple of days, which will allow for a more nuanced analysis. Continue reading
Posted in economy, sales
Tagged auto industry commentary, autoinformed.com, Ken Zino, Steve Carlisle
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US Construction Spending For November 2022 Flat
Construction, aside from being an indicator of the overall health of the US economy, is particularly important to automakers with a substantial stake in the highly profitable pickup truck segments at the Detroit Three – General Motors with Chevrolet and GMC; FCA with Ram; and Ford Motor with F-series. While the Biden administration recovery is continuing, The Federal Reserve interest hikes appear likely to send the US economy into an unneeded and unwanted recession. Continue reading
Significant 2022 Automotive Stories and Trends
With that in mind, here’s our latest takes on the 2022 annum of automobility, from autonomous and electric vehicles needed to foil planet-killing global warming, to driving caused deaths, to trade, tariffs, allies and, alas, the still ongoing threats from American fascism and racism that are opposing our collective growth. We undertake this with an awareness that AutoInformed conducts its education in public with our deficiencies apparent. We begin our annual taking stock with comments on significant automotive stories of 2022 as we look to endure another year of plagues – covid variants, political insurrections, social unrest and others to come. Continue reading
US Recovering from Covid. Greenhouse Gasses a Problem
This is an important report for policy makers and the rest of us because Transportation accounted for 8.4% of the US gross domestic product in 2021, up from 7.7% in 2020, but down from 9.1% percent in 2019. During 2021, the wholesale and retail trade sector continued to require more transportation services than any other sector to produce one dollar of gross output. Continue reading
Japanese Global Sales Weak in November. China is a Disaster
The global sales results of major Japanese automakers just released for November of 2022 show weakness and an uncertain outlook for 2023. The world’s largest car market, China, as well Putin’s war against Ukraine are major culprits. This in our view significantly clouds the outlook for 2023. However, Toyota Motor is showing resilience to the sales flu thus far as winter sets in. Continue reading
More Fuel Cell Vehicles from CJPT
Since it was founded in April 2021 by Toyota, Hino and Isuzu Motors, CJPT’s goal was “to enable technology development for commercial vehicles by considering initiatives at logistics sites to contribute to achieving a carbon neutral society and reduce the burden on drivers and workers by accelerating the use of autonomous vehicles and systems.” Continue reading
GM Investing in Full-Size Truck and SUV Production
Significant amounts will be spent on updating full-size truck and SUV production. GM declined to release product details, timing, performance and other aspects related to GM’s next gen V8 engine. As with other automakers, vehicles with internal combustion engines (ICEs) will still play a role as GM converts to EVs. ICEs power GM’s most profitable vehicles. GM said its spending and plans for U.S. manufacturing sites totals more than $37 billion since 2013, including the Ultium Cells joint venture plants. Continue reading →