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Category Archives: economy
China Light Vehicle Sales Highest Ever in August
“PV wholesales and production numbers for August were in line with our expectation for the month. After the reopening of Shanghai, sales rebounded strongly for the second consecutive month in July, continuing to be boosted by pent-up demand and the temporary purchase tax cut on PVs (from 1 June to 31 December 2022). The local governments’ and automakers’ sales promotions also played a role in the brisk demand. In the recently three months, some of the premium brands have been promoted by the purchase tax preferential policy, and the recovery of the market is obvious,” said LMC. Continue reading
Record September for US New-Vehicle Spending at $45,622
While there is a great deal of fretting about the Federal Reserve’s monetary tightening, during September, new-vehicle prices remain at the highest levels, with the average transaction price expected to reach $45,622 – a record for September. This is a 6.3% increase from a year ago and the fourth highest of any month on record. The increase in sales volume, coupled with the near record level transaction prices, is resulting in consumers being on track to spend nearly $43.7 billion on new vehicles this month, the highest level ever for the month of September and a 12% increase from September 2021. Continue reading
Posted in economy, sales
Tagged auto industry commentary, autoinformed.com, j.d power, Jeff Schuster, Ken Zino, lmc automotive, saar, Thomas King
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BrightDrop eCart – GM Suddenly Joins Grocery Industry
Kroger, a large grocery chain, is scheduled to be the first customer to introduce the so-called BrightDrop Trace Grocery into its e-commerce operations beginning this year. Trace Grocery is available to order in limited quantities today, with full availability expected in 2024. BrightDrop and Kroger completed an initial pilot program in Lexington and Versailles, Kentucky. During this pilot, it’s claimed “Kroger experienced a noticeable improvement in the customer and associate experience.” Continue reading
August EU Car Sales Increased after 13 Months of Decline
During August, the European new car market returned to growth (+4.4%), bringing an end to thirteen months of consecutive decline. Nonetheless, with 650,305 units registered this remains far below pre-pandemic levels. All the key EU markets positively contributed to the region’s growth, with gains seen in Italy (+9.9%), Spain (+9.1%), France (+3.8%) and Germany (+3.0%). Continue reading
Posted in economy, sales
Tagged acea, auto industry commentary, autoinformed.com, Ken Zino
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US Transportation Unemployment Below Pre-Pandemic Rate
The August 2022 rate fell 1.8 percentage points from 6.4% in August 2021 and was below the pre-pandemic August level of 4.8% in August 2019. Unemployment in the transportation sector reached its highest level – an all-time record high – during the COVID-19 pandemic (15.7%) in May 2020 and July 2020 under the Trump Administration. Continue reading
Parked: August US Light Vehicle Sales Still at 1.1M
Thanks to an accounting quirk, US Light Vehicle sales were up by 4% YoY compared to August 2021. This positive number comes from a weak 2021 base and an extra selling day, instead of a real recovery of the market, according to an analysis by LMC Automotive* just released. However, actual volumes in the last three months have been flat at ~1.13 million units. Continue reading
Pro Consumer Milestones: California Mandates 100% Zero Emissions Vehicles by 2035. More States Certain to Follow
The CARB regulation codifies the light-duty vehicle goals set out in Governor Newsom’s Executive Order N-79-20. Transportation is responsible for ~50% of greenhouse gas emissions (when accounting for fuel production emissions) and 80% of air pollutants in California. States that now follow California’s vehicle rules are expected to adopt these regulations through their rulemakings. These states constitute ~40% of the nation’s new car sales.* Continue reading
US Retail New Vehicle Sales to Decline in July. Prices Up
Higher prices along with a rising interest rates are leading to monthly loan payments reaching new all-time highs. After breaking $700 for the first time ever in July, the average monthly finance payment in August is forecast to hit a record $716, up $78 from August 2021. That translates to a 12.2% increase in monthly payments from a year ago, which is above the 11.5% increase in transaction prices. Continue reading
Posted in economy, news analysis, sales
Tagged auto industry commentary, autoinformed.com, j.d power, Ken Zino, lmc automotive, Thomas King
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Transportation Unemployment Now at Pre-Pandemic Levels
This means that the July 2022 rate – by falling 3.1 percentage points from 7.3% in July 2021 – is now same as the pre-pandemic July level of 4.2% in July 2019. Unemployment in the transportation sector reached its highest level during the COVID-19 pandemic (15.7%) in May 2020 and July 2020 under the failed policies and denials of what would become the voted-out Trump Administration in November 2020. Thus the Biden Administration policies continue to strongly benefit the economy and US workers. Continue reading
Posted in economy, labor issues
Tagged auto industry commentary, autoinformed.com, Biden economic policies, Covid, Ken Zino
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Toyota Motor FY Q1 Profit Drop Spooks Market
Aside from the well-known semiconductor problems, Covid lockdowns in Shanghai and other parts of Asia, as well as flooding in South Africa hurt the results. Toyota shares fell -3.45% after it released its earnings report, which showed a 42% year-over-year drop in operating profit, but recovered slightly to close down -2.99%. The Nikkei average share closed up 0.69% at ¥27,932.20 and even topped the ¥28,000 mark. Continue reading
Posted in economy, financial results
Tagged auto industry commentary, autoinformed.com, Ken Zino, tmc, Toyota Motor Corp.
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July US Light Vehicle Sales Still Stalled
“July sales were slightly behind the June volumes, but not all OEMs were that stable. GM lost more than 20,000 units, and it was outsold by Toyota for the first time since January. On the positive side, Ford, Mazda and Toyota gained the most volume from June. Toyota remained the bestselling brand, but its lead over Ford shrank considerably this month. Continue reading
Posted in economy, results, sales
Tagged auto industry commentary, autoinformed.com, Ken Zino, lmc automotive
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Stellantis: $99 Million for New Engine at Three N.A. Plants
“Today’s $83 million investment from Stellantis at the Dundee Engine Complex is a win for our auto workers and will help us secure the future of hybrid and electric vehicle manufacturing right here in Michigan,” said Governor Gretchen Whitmer of Michigan. Continue reading
Hot, Fast Company: Penske Automotive Increases Dividend 6%
Penske Automotive Group, Inc. (NYSE: PAG) – an international transportation services company, a significant force among premier auto and commercial truck retailers, and a successful racing organization – today announced that its Board of Directors has increased the dividend by $0.03 per share. Continue reading
GM Q3 US Sales Up 24%
Three of GM’s vehicle brands posted double-digit total sales gains, with Chevrolet up 30%, GMC up 24% and Cadillac up 50%. GM also claimed ~3-point improvement in retail market share year over year (J.D. Power PIN data), as well as “significant sales gains” in the commercial fleet segment. Continue reading →