NADA Economist Predicts 14.6 Million Light Vehicle Sales

Posted on 3 March 2023 by Ken Zino
Ken Zino of AutoInformed.com on NADA Economist Predicts 14.6 Million Light Vehicle Sales in 2023

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New light-vehicle sales increased for the seventh straight month in February 2023 compared with the year before. February’s SAAR (seasonally adjusted annual selling rate) of 14.9 million units was up 8.6% from February 2022. “This boost was likely aided by higher inventory and incentive spending,” Patrick Manzi NADA Chief Economist said today. Fleet sales also rose, jumping 39% from February 2022, according to Wards Intelligence. (autoinformed.com on:US Light Vehicle Sales Up in February Amid Uncertainty)

J.D. Power, forecast average incentive spending per unit to total $1335 in February, up 4.7% compared with a year ago. “But even though incentive spending has now increased for four straight months, there continues to be a lack of incentives directed toward leasing. Continue reading →

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US January Aviation Fuel Use Recovering

Posted on 3 March 2023 by Ken Zino
Ken Zino of AutoInformed.com on US January Aviation Fuel Use Recovering

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The Department of Transportation’s Bureau of Transportation Statistics (BTS) today released US  airlines’ January 2023 fuel cost and consumption numbers. US scheduled service airlines used 1.413 billion gallons of fuel, 4.0% less than in December 2022 (1.471), but only -0.7% less than in pre-pandemic January 2019 as the economy remains resilient.

The cost per gallon of fuel in January 2023 ($3.28) was up 14 cents (4.3%) from December 2022 ($3.14) and up $1.37 (71.7%) from January 2019. Total January 2023 fuel expenditure ($4.63B) was up 0.2% from December 2022 ($4.63B) and up 70.6% from pre-pandemic January 2019. Continue reading →

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Ford Motor Establishes Latitude AI for Autonomous Driving

Posted on 2 March 2023 by Ken Zino
Ken Zino of AutoInformed.com on Ford Motor Establishes Latitude AI for Autonomous Driving

Vapor ware until a production application?

Ford Motor Company said today that it has established Latitude AI, a wholly owned subsidiary, develop “a hands-free, eyes-off-the-road automated driving system.” The move follows in the wake of a $2 billion loss posted for 2022, partially the result of a Q3 2022 decision that saw Ford shift its capital spending from the L4 advanced driver assistance systems being developed by Argo AI to internally developed L2+/L3 technology. That move was forced on Ford when Argo AI failed to attract new investors needed for ongoing development. Ford recorded a $2.7 billion non-cash, pretax impairment on its investment in Argo AI, resulting in an $827 million net loss for Q3. (Click here for SAE Autonomous Driving Levels)

With the formation of Latitude, Ford adds a 550-member team of machine learning, robotics, software, sensors, systems engineering and operations employees as the automaker expands its development efforts in automated driving technology, including improvements in Ford BlueCruise, which has accumulated more than 50 million miles of hands-free driving. Continue reading →

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US Light Vehicle Sales Up in February Amid Uncertainty

Posted on 2 March 2023 by Ken Zino
Ken Zino of AutoInformed.com on US Light Vehicle Sales Up in February Amid Uncertainty

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US Light Vehicle sales totaled 1.14 million units in February, according to an analysis just released by LMC Automotive.* This converts to a Year-over-Year rise of 9.5%, with the same number of selling days as February 2022. The month’s results were “flattered by the depressed state of the market a year ago.” Compared to February 2021’s total, sales were down by 3.8%.

“The declines would be larger if we used the pre-pandemic period as a baseline. Still, given the headwinds of sky-high average transaction prices, lingering inventory shortages for some OEMs, and economic uncertainty, February’s results surpassed expectations and can be considered an encouraging outcome,” LMC said. Continue reading →

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AutoFlight Claims World’s longest eVTOL flight of 155 Miles

Posted on 2 March 2023 by Ken Zino
Ken Zino of AutoInformed.com on AutoFlight Claims World’s longest eVTOL flight of 155 Miles

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AutoFlight,* an electric Vertical Take Off and Landing firm, today in Germany announced it had achieved the world’s longest eVTOL flight in history with distance of 250KM / 155 miles on a single charge of the aircraft’s lithium-ion batteries. The previous longest flight for an eVTOL is thought to be  248KM set by Joby Aviation in 2021.

This flight is both a great celebratory milestone, and a testament to the team’s incredible effort and progress in testing and incrementally pushing the aircraft’s performance envelope. It’s a remarkable achievement that shows our aircraft’s capability, and we are excited to continue working towards our next goals all the way to EASA certification in 2025,” said AutoFlight’s president Omer Bar-Yohay. Continue reading →

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SEC Charges Transportation Company Greenbrier for Failing to Disclose Executive Perks and Payments

Posted on 2 March 2023 by Ken Zino

The Securities and Exchange Commission today announced settled charges against Oregon-based freight transportation supply company, The Greenbrier Companies Inc., and its founder and former CEO and Chairman, William A. Furman, for failing to disclose perks provided to Furman and other Greenbrier executives as well as compensation Furman received from Greenbrier’s charters of Furman’s private plane for travel by company executives, including Furman. Greenbrier and Furman agreed to pay $1 million and $100,000 in civil penalties, respectively, to settle the charges.

“Public companies are required to disclose their executives’ financial interest in the companies’ transactions and to accurately record executives’ perks so that shareholders can fairly evaluate the compensation paid to those executives,” said Monique C. Winkler, Director of the SEC’s San Francisco Regional Office. “The SEC will hold companies accountable when they fail to meet their obligations to shareholders so that our markets remain transparent and fair for all.” Continue reading →

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Stellantis Sells Its Turkish Distribution Company

Posted on 1 March 2023 by Ken Zino

Ken Zino of AutoInformed.com on Stellantis Sells Its Turkish Distribution Company. Logos Courtesy of and copyright by their ownersKoç Holding* and Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) today in Istanbul announced that their existing Tofaş** joint venture will acquire the entire share capital of Stellantis Otomotiv Pazarlama A.S., the Stellantis Türkiye distribution company.

As a result, all Stellantis brands available for distribution in Türkiye – Alfa Romeo, Fiat, Citroën, DS Automobiles, Jeep®, Maserati, Opel and Peugeot – will be distributed by Tofaş. The transaction, subject to requisite regulatory approvals, including the approval of the relevant competition authorities, is expected to close in the second half of 2023. Continue reading →

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USPS Reveals Electrification Buys for Largest Federal Fleet

Posted on 1 March 2023 by Ken Zino

The United States Postal Service awarded contracts today for 9250 commercially available left-hand drive (LHD) battery electric vehicles (BEVs) as well as initial orders for more than 14,000 charging stations to be deployed at Postal Service facilities.

These awards are the result of the vehicle electrification strategy announced by USPS in December of 2022. The Postal Service generally receives no tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations. Continue reading →

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Michigan Opens New EV Jobs Academy Website

Posted on 1 March 2023 by Ken Zino

Today, Michigan Governor Whitmer and the Michigan Department of Labor and Economic Opportunity (LEO) announced the launch of a new website, Michigan.gov/EVJobsAcademy, to connect Michiganders to good-paying career opportunities in the rapidly expanding automotive mobility and electrification industry. Today’s announcement builds on last year’s $5 million investment in the Michigan Electric Vehicle Jobs Academy (EV Jobs Academy).

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 programs, 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 into the future. It’s the latest example of a growing progressive awakening to make America great again by creating high-paying, often unionized, jobs for blue collar workers. Continue reading →

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WEC – Hertz Team JOTA Unveils Le Mans Bound 2023 Race Car

Posted on 1 March 2023 by Ken Zino
Ken Zino of AutoInformed.com on WEC-Hertz Team JOTA Unveils Le Mans Bound 2023 Race Car

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Hertz Team JOTA, a new Hypercar motor racing team sponsored by Hertz and Singer Group*, today in New York unveiled the Porsche 963 LMDh race car in its new Hertz Racing Gold livery. Hertz Team JOTA is competing in the 2023 FIA World Endurance Championship (WEC), which includes the 100th edition of the Le Mans 24 Hours. The team brings together an experienced sports car team in JOTA and a group of global partners including title sponsor Hertz and California luxury brand Singer Group. The team also announced Tom Brady’s BRADY™ as its Official Apparel Partner.

“Our sponsorship of Hertz Team JOTA marks the company’s return to premium motorsports and underscores Hertz’s commitment to speed, reliability, and innovation, both on and off the track. We look forward to collaborating with the BRADY Brand and Singer as we engage our customers and millions of racing fans during the 2023 FIA World Endurance Championship season,” said Stephen Scherr, Hertz Chief Executive Officer. Continue reading →

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First CHIPS for America Funding Applications Now Open

Posted on 1 March 2023 by Ken Zino

The US Department of Commerce’s National Institute of Standards and Technology today launched the first CHIPS for America funding opportunity for manufacturing incentives to “restore U.S. leadership in semiconductor manufacturing, support good-paying jobs across the semiconductor supply chain, and advance U.S. economic and national security.”

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 evaluated and negotiated. The automobile industry, of course, has been hobbled by interruptions in its supply of offshore-produced chips or semi-conductors.
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Honda Performance Development Shows CR-V Hybrid Racer

Posted on 28 February 2023 by Ken Zino
Ken Zino of AutoInformed.com on Honda Performance Development Shows CR-V Hybrid Racer

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The new Honda CR-V Hybrid Racer will debut at next month’s IndyCar season-opening Firestone Grand Prix of St. Petersburg. Partly a publicity ploy, and also a technology demonstrator, the vehicle combines a Honda Performance Division IndyCar drivetrain, racing suspension, Firestone high-performance tires with Honda CR-V Hybrid bodywork.

“This project vehicle is an INDYCAR ‘beast’ in Honda CR-V ‘sheep’s clothing’,” said David Salters, presumably with tongue in cheek, the president and technical director for Honda Performance Development, the North American racing arm of American Honda and Acura, referring to the code name of the project.

“The CR-V Hybrid Racer is our ‘rolling electrified laboratory,’ to investigate where the talented men and women of HPD and Honda could go with electrification, hybrid technology and 100% renewable fuels,” said Salters. “It epitomizes Honda’s fun-to-drive ethos, showcases electrification and it just rocks our car culture roots and racing heritage! We present the CR-V Hybrid Racer–aka ‘The HPD Beast’!” AutoInformed notes, wryly, that this isn’t in keeping with meeting the nicest people on a Honda, but it has, well, light comedy or entertainment value. Video click here Continue reading →

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Honda, LG Energy Solution Break Ground for New Battery Plant

Posted on 28 February 2023 by Ken Zino

Honda and LG Energy Solution* (KRX: 373220) today held the official groundbreaking ceremony for a new joint-venture EV battery plant to be located in Fayette County, near Jeffersonville, Ohio. The two companies have committed to invest $3.5 billion in the new joint venture (JV) facility, with their overall investment projected to reach $4.4 billion.

The facility is scheduled to be completed by the end of 2024, with plans to create 2,200 jobs, and the aim for approximately 40GWh of annual production capacity. The JV company will deliver lithium-ion batteries with cutting-edge technology to support Honda’s plan to build battery-electric vehicles (EV) in North America. Continue reading →

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US Electric Vehicle Satisfaction Shifting to Quality, Styling

Posted on 28 February 2023 by Ken Zino
Ken Zino of AutoInformed.com on US Electric Vehicle Satisfaction Shifting to Quality, Styling

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As more battery electric vehicle (BEV) models become available for purchase, owners’ satisfaction with their overall experience is shifting to more traditional factors such as quality and styling. According to the J.D. Power 2023 U.S. Electric Vehicle Experience (EVX) Ownership StudySM released today, the shift is most evident in the respective premium and mass market segment award recipients, Rivian R1T and MINI Cooper Electric.

“The electric vehicle landscape is changing quickly, and newer models are bringing in more mainstream, first-time EV buyers,” said Brent Gruber, executive director of the EV practice at J.D. Power. “Recent vehicle launches from both new brands and traditional automakers have had a profound effect on what factors are most important in the ownership experience. Today’s EV owners are looking for quality, reliability, driving enjoyment, safety and technology features.” Continue reading →

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Stellantis to Convert Three Indiana Plants to EV Components

Posted on 28 February 2023 by Ken Zino
Ken Zino of AutoInformed.com on Stellantis to Convert Three Indiana Plants to EV Components

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Stellantis (NYSE: STLA) announced today that it will invest a total of $155 million in three Kokomo, Indiana, plants to produce new electric drive modules (EDM) that will help power future electric vehicles assembled in North America. The money will be spent at Indiana Transmission, Kokomo Transmission and Kokomo Casting Plants. Production is expected to start in the third quarter of 2024, following retooling.

As a result more than 265 jobs will survive. Stellantis* said that its total investments in Indiana since 2020 to support electrification goals will increase to nearly $3.3 billion, including gigafactory joint venture with Samsung SDI. This is to support the goal of 50% battery electric sales in the U.S. by 2030. Continue reading →

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