Slow Sales Start for US Light Vehicles in January 2024

Posted on 2 February 2024 by Ken Zino

US Light Vehicle sales totaled 1.06 million units in January, according to the GlobalData* consultancy. The annualized selling rate was 14.8 million units/year in January, down from 16.3 million units/year in December. The daily selling rate was estimated at 42,300 units/day in January, compared with 56,800 units/day in December. According to initial estimates, retail sales totaled around 837,000 units, while fleet sales accounted for approximately ~221,000. This is ~20.9% of total sales. If confirmed by final data, that would be the highest fleet share in 11 months. It is not unusual for fleet sales to account for a larger share of the total market in the opening months of the year, as retail activity slows after the end-of-year push. (AutoInformed.com: January 2024 US Light Vehicle Sales Forecast to Drop a Tad)

“After a flurry of sales activity in December, there was always a risk that January would see some payback, with fewer consumers on the hunt for a new vehicle, and so it transpired. Apart from normal seasonal effects, the current environment is such that buyers remain price-sensitive and if the right deals are not available, volumes are liable to suffer,” said David Oakley, Manager, Americas Sales Forecasts, GlobalData. Continue reading →

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China – Full-year 2023 Production, Sales at Record Highs.

Posted on 1 February 2024 by Ken Zino

China’s auto market full-year production and sales in 2023 hit record highs, according to an analysis released by the respected GlobalData* consultancy. Total Light Vehicle (LV) sales reached 29.7 million units (+11%) in 2023, exceeding the previous all-time high of 28.6 million units set in 2017. In December, LV wholesales were 3.1 million units, a year-on-year (YoY) increase of 23%.

“Passenger Vehicle (PV) sales (i.e. wholesales including exports) for December increased by 24% YoY to 2.8 million units. At the same time, commercial vehicles (CV) also achieved growth of 14%, with 293,000 units purchased in December. In terms of the month-on-month (MoM) growth rate, PV increased by 7.8%, but CV fell by 3.2%in December. Continue reading →

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Ford to Show Revised 2025 Explorer at Chicago Auto Show

Posted on 1 February 2024 by Ken Zino
Ken Zino of AutoInformed.com on Ford Shows Revised 2025 Explorer at Chicago Auto Show

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Ford Motor (NYSE: F) has refreshed its Explorer SUV for the 2025 model year with a complicated assortment of new grilles options and apps. It is taking orders today starting at $41,220 MSRP. Rear-wheel drive is standard and four-wheel drive is optional. The popular SUV is expected to start arriving in dealerships during the second quarter of 2024. It will be built at Chicago Assembly, not far from the upcoming auto show starting during the second week in February.

“The new Explorer starts with a great foundation. Customers told us they love the way it drives and the choice of rear-wheel drive and all-wheel drive. So, we focused on improving other areas including redesigning the interior with new materials, textures and colors to make sitting inside Explorer as enjoyable as driving one,” said Kelley Clark, Explorer chief engineer. Continue reading →

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Polestar 4 now on Sale in Europe and Australia

Posted on 31 January 2024 by Ken Zino
Ken Zino of AutoInformed.com on Polestar 4 now on Sale in Europe and Australia

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Polestar (Nasdaq: PSNY), the Volvo owned Chinese EV company, said today that the Polestar 4 is now on sale in Europe and Australia. Following start of production and first deliveries in China at the end of 2023, online sales of what is called an SUV coupe in the D segment commence with a starting price of  €63,200 [1] and AUD 81,500. Production is planned to start towards the middle of 2024, with first deliveries expected in August. [2] (AutoInformed.com:Polestar 4 Production Starts at Geely Hangzhou Bay Plant; EV Tech-aches 2023 – More Problems than ICE Vehicles)

“The introduction of Polestar 4 into all our markets through the course of 2024 is key to our success, adding this third model to our line-up. Polestar 4 tackles the premium performance class in the D-SUV segment. Polestar 4’s innovative interpretation of an SUV coupé offers great interior space and a stunning appearance,” said Thomas Ingenlath, Polestar CEO. Continue reading →

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Group Troubles Move Forward Akio Toyoda’s Vision Speech

Posted on 30 January 2024 by Ken Zino
AutoInformed.com on Toyota FY 2017 FinancialResults

Akio Toyota.

Toyota Motor Corporation Chairman of the Board of Directors Akio Toyoda (aka Morizo) today spoke to an audience of chairmen, presidents, and front-line leaders from 17 Toyota Group companies [1] at the Toyota Commemorative Museum of Industry and Technology [2] on the company’s founding principles and outlining his vision for the Group’s future direction – called “Inventing our path forward, together.”

While originally planned for 14 February 2024, the birthday of company founder Sakichi Toyoda, the speech was brought forward in light of recent “irregularities” at Group companies. (AutoInformed: Toyota: More Today Trouble Over Hino Motors Emission Fraud; Toyota, Daihatsu Form Emerging Market Compact Car Company) See Daihatsu Motor below.* Continue reading →

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Biden-Harris Administration – 157 More Infrastructure Grants

Posted on 30 January 2024 by Ken Zino

The US Department of Transportation’s Federal Aviation Administration (FAA) said today it will award $245.9 million in Fiscal Year (FY) 2024 Airport Infrastructure Grants (AIG). under the. The $245.9 million includes 153 grants in 37 states to modernize airport infrastructure, improve runway safety, and create jobs to build a better America. This trumps the trend during the last decade where political talk without funding delayed the ability to modernize technology and infrastructure that support the airspace, which is vital to move the goods and people who support and expand the economy.

“We saw a record number of passengers fly during the recent holiday season, and we can expect increased demand for air travel to continue,” said US Transportation Secretary Pete Buttigieg. “These investments from the Biden-Harris administration are making it possible to modernize our country’s aging airport infrastructure to meet this demand today and ensure safe, efficient travel into the future.” Continue reading →

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GM Earns $2.1 Billion in Q4, $17.8 Billion for Full Year 2023

Posted on 30 January 2024 by Ken Zino
Ken Zino of AutoInformed.com on GM Earns $2.1 Billion in Q4, $17.8 Billion for Full Year 2023

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General Motors (NYSE: GM) today reported fourth-quarter 2023 revenue of $43.0 billion with net income attributable to stockholders of $2.1 billion and EBIT-adjusted of $1.8 billion. GM sold 6,186,000 vehicles globally during the year with North America accounting for almost half of the total. GM also reported full-year 2023 revenue of $171.8 billion, net income attributable to stockholders of $10.1 billion and EBIT-adjusted results of $12.4 billion. This is $7.32 of earnings per share, easily topping its final 2023 guidance.* (AutoInformed: GM Takes UAW Contract Costs in Stride. Ups 2024 Dividend)**

“As we begin 2024, I believe GM is well positioned for a year of strong financial performance that will build on everything we accomplished – and learned – in 2023,” said Mary Barra, GM chair and CEO. “Consensus is growing that the US economy, the job market and auto sales will continue to be resilient, and at GM, we expect healthy industry sales of about 16 million units with the mix of EVs continuing to grow,’ Barra said. Continue reading →

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Rolex 24 At Daytona – Record Crowd as Porsche Beats Cadillac  

Posted on 29 January 2024 by Ken Zino
Ken Zino of AutoInformed.com on Rolex 24 At Daytona – Record Crowd as Porsche Beats Cadillac

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The finish of Rolex 24 At Daytona yesterday saw a record crowd watch tight racing throughout the 59 car field with five cars in the fastest Grand Touring Prototype (GTP) class on the lead lap when the checkered flag dropped short of the 24 hour mark. Leaving aside the officiating confusion, Porsche took the overall victory with the No. 7 Porsche Penske Motorsport Porsche 963, even though the drivers weren’t immediately aware of the historic triumph along with the other four cars running on the same lap after twice around the clock. Maybe the timing officials should be wearing Rolex watches.

In Le Mans Prototype 2 (LMP2) class five cars were on the lead lap as well. In Grand Touring Daytona (GTD) only two were on the lead lap. However, in GTD PRO, the No. 62 of the famous Risi Competizione team with as always Ferrari – this time running a 296 GT3 – scored the team’s first Rolex 24 victory  alone, having lapped the other cars in the Pro class. For results click here. View the Race Recap Here. Continue reading →

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Daytona Time – Rolex 24 Runs Saturday and Sunday

Posted on 26 January 2024 by Ken Zino

Friday’s one-hour practice session on the Daytona International Speedway road course saw only 6 of the 59 entered teams skip the chance to make final adjustments, scrub in some tires and practice vital pit stops for the IMSA endurance racing season opener tomorrow.

NBC network’s live coverage of the 62nd Rolex 24 begins at 1:30 p.m. Saturday – the BS stops when the green flag drops at 1:40 p.m. ET. Then, alas, coverage changes to the USA Network from 2:30-8 p.m., 10 p.m.-midnight and then again from 6 a.m.-noon Sunday. NBC has the race conclusion airing from noon-2 p.m. Sunday. Full race streaming coverage is also available on Peacock. The NFL, NHL or MLB would never treat fans like this. Continue reading →

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Annals of Marketing – Porsche AG Buys into VfB Stuttgart

Posted on 26 January 2024 by Ken Zino
Ken Zino of AutoInformed.com on Annals of Marketing - Porsche AG Buys into VfB Stuttgart

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Porsche AG said today it is joining football Bundesliga team VfB Stuttgart as an investor by buying 5.49% of the shares of VfB Stuttgart 1893 AG. In the coming years Porsche said it “is making a comprehensive commitment to VfB Stuttgart as a sponsor, supporting the youth development center among other things.” The Stuttgart based automaker has signed the final documents. All the necessary agreements were found to be in order by the responsible authorities and institutions, including the Deutsche Fussball Liga (DFL) and the German Federal Cartel Office.

“We are delighted that the Deutsche Fussball Liga has recognized our investment to be independent,” said Lutz Meschke, Deputy Chairman and Executive Board Member for Finance and IT at Porsche. “This gives us the opportunity to increase our stake to more than 10%. We want to contribute our know-how actively in order to keep developing the team successfully together with all our partners. We share a great tradition with VfB Stuttgart. Porsche is hereby strengthening its long-term commitment to the Stuttgart region, in which both of us have deep roots.” Continue reading →

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January 2024 US Light Vehicle Sales Forecast to Drop a Tad

Posted on 26 January 2024 by Ken Zino
Ken Zino of AutoInformed.com on January 2024 US Light Sales Forecast to Drop a Tad

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Total new-vehicle sales for January 2024, including retail and non-retail transactions, are projected to reach 1,087,900 units, a 1.5% decrease from January 2023, according to a joint forecast from J.D. Power and GlobalData* released today. January 2024 has 25 selling days, one more than January 2023. Comparing the same sales volume without adjusting for the number of selling days is an increase of 2.7% from a year ago. The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 15.2 million units, flat from January 2023.

“After December 2023 reached the strongest sales pace in several years, January’s pace has slowed to 15.2 million units. December’s SAAR of 16.2 million was inflated by elevated discounts from manufacturers, particularly as they aimed to clear out remaining inventory of 2023 model-year vehicles. In addition, changes in the eligibility of many electric vehicles to qualify for government rebates, which took effect Jan. 1, meant many EV purchases that would have occurred in January were made in December.  Continue reading →

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Porsche Reveals New Macan EV at Singapore Art Week

Posted on 25 January 2024 by Ken Zino
Ken Zino of AutoInformed.com on Porsche Reveals New Macan EV at Singapore Art Week

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Porsche unveiled the new Macan in Singapore today. The sports car manufacturer’s first all-electric SUV is a completely new development with Porsche E-Performance. It has what’s claimed to be ample range for the long haul and high day-to-day use. The Macan 4 and the Macan Turbo were presented to international media at Singapore Art Week. The design team from Style Porsche worked with Marc Fornes on the event. To mark the world premiere of the Macan, the New York-based architect and artist created a sculpture incorporating Porsche design principles. The art installation will be on exhibit at the Marina Bay Garden through 11 February.

“We are taking the Macan to a completely new level – with exceptional E-Performance, the new Driver Experience, and a very impressive design,” said Oliver Blume, Chairman of the Executive Board of Porsche AG, on the occasion of the world premiere in Singapore. Continue reading →

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Donald Trump is a Scab – UAW Endorses President Biden

Posted on 25 January 2024 by Ken Zino
Ken Zino of AutoInformed.com on Donald Trump is a Scab - UAW Endorses President Biden

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Late yesterday on 24 January 2024, the UAW announced its endorsement of Joe Biden for President of the United States. With hundreds of UAW members, leaders, and activists gathered at the union’s national Community Action Program (CAP) conference, UAW President Shawn Fain spoke to the issues facing the working class, and the strategic choice ahead in the 2024 presidential election.

“This November, we can stand up and elect someone who wants to stand with us and support our cause. Or we can elect someone who will divide us and fight us every step of the way,” said UAW President Shawn Fain. “That’s what this choice is about. The question is, who do we want in that office to give us the best shot of winning? Of organizing. Of negotiating strong contracts. Of uniting the working class and winning our fair share once again, as our union has done so many times in our nation’s history. We need to know who’s going to sit in the most powerful seat in the world and help us win as a united working class,” said Fain. Continue reading →

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More Biden-Harris Infrastructure Projects Funded

Posted on 25 January 2024 by Ken Zino
Ken Zino of AutoInformed.com on More Biden-Harris Infrastructure Projects Funded

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President Biden and US Transportation Secretary Pete Buttigieg today announced more than $4.9 billion in funding to 37 projects from President Biden’s Investing in America agenda. The money comes from two major discretionary grant programs, the National Infrastructure Project Assistance (Mega)* grant program and the Infrastructure for Rebuilding America (INFRA)** grant program.

“With this announcement, we are advancing projects so large, complex, and ambitious that they could not get funded under the infrastructure programs that existed prior to the Biden administration,” said US Transportation Secretary Pete Buttigieg. “Our INFRA and Mega programs are helping build the cathedrals of American infrastructure: truly transformative projects that will change entire regions and our entire country for the better.” Continue reading →

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GM and Honda Fuel Cell JV Starts Mass Production

Posted on 25 January 2024 by Ken Zino
Ken Zino of AutoInformed.com on GM and Honda Fuel Cell JV Starts Mass Production

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GM (NYSE: GM) and Honda (NYSE: HMC) today announced the start of production at their 50-50 joint venture production facility called FCSM, the first large-scale manufacturing joint venture to build fuel cells. FCSM was established in Brownstown, Michigan, in January 2017 based on a joint investment of $85 million. The 70,000-square-foot facility has thus far created 80 jobs. The hydrogen power fuel cells built at FCSM will be used by both companies in various product applications and business ventures.

“This is a historic day for the industry as GM and Honda are the first full fuel cell system manufacturing joint venture to begin volume production of fuel cells for transportation and beyond,” said FCSM president Suheb Haq. “We begin the process with raw materials for membrane and electrode all the way through completed systems. Ongoing investment and commitment by both companies is driving our success at FCSM. This commitment aligns with our mission of making high quality, durable and affordable hydrogen fuel cell systems for a wide range of applications and customers.” Continue reading →

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