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Hyundai and Kia are back to setting sales records, CarMax buys Edmunds, the chip shortage is really bad news for Ford and the F-150 and Tesla. All this and more The morning shift by April 1, 2021.
1st gear: Hyundai and Kia continue to charge
Both companies achieved their best sales of March in the United States, according to Automotive News.
Hyundai and Kia set monthly sales records in the United States in March, capping solid gains in first-quarter volume, signaling that the market continues to gain ground a year after the pandemic rocked the auto industry.
Volume increased 46% to 66,523 at Kia and 115% to 75,403 at Hyundai last month, behind strong crossover deliveries. For the quarter, volume increased 16% to a record 159,550 at Kia and 28% at Hyundai.
Hyundai said it set a monthly retail volume record – 72,740 units, up 153% – in March, with fleet volume of 58% in the month.
At Genesis, the new GV80 crossover continued to outperform the combined sales of the brand’s three sedans, resulting in a 108% increase in first quarter volume from 8222. March sales were up 210%.
The Tucson summer Hyundai’s best-selling car in March in the US, with 15,744 units sold, while last month’s best-selling Kia model was the … Forte, with 10,459 sold.
More broadly, according to Auto News, the annualized new car sales rate for March is expected to reach 16.5 million in the United States, or close to the 17 million new cars. sold in the United States in 2019, the last “normal” year we had. The annualized new car sales rate in March 2020 was a pretty dismal 11.3 million.
According to Cox Automotive, current dealer supplies total 2.67 million cars and light trucks, down about 20,000 units from last week and the lowest point since mid-January. Inventories are 21 percent lower than the same period last year. And the supply of days has fallen for four consecutive weeks and now stands at 67 days.
“The sales rate exceeds the industry replacement rate and will be for the foreseeable future. We’re looking at a lean situation in April, ”Cox Automotive senior economist Charlie Chesbrough said this week. “The biggest problem will be the vans. With limited availability, some customers may wait to buy or buy something else. “
Toyota, Land Rover, GMC, Mercedes-Benz, Lexus, Chevrolet and Mini were among the brands with the lowest inventories, Cox Automotive said, while Buick, Infiniti, Mitsubishi, Jeep, VW and Dodge inventories were the lowest. highest in the industry.
G / O Media can get a commission
Exciting times for all those Buick, Infiniti and Mitsubishi buyers.
2nd gear: Volkswagen buys regulatory credits from Tesla in China
Tesla, of course, has a not insignificant company selling regulatory credits here in the United States to automakers Need help complying with emissions regulations. It looks like it is now expanding that part of its business to China.
Of Reuters:
The deal, the first of its kind to be reported between the two companies in China, highlights the scale of the task Volkswagen must face to transform its massive gasoline-powered car manufacturing company into a leader in electric vehicles to compete. with Tesla.
[…]
China, the world’s largest auto market where more than 25 million vehicles were sold last year, operates a credit system that encourages automakers to work towards a cleaner future, for example by improving fuel efficiency or by making more electric cars.
Manufacturers receive green credits which can be offset by negative credits for the production of more polluting vehicles. They can also buy green credits to ensure that overall goals are met, although the trade is usually between affiliates who share a major stakeholder.
To help meet increasingly difficult goals, Volkswagen’s joint venture with Chinese automaker FAW, or FAW-Volkswagen, has agreed to buy credits from Tesla, the sources said, declining to be named because the talks were private.
Volkswagen declined to comment on the deal. He said in a statement that he was “strategically aiming to comply” with the rules in China, but that if necessary, he would buy credits.
Tesla reviews likes to tag Tesla to rely on credit sales to support profits, but, in reality, credit sales represent a relatively small percentage of Tesla’s revenue. IIt doesn’t look like this deal will change that much.
3rd gear: the shortage of chips worsened for Ford
Ford said previously that the global chip shortage would affect F-150 production, but he went further on Wednesday, saying it would affect F-150 production at least until June.
Of Bloomberg:
The Dearborn, Mich., Truck plant will close for two weeks starting April 5, the automaker said in an emailed statement on Wednesday. Ford will also cease production of the F-150 at its Kansas City plant next week. The company is canceling overtime at both factories until June.
The F-Series trucks are Ford’s biggest revenue generators and any loss in production has a direct impact on the bottom line. The company is rolling out a redesigned version of the F-150 and is preparing to build a battery-powered truck model in Dearborn from the end of this year.
Chief Executive Officer Jim Farley said last month that the chip shortage could reduce Ford’s 2021 adjusted profit from $ 1 billion to $ 2.5 billion. The automaker has said it will update those guidelines when it releases first quarter results on April 28.
There’s not much to say about the chip shortage at this point, except I’m sure there are scammers out there taking advantage of the moment we speak.
4th gear: Stellantis wants to triple its sales of electric vehicles this year
It would be a little shy of half a million units, which is not that big after all considering that it would be less than 10 percent of Stellantis worldwide shipments. Llast year this figure was just under six million. Yet it is a start.
Of Reuters:
The world’s fourth-largest automaker is targeting global sales of 400,000 high-voltage vehicles this year compared to 139,000 in 2020 through the launch of 11 additional models, John Elkann, also chairman of Stellantis, said in a letter to Exor shareholders.
[…]
It plans to offer fully electric or hybrid versions of all its vehicles in Europe by 2025, broadly in line with the plans of rivals such as Volkswagen and Renault-Nissan.
5th gear: CarMax buys Edmunds
Edmunds is part of the galaxy of auto industry companies that make millions of dollars on search and listings, much like J.RE. Power. Automotive news reported Thursday that CarMax would buy it under a $ 404 million deal. CarMax already holds a minority stake.
The deal is expected to close in June and CarMax has said it will pay with a combination of cash and stocks. Edmunds will continue to operate independently from CarMax after the acquisition closes.
CarMax, the largest used vehicle retailer in the United States, said the full acquisition will allow the two companies to accelerate their respective efforts to deliver an “enhanced digital experience” to customers, with CarMax leveraging content and Edmunds technology, and Edmunds benefiting from CarMax’s national scale and infrastructure.
[…]
The two companies have since jointly developed an instant online offering for used car dealers, among other initiatives, the companies said. “The instant product offering on Edmunds.com and CarMax.com has positioned CarMax to become the largest online marketer of used automobiles to consumers,” said Bill Nash, CEO of CarMax, in a statement. communicated.
I wonder how much the word “synergy” was used while the executives of CarMax and Edmunds negotiated.
6th gear: Ray LaHood
Ray LaHood was the token Republican in former President Barack Obama’s first cabinet, back when we all thought two-party politics was an achievable goal. LaHood served as Secretary of Transportation, although nearly a decade after his four-year tenure, it’s hard to remember a single accomplishment in that role.
Anyway, Wednesday, the New York Times reported that he was in dire financial straits at the time, accepting $ 50,000 from an “associate of a Lebanese-Nigerian billionaire” and not revealing it, as is done.
Mr. LaHood, a former Republican congressman from Illinois, has paid a fine of $ 40,000, according to the announcement from the US attorney’s office in Los Angeles. He also repaid the $ 50,000 he had received.
The office said Mr. LaHood, who “was in financial difficulty” at the time, admitted to accepting a check for $ 50,000 from an associate of billionaire Gilbert Chagoury. The check memo read “Ready,” the office said.
Mr LaHood did not disclose the check on two government ethics forms because he “did not want to be associated with Chagoury,” and he subsequently “made misleading statements” to FBI agents, he said. indicated the office.
Efforts to reach Mr. LaHood or a representative on Wednesday evening were not immediately successful.
Reverse: RIP Alan Kulwicki
Neutral: how are you?
I don’t know how it works in other states, but scheduling a vaccine appointment in New York is like the old Ticketmaster. I’m not fast enough on the toss.
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