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Hyundai and Kia report record sales



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photo: Hyundai Motor

morning shiftAll your daily car news is concentrated in one convenient place. Is your time not important?

Hyundai and Kia are back to sales records, CarMax is acquiring Edmunds, and the chip shortage is really bad news for Ford, F-150 and Tesla.All this and more morning shift It is April 1, 2021.

Gear 1: Hyundai and Kia continue to charge

The two companies’ sales in March were the best ever in U.S. history. According to “Auto News”.

Hyundai Motor and Kia Motors set monthly sales records in the United States in March, limiting the steady growth of sales in the first quarter, indicating that the market continued to grow in the year after the pandemic crashed the auto industry.

Kia’s sales increased 46% to 66,523, and Hyundai’s sales increased 115% to 75,403, thanks to strong cross-border deliveries. During the quarter, Kia Motors’ sales increased by 16% to a record 159,550, and Hyundai’s sales increased by 28%.

Hyundai Motor said it set a monthly record for retail sales in March of 72,740 vehicles, an increase of 153%. The number of fleets dropped by 58% that month.

At Genesis, the new GV80 crossover continued to exceed the total sales of the brand’s sedan, resulting in a 108% increase in sales of 8,222 units in the first quarter. Sales in March increased by 210%.

Tucson used to be Hyundai Motor’s best-selling car in the United States in March, sold 15,744 units, and last month’s best-selling Kia model was…Ford Motor, 10459 units sold.

More broadly, Auto News said that the annual sales rate of new cars in the United States in March should reach 16.5 million, not far from the 17 million new cars. Sold in the U.S. in 2019, This is our past “normal” year. Annualized new car sales in March 2020 were quite sluggish, reaching 11.3 million units.

According to data from Cox Automotive, the current supply of dealerships is 2.67 million cars and light trucks, which is about 20,000 less than last week and the lowest point since mid-January. Inventories are 21% lower than the same period last year. And the supply of days has been declining for four consecutive weeks, and it is now 67 days.

“The speed of sales has exceeded the rate of substitution in the industry, and it will be so in the foreseeable future. We expect a weak situation in April,” Cox Automotive senior economist Charlie Chesbrough (Charlie Chesbrough) ) Said this week. “The biggest problem will be pickup trucks. Due to limited availability, some customers may wait to purchase or purchase other products.”

According to Cox Automotive, Toyota, Land Rover, GMC, Mercedes-Benz, Lexus, Chevrolet and Mini are the brands with the lowest inventory, while Buick, Infiniti, Mitsubishi, Jeep, Volkswagen and Dodge have the highest inventory.

It is an exciting time for all Buick, Infiniti and Mitsubishi buyers.

Second tranche: Volkswagen purchases regulatory credit from Tesla in China

Tesla certainly has one unimportant Selling regulatory credit business to automakers in the U.S., need help comply withing Comply with emission regulations. It sounds like it is now expanding part of its business to China.

From Reuters:

This transaction is the first such transaction between the two companies in China and highlights the scale of Volkswagen’s task of transforming its huge gasoline car manufacturing business into a leader in electric vehicles to compete with Tesla.

[…]

China is the world’s largest car market, with 25 million cars sold last year. China’s credit system encourages automakers to move towards a cleaner future by improving fuel efficiency or producing more electric vehicles.

Granting green credits to manufacturers can offset the negative credits created by producing more polluting vehicles. They can also buy green credit to ensure compliance with the overall goal, although trade is usually carried out between affiliated companies that have major stakeholders.

Sources said that in order to help achieve increasingly severe goals, Volkswagen and the Chinese state-owned automaker FAW or FAW-Volkswagen joint ventures have agreed to buy credit from Tesla.

Volkswagen declined to comment on the transaction. It said in a statement that it is “strategicly aimed at self-compliance” with Chinese regulations, but it will purchase credit if needed.

Tesla critic Like to tag Tesla Relying on credit sales to support profits, but in fact, credit sales only account for a small part of Tesla’s revenue. IIt seems that this transaction does not seem to change so much.

Third gear: Ford’s chip shortage gets worse

Ford Said before that Global chip shortage It may affect the production of the F-150, but on Wednesday it took another step, saying it will affect the production of the F-150 at least in June.

From Bloomberg:

The automaker said in an email statement on Wednesday that starting April 5, the truck plant in Dearborn, Michigan will be closed for two weeks. Ford will also stop production of the F-150 at the Kansas City plant next week. The company will cancel overtime at the two factories until June.

F-series trucks are Ford’s biggest money-making tool, and any production loss will directly affect profits. The company is preparing to launch a redesigned version of the F-150 and is preparing to build a battery-powered truck model in Dearborn from later this year.

CEO Jim Farley (Jim Farley) said last month that the chip shortage may reduce Ford Motor Company’s adjusted profit in 2021 by $1 billion to $2.5 billion. The automaker said it will update the guidance when it reports first-quarter results on April 28.

Regarding the issue of chip shortages, besides I’m sure there are scammers taking advantage of the moment we are talking about, there is not much to say at the moment.

Fourth gear: Stellaantis hopes that sales of electric vehicles will triple this year

This will kind of avoid half a million units, Considering that it’s less than 10, it’s not a big deal Percentage of Stellantis global deliveries. largeThat number last year was Less than six million. However, this is the beginning.

From Reuters:

John Elkann, also chairman of Stellatis, said in a letter to Exor shareholders that the world’s fourth-largest automaker’s goal is to start from 2020 due to the introduction of 11 new models. To achieve global sales of 400,000 high-pressure vehicles this year.

[…]

It plans to launch all-electric or hybrid versions of all vehicles in Europe by 2025, which is basically in line with the plans of competitors such as Volkswagen and Renault-Nissan.

Fifth gear: CarMax is buying Edmunds

Edmunds is one of many companies in the automotive industry that have made millions of dollars from research and listing, just like J.D. power.Car news Thursday report CarMax will acquire it for $404 million. CarMax already owns a minority stake.

The transaction is expected to be completed in June, and CarMax said it will pay in cash and stocks. After the completion of the acquisition, Edmunds will continue to operate independently of CarMax.

CarMax, the largest second-hand car retailer in the United States, said the full acquisition will allow the two companies to accelerate their respective efforts to provide customers with an “enhanced digital experience”, while CarMax leverages Edmunds content and technology, and Edmunds will benefit from it. CarMax’s national scale and infrastructure.

[…]

The two companies said that since then, the two companies have jointly developed an online real-time quote for sellers of used cars. CarMax CEO Bill Nash said in a press release: “The instant quote products on Edmunds.com and CarMax.com make CarMax the largest online buyer of used cars for consumers.”

I don’t know how popular the term “synergy” is when CarMax and Edmunds executives are negotiating.

Sixth gear: Ray LaHood

Ray LaHood was a symbolic Republican in the first cabinet of former President Barack Obama. At the time, we were still a little convinced that a two-party system was an achievable goal. LaHood used to serve as Minister of Transportation, although it is hard to recall his achievements in this position for nearly ten years after his four-year tenure.

Anyway, Wednesday The New York Times Reported He was in financial difficulty at the time and received $50,000 from “a partner of a Lebanese Nigerian billionaire”, but he did not disclose it like a single person.

According to an announcement made by the American lawyer in the Los Angeles office, Mr. Lahoud, a former Republican congressman from Illinois, was fined $40,000. He also repaid the $50,000 received.

The office stated that Mr. Lahoud, who was “suffering financial difficulties” at the time, admitted to accepting a check for $50,000 from a partner of billionaire Gilbert Chagoury. The office said that “loan” was written on the memo of the check.

The office said that Mr. Lahoud did not disclose the verification of the two forms of government ethics because he “does not want to be associated with Chagoury” and that he later “made misleading statements to FBI agents.”

The efforts to reach Mr. Lahoud or representatives on Wednesday night did not immediately succeed.

Reverse: RIP Alan Kulwicki


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