Automotive info January 4, 2024
January 4, 2024
Ford F-150 Lightning Pricing Changes:
Ford Motor Company announced price increases for the 2024 F-150 Lightning, ranging from $2,000 to $10,000 compared to the 2023 models. Conversely, prices for premium models like the Platinum and Platinum Black trims are reduced by about $5,000. Despite these changes, Ford notes strong demand for the F-150 Lightning and plans to adjust to the dynamic EV market.
Hyundai's Record Sales:
Hyundai achieved record vehicle sales in the US for the third consecutive year and expects this trend to continue due to rising demand for EVs. Hyundai and Kia's combined sales in 2024 were 7.3 million units, a slight decrease from their target of 7.52 million. Both companies aim to boost global sales in 2024, with Hyundai targeting 4.24 million units and Kia aiming for 3.2 million.
Used Vehicle Prices:
Despite a recent decrease, the prices of used vehicles remain high compared to pre-pandemic levels. Data from Adesa auctions show the average price of used cars sold in November was over $14,400, a 4.6% drop from the previous year but still higher than in November 2019. Seasonal patterns influence these prices, with a typical dip in winter and peak in spring.
U.S. Car Sales in 2023:
General Motors led U.S. car sales in 2023, selling 2.6 million vehicles, a 14% increase from 2022. Toyota followed with 2.25 million vehicles, up 6.6%. Total U.S. sales reached approximately 15.5 million units, the highest since the pandemic.
Electrified Vehicle Sales:
Electrified vehicles, including hybrids and plug-in electric vehicles (PEVs), accounted for 17.7% of sales. Battery electric vehicles (BEVs) made up about 8% of this. California led in BEV sales, with significant market shares in several areas, including Seattle-Tacoma, Las Vegas, and Washington D.C.
EV Startups and Dealership Models:
Fisker and VinFast, initially pursuing direct sales models, shifted to using dealerships due to high costs and logistical challenges in establishing their own networks.
Chip Shortage and Surplus:
After years of a chip shortage, there's now an excess, affecting companies like Mobileye. Chip makers like NXP, ON Semiconductor, Texas Instruments, and Wolfspeed have seen stock price declines due to this glut.
EV Battery Production and Employment:
The U.S. is set to exceed demand for EV batteries by 2028, potentially creating over 179,000 direct jobs and impacting the broader economy. This is part of a significant investment in EV manufacturing and job growth.
Ford F-150 Lightning Pricing Changes:
Ford adjusted the prices of its F-150 Lightning models, with the Pro version starting at just under $57,000 and some higher trims seeing price reductions.
U.S. Tax Credits and EVs:
New battery sourcing requirements have led to some EVs losing full U.S. tax credit eligibility. GM, however, plans to cover the $7,500 credit for eligible EVs and expects sourcing requirements to change, potentially reinstating eligibility for its EVs.
Oil and Gas Prices:
Despite global conflicts, U.S. oil and gas prices declined, attributed to record fossil fuel production and exports.
Solid State Batteries and Volkswagen:
Volkswagen reported promising results from tests with solid-state batteries from QuantumScape, showing only a 5% degradation after 1,000 fast charging cycles.
Software-Defined Vehicles (SDVs):
OEMs are investing significantly in SDVs, with Alex Partner noting that 11-75% of R&D budgets are dedicated to this area.
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