Canadian Black Book announced its 2021 Best Retained Value Aware winners and featured the highest industry averages of used vehicles on record. Black Book showed that 4-year old models held an astonishing 61.5% of original MSRP. In 2020, it was 56.6% and 52% in 2019.
“In terms of retained values, the past year has been a wild ride, to say the least. We have been through steep record-setting declines last spring, followed by rapid increases culminating in record level retained values in Canada across the board,” says Yolanda Biswah, Vice President, Sales at Canadian Black Book. “Much of the gains have been propped up by economic phenomena directly related to the global pandemic,” she adds.
Lordstown Endurance EVs Roll off the Assembly Line
The first two Beta Endurance EV Pickup Trucks rolled off the assembly line this month at Lordstown Motors. These will be 2 of 57 planned betas as Lordstown gears up for mass production of the Endurance this fall.
Mar 2021
Troubles Worsen for Chip Shortage
A fire in a factory owned by Renesas Electronics Corp. has contaiminated clean rooms needed to make semiconductors. Two-thirds of the chips produced in this factory were automotive chips. Renesas’s Chief Executive said the impact on global chip supplies would be significant. And will likely damp the recovery of global auto production.
Both General Motors and Honda announced this week extended plant shutdowns due to supply chain issues for semiconductor chip shortages.
Mar 2021
Ford, GM, and Stellantis Are in a Position to Ramp Up EV Output
The future of the EV pickup segment has begun. At least four from Detroit and 6 others will determine the impact on the auto industry. Some will be building pickups for the first time, others will be building truck factories for the first time while the Ford Motor Co., General Motors, and Stellantis NV not only have a long history of building and tooling factories, they have some empty or at reduced capacities.
“A distinct advantage of the incumbent automakers is their installed capacity and their ability to pivot that to building something new,” said Gartner Inc. analyst Michael Ramsay. “It’s not only an advantage, it might be the advantage.”
Mar 2021
2021MY Ford Transit Orders
Ford has announced that the final order due date for the 2021MY Ford Transit models has been pushed up to March 24, 2021 from the original date of April 2, 2021. Orders must be in ASAP to ensure their build.
Mar 2021
Toyota Hit by Severe Cold
Toyota Motor Co. said a severe cold front last month has reduced supply of petrochemical products, impacting production in the U.S. and Mexico. Toyota states that some lines, shifts, or potentially entire plants are expected to be temporarily halted for several days in Kentucky, West Virginia, and Mexico.
Mar 2021
Toyota Asks Lawmakers for EV Incentives
Toyota is calling for consumer incentives to promote all EVs, a policy it said would have “the greatest immediate impact on sales.” The automaker said “robust incentives” for infrastructure development and fuel production also are needed to speed the deployment of EV chargers and hydrogen fueling stations.
“Last year, less than 2% of the vehicles sold in America were battery electric,” Robert Wimmer, Director of Energy and Environmental Research at Toyota Motor North America, said. “If we are to make dramatic progress in electrification, it will require overcoming tremendous challenges, including refueling infrastructure, battery availability, consumer acceptance and affordability and the reliability of the electric grid.”
GM Builds 2021 Pickups Without Certain Modules Due to Chip Shortage
GM said that due to the global semiconductor chip shortage, 2021 Light Duty Pickup Trucks will be without a fuel management module, hurting those vehicle’s fuel economy performance by 1 MPG. GM said last month the chip shortage could shave up to $2 billion from this year’s earnings. It subsequently said it expected global chip supplies to return to normal rates by the second half of the year.
Mar 2021
Hyundai Recalls Kona and Ioniq EVs
Hyundai is recalling 2019-2020 Kona and Ioniq EVs where an electrical short in the vehicle’s lithium-battery may increase the risk of fire, according to the National Highway Traffic Safety Administration. Approximately 4,696 vehicles are affected. Hyundai will notify owners how to perform a battery update through the vehicle’s infotainment system.
KIA Recalls 380,000 Vehicles for Electric Fire Risk
2017 – 2021 Sportage and Cadenza vehicles are being recalled because of issues with electric circuitry that could lead to fires in engine compartments. The hydraulic electronics control units could short circuit/fail causing the risk of fire. Vehicle owners will be told to park outside away from structures until the recall repair is completed.
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