NADA Daily Automotive News Roundup - Volvo Production, BMW, Jeep/Chrysler, Used car Prices, California Emissions
Volkswagen and an independent monitoring team still have “a lot of work to do” before the company’s compliance procedures can be certified after a $27 billion global emissions cheating scandal, Larry Thompson, an independent compliance auditor. Thompson, a former deputy U.S. attorney general, was installed in 2017 as compliance auditor as part of VW’s criminal plea agreement with the U.S. Justice Department.
Source: Reuters
The U.S. Senate Commerce Committee said on Thursday that a hearing planned for Nov. 14 on reports of engine fires involving Hyundai Motor Co. and Kia Motors Corp. vehicles was on hold, but could be rescheduled for a future date.
Source: Reuters
New car sales in China fell by 12% year over year in October, the fourth consecutive month to experience a year-over-year drop in sales. The slumping sales should be particularly concerning to General Motors Co., which sells more vehicles in China than in any other country, including the United States.
Source: 24/7 Wall St.
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General Motors has yet to deploy self-driving cars, but it's already talking flying cars. GM has had conversations with "air taxi" companies about using the carmaker's autonomous and electric vehicle technology to create flying cars, Mike Abelson, GM's vice president of global strategy, said Thursday at the FT Future of the Car Summit USA in Detroit.
Source: Detroit Free Press
Volvo Rips Up Production Plans in Effort to Dodge Trade War Tariffs
Volvo Cars is shredding production plans drawn up for much of its lineup in an effort to dodge tariffs the U.S. and China have slapped on auto imports. Only a few months after opening its first U.S. plant, the Swedish brand has canceled plans to export the S60 sedans built there to China. Volvo also will stop U.S. imports of XC60 sport utility vehicles from China and dramatically reduce shipments of S90 sedans built there.
Source: Bloomberg
BMW Says It's Committed to U.S. Plant, Sees Trade Wars as Temporary
BMW AG, among the worst-hit carmakers from the U.S. trade war with China, said the tensions will play a secondary role in decisions on where it’s making cars. The current spat, set to cost some $340 million this year from higher tariffs, is probably temporary, BMW’s Chief Financial Officer Nicolas Peter said in a panel discussion in Paris. The company follows demand expectations in choosing where to locate production, he said.
Source: Bloomberg
Is Jeep/Ram a Better Name for Fiat Chrysler?
Should Fiat Chrysler Automobiles be called Jeep/Ram instead? That's one piece of an investor's multi-part prescription, including spinning off Fiat to focus on North America, to boost the value of the Italian-American automaker.
Source: Detroit Free Press
White House, California to Discuss Vehicle Emissions Rules Next Week
California clean air regulators will hold talks next Tuesday with their federal counterparts and the White House over Trump administration efforts to stop Sacramento from adopting tighter vehicle emissions rules than Washington, a spokesman for the state confirmed on Thursday.
Source: Reuters
Used Price Index Hits Record Again; Sales a Mixed Bag
In what ended up being another record for the Manheim Used Vehicle Value Index on the wholesale side, it was a bit of a mixed bag for rates on the used retail sales side during October. Manheim parent company Cox Automotive said in a report on the index that used-car retail sales fell an estimated 0.3 percent year-over-year. However, there was nearly a 1-percent gain in the annualized used-car sales pace, Cox said.
Source: Auto Remarketing
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