The Canadian Taxpayers Federation criticized the federal government on July 6 for approving $15 billion in subsidies for the auto-manufacturer Stellantis, calling for the Liberal government to stop its “corporate welfare.” “The feds need to draw the line somewhere because taxpayers can’t afford to bankroll everyone and their dog who wants to make batteries,” said…
Taxpayers Group Criticizes Feds’ $15 Billion Subsidies for Stellantis, $13 Billion for Volkswagen
South Korean Supplier Plans $40 Million Auto Parts Plant in Georgia Near New Hyundai Complex
STATESBORO, Ga.—A South Korean company will build a $40 million factory in coastal Georgia to make heating and cooling systems near a Hyundai Motor Group auto assembly plant. Hanon Systems announced Tuesday that it would build the plant in Statesboro, with plans to hire at least 160 new employees. Hanon Systems is the eighth major…
Subprime Auto Defaults Heading to 2008 Financial Crisis Levels, Portfolio Managers Warn
Consumers with lower credit scores are falling behind on their auto loans at a rapid pace and will likely reach levels not seen since the 2008 financial crisis and recession, said an investment group in a recent note. Inflation and higher interest rates have been taking chunks out of Americans’ paychecks in recent months, but…
China’s Low-Price Car Promotion Fails to Spur Sales as Consumer Confidence Declines
March 28, 2023
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News Analysis A low-price auto campaign initiated by Chinese car companies and local governments has been sweeping throughout China since the start of March, but auto sales continue to fall. Experts indicate that middle-class Chinese citizens, the mainstay of consumption, face heavy debts as they lose confidence in the economy. On March 6, Dongfeng Motor…
China’s Auto Output and Sales Plummet in January Despite Local Government’s Purchase Incentives
Despite multiple stimuli such as price cuts and government-issued consumer vouchers, the Chinese auto market started the new year on a gloomy note in January, with both manufacturing and selling being heavily shrunken. This January began with a double-digit decline in auto output and sales, mainly pertaining to passenger cars, and demand for commercial vehicles…
Biden to Nominate Official to Head US Auto Safety Agency
WASHINGTON—The White House said on Monday that President Joe Biden plans to nominate the acting head of the National Highway Traffic Safety Administration (NHTSA) to serve in the top job. Ann Carlson, the agency’s chief counsel, was named acting head of NHTSA in September. She has overseen safety probes into Tesla and efforts to shrink…
Carvana Adopts ‘Poison Pill,’ Sells $4 Billion of Auto Loans
Carvana Co. has adopted a “poison pill” to limit shareholders from raising their stakes and has reached an agreement to sell up to $4 billion of auto loans, the struggling used car retailer said on Tuesday. The company’s shares gained 6.5 percent to $7.47 in afternoon trade. Ally Bank and Ally Financial will buy the…
GM Reclaims US Auto Sales Crown From Toyota
General Motors Co. reclaimed the top spot in U.S. auto sales from rival Toyota Motor Corp. in 2022 as it was able to better meet strong demand for cars and trucks despite industry-wide supply disruptions. Shares of GM rose 2.7 percent in afternoon trade on Wednesday to $34.75, after the company posted a 2.5 percent…
US Auto Sales to Fall in 2022, GM Set to Reclaim Top Spot From Toyota
U.S. new vehicle sales are expected to decline for major automakers in 2022 due to inventory shortages, which weighed on Asian brands more than the Detroit giants such as General Motors Co. and Ford Motor Co. Full-year U.S. auto sales are forecast to be about 13.9 million units, down 8 percent from 2021 and 20…
Revamped Detroit Auto Show Now Also Features New Flying Tech
DETROIT—The Detroit auto show has returned after a three-year absence with a roar. And a soar. Visitors to the prestigious North American International Auto Show (NAIAS), which kicked off last week, can lay eyes on the latest offerings from some of the world’s biggest automakers, as they’ve been able to in years past. But this…
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