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January 25, 2022

Nutson’s Weekly Auto News Wrap-up: January 16-22, 2022

Auto CENTRAL CHICAGO – January 23, 2022 Each and every Sunday Larry Nutson, The Chicago Car or truck Guy and Govt Producer, with capable help from senior editor Thom Cannell from The Vehicle Channel Michigan Bureau, compile The Automobile Channel’s “acquire” on this previous week’s automotive information, condensed into straightforward to digest news Nuggets.

Master Far more: Entire variations of present-day information nuggets together with 1000’s of web pages of suitable information and viewpoints, info stored in a million web page library printed and indexed on The Auto Channel all through the earlier 25 yrs. Finish information can be discovered by copying a daring headline and then inserting into any Internet site Search Box.

Nutson’s Automotive News Wrap-up – Week Ending January 22, 2022 Below are the earlier week’s significant, suitable, semi-mystery, or snappy automotive news, opinions and insider back stories presented as
expertly crafted simple-to-fully grasp automotive universe information nuggets.

* From Our Pal Paul A. Eisenstein, Publisher Of theDetroitBureau.com

Marty Bernstein, The Car Channel’s Senior Editor-at-substantial handed away this week at age 89.
Marty was a sharp dresser, with a sharp wit and an incisive ability to reduce by all the nonsense normally heaped on a journalist.

It might be uncomplicated to tumble into cliché and call Marty Bernstein the “dean of auto writers.” After all, he was far more than 2 times — certainly, triple — the age of many who acquire aspect in the touring circus of vehicle exhibits, new car previews, driving reviews and peer to peer interviews with executives who make the around the globe car industry go, they all talked with Marty. But he was much additional than that. He could be a mentor, if that was what the minute termed for. A source of insight. A fount of wonderful stories. And, until eventually incredibly late in lifetime, a major challenger on the tennis court.

The very last 12 months have been significantly rough. But, he by no means misplaced his keen eye and, even on the worst of times, he’d roll out a joke in his rumbling voice. Marty Bernstein passed this week with the similar amount of dignity that described the rest of his long existence.

Marty Bernstein was laid to relaxation on Jan. 21, 2022. He leaves behind his wife, Marti son Michael and daughter-in-regulation Jennifer Bernstein. The loved ones indicates donations be designed to the Kidney Basis, to Mazon, a Jewish firm dedicated to avoiding starvation, to the Chabad Center of Troy, or to a charity of your picking. They plan a celebration of his daily life sometime through the spring.

“May Marty’s memory be for a blessing”, Rest In Peace my pal and thank you for normally staying there for us…you will be skipped.

* DoE simple fact of the week. In product yr 2021 all-electrical automobiles had a median driving array about 60{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} that of gasoline powered vehicles. For the 2021 model yr, the median driving assortment of all-electrical cars (EV) was 234 miles when the median vary for gasoline automobiles was 403 miles. Whilst this is a sizeable distinction, EV ranges have been escalating swiftly. When the greatest selection for any EV made available in the 2021 design year was 405 miles, there are now EV versions supplied for the 2022 model calendar year reaching a greatest assortment of much more than 500 miles. As a lot more lengthy vary EVs develop into available, the discrepancy in assortment concerning gasoline powered automobiles and EVs is likely to keep on to slim.

* In June 2022, BMW will make the really last V12 motor at any time to be fitted to a BMW collection output highway vehicle. To mark the celebration, BMW will offer you The Remaining V12 a confined series of 12 cars for consumers in the US. Primarily based on the BMW M760i xDrive, these will be 12 of the previous V12 BMW automobiles crafted for the US current market and will be distinguished by exclusive badging, wheels, and a decision from the extensive assortment of exterior colours and upholstery offered by BMW Particular person. BMW launched their to start with roadgoing V12 in 1987.

* Reuters studies that Germany is hedging on BEVs. A major official of the new German governing administration has walked back again the country’s target of owning 15 million EVs on the road by 2030. The pledge now involves hybrids AND EVs. Germany now has 1 million electrified autos on the road, 50 {cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of which are hybrids. Obtaining to 15 million by 2030 will be a stretch both way the government counts.

* And a single additional from Reuters: Oil large BP stated its EV recharging stations could shortly be as successful as gasoline pumps. If BP and its rivals start off accelerating the speed of EV charger set up, you can expect to know the tipping place has certainly arrived.

* From AP we read through, California prosecutors have submitted two counts of vehicular manslaughter from the driver of a Tesla on Autopilot who ran a red light-weight, slammed into one more car and killed two individuals in 2019. The defendant appears to be the very first human being to be charged with a felony in the United States for a deadly crash involving a motorist who was utilizing a partially automated driving system. Los Angeles County prosecutors submitted the rates in Oct, but they came to mild only last 7 days. The misuse of Autopilot, which can command steering, speed and braking, has occurred on several situations and is the matter of investigations by two federal agencies.

* The Insurance policy Institute for Freeway Safety (IIHS) is producing a new rankings system that evaluates the safeguards that motor vehicles with partial automation employ to enable drivers continue to be targeted on the highway. The new score system is for motor vehicles with partial automation but no automobile on the current market can move with out changes. Irrespective of misleading messaging from some companies, for now, at the very least, self-driving cars and trucks are not accessible to people. IIHS expects to difficulty the to start with set of rankings in 2022.

* Reuters stories the French govt desires automakers to include things like cigarette fashion health and fitness warnings as section of their ads, and vehicle corporations are not content, the Economical Instances reviews. A French authorities rule would require disclaimers in car adverts such as “for limited journeys stroll or acquire a bike, when possible,” or “take into account auto pooling.”

* Ford is recalling about 200,000 vehicles in the U.S. to resolve a trouble that can halt the brake lights from turning off. The remember handles certain 2014 and 2015 Ford Fusion and Lincoln MKZ midsize vehicles as very well as some 2015 Mustangs. All have been marketed or registered in Texas, Louisiana, Mississippi, Alabama, Florida, Ga, South Carolina, North Carolina, Virginia and Hawaii.

* The Washington, D.C. Auto Present opened its doorways this week to representatives of the automotive industry, federal government officials, and associates of the media all through its official General public Policy Working day. Regarded on the automobile circuit as the formal “Community Coverage Clearly show”, the day resolved the innovations and troubles for the country’s crucial automotive sector. It is really a exhibit for the people in federal agencies and in Congress, and not so substantially about new vehicles and vehicles.

* The Chevrolet Corvette celebrated its 69th birthday this week. The Corvette designed its debut on Jan. 17, 1953 at the Waldorf-Astoria in New York Town.

* The legendary Hirohata Mercury marketed for $1.95 million very last 7 days at the Mecum collector auto auction in Kissimmee, Fla. This famed “leadsled” tailor made 1951 Mercury is a primary instance of the custom made auto scene that blossomed in midcentury Southern California. The overall body was developed by George Barris, the interior by Carson Leading Shop and pinstriping was carried out by Kenneth Howard, far better known as the artist Von Dutch.

*Dodge is in look for of an influencer for its model. It really is not a whole-time occupation, but anybody can apply for the position with perks like $150,000, a corporation SRT Hellcat for a calendar year, the capacity to fulfill with Dodge engineers about what’s to arrive from the manufacturer, Dodge goods and receiving to show up at activities from the racing keep track of to the North American International Vehicle Present in Detroit. The ambassador will share his or her ordeals on the web. Applicants will have to submit a maximum two-minute video displaying why they really should be the chief donut maker. Applications are thanks by Feb. 28. The 1st 10,000 will be reviewed. Followers can utilize or abide by alongside at DodgeGarage.com. https://www.dodgegarage.com

* Dale Earnhardt Jr. joined his dad in the NASCAR Hall of Fame. Earnhardt alongside with late-design driver Pink Farmer and the late Mike Stefanik, a embellished modified driver who died in a plane crash in 2019, were being inducted this week in the 2021 course. It is NASCAR’s 12th Hall of Fame class and the to start with with just 3 new inductees. For the past 11 many years the HoF experienced a five member course but transformed the procedures setting up in 2021. Ralph Seagraves was named as the recipient of the Landmark Award for Exceptional Contributions to NASCAR.

Remain secure. Be Well.

January 23, 2022

Icahn gets 2 directors appointed to auto machinery firm Dana. What’s ahead

Carl Icahn speaking at Offering Alpha in New York on Sept. 13, 2016.

David A. Grogan | CNBC

Organization: Dana Inc. (DAN)

Business enterprise: Dana delivers electrical power-conveyance and electricity-management remedies for vehicles and equipment in North The usa, Europe, South The usa, and Asia Pacific. It presents sealing methods, thermal-administration systems, and digital options to motor vehicle and motor manufacturers. The organization operates in 4 segments: Light-weight Auto Push Techniques, Business Car or truck Travel and Movement Units, Off Highway Push and Movement Devices, and Electricity Systems.

Stock Current market Value: $3.1B ($22.11 for every share)

Activist: Carl Icahn

Percentage Possession: 9.91{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}

Ordinary Price: $20.95

Activist Commentary: Carl Icahn is the grandfather of shareholder activism and a real pioneer of the system. Although he is not slowing down at all, he just lately reached an arrangement with his son, Brett Icahn, to rejoin the company as the eventual successor. Brett strategies to utilize his father’s favored approach of pushing firms to make alterations made to raise their inventory costs, nevertheless he has not ruled out helpful bets way too. This is not a departure from the system Carl has succeeded with for several years. He can be pleasant (i.e., Apple, Netflix) or he can be confrontational (i.e., Forest Labs, Biogen), often it depends on the response of management. Brett is an outstanding activist investor in his have correct, not since he is Carl’s son, but for the reason that he has shown a very long track record of particularly productive activist investing. The Sargon Portfolio he co-headed at Icahn at a single time totaled all over $7 billion and provided really worthwhile investments in companies this sort of as Netflix and Apple. The Sargon Portfolio significantly outperformed the market with an annualized return of 27{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. However, prior to that Brett began in 2002 with Icahn as an analyst and was later on accountable for strategies like Hain Celestial (280.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} return compared to 46.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} for the S&P 500), Consider Two Interactive (81.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} versus 64.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} for the S&P500) and Mentor Graphics (106.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} as opposed to 79.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} for the S&P 500).

What is Going on?

On Jan. 7, 2022, Icahn and the corporation entered into a Nomination and Standstill Agreement pursuant to which the organization appointed Brett Icahn and Gary Hu (equally portfolio managers at Icahn Funds) as administrators to the board and agreed to include them on their slate of director nominees for election at the 2022 annual assembly. Icahn agreed to abide by specified standstill provisions until he no more time has administrators on the board.

Driving the Scenes:

Icahn has tremendous encounter in the automotive field, at present owning and operating Icahn Automotive, which makes up 28{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of the overall internet income of Icahn Enterprises (“IEP”). Icahn Automotive was built, in massive part by acquisitions. Starting as an trader in Federal-Mogul in 2001, Icahn in the end obtained the total company by 2017. Icahn also acquired considerably all the U.S. vehicle elements assets of Uni-Choose, Inc., a leading automotive parts distributor for domestic and imported motor vehicles Pep Boys – Manny, Moe & Jack, a foremost aftermarket service provider of automotive assistance, tires, pieces and equipment throughout the U.S. and Puerto Rico the franchise enterprises of Precision Tune Vehicle Treatment and American Driveline Programs. Icahn ultimately bought Federal-Mogul to Tenneco in 2018 for $5.4 billion, and right now Icahn Automotive is made up of Pep Boys automotive aftermarket retail and assistance chain, Automobile Furthermore automotive aftermarket sections distributor, Precision Tune Car Treatment owned and franchised automotive company facilities, and AAMCO Whole Vehicle Treatment franchised support centers. The businesses of Icahn Automotive full around 22,000 staff, around 2,000 organization-owned and franchise places and 25 distribution centers through the U.S., Canada, and Puerto Rico.

Icahn is not only knowledgeable about this marketplace, but he also has encounter with this enterprise. In March 2006, Dana declared Chapter 11 personal bankruptcy ,and Icahn acquired somewhere around $101.25 million of the firm’s then-$2.25 billion unsecured credit card debt with the intention of remaining an “lively participant” in the individual bankruptcy circumstance. Icahn all over again turned an equity operator in the fourth quarter of 2020 and filed a passive 13G on Feb. 4, 2021 with a 7.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} ownership. His intent since modified from passive to active and he filed this 13D upon taking two board seats at the organization.

There is no doubt that Icahn’s two portfolio supervisors, Brett Icahn and Gary Hu, will make price-additional directors as they not only have market knowledge, but are shareholder directors – either on its individual is important for a board member, but it is extremely exceptional to have a director with equally of these characteristics. So, if that is all Icahn does from an activist standpoint in this financial commitment, he really should be making significant value for shareholders.

Nevertheless, it is tricky to forget the elephant in the area. Icahn designed his automotive field on acquisitions, and Dana seems to match in quite nicely in IEP’s automotive business enterprise. Furthermore, IEP states that its tactic in its Automotive section is to continue to improve its commercial components product sales and its automotive service company, and it will carry on to contemplate strategic choices in its automotive aftermarket parts small business to optimize benefit. When Icahn acquired Pep Boys, he also said: “We consider that with our abundant methods and know-how of the industry we will be capable to improve this enterprise and choose edge of consolidation alternatives, therefore benefiting clients, manufacturing companions and workforce, as effectively as our shareholders.” So, it is really hard to believe that Icahn is not at minimum taking into consideration Dana as a likely acquisition or merger prospect. However, as an trader who has normally prioritized corporate governance and shareholder worth, we count on that if he does purchase the corporation, it will only be after a product sales procedure by an impartial investment decision financial institution and an arms-length negotiation in which the Icahn directors recuse on their own.

Ken Squire is the founder and president of 13D Keep track of, an institutional research services on shareholder activism, and the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist 13D investments. Dana is owned in the fund.

January 17, 2022

What’s ahead for the auto industry in 2022?

From shortages of essential semiconductor chips to shutdowns at significant assembly vegetation, as very well as skyrocketing motor vehicle costs and vacant dealerships, 2021 was a 12 months to remember for vehicle brands and shoppers alike. But there had been also a surge in gross sales of electrical cars and an expanding shift from sedans to SUVs and pickup trucks.

So what is ahead for 2022? By some accounts, it may well be more of the identical, as shortages carry on to go away dealers having difficulties for stock and buyers dealing with at any time increased price ranges. But purchasers will also uncover a lot a lot more choices if they’re seeking for electrical vehicles.

In this article are the storylines we expect will dominate this year:

Ongoing product shortages

As Covid-19 struck, automakers slashed production and pieces orders. But when product sales started to rebound, they uncovered they could not get all the semiconductors they essential, foremost to big creation cuts. The sector lost all over $210 billion in earnings in 2021, according to AlixPartners, a business management consultancy. While chip supplies are loosening up, they are considerably from back again to regular, and creation slice be damage very well into 2022. Even worse, the field faces other shortages impacting goods like tires and interior plastics and seat foams.

All advised, automakers globally made about 8 million less autos than planned past yr for the reason that of item shortages. Even if creation rebounds, sellers will not be capable to build back again inventories until finally nicely into 2022, J.D. Electrical power analyst Tyson Jominy reported. As a consequence, prospective buyers really should hope constrained alternatives — while prices will proceed to increase at a file charge. At the stop of 2021, a usual new vehicle price tag $45,000, up about $8,000 from December 2020, in accordance to industry info.

Normalization of online car acquiring

When the U.S. went into lockdown, the sector hit upon a novel notion. For the reason that shoppers could not go to sellers, sellers went to them — more than the online. Even soon after the place opened back up, far more and more buyers are browsing for their vehicles on line, and several merchants schedule take a look at drives and supply new motor vehicles to buyers’ homes or workplaces. Meanwhile, with showroom heaps almost bare, normally impulse-pushed motorists have started buying their automobiles and ready — occasionally for months — to choose supply.

EVs begin their shift into pole situation

They account for a modest fraction of U.S. new motor vehicle gross sales, but desire for battery-electrical automobiles doubled all through just the 1st half of 2021. This year could deliver the “tipping stage,” GM CEO Mary Barra mentioned, with the EV industry exploding. A number of factors will perform a function, setting up with a plethora of new choices: Analysts anticipate the variety of long-array styles will quadruple this year.

The effects of Make Back again Far better

President Joe Biden has set a great deal of emphasis on the vehicle field. In December, the White Residence declared its most aggressive gasoline financial system standards, and Biden has claimed he wants to see EVs account for up to 50 percent of U.S. revenue by 2030. His infrastructure bill provides resources for a nationwide charging community. But other resources, such as dollars to boost EV gross sales incentives, are currently stalled in Congress.

Startups will go on to shake issues up

The automotive field was a mainly closed club given that Earth War II, but Tesla showed it’s possible to crack the code. Now, other get started-ups want to share in its good results. Wall Street has rewarded various of the most promising gamers. Rivian now has a market cap of in excess of $90 billion, more than possibly Ford or Typical Motors. But other folks, like Byton, Lordstown Motors and Faraday Future are having difficulties and could tumble aside in 2022.

Tesla requires some heat

At initially glance, 2022 should be a very good calendar year for Tesla just after placing product sales and earnings documents in 2021. The California-centered electric car or truck manufacturer has two new crops, just one in Austin, Texas and the other in Berlin. But numerous vital products, like the Cybertruck, are well behind plan, as are the following-gen batteries Tesla is counting on. Tesla is beneath strain from the Chinese government and experiencing a lot more safety probes by U.S. regulators.

Autonomous cars could stall

Automakers as soon as promised to have a completely self-driving automobile prepared by 2020. Even so, 2022 could see some breakthroughs. GM and Mercedes-Benz are set to roll out the 1st true fingers-free — Stage 3 in business-discuss — driving technological know-how for consumers. Some others, like Waymo and Cruise, are focusing on journey-sharing solutions and cargo haulers. But protection probes involving Tesla’s Autopilot provide as a cautionary take note about just how challenging a challenge it is to develop a thoroughly autonomous car or truck.

China edges nearer

China is the world’s premier car marketplace, but domestic brands like Geely and Excellent Wall want to reach beyond its borders. Initiatives to enter the U.S., the No. 2 world-wide market, have continuously been delayed, however. Trade frictions throughout the Trump administration have nonetheless to be settled under President Joe Biden. So even though a handful of Chinese-produced goods are obtainable in U.S. showrooms, together with the Buick Visualize and the Polestar 2, a genuine automotive invasion could be a long time off.

Paul A. Eisenstein is an NBC Information contributor who handles the car sector.

January 14, 2022

Honda exec: High auto prices may drop, but not dramatically

Honda expects its factories to make more motor vehicles this year irrespective of a laptop chip shortage and provide chain troubles

January 13, 2022, 4:10 PM

2 min study

DETROIT — Honda expects its factories to make more automobiles this 12 months regardless of a laptop or computer chip scarcity and source chain problems. But since it really is starting up the year with so several cars at dealers, the corporation expects U.S. revenue to slide underneath final year’s figures.

The company expects U.S. new motor vehicle costs to relieve a bit from the history of a lot more than $46,000 in December as automakers raise production, but Govt Vice President of Countrywide Operations Dave Gardner explained prices will not fall to wherever they had been ahead of the pandemic.

A shortage of new autos brought on by the world chip lack has forced Honda and other automakers to reduce manufacturing unit production at a time when demand is potent. That has crimped the provide of new vehicles, in some cases driving price ranges greater than the window sticker.

Honda, with its Acura luxurious brand name, expects to provide somewhere all around 1.4 million automobiles in the U.S. this 12 months, which would be brief of previous year’s 1.47 million. Last 12 months, the automaker began with 300,000 motor vehicles in its U.S. stock. These days it has only about 20,000, Gardner stated.

“I assume we are expecting that we’re going to be able to construct much more than we had been final 12 months, but the pipeline has been emptied to this kind of a diploma,” he instructed reporters Wednesday.

Edmunds Govt Analyst Jessica Caldwell states Honda’s scenario is standard of the rest of the U.S. market. She expects output boosts, but claims automakers have 75{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} much less vehicles on dealer a lot than in a usual 12 months. And numerous of those people presently have been marketed.

As a final result, folks at this time are having to pay an normal of $700 in excess of the sticker value for an average of $46,426. “I think that overage that we’re seeing is in all probability likely to appear down,” she explained.

Gardner stated Honda carries on to see shortages of chips, and that ports are continue to clogged, slowing the move of parts to the level that Honda has at instances had to pay out additional for air freight shipments. The omicron variant of the novel coronavirus also is starting off to hit factory personnel, impacting manufacturing, he claimed.

Honda also declared Wednesday that it will roll out an all-new HR-V subcompact SUV this 12 months, adopted by an all-new CR-V compact SUV, and a new Pilot greater SUV.

January 13, 2022

Cango Haoche’s Display Function Drives Auto Sales

SHANGHAI, Jan. 12, 2022 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango” or the “Firm”), a major automotive transaction company platform in China, currently announced that “Cango Haoche,” its B2B WeChat mini system delivering auto dealers with a person-stop transaction, logistics, finance, and insurance coverage companies, is getting traction with dealers and driving profits thanks to its new automobile screen functionality. Cango Haoche is the cornerstone of Cango’s automobile trading transaction organization, an vital expansion engine for the Company as it evolves into a in depth automotive transaction company platform.

Cango Haoche’s new auto display screen services gives sellers a broad wide variety of display automobiles at very low selling prices with totally free delivery to support them improve product sales quantity, enhance effectiveness and improved entice and keep customers. Due to the fact the new function’s start, Cango Haoche has obtained programs from a whole of 350 dealers, virtually 100 of which are by now displaying their automobiles on the platform. As of currently, Cango Haoche has a overall of 6,000-moreover dealer partners covering 283 metropolitan areas in 31 provinces, featuring 74 self-operated car or truck styles from 12 manufacturers and 27 car or truck series. Cango Haoche has amassed around 2 million clicks since its debut in May 2021, and the proportion of energetic car or truck sellers has arrived at 20{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, noticeably boosting Cango’s reputation as an automotive buying and selling transaction companies platform.

Mr. Qin from Kunming Yunchejie Auto Gross sales Companies Co., Ltd., Cango’s long-time vendor partner, is 1 of Cango Haoche’s initial registered end users. He routinely utilizes Cango Haoche’s car or truck look for and screen functions to gain useful current market insights and diversify his vehicle shows.

In the course of the COVID-19 pandemic, customer visits to Mr. Qin’s offline automobile display screen rooms dwindled due to lessened local demand from customers. Simply because offline interaction was no more time possible, final April Mr. Qin commenced endeavours to connect people to his offline suppliers making use of on the internet instruments.

Mr. Qin introduced limited-type video and reside streaming in his on line interactions with purchasers, but soon realized that display motor vehicles from a solitary brand were not enough to fulfill his audience’s numerous requires. He gathered opinions from his reside streaming viewers about brand names and types of curiosity and tried to exhibit them one by one particular. Nevertheless, he was plagued by a string of difficulties, these kinds of as confined facts sources, enormous financial investment requirements and sophisticated methods.

Cango Haoche’s new auto exhibit perform was the excellent remedy for Mr. Qin. He merely submitted an software for show autos online, which was promptly processed by Cango’s professionals online and offline. The exhibit vehicles he requested have been immediately shipped to his retailers inside of two days.

Mr. Qin was impressed by the performance of the assistance. “Reduced rate is just one portion of the equation,” he stated. “Cango Haoche’s platform gives these types of a wide array of motor vehicle types that I can simply obtain people I want to fulfill community car or truck buyers’ needs at the proper selling price and have them shipped right to my merchants. It’s an extremely economical and hassle-free support.”

As of the finish of the 3rd quarter, we experienced cooperated with infrastructure assistance suppliers to set up a complete of 108 warehouses masking 89 metropolitan areas across the region, which considerably shortens Cango’s logistics radius in lower-tier marketplaces. Cango’s standardized back again-close perform product also permits an effective evaluate approach, facilitating quickly delivery of display screen versions.

Mr. Qin has acquired out two exhibit cars given that his adoption of the display screen functionality and renewed his car or truck displays a few moments. He has seasoned considerable performance advancements in buyer retention from his are living streaming classes, a wider variety of personal facts left by opportunity prospects and a noteworthy boost in the number of orders put. Mr. Qin’s story is not unique – Cango has gained overwhelmingly optimistic vendor responses on Cango Haoche’s car or truck display purpose and expects the feature’s level of popularity to continue to boost supplier adoption and stickiness.

Cango has been devoted to the lower-tier automotive marketplace for more than a 10 years. Its expansive channel community features nationwide protection and deep roots in decreased-tier marketplaces, benefiting a total of 50,000 medium- and smaller-sized dealers. Cango Haoche is a essential device for helping reduced-tier market place sellers stand out from the competitiveness. By forging a link in between data, trading, logistics, finance and insurance coverage, Cango Haoche drives sales and elevates dealers’ efficiency and support high quality, empowering them to establish an fantastic brand name name.

About Cango Inc.

Cango Inc. (NYSE: CANG) is a leading automotive transaction service system in China connecting dealers, economical institutions, car or truck customers, and other business members. Established in 2010 by a group of pioneers in China’s automotive finance marketplace, the Company is headquartered in Shanghai and engages vehicle purchasers as a result of a nationwide supplier network. The Firm’s companies largely consist of automotive funding facilitation, car or truck investing transactions, and just after-sector providers facilitation. By making use of its competitive advantages in know-how, data insights, and cloud-based infrastructure, Cango is equipped to connect its platform members though bringing them a premium user expertise. Cango’s platform product puts it in a one of a kind placement to insert value for its system participants and business companions as the automotive and mobility markets in China continue to mature and evolve. For more information, please take a look at: www.cangoonline.com.

Media Call:

Juliet Ye
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
E-mail: [email protected]
Twitter: https://twitter.com/Cango_Group

Source Cango Inc.

January 10, 2022

Nutson’s Auto News Weekly Wrap-up

AUTO CENTRAL CHICAGO – January 9, 2022; Every Sunday Larry Nutson, The Chicago Car Guy and Executive Producer, with able assistance from senior editor Thom Cannell from The Auto Channel Michigan Bureau, compile The Auto Channel’s “take” on this past week’s automotive news, condensed into easy to digest news Nuggets.

LEARN MORE: Full versions of today’s news nuggets along with thousands of pages of relevant news and opinions, information stored in a million page library published and indexed on The Auto Channel during the past 25 years. Complete information can be found by copying a bold headline and then inserting into any Site Search Box.

Nutson’s Automotive News Wrap-up – Week Ending January 8, 2022; Below are the past week’s important, relevant, semi-secret, or snappy automotive news, opinions and insider back stories presented as
expertly crafted easy-to-digest news nuggets.

* General Motors has been the top-selling automaker in the United States since 1931. Toyota now holds the No. 1 spot in the U.S. market for 2021, selling 2.3 million vehicles to GM’s 2.2 million. This is largely due to the supply chain issues that crippled GM production for much of the year. But it’s more than that, as Reuters points out. GM has been diminishing itself by choice. The company largely abandoned the compact car segment, and cut production of midsize Malibu sedans to favor trucks during the worst of the chip shortage. Result: Toyota sold more than 729,000 passenger cars in the United States during 2021. GM sold about 162,000 cars. Toyota’s lead in cars overcame its deficit to GM in U.S. truck sales.

* Ford, Toyota, Honda, Hyundai, Kia all had sales declines in December. GM slid 43{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in Q4. 2021 closed on a down note with total sales just over 15 million vehicles, up 3.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from 2020, the year the pandemic took hold in the U.S.

* Tesla global sales is evidence of the rapidly rising acceptance of electric cars, especially in China. Tesla Inc. delivered 308,600 vehicles worldwide in the fourth quarter, smashing the previous record for the electric-car maker and setting a capstone on a year in which the company joined the exclusive $1 trillion market valuation club. The better-than-expected results pushed Tesla’s total sales for the year to more than 936,000, up about 87{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} over 2020’s deliveries of just under half a million vehicles.

* More than 2200 exhibitors were planning to be at CES 2022 this week. However, overall, the show got scaled down due to concerns over the Covid Omnicon variant. In the automotive space, General Motors, BMW, Stellantis and Mercedes all canceled their physical presence. Fisker, BrightDrop, and Blink Charging still were at the show. The Chevrolet Silverado EV, Mercedes-Benz Vision EQXX concept and the 2023 BMW iX M60 were unveiled through online events during CES.

* At CES 2022, the Chrysler brand revealed the Chrysler Airflow Concept, giving a glimpse at the leading-edge drive-system technology, fully connected customer experiences and advanced mobility features, wrapped in inspiring, dynamic design, which will fuel the Chrysler brand’s future. Chrysler plans to be an all-electric producer by 2028.

* Sony revealed plans at CES to get into the auto business with a new business unit, Sony Mobility Inc. And, Sony showed another new concept vehicle: Vision-S 02. This is follows along from two years ago at CES when Sony showed a functional electric vehicle concept. The Vision-S 01 has been under testing in Europe for the past year.

* At CES 2022 a new player, the Vietnamese auto startup VinFast introduced three new battery-electric vehicles. This follows the debut of two other all-electric models at the Los Angeles Auto Show just two months ago. They expect to be selling in the U.S. later in 2022.

* Joe White writing for Reuters commented regarding CES: ‘once again the auto industry has proven you don’t need to gather hundreds of reporters in a convention hall to make news. Though it is fitting, given the huge wagers auto and tech companies are making, that the biggest U.S. auto show is now nominally taking place in Las Vegas.”

* In a new study GasBuddy forecasts the nationwide average price for gas will be $3.41 in 2022. The current price nationwide averages about $3.29. GasBuddy thinks prices could near $4 a gallon by June as drivers take to the roads for the summer. California is seen as primed for more gas price inflation in 2022. GasBuddy thinks gas prices could approach $6 a gallon in San Francisco, while hovering around $5.50 in Los Angelos and Sacramento. The average price for gas in California is currently $4.65, per data from AAA. In total, the average U.S. household may spend $2,341 next year on gas, compared to $1,977 in 2021. It would be the most spent on gas by households since 2014, according to GasBuddy.

* A new NBC sitcom “American Auto” will bring you inside the corporate headquarters of a Detroit auto maker. “American Auto,” which aired two episodes in December as a sneak peek, officially premiered this week in its regular time slot at 8 pm Tuesday. Set in Detroit, but filmed in the former Toyota headquarters building in Los Angeles, the comedy explores the day-to-day ongoings of Payne Motors, a fictional 100-year-old car company that’s struggling at a time when the future of the entire industry is up for grabs. Tune in.

* Electric pickups are hot. In September, due to huge demand for the F150 Lightning, Ford doubled its production plan from 40,000 to 80,000 trucks per year. The demand keeps growing, so Ford is doubling it again and now plans to produce 150,000 annually. Of note, nearly half of those ordering the new F150 Lightning do not own a Ford now.

* Joe White writing for Reuters points out that automakers and many Americans really like big trucks and SUVs, as sales figures and pricing data from the last couple of years prove. But keep an eye on criticism that big trucks pose an outsized safety risk, particularly to pedestrians. The Detroit Three have had a nearly decade-long vacation from significant challenges from safety advocates to the large, heavy vehicles that pay the bills. Climate concerns and rising traffic deaths could change that.

* Reuters reports Robo-semi company TuSimple said one of its trucks drove 80 miles on public highways in Arizona with no human driver on board and no human intervention. The Dec. 29 announcement appears to be a first for the nascent robo-trucking industry. Other robo-truck companies – including Gatik – are targeting 2022 to take out drivers and start scaling up automated, commercial goods delivery.

* A panel of world-renowned car designers, engineers, auto industry titans, motorsport legends, specialist journalists, broadcasters and media professionals voted for their Best Cars of the Year 2021/2022. The Kia EV6 and Hyundai IONIQ 5 tied for first place and were declared joint winners in this, the first-ever judging verdict from a new, revolutionary evaluation process. The 10 models voted for by those judges into this year’s Best COTY Top 10 are from 10 separate brands, based in six countries spread across the world’s Top 3 car-producing continents – Asia, Europe and North America. Vehicles will be displayed at the Best Cars of the Year stand at the British Motor Show this coming August, when the selection, evaluation, test driving and voting process for the Best Cars of the Year 2022/23 project will begin.

* Axalta, a leading global supplier of liquid and powder coatings, released its 69th annual Global Automotive Color Popularity Report revealing most cars on today’s roads are white (35{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}), black (19{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}) and gray (19{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}). White vehicles have been found in the most abundance on the roads since 2011 worldwide, with Asia leading in white vehicle builds. Overall, the popularity of white hit a long-term high of 39{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in 2017. For the third year in a row, Europe is the only major region to report gray as the most popular color at 27{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Silver is most popular in South America as it ranks second place with 23{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} usage. Black is most found in Europe at 22{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and continues to lead in the luxury segment. North America has the most amount of new red cars on the road at 8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

* A good bellwether of the eventual three NACTOY “vehicles of the year” is the Detroit Free Press winners as chosen by Auto Editor and NACTOY juror Mark Phelan. The Free Press Car, Truck and SUV of the year are the Honda Civic, Ford Maverick and Ford Bronco, respectively. NACTOY winners will be announced on January 11.

* VW CEO Herbert Diess on Twitter sketched out the contours of the new design retro-microbus EV which draws on the lines of the original model. March 9 is the date set for it to be unveiled.

* American Amy Lerner is underway for her second Dakar, piloting her 1982 Porsche 911 SC through the prologue and the first stage of the 2022 Dakar Rally in Ha’il, Saudi Arabia. She and co-pilot Sara Bossaert of Spain, joined 409 teams from around the globe taking the official start on Jan 2. It is the third time the rally has been held in KSA and the second year for the “Classic” class that is open to vehicles of the same type that have competed in any pre-2000 Dakar race. Last year saw 24 entries in the class for vintage models while there are 142 competitors this year. Hearty vehicles, experienced off-road drivers and talented navigators are required to succeed in the 14-day rally that covers more than 6,000 kilometers of terrain with a substantial amount of sand, dunes and rocky tracks. The Dakar Rally is the longest and most grueling off road competition in the world.

* The 100th anniversary of famed Route 66 will be celebrated in 2026. A new exhibition honoring one of the original highways in the United States is in the works at the Illinois State Museum. The museum has received contributions from the estate of Bob Waldmire, an artist and cartographer known for his Route 66 art pieces. Throughout the 1970s, ’80s, and ’90s, Waldmire drove Route 66 and stopped win towns along the way to create and se his art. The museum is seeking items from anyone who lived, worked and travel Route 66.

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