CBT automotive newscast: December 13, 2021

Inside Automotive:

How to succeed and thrive after experiencing major setbacks with Dr. Randall Bell, ‘The Master of Disaster’
Disruptions happen, whether it be in our businesses or personal lives, and it is easy to feel overwhelmed in these instances. But how you manage these disruptions can make the difference in whether you thrive or take a deep dive. On today’s show, we’re pleased to welcome ‘The Master of Disaster’ to help us better thrive after our own disasters, Dr. Randall Bell, socio-economist, CEO of Landmark Research Group, author of Me We Do Be: The Four Cornerstones of Success, speaker and star of the TV miniseries: Distressed Real Estate. Watch the complete segment here.

Headlines:

Volvo and Northvolt plan to open a joint R&D Centre in Gothenburg as part of a $3.3 billion deal in battery development and manufacturing for its next-generation full-electric cars. The R&D Centre will begin operations in 2022, creating hundreds of jobs. The battery R&D Centre will be joined by a new cell manufacturing facility that will produce power plants for Volvo and its subsidiary, Polestar.

General Motors CEO Mary Barra, says the company aims to produce EVs at price points for all consumers and government incentives could help accelerate EV adoption. Barra’s comments come after Tesla’s Elon Musk said he opposed the Build Back Better Act, backed by the Biden administration. She says consumers buying a $30,000 vehicle may benefit from a government incentive to support the EV future.

In more GM news, the automaker will begin producing its electric Chevrolet Silverado in early 2023 at Factory Zero. The automaker is forecasted to have 30 EVs launched worldwide by 2025. GM plans to reveal the electric Silverado at the consumer electronic show in Las Vegas, next month.

The Labor Department says inflation accelerated at its fastest pace since November 1982. For six months in a row, prices rose in many areas, including gas, food, and housing. The Consumer Price Index, increased 0.8% for the month. President Biden said in a statement, “Inflation doesn’t reflect the expected price decreases in the weeks and months ahead, such as in the auto market.”

News & Opinion:

A look inside the current state of the semiconductor microchip shortage
While automakers and basically every manufacturer around the world were hoping the semiconductor microchip shortage would be a thing of the past by now, the issues are continuing to have a negative impact on production across all industries. Automotive dealers have seen a drastic decline in inventory as the shortage has dragged on, and expert projections on the overall impact on the industry don’t seem to provide much optimism. Read more

New vehicle prices hit another all-time high in November
For the eighth straight month, the average transaction price for new vehicles in the US hit never-before-seen territory while incentives dipped to historic lows. Kelley Blue Book is reporting that new prices are significantly higher than the same time last year, commanding 13% more per unit than in November 2020. Across the industry, the average transaction price reached $46,329 per unit, jumping more than $300 over the previous month’s figures and nearly $5,300 more than a consumer would pay for the same vehicle twelve months earlier. As a whole, ATPs are 13.2% higher over the past year. Read more