CBT automotive newscast: June 9, 2021

Top Headlines:

The U.S. Department of Commerce announced yesterday that the White House will be forming a task force to identify ways to mitigate the ongoing supply chain disruptions in various sectors. The White House noted that the task force will be focusing on stabilizing supply and demand in areas such as construction, agriculture, transportation, and semiconductor chips. The announcement came with the release of a 100-day review that analyzed current supply chain conditions. The Biden administration also has plans to form a data center that will be in charge of tracking supply chains and improving communications with the private sector.

Jerome Guillen is the latest senior executive to announce his resignation from Tesla after serving in several capacities for the past decade. While a reason for his departure was not provided, a regulatory filing from last week indicated he had left Tesla on June 3. After joining Tesla in 2010 as a director for the production of the company’s Model S before transitioning to Model 3 production, Guillen’s final position was the president of trucking.

Wholesale prices for used vehicles have continued to rise, increasing 4.65% last month. May’s uptick increased the Manheim Used Vehicle Value Index to 203, which is 48.2% higher than May of 2020. The highest performers in the market were pickup trucks, followed by SUVs and CUVs. While all segments saw price increases, compact cars and vans performed the least and did not meet the overall market’s projections. Manheim’s recent report showed an ongoing uptick in sales, indicating that wholesale supply has decreased to 19 days, which is a sharp drop from 149 days supply in may of 2020. The report also noted decreasing consumer confidence and stated that consumers may be planning on purchasing fewer vehicles in the next six months.

Ford is entering the small truck market with its recently-released 2022 Maverick truck. Ford previously used the “Maverick” name for an affordable sedan in the 1970s, but is now using it to attract customers looking for a compact pickup truck. Ford marketing manager Todd Eckert said that Ford is hoping the truck will be appealing to consumers who have “never before considered a truck,” and the auto giant will be marketing the truck more towards younger generations living in urban areas. The price for the hybrid maverick pickup will start at under $20,000.

News & Opinion:

Ford demonstrates adaptability with 2022 Ford Maverick
On June 8, Ford officially debuted the 2022 Maverick compact pickup that’s been a poorly kept secret for months. Bringing a new entry-level truck to their lineup that slots in below the Ranger, appears to be an excellent move, competing for the efficient yet capable segment that has recent entrants like the Hyundai Santa Cruz. Tuesday’s debut marks several first for the North American carmaker, both with the Maverick itself as well as the details around the public news release. Read more

Which major automakers performed the best in May 2021?
With automotive factories crippled by the chip shortage and closed showrooms, it would make sense to see passenger car and SUV sales dive, but that hasn’t been the case when evaluating the May 2021 auto sales numbers. A few of the numbers aren’t what we could have expected after many months of lockdowns, but there are a lot of automakers that continue to thrive in the midst of it all. Here are a few of the top performers from May 2021. Read more