Announcements

Toyota’s Sales and Scandals

Toyota sold a record 11.2M vehicles in 2023, a 7.2% year-over-year increase and enough to maintain the title of top-selling automaker on earth. (and quite possibly the top-selling automaker in the universe 👽)

Akio Toyoda, the brand's chairman, apologized for the scandals of last year involving Daihatsu, Hino Motors, and Toyota Industries, acknowledging they could impact the brand's reputation. One such scandal caused a 25% decrease in Daihatsu's global production and an 8% drop in December sales. Toyota also suspended shipments of specific models due to testing irregularities.

Recall notice: Toyota issues a "do not drive" recall on 50K models in the US due to potentially dangerous Takata airbag issues. The company offers free repairs or replacements for affected customers with options like mobile repair or vehicle pickup.

Recalled Models:

• Avalon or Avalon Hybrid (2020 - 2021)
• Camry or Camry Hybrid (2020 - 2022)
• Corolla (2020 - 2021)
• RAV4 or RAV4 Hybrid (2020 - 2021)
• Lexus ES250 (2021)
• Lexus ES300H (2020 - 2022)
• Lexus ES350 (2020 - 2021)
• Lexus RX350 (2020 - 2021)
• Highlander or Highlander hybrid (2020 - 2021)
• Sienna Hybrid (2021)

📈 At the time of writing, Toyota Motor Corp | US is up 0.21% in the market.

Renault Pulls Back

Ya gotta know when to hold them AND fold them, friends. Renault has canceled its "Tesla rivaling" Ampere IPO following unfavorable market conditions. IE: The marked un-favored their EVs.

• Renault's stock actually rose 5% after the news as the move should focus the company on more profitable parts of the business.

📈 At the time of writing, Renault SA | FR is up 1.30% in the market. Ampere... is still not part of the market. #Roasted

Volkswagen’s PowerCo

Next door, VW is keeping its options open. While the European EV market's cooldown has France's Renault backing off an IPO, VW's PowerCo battery Unit may still come to the market.

The auto group has plans for giga-factories in Germany, Spain, and Canada by 2025; if these plans come to fruition, it would be silly to NOT go to market... right.... right?

📉 At the time of writing, Volkswagen AG | US is down 0.86% in the market.

General Motors, Hybrid Voters

When we have a hard year, we usually lose something along the way. Not GM; they had a pretty rough year and are still expecting close to $10B in earnings for 2023 (they're still counting the coins and will get back to us soon).

• Despite recalls, strikes, and EV production issues, EVs were 2.9% of the company's total sales volume for 2023. An encouraging note on their declared path of scaling up to 1M EV sales by 2025.
• However, there is existing demand for ICE trucks and SUVs that GM says will carry it to $12-14B in 2024.

Finding that middle ground. Automakers, dealers, customers, and regulators don't always agree, but they do often compromise. Hybrids seem to be GM's next big play. Plug-in Hybrid Vehicles (PHEVs) can meet fuel economy regulations AND customers' desire for a middle ground. A tidbit that dealers have been reporting from the front lines.

📈 At the time of writing, General Motors Co | US is up 6.88% in the market.