Show Notes with links:
According to Experian, Dealerships are finding it harder to secure subprime auto loans due to a decline in subprime customers obtaining auto loans and leases as factors like inflation, rising gas prices, and ending stimulus funds have affected consumers' creditworthiness and increased debt-to-income ratios, with many turning to credit cards for financial support.
- The proportion of subprime used-vehicle loans has reached near-record lows, with such borrowers only involved in 14% of loans and leases on new and used vehicles in Q1 2023.
- The increase in late auto loan payments among subprime borrowers is higher than during the late 2000s recession, according to an S&P Global Mobility analysis of TransUnion data.
- "What we're seeing now is some of the lowest FICO scores ... we've seen in years. Consumers who might have qualified for loans in the past are "not even close," said Michael Opdahl, COO for Automotive Credit Corp
Toyota’s global sales saw a significant increase in May as both parts and supply shortages seem to be letting up.
- The company reported a 10% global sales increase in May 2023, selling a total of 838,478 vehicles attributing the increase to an improved supply of chips and other parts
- In Japan, sales surged by 35.1% to 116,954 units.
- Global sales of hybrid cars grew by 25.8% year-on-year, reaching 261,147 units, almost one third of total vehicles sold last month.
- The company sold 9,923 battery electric vehicles worldwide in May, making the five-month total in 2023 reach 35,980 units.
California based, Joby Aviation has received approval from the FAA to begin flight testing its electric air taxi prototype, moving closer to commercial operations, targeted for 2025.
- The company's business model is akin to a rideshare app. It's set to compete in a growing market of electric vertical takeoff and landing (eVTOL) aircraft manufacturers.
- Tetsuo Ogawa, the CEO of Toyota North America, will join Joby Aviation's board. Toyota is the company's largest external shareholder, with an investment of around $400 million
- The company is set to begin passenger operations in 2025
- As part of a $131 million contract with the U.S. Air Force, Joby will deliver its first two electric aircraft in March 2024 after initial testing at Edwards Air Force Base
- Shares jumped 26% on the news
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