Nissan Adjusts Production in July Due to Chip Shortage
Japan's Nissan Motor Co will adjust production at several factories next month due to the global chip shortage, three sources with direct knowledge of the plan told Reuters on Tuesday. Japan's third-largest automaker will halt production at a factory in Tochigi, eastern Japan, for a total of three days in July, the sources said, declining to be identified because the plan is not public. It will idle its plant in Kyushu, southern Japan for two days next month, they said, adding that the factory will cancel the night shift as well. Another Kyushu plant will also only operate on daytime shift work for a certain period next month, the people said. Nissan's Oppama plant, another domestic assembly plant located in Kanagawa, has been adjusting production since mid-May by operating without a night shift and will continue to do so in July, the sources said. "Due to the global chip shortage, Nissan is adjusting production and is taking necessary actions to ensure recovery," a Nissan spokesperson said. Read more here (Source: Reuters).
EV Sales Nearly Double in U.S.
The surge in demand for new vehicles has been driven by trucks and crossovers — and electric vehicles, reports The Detroit Bureau. New data from Experian reveals that new vehicle registrations for electric vehicles are up 95% during the first four months of 2021. The entire market isn’t languishing as its up 36% overall. The jump pushed the market share for EVs to 2.3% — a jump from 1.6% for the same period in 2020. Surprisingly, not every maker is enjoying the stratospheric rise. Tesla Inc., the top seller of electric vehicles around the world, saw registrations decline on three of its four vehicles during the period. Only the Model Y rose, much of that attributed to the fact it had just begun production at the end of last February. Unsurprisingly, California was the leader, accounting for 38% of EV registration. However, that number is down from 45% from the same period in 2020 — despite a 64% jump in the number of vehicles registered through April. Other warm weather states, Florida and Texas, took the No. 2 and No. 3 spots in registrations at 7.2% and 5.9 percent. Read more here (Source: The Detroit Bureau).
Cox Automotive Study: 65% of Dealerships Looking to Hire
While perhaps not as light as their inventory levels nowadays, dealerships appear to be short on personnel, too, especially in the departments that generate the most store revenue. Auto Remarketing reports that like many industries, Cox Automotive indicated, the U.S. automotive retail segment is struggling to find enough employees for dealerships to be fully staffed, much less meet their 2021 growth goals. In fact, according to the 2021 Cox Automotive Dealership Staffing Study released on Monday, 72% of franchised dealers surveyed said that finding and hiring the right employees is currently a challenge. Furthermore, the study showed that a majority of dealership leaders — approximately 65% — report that they plan to increase the total number of employees in the dealership this year, while approximately 34% said they plan to maintain their staffing level. Read more here (Source: Auto Remarketing).
NY, Florida Dealer Billy Fuccillo Sr. Dies at 65
Billy Fuccillo Sr., a longtime New York and Florida auto dealer known for his "It's huge!" advertising slogan and splashy marketing efforts, has died, reports Automotive News. Fuccillo, CEO of Fuccillo Automotive Group, died Thursday at his home in Sarasota, Fla., according to his obituary. He was 65. Fuccillo got into auto retail after college. He landed a job in sales at a Chevrolet dealership in Buffalo, N.Y., and later bought a wholesale car business, according to a report in the Fort Myers News-Press in Florida. He expanded his empire to well over 20 dealerships in New York and other states such as Nevada and Florida, which he entered in 2010, and he sold some stores along the way, said Bob Scalione, Fuccillo's longtime lawyer in Syracuse, N.Y. Read more here (Source: Automotive News).
Lordstown Motors Executives Sold Stock Ahead of Reporting Results and Before Troubles Came to Light
Several top executives at Lordstown Motors Corp. sold off chunks of stock in the electric-truck startup ahead of reporting financial results, according to regulatory filings disclosing the transactions. The Wall Street Journal reports that securities lawyers and accountants say such trades raise questions about the company’s internal controls, especially in light of its recent troubles. In all, five top executives, including the company’s president and its former chief financial officer, sold more than $8 million in stock over three days in early February, according to the filings. Lordstown Motors, which went public in October and plans to build electric trucks at a former General Motors Co. plant in Ohio, reported year-end results for the first time as a listed company in mid-March. Its net loss of 23 cents a share for the quarter was more than double analysts’ expectations, according to FactSet. Read more here (Source: The Wall Street Journal).
Around the Web
Yorktown Boys Soccer Uses a Big Second Half to Vault Into the Class 6 Championship [WaPo]
15 EVs to Watch for in 2022 [MarketWatch]
In the Hottest Car Market Ever, These Are the Models Dealers Can't Get Rid Of [Road and Track]
Next Lexus LX 600 and LX 750h Specs Reportedly Leaked [Autoblog]
