Mitsubishi’s U.S. Comeback Picking Up Momentum
Despite rising interest rates and an uncertain supply chain, Mitsubishi is celebrating its 40th anniversary in the United States with rising sales, new products and plans to revive the Ralliart sub-brand. Mark Chaffin, Mitsubishi Motor North America CEO, told The Detroit Bureau, “We needed to re-invent and evolve our brand in the U.S.” Mitsubishi was sent reeling by the sub-prime loan disaster ahead of the Great Recession. The Japanese brand’s sales sank — along with the rest of the auto industry’s — during the recession, and its product line grew old, prompting speculation the brand might withdraw from the U.S. market. But Mitsubishi hung on to its place in the U.S., and its Japanese parent, battered by a scandal, partnered with Nissan on developing new vehicles and powertrains. Chaffin noted MMNA has now settled into its new headquarters in Franklin, Tenn., and moved to rebuild its dealer network. In the past year, Mitsubishi has added 150 dealerships, he said. “We’re seeing dealers invest in the brand again,” he said, noting 58 percent of the dealers have upgraded their facilities. Part of the money also is going to a “new visual identify for the brand,” Chaffin added. Click here for the full story.
Toyota Celebrates 50 Years of U.S. Manufacturing
Japanese automaker Toyota announced its first North American manufacturing facility back in 1972, located in Long Beach, Calif. 50 years later, the facility dubbed TABC has helped the auto giant reach legendary standards for reliability and durability. Though the plant doesn't assemble any vehicles, it is the primary producer of parts for the Toyota Tacoma and body components for all past North American-produced Toyota vehicles, reports Carbuzz. "For 50 years, the team at TABC has played an integral role in our company's success, providing parts and components for our vehicles," said Chris Nielsen, executive vice president, Product Support and Chief Quality Officer of Toyota North America. "So, it is great to celebrate all they have accomplished, and we look forward to their continuing leadership in providing quality products for our customers." TABC was originally called Atlas Fabricators and was contracted by Toyota to make truck beds. Toyota purchased the facility two years later and renamed it. The rest is history. Earlier in 2022, Toyota invested $27 million in TABC to increase its production capabilities. Click here for the full story.
Super-Luxury Brands Scramble to Change Their Iconic Products
Ultraluxury and racing brands are at a historic crossroads. They are jettisoning their thirsty V-8 and V-12 engines as they cruise toward an emissions-free future. That track can be tricky for iconic automakers, such as Ferrari and Porsche, as they strive to trim their carbon footprint without sacrificing the driving performance that justifies their nose-bleed sticker prices. To achieve some balance, hypercar brands McLaren and Lamborghini are dipping their toes into electrification with plug-in hybrids. The push for supercars to go battery-only makes little sense for purely environmental reasons, said Philippe Houchois, automotive analyst at investment bank Jefferies. "Putting a large battery into a supercar has a negative impact on manufacturing emissions because they get driven so little [to offset the extra emissions in producing the battery]," Houchois said, reports Automotive News. British marque McLaren plans to move to a 100 percent electrified portfolio by 2026, with its first full-electric model expected by the end of the decade. Click here for the full story.
Charging EVs Overnight Might Get a Lot More Expensive, Says Stanford Study
A new study conducted by a team at Stanford University and published in Energy Nature found that the increasing number of electric vehicle owners across the western United States could significantly impact the costs of, and demand for, electricity. Many EV owners charge their vehicles at home overnight. The low demand during these hours means costs are usually lower. However, the study shows that as more drivers switch to EVs, that could change. The study found that peak net electricity demand could increase by up to 25 percent by 2035, the same year California said it would ban the sale of new gas-powered cars and trucks, reports CBT News. The group also conducted a “stress test,” which found that the demand could rise as much as 50 percent if every vehicle on the road is a plug-in model. Authors of the study suggest electric vehicle owners start to charge their vehicles during the daytime hours whenever possible, such as during the workday or at public charging stations. Click here for the full story.
Convertibles Drive into the Sunset as Automakers Invest in Electric Vehicles
Convertibles — once a sign of open-air freedom, road trips and summer adventures — are fading away as the auto industry shifts to all-electric cars and more rugged sport utility vehicles. Sales of traditional drop-tops such as the Chevrolet Camaro, and Ford Mustang, as well as roadsters such as the Mazda Miata, have plummeted in the U.S. to fewer than 100,000 vehicles annually, according to S&P Global Mobility. That's down from a recent peak of nearly 320,000 vehicles, or 2 percent of all new U.S. vehicle sales, in 2006, and roughly 144,200, or 0.8 percent, in 2015, reports CNBC. Reasons for the decline of convertibles include practicality, durability, cost increases, and new panoramic sunroofs and glass tops, according to experts. Automakers are also investing capital in off-road models and electric vehicles. "The trajectory has been down and there just isn't as strong of a consumer interest," said Stephanie Brinley, principal automotive analyst at S&P Global Mobility. "In the transition to electric vehicles, and where do automakers put their development money, it just isn't going to convertibles." Click here for the full story.
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