Trump Concludes Tokyo Visit as Japanese Trade Official Plays Down August Deal Chances
U.S. President Donald Trump concluded his four-day visit to Tokyo on Tuesday. Trump had indicated during the trip that there will be trade announcements between the two sides “probably in August,” and that the trade gap between the two countries could be “straightened out rapidly.” CNBC reports that Japan’s economy minister, however, sought to play down expectations for a fast deal, saying the U.S. leader’s comments reflected Trump’s hopes for quick progress in negotiations. “When you look at the exact wording of his comments, you can see that the president was voicing his hopes of swift progress in talks toward something that is mutually beneficial,” Toshimitsu Motegi told reporters at a regular cabinet meeting, according to Reuters. With disagreements over agriculture and automobiles, the issues will likely take longer than a few months to be resolved, particularly given the complicated legislative process in both countries, Goodman added. Read more here.
Hyundai Plucks Nissan's Randy Parker to Fill U.S. Sales Post
Hyundai Motor America has chosen Randy Parker, a Nissan executive and former chief of Infiniti sales in the U.S., as vice president of national sales, reports Automotive News. Parker most recently was division vice president for Nissan's light commercial vehicle sales based in Yokohama — a post he held for just over a year. Before that, he was vice president of Infiniti North America from February 2015 to April 2018. His move to Hyundai, effective Thursday, comes on the heels of Hyundai's appointment of former Nissan executive Jose Munoz as global COO and CEO of Hyundai Motor America last month. Munoz was chairman of Nissan North America from 2016 to 2018. Parker will be responsible for sales and distribution of Hyundai vehicles in the U.S., including sales strategies and dealer relations, Hyundai said. He'll also oversee the brand's seven sales regions and report to Hyundai America COO Brian Smith. Read more here.
Nissan Study Says Young People Drawn to Sedans
There’s apparent hope yet for the ailing sedan segment, thanks to the youngest generations of car buyers, Millennials and Generation Z, reports WardsAuto. Currently, SUVs, CUVs and pickup trucks dominate the U.S. market, with a share of about 70 percent, leaving cars in a distinct minority. Gone – for now at least – are cars’ glory days when they were the top segment sellers. But research commissioned by Nissan indicates Millennials, born between the early-1980s and mid-1990s and the older side of Gen Zers in their 20s and teens, may have their sights set on sedans. Among overall respondents who don’t currently own a sedan, 78 percent would consider buying one, and younger respondents show an even higher affinity for the body style, according to Nissan’s research. Read more here.
Electric Pickups Are Coming, But Does Anyone Really Want Them?
Who needs an electric pickup? Why? There’s no evidence consumers are clamoring for battery-powered pickups, but the auto industry and investment communities can’t stop talking about them, reports The Detroit Free Press. Just this year Amazon and Ford have led investments topping $1.2 billion in Plymouth-based electric vehicle startup Rivian. Rivian’s EV pickup program also led to a technology sharing deal with Ford. On top of that, GM and Ford are racing to sell their own electric pickups. Tesla has promised one, too, in keeping with the EV specialist’s record of promising everything except consistent profits. That’s a lot of action for a type of vehicle whose track record so far consists of the short-lived Ford Ranger, a 1998-2002 compact pickup with electric systems so basic you couldn’t sell a lawn mower with ‘em today. There’s no evidence the people who buy pickups are clamoring for EVs. Why the rush? Read more by clicking here.
These Are the Cheapest 2019 Cars and SUVs to Buy and Hold On To
Some vehicles are inherently cheaper to own over the long haul than others, and we’re not just talking about the up-front transaction price, writes Forbes. You'll need to look deep into a given model’s long-term operating costs to determine what you’ll actually pay to own it over time. These include depreciation, fuel economy, maintenance and repairs, insurance premiums, and other variables. Generally, these factors become more critical with costlier vehicles, simply because there’s more money at stake to lose. Forbes is reporting on the average cheapest 2019 cars and SUVs to own over a five year period, assuming 15,000 miles driven annually. Click here to read more.
10 Key Market Trends – 2019 Spring Update
Jonathan Smoke, Chief Economist at Cox Automotive, provides an update on the Key Trends that, earlier in the year, were predicted to have the greatest impact on the automotive industry in 2019. Read more.
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