Chairman Steve Gates Sits Down with Rep. Andy Barr
In the latest installment from Dealers Make An Impact, AIADA Chairman Steve Gates sits down with Representative Andy Barr (R-KY) to discuss the importance of dealer activism, the many issues facing the U.S. auto industry, and even what kind of car he drives (hint: it’s an international nameplate).
Check out the video below or by clicking here.
Senators Propose New Tax Credit for Chip Manufacturing
A bipartisan group of U.S. senators on Thursday proposed a new 25 percent investment tax credit for investments in semiconductor manufacturing as Congress works to speed U.S. chip production amid a global shortage, reports Automotive News. The proposal sponsored by Senate Finance Committee Chairman Ron Wyden and the top Republican Sen. Mike Crapo along with Mark Warner, John Cornyn, Debbie Stabenow, and Steve Daines would provide "reasonable, targeted incentives for domestic semiconductor manufacturing," they said in a statement. Last week, the Senate voted 68-32 to approve spending $52 billion to increase U.S. production and research into semiconductors and telecommunications equipment, including $2 billion dedicated to chips used by automakers. Read more here (Source: Automotive News).
U.S. Safety Agency Probes 10 Tesla Crash Deaths Since 2016
U.S. auto safety regulators said on Thursday they have opened 30 investigations into Tesla crashes involving 10 deaths since 2016 where advanced driver assistance systems were suspected of use, reports Reuters. The National Highway Traffic Safety Administration (NHTSA) released a list offering details about crashes under review by its Special Crash Investigations programs. The agency had already confirmed some specific Tesla crash investigations but had not previously released to Reuters a full accounting of all Tesla crashes investigated where Tesla's Autopilot system was suspected of being involved. Of the 30 Tesla crashes, NHTSA has ruled out Tesla's Autopilot in three and published reports on two of the crashes. Read more here (Source: Reuters).
Lordstown Clarifies That Vehicle Purchase Agreements Aren't Binding Orders
Lordstown Motors Corp. said in a securities filing that although it has struck vehicle-purchase agreements with fleet-management companies, the agreements don’t represent binding purchase orders. According to The Wall Street Journal, the clarification on Thursday comes after the troubled electric-truck startup’s president told reporters Tuesday the company had “pretty binding” preorders and enough interest from potential buyers to sustain factory output through the end of 2022. Shares were down about 1% Thursday morning. The company’s stock rose after its president’s comments and closed Tuesday having gained 11.3%. Lordstown Motors and several rival electric-vehicle challengers have experienced a reversal of fortune in recent months, going from being among Wall Street’s hottest investments to targets of short sellers, financial regulators and critics doubting their futures. Read more here (Source: The Wall Street Journal).
Hyundai Sets Launch of U.S. BEV Production for 2022
Hyundai intends to start building electric vehicles in the U.S. very soon, says José Muñoz, president and CEO of Hyundai Motor North America and global chief operating officer for South Korea’s Hyundai Motor Co. Parent Hyundai Motor Group, including the Kia, Hyundai, and Genesis brands, intends to invest $7.4 billion in the U.S. by 2025. A significant part of that investment is dedicated to starting production of EVs in the country, Muñoz says Monday during a Reuters webinar. “Very soon, we want to start producing EVs in the U.S.,” Muñoz says. In an announcement last month, Hyundai Motor Group says it is targeting 2022 for starting U.S. EV production. Read more here (Source: WardsAuto).
Around the Web
Porsche is Developing a System to Compose Unique Music for Your Drive [Autoblog]
Canoo Reveals Plans to Build Vehicles in Oklahoma, Netherlands [The Detroit Bureau]
Why the Used-Car Market is Sending American Inflation Soaring [The Economist]
With Car Prices Surging, Yours is a Prime Target for Thieves [CNBC]
