Demand

Demand for new cars up 1.7% but industry warns over ‘weakness’

By ev3v4hn 7 months ago

Demand for new cars grew by 1.7% last month compared with lockdown-hit November 2020 but the automotive industry issued a warning about the market’s “weakness”.



Demand for new cars grew by 1.7% last month compared with lockdown-hit November 2020, figures show (Peter Byrne/PA)


© Peter Byrne
Demand for new cars grew by 1.7% last month compared with lockdown-hit November 2020, figures show (Peter Byrne/PA)

The Society of Motor Manufacturers and Traders (SMMT) said 115,706 new cars were registered in the UK last month.

Although that halts four consecutive months of year-on-year decline, the total was 31.3% down on the pre-pandemic five-year November average.

Battery electric vehicles represented nearly a fifth of the new car market last month.

SMMT chief executive Mike Hawes said: “What looks like a positive performance belies the underlying weakness of the market.

“Demand is there, with a slew of new, increasingly electrified, models launched but the global shortage of semiconductors continues to bedevil production and therefore new car registrations.

“The industry is working flat

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Demand Destruction Or Delay? | Investing.com

By ev3v4hn 10 months ago

by Adam Button

The week ahead starts quietly but the main highlight comes on Tuesday with the release of the US August report. Many economists believe this report could show the crest in pricing pressures, but the automotive industry offers a real-world model and road map to what’s coming next.

At the confluence of consumer-demand, Covid-shutdowns and the supply bottlenecks is the automotive industry. Hardly a Fed speech passes without a reference to the 45% y/y jump in used auto prices but it’s developed into an even thornier issue to deconstruct.

New auto sales also spiked during the pandemic and were on track for their best year in a decade before the chip shortage began to derail new car construction. As inventories were depleted, consumers slowly lost the ability to negotiate prices and companies dropped incentives.

If you arrive at a car lot today in the US, you’ll almost certainly

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Global Automotive Chip Ecosystem Market Report 2021: Key Issues that Auto OEMs Face Pertaining to Chip Demand and Supply – Vertical Integration as a Long-term Solution | News

By ev3v4hn 11 months ago

DUBLIN, July 26, 2021 /PRNewswire/ — The “The Global Semiconductor Chip Shortage Crisis and Its Effects on the Automotive Industry” report has been added to ResearchAndMarkets.com‘s offering.

This study takes a deep dive into the auto chip ecosystem and the best practices adopted by some OEMs to deal with the crisis; it also recommends risk mitigation strategies to handle future crises.

From an automotive and transportation standpoint, this study provides a global outlook of the ongoing crisis and analyzes its impact on OEMs, Tier I companies, and semiconductor manufacturers.

The rising trend of the electrification of vehicles has increased automakers’ dependency on semiconductor chips, making them a critical component in new-gen cars. Toward the end of 2020, the global shortage of semiconductor chips forced many OEMs to temporarily suspend vehicle production or reduce the working shifts in their factories.

Leading OEMs such as Honda, Toyota, Ford, GM, and

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Shopmonkey Announces $75 Million Series C Funding to Help Auto Shops Meet Increased Demand for Repair Services | State

By ev3v4hn 12 months ago

SAN JOSE, Calif., July 16, 2021 /PRNewswire/ — Shopmonkey, a SaaS company serving the automotive industry, has raised a $75 million Series C. This round of funding was led by previous investors Bessemer Venture Partners and Index Ventures, with participation once again from Headline and I2BF, plus new investor ICONIQ Growth. This funding will empower Shopmonkey to further innovate and grow, while continuing to provide top-quality service to the auto repair industry at a time of increased demand as drivers return to the road post-pandemic.

Auto shops are experiencing one of their busiest summers on record. As pandemic restrictions loosen, more and more drivers are excited to get out of the house and hit the road. With road trips on the rise, and used car sales on a trajectory to hit $1.3 trillion by 2027*, both regularly scheduled maintenance and unexpected repairs are in high demand. “As an

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