Plenty going on around the world this week.
1. The Chinese Hummer has arrived.
Chinese automaker Dongfeng, the second-largest in the Middle Kingdom, has decided to launch a new SUV brand aimed at appealing for those who want a tactical, militaristic look. The brand is named Mengshi, which means “Warrior” in Mandarin, and the two concepts it revealed at an event certainly look the part. Both are all-electric and come with all kinds of advanced goodies. Many are calling this the GMC Hummer copycat and I can see why.
Check out the details here.
2. Honda cuts production because of supply chain woes.
The auto industry just can’t seem to cut a break with supply chains, as is the case with other industries. Honda is really taking it on the nose, reportedly cutting output at its Japanese factories by up to 40% for the early part of September. Honda brass is blaming two factors for these manufacturing disruptions: semiconductor and component shortages. The specter of covid shutdowns continue to haunt us all.
Read more here.
3. Porsche’s IPO is getting mixed reactions.
Porsche is going public with a big IPO, but some investors think the timing what with the war in Ukraine and energy crisis in Europe is poor. Porsche is also warning of illegal schemes where people are selling shares early. How well this goes will be interesting to observe.
Learn more about what’s known here.
4. Sailing ships are making a comeback.
It’s becoming increasingly apparent all the jokes about rolling out transport system back to horses and buggies to combat climate change isn’t all that far off. MSNBC unironically ran a story about wind-powered cargo ships to cut emissions. It’s like we’re going backwards for “progress.” What’s next, bicycles replacing motorcycles? That’s already been happening.
Check it out for yourself here.
5. Toyota production has slowed, again.
In general, the auto industry is struggling to build cars, which isn’t good news for consumers. Many are focusing exclusively on Toyota’s troubles because they seem shocking for a company which has been able to weather all kinds of economic storms. Even though the Japanese automaker is off course so far in 2022, executives keep saying they believe the company will hit its projected production figures by the end of the fiscal year (which ends in March) through an aggressive uptick in production through November. We’ll see if this works.
Learn more about Toyota’s woes here.
6. Ford suffers another big recall.
Speaking of trouble, Ford really can’t catch a break in the past few years. The automaker was the one to cut production the most last year with the microchip shortages and it’s announced 11,000 layoffs in the past two months as it leans down in preparation for a big electrification push. Plus, the automaker has lost some rather expensive, high-profile court battles this year. Now, it’s enduring yet another big recall, this time for 277,000 trucks and cars because the rearview camera lens tends to fog up, rendering the camera useless. So far in 2022, Ford has issued about 50 recalls affecting over 7 million vehicles, more than any other automaker in this market.
Check it out for yourself here.
7. Giving them a big shove.
EV proponents are celebrating the actions of the Biden Administration and CARB to twist the arms of automakers, forcing them into compliance with their vision of an emissions-free future (even though EVs aren’t truly zero emissions – another topic for another time). There’s been a flurry of foreign automakers and suppliers announcing plans to construct EV and battery manufacturing facilities in the US as a result, including Hyundai, Bosch, Honda, and Toyota. This sounds great, but one of the big questions is how and from where will the automakers secure the necessary materials? Also, will the mandates hold up as those now-far-off-dates grow closer? Only time will tell.
8. It’s a horse.
Renault, Chinese auto giant Geely, and an unnamed oil group are reportedly negotiating the creation of a new a new entity called Horse. It would be focused just on producing internal combustion engine vehicles. Even though Nissan is partnered with Renault, it supposedly isn’t interested in such a partnership. Nobody wants to talk about this deal in the works, but it does show ICE cars aren’t going to slide quietly into the darkness.
Read about it here.
