EVs – Global EV sales increased 62% y/y to 7.8 million in 2022, accounting for 10% of total sales, according to data from LMC Automotive and EV-Volumes. In Europe and China EV sales accounted for 11% and 19% respectively. In Germany EV sales accounted for 25% of production for the year and in Dec EV sales surpassed ICE sales for the first time.
Ford – Ford Motor plans to cut about 3,200 jobs across Europe, following workforce reductions in the US as the automaker slashes costs in a shift toward electric vehicles. A majority of the affected positions are concentrated in Germany affecting roles in product development and administrative areas. The reductions would affect roughly 65% of development jobs in Europe as the activity is set to be relocated to the US.
Ford – Ford Motor is in talks with Chinese electric-vehicle maker BYD over the sale of a manufacturing plant in Germany, according to WSJ report. Officials from Ford’s management in Germany are planning to travel to China next week to discuss the potential sale of a plant in Saarlouis, where vehicle production is slated to end in 2025. Ford produces its Focus compact model there. Terms of the deal, including a price, were not reported.
Hyundai – Hyundai forecasts an ambitions 54% growth in EV sales globally for 2023, ahead of market forecasts for 40- 45% growth. The company is also targeting 150% increase in EV sales in the US. The company reported tripling of 4Q operating profits Y/Y, while revenue increased 24%
Tesla – Tesla reported 4Q revenue and EPS ahead of investor expectations despite a sharp decline in profit margins. Tesla noted the recent price cuts globally have driven a surge in orders to almost twice the rate of production for the company. CEO Elon Musk described the order trend in January as the strongest it has seen YTD in the company’s history. For 2023 Tesla forecasts to deliver 1.8 million units, reflecting a 37% increase, below last year’s 40% growth. Mr. Musk noted however that production has the potential to hit 2mm in the absence of supply constraints.
Volvo – Swedish truck maker Volvo expects supply chain struggles to linger near term. Volvo reported 21% y/y increase in profits, ahead of consensus expectations. The company also highlighted pressures on Volvo’s supplier base from high energy prices and input costs.
US Auto sales – January new-vehicle sales in the US are expected to show a surprising gain when announced next week, even though market conditions have not appreciably changed, according to Cox automotive. Jan SAAR is expected to finish near 15.6m, a large increase from Dec’s 13.3m however a large portion of the gain comes from statistical adjustments that correct for fewer sales in Jan and Feb according to Cox. Y/Y Jan-23 sales are expected to grow 3%.
