Automakers reported strong June sales in the United States. Riding a wave of truck sales and new crossovers, GM posted a 4.6% increase for the second quarter and increased its market share to 16.6%. Ford increased total sales in June by 1.2% over June 2017, and increased SUV and truck sales by 8.9% and 3.2%, respectively. FCA reported its best June retail sales in 14 years, with Jeep increasing sales by 19% for its best June sales to date.
Recently, Representative Peter Welch of Vermont introduced legislation restructuring the planned phase out for the current electric vehicle $7500 federal tax credit. As has been discussed in great detail in this blog, the current electric vehicle incentives begin to phase out individually for each manufacturer when that manufacturer delivers its 200,000th electric vehicle. As a policy mechanism, the federal electric vehicle tax incentives positively influence both consumer and automotive manufacturer market behavior. When implemented correctly, consumers will shift toward purchasing eco-friendly electric vehicles and manufacturers will ramp up electric vehicle research and development, ultimately leading to higher production volumes. By combining the benefits to both consumers and manufacturers, these incentives can build a trend toward a growing and ultimately sustainable electric vehicle market devoid of any external incentives.
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The commercial and legal environment on product safety in vehicles, auto parts and other products has substantially changed in Mexico in 2018. Automotive parts manufacturers carrying out business activities in Mexico should now be implementing increased efforts to comply with and properly react to new legislation, policies, recall procedures and safety standards that are now applicable in Mexico.
Michigan, the cradle of the American automotive industry, has made no secret of its desire to remain an industry leader in mobility as the industry continues to evolve. On May 30, 2018, Michigan announced a new $8 Million Michigan Mobility Challenge grant that would be available to fund new mobility projects across the state. The “mobility industry” is a term of art, the exact definition of which often depends on who is being asked. Generally speaking, the term is used to refer to a variety of products and services involved in the business of how people get around, including everything from traditional automotive manufacturers, to ride hailing apps, to autonomous public transportation.