{"id":23557,"date":"2023-10-01T06:14:50","date_gmt":"2023-10-01T06:14:50","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/evs-are-setting-records-but-theres-a-wake-up-call-in-the-data\/"},"modified":"2023-10-01T06:14:51","modified_gmt":"2023-10-01T06:14:51","slug":"evs-are-setting-records-but-theres-a-wake-up-call-in-the-data","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=23557","title":{"rendered":"EVs Are Setting Records. But There\u2019s a Wake-Up Call in the Data."},"content":{"rendered":"
\n

Electric-vehicle sales are setting U.S. records. This past week, Cox Automotive updated its U.S. forecasts, saying all new-car sales should come in at about 15.4 million units this year, up from 2022\u2019s 14.2 million but trailing prepandemic sales of nearly 17 million. As for EVs, this-quarter unit sales should come in just about 300,000, up 48% year over year, and a record 8% of new-car sales.<\/p>\n

\n

That\u2019s where the good EV news ends. EV dealer inventories are running at 97 days of demand, compared with 57 for traditional vehicles, a sign that the industry has made too many EVs.
\n Ford Motor\u2019s<\/span>
\n U.S. EV sales rose 6% year over year through August, while
\n Tesla\u2019s<\/span>
\n grew 30% from a year earlier in the first half. Production delays explain some of Ford\u2019s growth, but EV demand is also an issue.<\/p>\n

Cox projects that EV sales will account for 23% of all new-car sales in California in the third quarter, while the figure in Michigan and Ohio\u2014Ford and
\n General Motors
\n country\u2014is 3%. Both have lots of assembly plants and employees there, but locals aren\u2019t rushing to buy EVs. One reason: cold weather, which can cut EV range by 20%-25%. One solution: heat the cabin while the car is plugged in. <\/p>\n

Ford and GM should be explaining that to customers. They could also offer more incentives or home-charging hookups to drive sales. They\u2019d better. The EV industry is out of the early-adoption phase when any cool new model would sell. Now, it\u2019s all about smart marketing and incentives. <\/p>\n

Write to <\/strong>Al Root at allen.root@dowjones.com<\/p>\n

Last Week<\/h4>\n

Markets<\/h2>\n

Treasury bond yields rose, sending stocks down as September ended, oil rose, and Congress staggered toward a government shutdown. On the week, the
\n Dow Jones Industrial Average
\n was off 1.34%, the
\n S&P 500
\n fell 0.74%, and the
\n Nasdaq Composite
\n gained 0.06%. The S&P 500 fell 3.65% for the quarter, its first down quarter this year. <\/p>\n

Companies<\/h2>\n

Hollywood writers reached a tentative agreement with the studios after a nearly five-month strike.
\n Ford Motor
\n suspended construction of a $3.5 billion EV battery plant that would have used Chinese battery technology. The auto workers expanded their strike against Ford and
\n General Motors.<\/span>
\n The Federal Trade Commission and 17 state attorneys general sued
\n Amazon.com
\n for \u201cusing a set of interlocking anticompetitive and unfair strategies to maintain its monopoly power.\u201d A New York State judge ruled that former President Trump fraudulently inflated the value of his assets.
\n China Evergrande Group
\n suspended trading in Hong Kong after its founder came under police surveillance. <\/p>\n

Deals<\/h2>\n

Amazon took a $1.25 billion stake in AI firm Anthropic, which could go to $4 billion… Wells Fargo agreed to partner with asset manager Centerbridge in a $5 billion private credit fund to lend to midsize companies. Abu Dhabi\u2019s sovereign-wealth fund and Canadian pension fund British Columbia Investment Management have already agreed to equity commitments…Start-up food delivery service Wonder Group said it is buying
\n Blue Apron
\n for $103 million. <\/p>\n

Write to <\/strong>Robert Teitelman at bob.teitelman@dowjones.com<\/p>\n

Next Week<\/h4>\n

Monday 10\/2<\/h2>\n

The Institute for Supply<\/strong> Management releases its Manufacturing Purchasing Managers\u2019 Index for September. Consensus estimate is for a 48 reading, slightly higher than the August figure. The ISM releases its Services
\n PMI
\n on Wednesday. Expectations are for a 53.5 reading, one point less than in August.<\/p>\n

Tuesday 10\/3<\/h2>\n

The Bureau of Labor<\/strong> Statistics releases the Job Openings and Labor Turnover Survey for August. Economists forecast 8.8 million job openings, roughly even with the July data. Job openings are down 27% from their record peak in March 2022 but remain above historical averages. Fed Chairman Jerome Powell recently said that \u201calthough the jobs-to-workers gap has narrowed, labor demand still exceeds the supply of available workers.\u201d<\/p>\n

Friday 10\/6<\/h2>\n

The BLS releases<\/strong> the jobs report for September. The consensus call is for nonfarm payrolls to increase by 155,000, while the unemployment rate is expected to edge down to 3.7% from 3.8%. Jobs growth has cooled recently from the blistering pace of the past two years. The three-month average through August was a gain of roughly 150,000, compared with an average increase of 438,000 a month for the two years through May 2023.<\/p>\n

Email: <\/strong>editors@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Electric-vehicle sales are setting U.S. records. This past week, Cox Automotive updated its U.S. forecasts, saying all new-car sales should come in at about 15.4 million units this year, up from 2022\u2019s 14.2 million but trailing prepandemic sales of nearly 17 million. As for EVs, this-quarter unit sales should come in just about 300,000, up<\/p>\n","protected":false},"author":1,"featured_media":23558,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-23557","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nEVs Are Setting Records. But There\u2019s a Wake-Up Call in the Data. | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Electric-vehicle sales are setting U.S. records. 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