This report helps automotive suppliers inform their legal and operational decisions to help address challenges and opportunities. Contact your Foley relationship partner, or John R. Trentacosta or Ann Marie Uetz, to follow up.
U.S. new light-vehicle sales in October reached an estimated SAAR of 13 million units to 13.1 millionunits, representing an increase from September 2021, but a decline of over 20% year-over-year.
U.S. fleet sales reached an estimated 1.39 million units for January – October, 42% lower than for the same period in 2019 and just 1% higher compared to the same period in 2020.
New analysis from IHS Markit addresses concerns over the stability of magnesium supplies, which have recently experienced significant price increases.
The U.S. House of Representativesapproved a bipartisan $1.2 trillion infrastructure bill that is expected to be signed by President Biden.
The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) released the Emergency Temporary Standard (ETS) pertaining to COVID-19 vaccination requirements for large private employers. Subsequently, a federal appeals court in New Orleans temporarily stayed the regulation in order to pursue additional briefing on the matter [This topic continues to evolve].
Fordwill require the majority of its U.S. salaried workforce to be fully vaccinated against COVID-19 by December 8.
Autonomous truck companies Einride, Gatik and TuSimple, recently announced updates involving collaborations with GE Appliances, Walmart, and UPS, respectively.
Electric vehicles and low emissions technology:
Rivian raised its IPO price range according to an updated filing, and it now reflects a potential valuation of approximately $65 billion.
GMwill stop production of the Chevrolet Bolt at its Orion Assembly Plant in Michigan for three weeks beginning November 15.
The U.S. Department of Energyprovided $128 million to Daimler Trucks North America, Ford Motor Co., General Motors, Paccar Inc. and Volvo Group North America as part of its SuperTruck 3 initiative to advance electrified truck technologies.
The Illinois legislature recently passed a number of tax incentives for EV manufacturers as part of House Bill 1769.
U.S. borders have reopened to fully vaccinated noncitizen travelers; more detail on requirements can be found via the State Department.
Toyota reported a 33% increase to net income for the July – September period, and raised its full-year operating profit forecast by approximately 12% to 2.8 trillion yen for the fiscal year ending March 31, 2022.
Honda reported a 31% drop in its fiscal second quarter profit, and lowered its full-year profit forecast from $5.9 billion to $4.9 billion for its fiscal year ending March 31, 2022.The revision is due to the effects of the ongoing chip shortage, as well as rising material costs.
GM will invest over $46 million to upgrade its metal stamping plant in Parma, Ohio in order to support future vehicle programs.
DuPontplans to acquire engineering materials maker Rogers Corp. for approximately $5.2 billion, to assist with growth opportunities in advanced auto electronics and electric vehicles.
Connected/Autonomous Vehicles and Mobility Services
Autonomous delivery vehicle developer Nuroraised $600 million in a Series D funding round from investors including Tiger Global Management and Kroger.
Alphabet’s self-driving unit, Waymo, will use lidar-equipped vehicles to start mapping New York City. Waymo has not announced plans to test or launch autonomous vehicles commercially in the city.
Waymo named Arezoo Riahi as its first director of diversity, equity and inclusion. Riahi was most recently with Autodesk.
Electric Vehicles and Low Emissions Technology
Tesla and Hertz are reported to be discussing the timetable for fulfilling the rental car company’s recent bulk order of 100,000 Tesla Model 3 sedans, which CEO Elon Musk indicated were not part of a formal deal.
Nikola Corp. has set aside $125 million, and may seek reimbursement from its founder, for a potential settlement with the U.S. Securities and Exchange Commission over fraud allegations.
The Department of Justice has opened an investigation into EV startup Workhorse, according to The Wall Street Journal. The company was previously reported to be under investigation by the Securities and Exchange Commission.
Fisker Inc. formed a battery supply deal with Chinese battery maker Contemporary Amperex Technology Co. Ltd (CATL) for its flagship model, the Fisker Ocean SUV.
Tesla issued a recall affecting nearly 12,000 vehicles to address false collision warnings resulting in unnecessary automated emergency braking in vehicles operating its Full Self-Driving Beta software.
Prepared by Julie Dautermann, Competitive Intelligence Analyst
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