The Intersection 12-25-22

After the positive feedback we received from Automotive News subscribers on our first two Yearbooks, we’re happy to bring another one to you again on Monday.

While the COVID-19 threat diminished somewhat (except in China) and there appears to be relief from the global microchip shortage on the horizon, 2022 was no less chock-full of industry-impacting happenings than the previous couple of crisis-defined years.

At the top of our biggest stories of the year, as voted on by our editors, was Sen. Joe Manchin twisting Congress’ arm on electric vehicle tax credits, leading to the passage of the Inflation Reduction Act. See the rest of our choices for the year’s top 10 in Monday’s special issue.

Also in this 88-page keepsake, we’ll run a number of our signature features from the year. Just a small sampling:

■ Automotive News awards, including Best Dealerships To Work For, All-Stars, PACE Awards and Notable Military Veterans.
■ Data lists, including Top 150 dealership groups, top 100 used-vehicle retailers, top 100 parts suppliers to North America and U.S. vehicle sales by nameplate.
■ A compilation of our Future Product Pipeline series, which shows all automakers’ U.S. vehicle plans through 2026.

We hope you keep this handy reference guide on the desk throughout the coming year. And we hope you loyal subscribers make room for the Yearbook again when 2023 winds down.

— Omari Gardner      

In Monday’s Automotive News:

The best of Leo Michael: From bigger and bigger SUVs to an old-fashioned Carvana vending machine and a disturbing lack of cars for dogs to chase, Leo Michael has placed his spin on a year’s worth of news stories and topics. Automotive News bundles his best from 2022 in this end-of-year look at Michael’s sharp eye.

Another wave of EVs in 2023: Crossovers and pickup trucks dominate the list of key showroom introductions in the year ahead, though some top-selling cars also will undergo makeovers, with Honda rolling out its 11th-generation Accord. Chevrolet and Toyota have ambitious launch schedules planned, while Ford and Honda have at least two major launches on deck. It will be a quiet year for Nissan, Jeep, Hyundai and Kia. With solid market gains in 2022, each have another key EV on deck. 

Weekend headlines

NHTSA probes two more Tesla crashes: The National Highway Traffic Safety Administration says it has opened two new investigations into crashes involving Tesla vehicles where advanced driver assistance systems are suspected to have been in use. The new probes are of an eight-vehicle crash on Nov. 24 on the Bay Bridge in San Francisco and another in Ohio involving a 2020 Model 3 where a minor injury was reported.

LIFO relief for dealers passes Senate; no vote from House: As the 117th Congress wound down, the Senate passed bipartisan legislation that would provide dealers LIFO tax relief. However, the House did not vote on its version of the LIFO relief bill on its final day Friday.

CarMax Q3 retail used-vehicle sales fall 21% as net income plunges 86%: CarMax’s fiscal third-quarter earnings miss fueled further concerns about the state of used-car affordability and a larger, lingering slowdown in the used-car market. The used-vehicle giant slowed its inventory purchases from consumers in light of steep market depreciation in wholesale prices in the quarter ended Nov. 30.

TuSimple to lay off 25% of workforce: TuSimple says it will lay off nearly 350 employees as the self-driving truck company seeks to chart a course out of the economic upheaval that has been raging throughout the year. The company said it expects to record a one-time charge of nearly $10 million to $11 million, most of which would be recorded in the fourth quarter.

Buick dealers’ EV bill: Buick dealers who choose to stay with the brand will need to invest at least $300,000 to $400,000, on average, to sell its future electric vehicles. Buick plans to shift to an all-EV lineup by 2030 and has said it does not plan to introduce any new gasoline-powered vehicles after 2024. GM has offered to buy out any U.S. dealers who don’t want to make the investment.

New global chief for Genesis: Hyundai Motor Group elevated Genesis global COO Mike Song to executive vice president and global head of the Genesis business division. He will oversee the luxury marque’s global presence, lead its transition to an all-electric brand, and develop growth and market opportunities. Song steps into a role held by Jay Chang, who will remain CEO and president of Hyundai Motor Co.

Dec. 31, 1992: Lee Iacocca retires from Chrysler Corp. and is succeeded by General Motors Europe chief Bob Eaton. Iacocca had been CEO since 1979.