Change In Management

BMW has named Walter Mertl as its new CFO. Mertl will replace current CFO Nicolas Peter, who is retiring in May.

Closing

BASF is closing its Ludwigshafen facilities in Germany due to high raw materials and energy prices. The site is the world's largest integrated chemical complex and employs 2.6k workers.

Cyber Security

New data suggests that automakers aren't paying white hat hackers as well as other industries, which could be a big problem. By not compensating those that find flaws in their products, their products will be more vulnerable and targeted by hackers.

Expanding

Stellantis will use its Cassino, Italy, assembly plant to produce EVs based on its STLA Large platform.

Human Capital

GM is offering buyouts to most of its salaried workers in the US and some global executives to trim costs. The automaker has around 58k salaried workers in the US.

Cruise, GM's AV unit, is following in Waymo's footsteps by focusing on cost-cutting measures this year.

Industry Directions

Ford has filed a patent for an autonomous vehicle that could repossess itself if a driver misses a car payment.

Litigation

Hyundai and Kia supplier Ajin USA will pay $1.3M in penalties over safety violations that resulted in the 2016 death of a machine operator in Alabama. After the incident, OSHA cited Ajin for 51 safety violations, including 48 willful violations.

Opening

VW-backed EV maker Scout Motors has announced that it will build its first US plant in Columbia, South Carolina. The $2B plant will create 4k jobs and build electric trucks and SUVs.

Stellantis has reached a preliminary agreement with the government of South Africa to build its first assembly plant there by the end of 2025. The plant will produce vehicles for both the local market and for export.

Interior/exterior part maker STS Group is planning a new $32M plant in Salem, Virginia. The new plant will create 119 jobs.

Production Decrease

Slower-than-expected battery cell production in Ohio has held GM back from meeting demand for its Hummer and Lyriq.

Production Increase

With US auto sales on the rise, Ford plans to increase production of six models this year. To aid with the increase, the automaker will hire thousands at US and Mexico plants.

Regulation

NHTSA has started a probe into Tesla'a Model Y SUV after receiving two complaints that the steering wheels can fall off while driving. The investigation covers around 120k vehicles from the 2023 model year.

VW is reportedly pausing plans for EV battery plants in Europe as it waits for Europe's response to the US IRA. The "EU Green Deal" could come with up to $10.5B in incentives.

A Michigan House committed this week approved a proposal to repeal the state's controversial "right to work" law. The current law prohibits public and private unions from requiring non-union employees to pay union dues even if the union bargains on their behalf.

Risk Analytics

CAR: State of ADAS, Automation, and Connectivity (pdf)

Bloomberg analysts now believe ICE vehicle sales peaked in 2017.

Shutdown

Honda is halting production at its Honda Atlas Cars plant in Karachi, Pakistan, for the rest of the month due to issues with obtaining raw materials.