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Hyundai Research and Development of the World's First Fingerprint Authentication System
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By AutoZone
MEMPHIS, Tenn. , Nov. 19, 2024 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO), the leading retailer and distributor of automotive replacement parts and accessories in the Americas , will release results for its first quarter ended Saturday, November 23, 2024 , before market open on Tuesday,
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By Counterman
New research by the Specialty Equipment Market Association (SEMA) is shedding light on the latest trends and developments in vehicle lifecycles and providing new insights for those who provide parts for accessorizing and modifying the more than 289 million vehicles in the US.
Findings in the new
link hidden, please login to view include: Vehicles are staying on the road longer, a continuing trend. The average U.S. vehicle age is now at 12.6 years, its highest number in over a decade. Passenger cars are now an average of 14 years old (up from 13.6), while light trucks rose slightly to 11.9, from 11.8. Used-car market ticks downward but remains historically high. The average listing price of a used vehicle in the U.S. is $25,251, as of July 2024. Car values have fallen faster than that of light trucks, with the sharpest decrease in overall vehicle value found in EVs (-11%). Stabilization of new vehicle prices offset by continued climb of interest rates. The average new vehicle price sits at $48,644, down slightly from the year prior, and halting a dramatic climb that began in the beginning of 2021. However, interest rates for new and used vehicles continue to hound buyers, remaining significantly higher than those offered in 2021-2022, regardless of loan-term length. Automakers are producing fewer entry-level vehicles. While new vehicle inventory in 2024 has reached a three-and-a-half-year high, small cars and other entry-level vehicles (those priced below $20,000) make up just 0.7% of the market, compared with 7% five years ago. This lack of affordability has a profound impact on younger people, who are historically more price-sensitive than older drivers. Two decades of increasingly dependable vehicles. Since 2003, vehicles have exhibited fewer problems, highlighting a growing reliability that is a boon to consumers. However, recent years have yielded an increase in vehicle issues tied to new technology-based automotive features, including driving assistance and infotainment systems — a trend that could impact future dependability. The nation’s fleet of vehicles is growing. The past year saw the net addition of 3 million more vehicles to the roads, with crossovers (72.7 million) closing the gap with passenger cars (89.2 million) as the dominant segment of the entire fleet. However, compared to 10 years ago, vehicle registrations skew more heavily toward light trucks than cars. The specialty-equipment aftermarket continues to grow — and is expected to keep growing. Specialty equipment retail sales in 2023 surpassed $52.3 billion and are forecasted to grow to more than $57 billion by 2026. The research also reveals trends across four categories of vehicles (Classic, Aged, Core and Modern), highlighting age, popularity, usage and consumer spending habits. For accessorizing, pickups and muscle cars are the top choice for enthusiasts. Meanwhile, vehicles in the Aged category are driving spending for performance products, as a way to refresh their older vehicle. Aftermarket product spending for Modern and Core vehicles was primarily (59% and 54%) on accessory and appearance products, while 43% of spending on Classic vehicles was for performance products.
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By shelitaauto
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link hidden, please login to view Source: Gasgoo
South Korea’s
link hidden, please login to view Group said on July 1 that it is seeking to seize an early lead in the booming automotive market in Southeast Asia, thanks to its established presence in several countries in the Association of Southeast Asian Nations (ASEAN). The group said that its first automotive manufacturing plant in the ASEAN region, Hyundai Motor Manufacturing Indonesia (HMMI), produced 22,520 vehicles in the first quarter of this year, achieving an operating rate of 110.9%. Hyundai said that this figure was the highest among all its overseas factories during the same period.
Last year’s operating rate at HMMI was just 50.3%, showing that both demand and supply for Hyundai in the local market have grown rapidly in the past year.
Image source: Hyundai Motor
Hyundai Motor has committed to investing approximately $1.55 billion in HMMI by 2030. HMMI currently oversees the production of vehicles including the super-mini SUV Creta, compact multi-purpose vehicle Stargazer, mid-size SUV Santa Fe, and the award-winning electric vehicle IONIQ 5. Through May 31st of this year, HMMI has sold a total of 1,927,92 vehicles.
Hyundai also highlighted its electric vehicle battery production in Southeast Asia. The company established a joint cell factory with South Korean battery manufacturer LG Energy Solution in Karawang New Industry City, Indonesia, in June last year.
The joint venture, named HLI Green Power, began mass production of cells in April this year. Hyundai stated that the Kona Electric will be the first vehicle to feature cells produced in Southeast Asia. The company noted that this will make Hyundai the first automaker in Indonesia to have a complete production and sales chain for electric vehicles.
Hyundai sold 7,475 electric vehicles in Indonesia last year, accounting for 43.8% of the market and becoming the country’s largest electric vehicle seller. Hyundai stated that although it is leading in the electric vehicle market, Chinese electric vehicle brands are actively expanding their business in Indonesia and reiterated its plan to pay more attention to the ASEAN region.
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