Hello, Transmission members!
You know that your corner of the automotive industry isn’t exactly niche anymore when mainstream media outlets start encroaching on the topic. That’s the case today, as exemplified by an NPR segment Thursday morning discussing electric vehicle battery components.
That’s as good a place as any to start the newsletter, since the sourcing of advanced vehicle components is only going to get more and more important — in other words, more and more newsworthy — as the...
Kevin Hill is used to delivering hot sales advice for the freight markets, but what about selling an entire city? On this episode of Put That Coffee Down, Hill and FreightWaves Lead Economist Anthony Smith talk to Teclo Garcia, economic director of Laredo, Texas, about how he sells his city as a place for businesses to call home.
The Port of Laredo is the top inland port along the U.S.-Mexico border, and according to the U.S. Census Bureau saw over $200 billion in imports and exports in 2020....
https://s29755.pcdn.co/news/gscw:-selling-a-city-—-put-that-coffee-down
The North American trade agreement ratified last year could encourage more motor vehicle production in the U.S., a representative for BNSF (NYSE: BRK) said last month on a panel about the new trade deal’s effect on the North American automotive market.
“As we look forward to the next decade, it will be very interesting — lots of change and lots of opportunities as we continue to support this market,” said David Fleenor, BNSF assistant vice president for automotive, during a session at last...
https://www.freightwaves.com/news/could-more-cars-be-made-in-america-after-usmca?
Disruptions caused by the coronavirus pandemic and budget cuts will cost an additional 1,063 people their jobs, according to a new round of worker reduction notices to state officials on Friday.
According to reports, Southwest Airlines, auto parts supplier Hilite Industries Automotive and grocery store chain Tom Thumb are among the businesses that have conducted layoffs in recent days.
Dallas-based Southwest Airlines (NYSE: LUV) has issued 1,322 furlough warnings to employees across Texas since...
P.A.M. Transportation Services (NASDAQ: PTSI) reported a “marked improvement” during the third quarter as the truckload (TL) industry distanced itself from a second quarter that displayed steadily improving demand trends, albeit off of a low base, and incremental costs associated with COVID-19.
The Tontitown, Arkansas-based carrier reported net income of $6 million or $1.04 per share. Excluding losses from investments in equity securities, the carrier reported adjusted net income of $6.4...
https://s29755.pcdn.co/news/pam-transportations-q3-well-ahead-of-forecasts
Chris Thomas exudes a quiet intensity when he speaks about how he identifies the mobility-focused startups he is seeking for his new fund, Assembly Ventures.
He wants to coach as much as invest. He wants to leverage more than a decade of relationships with C-suite executives to neutrally arrange engagements and marriages for the companies Assembly Ventures adopts.
At 42, Thomas has the pedigree. He comes from a middle-class public school upbringing. After attending Michigan State and Yale...
https://s29755.pcdn.co/news/assembly-ventures-seeks-to-turbocharge-young-mobility-companies
Prompted by a new trade agreement and increasing demand for its product, Kyungshin Cable recently completed a $20 million expansion at its factory in Durango City, Mexico.
The South Korea-based company, which produces wire harnesses for the automotive industry, expanded the production capabilities of its Durango City plant and doubled the workforce to around 400 employees.
Kyungshin is transferring production from South Korea to Mexico to comply with the new country-of-origin provisions in the...
https://www.freightwaves.com/news/usmca-pushes-asian-company-to-expand-in-mexico
P.A.M. Transportation Services (NASDAQ: PTSI) on Thursday reported a net loss of $823,000, 14 cents per share, which includes investments in equity securities. Excluding the investments, the dry-van truckload (TL) carrier lost 43 cents per share. Analysts’ estimates were for a profit of 15 cents per share.
The Tontitown, Arkansas-based carrier reported a 30% year-over-year decline in total revenue to $93 million as truck loads were down 26% and revenue per mile excluding fuel fell 7%. Revenue...
https://www.freightwaves.com/news/auto-manufacturing-woes-sink-pam-transportations-q2
Volvo Cars is facing supply chain issues from factories in Mexico, according to CEO Hakan Samuelsson.
Samuelsson said supplier issues in Mexico and lower demand for its S60 sedans were partly to blame for the Ridgeville, South Carolina, plant being idle since June 3.
“First is the disturbances in the supply of parts from Mexico. But it is also a supply-and-demand issue for the S60. There is definitely a market trend toward SUVs,” Samuelsson said Tuesday in Automotive News Europe.
Volvo’s...
https://s29755.pcdn.co/news/parts-shortage-from-mexico-slows-volvo-plant-in-us
After more than two months of shutdowns and delays, Mexico’s automotive manufacturing industry showed signs of life, producing 238,946 units in June, according to a new report from Mexico’s National Institute of Statistics and Geography (INEGI).
The Mexican auto production industry still registered a 29% decline in June compared to the same period in 2019. But the figure is a significant improvement over the historic 98% and 94% declines in April and May, said Fausto Cuevas, director general of...
https://www.freightwaves.com/news/mexicos-automotive-manufacturing-industry-stems-bleeding