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Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.

Solid-state batteries: Why Toyota's plans could be a game-changer for EVs

Word out of Japan today is that Toyota is working on launching a new solid-state battery for electric vehicles that will put it solidly in the EV game by 2022. Which leads to a simple question: What is a solid-state battery, and why does it matter? Back in February, John Goodenough observed, "Cost, safety, energy density, rates of charge and discharge and cycle life are critical for battery-driven cars to be more widely adopted." And risking a bad pun on his surname, he seemed to be implying that all of those characteristics weren't currently good enough in autos using lithium-ion batteries. This comment is relevant because Goodenough, professor at the Cockrell School of Engineering at the University of Texas at Austin - it so happens, he turns 95 today - is the co-inventor of the lithium-ion battery, the type of battery that is pretty much the mainstay of current electric vehicles. And he and a research fellow at U of T were announcing they'd developed a solid-state battery, one that has improved energy density (which means a car so equipped can drive further) and can be recharged more quickly and more often (a.k.a., "long cycle life") than a lithium-ion battery. (Did you ever notice that with time your iPhone keeps less of a charge than it did back when it was shiny and new? That's because it has a limited cycle life. Which is one thing when you're talking about a phone. And something else entirely when it involves a whole car.) What's more, there is reduced mass for a solid-state battery. And there isn't the same safety concern that exists with li-ion batteries vis-a- vis conflagration (which is why at airplane boarding gates they say they'll check your carryon as long as you remove all lithium-ion batteries). Lithium-ion batteries may be far more advanced than the lead-acid batteries that are under the hood of essentially every car that wasn't built in Fremont, Calif., but as is the case with those heavy black rectangles, li-ion batteries contain a liquid. In the lithium-ion battery, the liquid, the electrolyte, moves the lithium ions from the negative to the positive side (anode to cathode) of the battery. In a solid-state design, there is no liquid sloshing around, which also means that there's no liquid that would freeze at low operating temperatures. What Toyota is using for its solid-state battery is still unknown, as is the case for the solid-state batteries that Hyundai is reportedly working on for its EVs.

Union to launch Toyota organization drive in Canada

Toyota may be heading toward some labor issues in the Great White North, as employees at a pair of Canadian Toyota factories may be set for a certification vote. The Unifor union, which was the result of a merger last year between the Canadian Auto Workers and the Communications, Energy and Paperworkers union, will be holding the vote.
Over 40 percent of the employees at the Woodstock and Cambridge, Ontario factories have signed union cards, cresting the minimum percentage required to instigate a legal certification vote, according to Reuters. The Woodstock factory is responsible for RAV4 production, while Cambridge builds the Lexus RX350 and RX450h, as well as the Toyota Corolla. The two factories employ nearly 7,000 people.
It's unclear when the union will hold a certification vote at the two factories, but what is rather clear are the worker complaints. Employees are concerned about workers being hired on temporary contracts which lack the benefits of full employment, John Aman, head of organizing for Unifor, told Reuters.