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Average new-vehicle transaction price hits a whopping new peak in December

Elevated prices for products and higher borrowing rates led to record high transaction prices for new vehicles in December, with the average cost in the U.S. rising to a record $49,507, according to data from Kelley Blue Book released today. The report notes that ATPs — average transaction prices — have climbed above suggested retail prices — MSRPs — for more than a year. Sales volumes were up in December on a year-over-year basis by more than 5%, a situation Kelley attributed to improved supply. Overall sales for 2022, however, were off 8% year over year. “The transaction data from December clearly indicates overall prices showed no signs of coming down as we headed into year-end,” said Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive. “Luxury prices fell slightly in December, but non-luxury transaction prices were up. Truck sales were particularly strong last month, and with many trucks selling for more than $60,000, a new record was all but inevitable.” Industry analysts claim the most obvious headwinds in the new car market are generated by higher interest rates, forced by the Federal Reserve's rate hikes intended to tame inflation, and by generally limited inventory. A recent report from J.D. Power showed that the average monthly payment for a new vehicle loan in December was $718, up $47 from a year ago. But 16% of consumers in December took out loans with monthly payments of over $1,000. Consumers think vehicles, and electric vehicles especially, are way too expensive. Fortunately, manufacturersÂ’ incentives, all but extinct in the past two years, are returning, especially in the electric-vehicle and luxury market, the Kelley data suggest. Plus, "With the new tax credits on the way, electric vehicle ATPs will drop lower for qualifying vehicles,” Rydzewski said. Non-luxury brands, such as Honda and Kia, showed particularly strong performance in December, with the average price paid at $45,578 — a record high and an increase of $994 month over month. Meanwhile, the average luxury buyer paid $66,660 for a new vehicle last month. Mercedes-Benz and Land Rover showed the most price strength in the luxury market, transacting between 2.6% to 6.5% over sticker price. But luxury brands Audi, BMW, Infiniti, Lexus, Lincoln, and Volvo showed the least price strength with some discounting in effect, selling 1% or more below MSRP in December, according to the survey.

BMW and Jaguar Land Rover to jointly develop electric car tech

FRANKFURT – BMW and Jaguar Land Rover on Wednesday said they will jointly develop electric motors, transmissions and power electronics, unveiling yet another industry alliance designed to lower the costs of developing electric cars. Both carmakers are under pressure to roll out zero-emission vehicles to meet stringent anti-pollution rules, but have struggled to maintain profit margins faced with the rising costs of making electric, connected and autonomous cars. "Together, we have the opportunity to cater more effectively for customer needs by shortening development time and bringing vehicles and state-of-the-art technologies more rapidly to market," said BMW board member Klaus Froehlich. BMW and Jaguar Land Rover said they will save costs through shared development, production planning and joint purchasing of electric car components. Both companies will produce electric drivetrains in their own manufacturing facilities, BMW said. The BMW Jaguar Land Rover pact comes as rivals FiatChrysler and Renault explore a $35 billion tie-up of the Italian-American and French carmaking groups. Nick Rogers, Jaguar Land Rover's engineering director said, "We've proven we can build world beating electric cars but now we need to scale the technology to support the next generation of Jaguar and Land Rover products." BMW was in talks with rival Daimler about developing electric car components but was also in discussions with Jaguar Land Rover, a company it once owned, to explore an alliance on engines. BMW already has a deal to supply an 8 cylinder engine to Jaguar Land Rover. Carmakers are increasingly open to sharing electric car parts because the technology is expensive and because customers no longer buy a car based on what engine a vehicle has. "Carmakers are much less precious about sharing electric car technology because it is much harder to create product differentiation with electric car tech. They all accelerate fast, and everybody can do quality and ride and handling," according to Carl-Peter Forster a former chief executive of Tata Motors and a former BMW executive. Jaguar Land Rover is still run by former BMW managers, including Ralf Speth the company's chief executive who spent 20 years at BMW prior to joining JLR, and Wolfgang Ziebart, the engineer who oversaw Jaguar's I-Pace electric car program, who is a former head of research and development at BMW.

Jaguar Land Rover seeks to block U.S. imports of Porsche, Audi, Lamborghini, VW SUVs

You wouldn’t know it was about Jags and Lambos, to judge by its rather dry name: In the Matter of Certain Vehicle Control Systems. But thatÂ’s the complaint Jaguar Land Rover Automotive Plc filed on Thursday to block U.S. imports of Porsche, Lamborghini, Audi and Volkswagen sport utility vehicles it says are using its patented Terrain Response technology without permission. Jaguar Land Rover, a British carmaker owned by IndiaÂ’s Tata Motors Ltd., said in its filing with the U.S. International Trade Commission that the technology helps negotiate a “broad range of surfaces” and is a key feature in JaguarÂ’s F-Pace and Land Rover Discovery vehicles. “JLR seeks to protect itself and its United States operations from companies that have injected infringing products into the U.S. market that incorporate, without any license from JLR, technology developed by JLR and protected by its patent,” JaguarÂ’s lawyer, Matthew Moore, said in the filing. Representatives of Volkswagen didnÂ’t immediately respond to emails seeking comment on the complaint. Jaguar wants to block imports of PorscheÂ’s Cayenne; LamborghiniÂ’s Urus; AudiÂ’s Q8, Q7, Q5, A6 Allroad and e-tron vehicles; and VWÂ’s Tiguan vehicles. It said there are plenty of other luxury midsize SUV and compact crossover vehicles to meet consumer demand if the SUVs are banned from the U.S. Still, the premium Porsche and Audi lines provide much of the profit VW is using to fund its investments in technology for electric vehicles, autonomous vehicles and further innovations. In addition to the four brands, Volkswagen Group owns other upscale nameplates, including Bentley and Bugatti. The International Trade Commission is an independent, quasi-judicial agency that investigates complaints of unfair trade practices, like patent infringement. It canÂ’t award damages but does have the power to block products from entering the U.S. Owners of patents and trade secrets like it because it can work faster than the federal district courts -- the typical investigation is completed in 15 to 18 months. But Jaguar also filed patent lawsuits against the companies in federal courts in Delaware and New Jersey, seeking cash compensation for the use of the technology. Those cases are likely to be put on hold once the trade commission launches its investigation. The case is In the Matter of Certain Vehicle Control Systems, 337-3508, U.S. International Trade Commission (Washington).