Things To Do In SW Florida

Volkswagen AG’s financial-services division forecast a substantial drop-off in annual profit as better access to semiconductors and other components leads to normalization in the used-car market.

Earnings in 2023 are expected to be significantly below last year’s level, Volkswagen Financial Services said in a statement Tuesday. Operating profit slipped to €5.6 billion ($6 billion) last year from a record result in 2021.Shortages of chips and other disruptions to supply chains and logistics have constrained auto manufacturers’ pandemic recovery efforts, driving up prices of both new and used vehicles. Elevated residual values have been a boon to the in-house lending units that carmakers and their dealers tap to help consumers finance car purchases and leases, though their earnings have widely been expected to fall off this year.

“2022 was once again an exceptional financial year strongly affected by special factors,” Frank Fiedler, chief financial officer of Volkswagen Financial Services, said in the statement. “It can be anticipated that a repeat of such a result will not be possible in the short term.” read more

The decision by U.S. District Judge David Lawson covers several Chevrolet and GMC trucks and SUVs, several Cadillac models, and the Chevrolet Corvette and Camaro, equipped with 8L45 or 8L90 eight-speed automatic transmissions.

A bit more than one-third of Americans would consider buying an electric vehicle for their next model, a new Reuters/Ipsos poll found.

Snow or ice buildup might cause the windshield wiper motor to fail or operate intermittently on 2021-23 Hyundai Palisades.

Carvana Co. said on Wednesday it expects a smaller core loss in the current quarter due to a raft of cost-cut measures it implemented amid falling used-car sales, sending its shares up 7 percent in midday trading Wednesday.

Carvana expects first-quarter core loss between $50 million and $100 million, down from a core loss of $348 million a year earlier.

The used-car retailer, known for its automated car vending machines, allows users to buy cars online and offers home deliveries, which made it popular during the COVID-19 pandemic when people were confined to their homes.

However, demand for used cars has cooled in recent months, as people cut back on discretionary expenses amid recession worries, heaping pain on the industry already struggling with inventory purchased at higher prices.

In a regulatory filing, Carvana estimated vehicles sold in the first quarter will land between 76,000 and 79,000. Carvana sold 105,185 vehicles in the year-earlier period and it sold 86,977 in the fourth quarter of 2022. read more