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General Motors retained its crown as the top-selling automaker in the US in 2023, edging past rival Toyota Motor, as easing supply snags and sustained demand drive the industry to its best year since the pandemic.

The Detroit automaker shrugged off a hit from a costly auto strike to report 2023 US new vehicle sales of 2,594,698 units, up 14.1% from last year, while Toyota’s annual sales rose 6.6% to 2,248,477 vehicles.

Automakers are expected to have sold a total of 15,499,224 vehicles in the US in 2023, the highest since 2019, when the industry reported sales of 17,044,011 vehicles, according to figures from consultant Cox Automotive.

The resurgence in sales comes after companies ramped up their production to keep up with sustained demand for new vehicles in 2023, though some analysts warn that high interest rates will take a toll on demand this year.

“High vehicle prices and high interest rates remain the industry’s Grinch right now, and that trend will continue into next year,” Cox said.

In a sign that demand is easing, car dealers had to offer generous incentives and discounts in December to clear older inventory after two years of holding back on promotions.

“This is the third consecutive year in which US consumers spent more than half a trillion dollars buying new vehicles,” J.D. Power said in a report last month.

Electric vehicles also grabbed a bigger share of consumer wallets.

Toyota said on Wednesday sales of electrified vehicles rose 30.4% to 657,327 vehicles, making up 29.2% of its overall US sales.

GM sold 75,883 EVs – of which 62,045 were Bolts and 13,838 were Ultium platform EVs.

The Detroit automaker expectsthe robust demand to carry over into 2024 andforecast total industry sales of 16 million units for the year.

Shares of GM were down but cut losses after itpostedfull-year sales.

The company also said it wouldoffer$7,500 incentives on its EVs that lost a US government tax credit this week.

Total US EV sales are expected to be about 8% of overall auto sales in 2023, with that number rising to around 10% this year, Cox added. But analysts say high interest rates are set to hurt EV demand as well.

“Sales of EVs are likely to continue to improve, just not at the astronomical rate the industry saw in years past,” AutoForecast Solutions said in a report.

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Environment

Fiat launches beachy Topolino Vilebrequin as Stellantis ramps up EV production

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Fiat launches beachy Topolino Vilebrequin as Stellantis ramps up EV production

The Fiat Topolino Vilebrequin is a new beach town cruiser that captures the elegance, glamour, and relaxed vibe of the French Riviera. More significantly, the updated EV also heralds Stellantis’ plans to double EV production at its Kenitra Assembly Plant in Morocco.

Closer to a Mercury Villager Nautica or Ford F-150 Harley-Davidson than a new model on its own, the new Topolino Vilebrequin features colors and fabrics inspired by the French surfwear brand, and is based on the Dolcevita version of Stellantis’ electric microcar. With its open sides, a soft rollback roof, and turtle-tastic fabric prints, it’s ready to whisk you off on a carefree summer adventure in France or Italy – which are, coincidentally, the only two markets the “collector’s edition” Vilebrequin Topolino is currently available in.

“This encounter between the Fiat Topolino and our iconic sea turtle gave rise to a high-quality, lower-impact, and perfectly whimsical design,” says Roland Herlory, CEO of Vilebrequin. “(It is) the definitive summer toy, and the perfect witness to sun-soaked memories still to come.”

Like the standard Topolino, the new Vilebrequin model remains electronically limited to a top speed of 45 kph (just under 30 mph), and is equipped with a 5.5 kWh battery pack that ensures up to 75 km (about 45 miles) of electric range. Prices start at €13,490 ($15,810), and if you don’t want one you’re dead inside.

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Fiat Topolino Vilebrequin


The Vilebrequin Topolino is just the latest version of Stellantis’ electric microcar platform that underpins the Citroën Ami, Opel Rocks-e, and Fiat Topolino. Annual production of the little EVs has grown from 20,000 units and is reportedly on track for 70,000 in 2025.

Now, Mopar Insiders is reporting that number is about to get even bigger. Stellantis’ Chief Operating Officer (COO) for the Middle East & Africa (MEA) region, Samir Cherfan, announced plans to more than double the production capacity at the company’s Kenitra Assembly Plant in Morocco, from some 230,000 vehicles per year to more than 530,000.

The factory was opened in 2019, and the planned €1.2 billion ($1.4B) expansion is expected to add around 3,100 new jobs to the factory’s employee roster.

SOURCE | IMAGES: Stellantis.


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Business

Lakeland-owner Hilco eyes swoop for stricken jeweller Claire’s

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Lakeland-owner Hilco eyes swoop for stricken jeweller Claire's

The prolific high street investor which owns Lakeland and has backed chains including HMV and Superdry is sizing up a takeover of the UK operations of Claire’s, the struggling jewellery chain.

Sky News understands that Hilco Capital, which was also one of the recent bidders for Poundland, is among the parties expected to submit offers for Claire’s in the coming weeks, according to banking sources.

Other parties expected to examine offers for Claire’s British chain, which trades from about 280 stores, would include Alteri Investors and Modella Capital, which recently bought WH Smith’s high street chain.

The Telegraph reported earlier this month that Claire’s had hired Interpath Advisory to find a buyer for the UK business as it explores options – including bankruptcy – for its US-based operations.

Prospective buyers of the business have been told that a sale of the British chain could lead to significant numbers of store closures.

One retail industry boss speculated that as many as a third of the UK shops could be axed in a deal to salvage the rest of the chain, potentially putting hundreds of jobs at risk.

Claire’s has been a fixture in British shopping centres and on high streets for decades.

Houlihan Lokey, the investment bank, is advising on the sale of the US arm.

Claire’s, which is reported to trade from 2,000 stores globally, is owned by former creditors Elliott Management and Monarch Alternative Capital following a previous financial restructuring.

Hilco could not be reached for comment on Sunday.

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Politics

Embedding human rights into crypto isn’t optional, it’s foundational

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Embedding human rights into crypto isn’t optional, it’s foundational

Embedding human rights into crypto isn’t optional, it’s foundational

Embedding human rights into crypto systems is a necessity. Self-custody, privacy-by-default, and censorship-resistant personhood must be core design principles for any technology. The future of digital freedom depends on it.

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