US Imports 10-11-24

The US needs to reduce its Imported Goods and put Consumers back in charge of buying what they want and setting prices based on Supply and Demand. 

In June 2024 the top imports of United States were Cars ($18.5B), Crude Petroleum ($14.6B), Computers ($12.4B), Commodities not elsewhere specified ($10.4B), and Telephones ($8.49B). The percentage of manufactured goods purchased in the US that are made overseas is expected to increase to 65% in 2024. 

How much of American goods are produced in China?

China, including Hong Kong, still dominates the sourcing landscape, supplying 40.7% of U.S. imports last year.

Trump is proposing a reduction in the corporate tax from 21% to 15% for all companies who have their manufacturing plants in the US and who hire US Citizen Workers.

Trump is also proposing Reciprocal Tariffs, that is to charge the same Tariffs on imports that those countries charge Tariffs on US Imports. Germany imposes a 10% Tariff on US cars. He would impose the same 10% Tariff on German cars unless they are made in the US by Citizen US workers.

Toyota has 11 manufacturing plants in the United States: 

• Toyota Texas: Home of the Tundra and Sequoia 
• Toyota Indiana: Assembles the Highlander, Sienna, and two new electrified SUVs 
• Buffalo, West Virginia: Invests in a production line of hybrid transaxles 
• Toyota Motor Manufacturing Mississippi: Located in Blue Springs, Mississippi 
• Mazda Toyota Manufacturing USA: A 50% joint venture with Mazda, located in Huntsville, Alabama 
• Toyota Battery Manufacturing, North Carolina: Set to begin producing batteries for hybrid and full-electric vehicles in 2025 

Toyota also has plants in Kentucky and other states. 

Toyota's manufacturing plants in North America employ more than 32,000 people. They assemble almost half of the vehicles Toyota sells in the United States.  

Honda has several car plants in the United States, including: 

Marysville, Ohio: The Marysville Auto Plant produces the Accord, Acura TLX, Acura ILX, and CR-V 

East Liberty, Ohio: The East Liberty Auto Plant produces the CR-V, Acura MDX, and Acura RDX 

Greensburg, Indiana: The Indiana Auto Plant produces the Civic Sedan, CR-V, and Insight 

Lincoln, Alabama: The Alabama Auto Plant No.1 produces the Odyssey and Ridgeline 

Timmonsville, South Carolina: A Honda manufacturing plant 

Swepsonville, North Carolina: A Honda manufacturing plant 

Greensboro, North Carolina: A Honda manufacturing plant 

Honda also has engine plants in Ohio and Georgia, and transmission plants in Ohio and Georgia. Honda's American Honda Motor headquarters is in Torrance, California. 

Hyundai's First and Only U.S. Manufacturing Plant ㅣ Hyundai Motor Manufacturing Alabama. Let's take a virtual tour of HMMA in Alabama, the U.S.A!

Kia has one manufacturing plant in the United States, located in West Point, Georgia

German car manufacturers have built production facilities in the United States, including: 

• BMW: Has a plant in Spartanburg, South Carolina 
• Daimler: Has a Mercedes plant in Vance, Alabama 
• Volkswagen: Has a plant in Chattanooga, Tennessee 

Some of the most popular foreign cars sold in the US include: 

• Audi: A German luxury car brand that offers a variety of vehicles, including the A1, A4, Q5, and the TT sports car 
• Porsche: The US is the second largest market for Porsche, after China 
• Mercedes-Benz: A popular car to buy through the gray market in the US 
• Tesla: Has become the most popular luxury car in the US, outselling Mercedes-Benz 
• Toyota Corolla: A globally best-selling import car with a long history 
• Honda Civic: A top-selling import car 

·       Volkswagen Golf: A top-selling import car 

·       Hyundai Elantra: A top-selling import car 

·       Nissan Rogue: A top-selling import car 

·       BMW 3 Series: A top-selling import car 

·       Mercedes-Benz C-Class: A top-selling import car 

·       Lexus RX: A top-selling import car 

As of July 15, 2024, the Ford F-Series is the best-selling car in the US, with 352,406 units sold year-to-date. The F-Series is a collection of models, including the F-150, F-150 Lightning EV, F-250, and F-350. It's popular with both retail buyers and commercial fleets.

Here are some other top-selling cars in 2024:

• Chevrolet Silverado: 281,099 units sold year-to-date
• Toyota RAV4: 248,295 units sold year-to-date
• Honda CR-V: 196,204 units sold year-to-date
• Ram Pickup: 179,524 units sold year-to-date
• Toyota Camry: 155,241 units sold year-to-date
• Nissan Rogue: 141,160 units sold year-to-date
• Honda Civic: 129,788 units sold year-to-date
• GMC Sierra: 122,749 units sold year-to-date
• Toyota Corolla: 121,991 units sold year-to-date 

Toyota Revenue $308.59B

VW Revenue $264.872B

GM Revenue $178.09B

Ford Revenue $176.19B

Mercedes Benz $162.01B

Honda  $141.787B

GM's EV losses have narrowed from $3.3 billion in 2022 to $2.5 billion in 2023.

Ford's electric vehicle (EV) division has lost billions of dollars in recent years, and the company is expected to continue to lose money on EVs in 2024: 

• First half of 2024: Ford's Model e operations lost nearly $2.5 billion. 
• 2023: Ford's Model e operations lost $4.7 billion. 
• 2024: Ford is expected to lose between $5 billion and $5.5 billion on EVs. 
• Per-vehicle loss: Ford's EV losses are estimated to be as high as $100,000 per vehicle. 

Used car prices are expected to decrease in 2024, but they are still higher than pre-pandemic levels: 

Price decreases

Some industry experts predict that used car prices could drop by as much as 14% by the end of 2024. The summer of 2024 saw the largest wholesale used car price decline since the pandemic. 

Still higher than pre-pandemic

However, used car prices are still about 33% higher than pre-pandemic costs. 

High interest rates: High interest rates on auto loans could wipe out some of the savings gained from recent price drops. Auto loan rates can range from 6% to 21%, depending on credit score and other factors. 

New car shortages: New car shortages over the past several years have contributed to higher used car prices. 

Increased demand: As new car prices go up, more people want to buy used cars, which increases demand and prices. 

Government incentives: Government incentives for EV ownership are increasing demand for electric cars, which keeps their prices high. 

The most accessible used cars are priced between $15,000 and $30,000. 

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Comments

Toyota is Number 1. The EV Mandate in the US was a disaster. New Car prices are too high. GM and Ford are vulnerable. They need to produce less expensive cars that are highly reliable, get good mileage and can be driven 300,000 miles. The price for a new car should be around $20,000. This requires removing the most expensive components and increasing productivity. This would be a repeat of the Ford Model T. Consumers will want air conditioning and heating, but can live without all the other electronic gizmos.

 Norb Leahy, Dunwoody GA Tea Party Leader