When Will Truck Price Drop

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Word around the fire: Rivian’s new EVs will start below the previously announced $70,000 range.

When Will Truck Price Drop

Kyle Hyatt (he) is from the Pacific Northwest, but has lived in Los Angeles for the past ten years. He has a lifelong passion for cars and motorcycles (both old and new) and contributes to Cars magazine as News and Features Editor.

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So the hype about Rivian’s R1T electric truck and its off-road sibling, the R1S, is evident. These cars promise performance in an absolutely insane package for a reasonable amount of money – they were supposed to start around $70,000, and that last bit is subject to change.

Specifically, change for the better. See, Reuters reported on Monday that Rivian will soon reveal official prices for its vehicles, and the company expects them to be lower than previously reported.

How low? We don’t know, but the R1T didn’t seem that bad at $70,000, so anything less is just icing on the cake for us. We believe the entry-level model with the smallest range will hit the market in the mid-to-upper $50,000 range, but that’s just an educated guess.

If you need a Rivian refresher, the company was founded in 2009, has more than $3.5 billion in funding, and plans to offer vehicles that range from 230 miles on the low end to nearly 400 miles on the high end. It’s been taking $1,000 pre-orders for the R1T and R1S for a while now, but the company has maintained the number of pre-orders it’s received so far. During 2021, the steel market saw, stainless steel prices. copper and other base metals will increase significantly. Fortunately, ESI has learned to work with market fluctuations to create sustainable, cost-effective metal products for our customers. Our extensive experience working with various metals has also given us an inside look at the impact that metal price fluctuations can have on the overall cost of business operations.

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According to a recent article in the New York Times, steel, stainless steel, aluminum and copper prices are at record highs. There are three main reasons why prices are rising in our post-Covid economic recovery:

US efforts to reduce material imports through tariffs in recent years have already started to raise material prices. Companies producing steel and other metals are being encouraged to consolidate and rebuild their operations. Aluminum importers must contend with Canadian supply shortages, and there is fierce competition for copper and nickel in the energy storage and electric vehicle (EV) industries. It should be noted that this is an opportunity to create thousands or even tens of thousands of jobs in the American economy.

This recovery initiative was accelerated in 2020 when the pandemic hit, and despite rising freight costs and a shortage of truckers, several tariffs forced new price increases.

The pandemic has exacerbated supply chain disruptions, leaving raw material shortages for companies ramping up production in a recovering economy. As a result, shipping costs are at an all-time high, with China’s 10 largest ports seeing the largest year-on-year growth in D&D charges – a reported increase of 126% on average.

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Supply chain issues are not just overseas. A trucker shortage caused by the Covid crisis and an increase in e-commerce sales are extending delivery times and creating what logistics chief Uber Freight is calling “Shipping Armageddon”.

The aforementioned trends have resulted in material demand outstripping supply, making it difficult to establish pricing data and timelines for manufacturing projects.

As industries continue to adapt to these supply chain challenges and increase production during the post-COVID recovery, demand for metal products is likely to increase. Throw in a focus on building clean renewable energy technology and a renewed focus on infrastructure in the US and China, and you have the perfect storm for high metal prices.

Although supply shortages and high demand affect almost all metals markets, metals commonly used in industrial production are the most affected. Manufacturers can especially expect increases in steel, aluminium, copper and nickel.

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While record high metal prices are expected to ease as the global economy recovers, they are unlikely to return to pre-pandemic levels anytime soon. The market is likely to remain tight through 2022 as massive infrastructure plans in the US and China keep demand for these metals high.

The pandemic has more than affected prices, as supply difficulties for some materials can lead to longer delivery times. Due to limited supply, we recommend adding a few months or more to the 2022 production date.

Many projects were delayed due to the uncertainty of resources. Understanding how the metal content of your project affects both turnover and cost is important to planning – and our team at ESI can help with this.

To be ready, ESI is committed to ensuring that the necessary materials are available for future projects. Our relationships with metal suppliers over the past 30 years keep us abreast of these market trends and we can offer insights into other designs and materials that may result in better costs or faster delivery and at the same time meet the requirements of the project application.

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No matter what the market looks like, ESI’s metal experts work to keep prices competitive for our customers. We closely monitor metal costs and trends to ensure your project is completed in the most cost effective manner. Contact us today for pricing on metal products and services!

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The used car market has historically been closely tied to the new car market, Gary Silbergthold, global head of automotive at KPMG, told Automotive News on Monday. But used car prices are up 42 percent from January 2020 levels, while new car prices are up only about 12 percent, KPMG said in a white paper released on Tuesday.

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“Even as the new car market enters a ‘new normal’, used car prices will return to their traditional relationship with new car prices,” KPMG wrote in a white paper. “In other words, a 20-30 percent drop in used car prices is on the cards.”

The consulting firm also noted that ALG 2021 vehicles will not have a significantly higher residual value in 2024 than usual.

KPMG estimated that car supply and demand will reach equilibrium between October 2022 and 2023, but that second-hand car prices will start to fall by then.

“In all cases, we expect the market to anticipate changes in the supply of new vehicles, and we expect used vehicle prices to increase until enough new vehicles fill up and used vehicle demand returns as usual,” wrote KPMG.

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Citing data from Edmunds, KPMG found that 44 percent of trades generated negative equity in April 2020, more than double the number a decade ago. The average customer with negative equity was $5,571 underwater last April.

Although the average amount of negative equity decreased by more than $1,000 by April 2021, the percentage of trades with negative equity remained relatively stable, according to KPMG.

This month, Cox Automotive Chief Economist Jonathan Smoak told Automotive News that dealers are getting more comfortable with the fact that the higher prices they pay for used cars won’t come back to them.

Cox Mannheim expects the used car index to peak for the last time between January and April 2022, when the final increase in marginal 2021 prices will result from consumers spending tax refunds in November.

When Will Car Prices Come Back To Earth?

Normal depreciation will return after that point, reducing used car sales to December 2021 levels in December 2022, Smoke said.

However, December 2021 is still above normal and Smok Coke expects the wholesale market not to reach pre-pandemic volumes until at least 2025. It would require 17 million new vehicle sales in 2022, he said.

According to Silberg, the second prediction entertains the “humility” of the fact that KPMG’s hypothesis of price reduction is wrong. The future “inflationary fire” will burn longer, he said. “The thing can be dragged on,” said Silberg.

Finally, the Federal Reserve’s response to inflation could hit too hard, creating an “ugly story” for hitting consumer demand, he said.

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