April 2023



Vincentric data shows that for pickups, total cost per mile increased by 2.73% from January to April 2023, primarily impacted by a 3.74% increase in depreciation costs and a 9.15% increase in financing costs. - Graphic: Vincentric, LLC

Fleet Data Analysis: Costs Per Mile on the Rise Again

Over this 12-month period, ownership costs spiked in the summer of 2022 due to record-high fuel prices. High fuel prices had a greater impact on pickups and luxury SUVs, as those vehicles are the highest consumers of fuel in these segments.

Following that summer peak, costs moderated in the car, pickup, and SUV segments.

Average new vehicle transaction prices hit a record high of $49,507 in December but have decreased steadily in January ($49,388) February ($48,558) and March ($48,008) to start 2023.

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Inside The 2022 New York International Auto Show

GM to stop making Chevrolet Bolt, its best-selling electric vehicle
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General Motors is ending production of its Chevrolet Bolt models by the end of this year, the Michigan automaker said Tuesday, adding that the local plant currently tasked with making the Bolt will be converted for the manufacturing of electric pickup trucks.

GM is stopping Bolt production even though company officials say it’s their top-selling electric vehicle. GM debuted the all-electric car in 2016, a decade after it introduced the EV1, which was discontinued in 2002. The Bolt is one of the reasons why GM is a top market leader in the EV market, GM CEO Mary Barra said Tuesday. 

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A GMC pickup truck is displayed for sale on a lot at a General Motors dealership on January 05, 2023 in Austin, Texas.

GM says 5,000 salaried workers will take buyouts, expects $1 billion charge in first quarter

About 5,000 white-collar workers at General Motors opted to participate in a buyout program that was announced last month to lower the automaker’s global head count and fixed costs.

GM CFO Paul Jacobson said Tuesday the company expects to take a roughly $1 billion charge during the quarter as a result of the program. The head count reduction was part of GM’s plans to cut $2 billion in structural costs by the end of 2024.

Jacobson said the opt-in rate for the “Voluntary Separation Program” was in line with company expectations, and puts GM “in a position” to avoid layoffs.

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