From Nasdaq:

Emerging from low inventory levels in 2022, the automotive industry saw robust new vehicle sales in 2023, but struggled with challenges in electric and autonomous vehicle technology.

The UAW initiated a simultaneous strike against General Motors, Ford, and Stellantis after contract negotiations faltered. President Shawn Fain led the charge for improved wages and benefits for union workers, leading to record agreements with the Detroit 3 automakers.

Labor negotiations and production interruptions resulted in a $3.6 billion financial impact on the Big 3 automakers. Union efforts also prompted wage hikes for non-union workers at companies like Toyota, Honda, Volkswagen, and Hyundai.

The EV charging landscape saw a major shift toward Tesla’s North American Charging Standard (NACS) port, with automakers and charging equipment manufacturers embracing the new connector.

Despite a rise in EV market share, the pace of adoption has slowed, with customer apprehensions about range, reliability, and pricing having an impact on sales. Ford and GM faced production delays in their EV strategies.

In 2023, autonomous vehicles encountered major setbacks, including GM’s Cruise unit having its permits suspended, and Tesla recalling 2 million vehicles for limiting the use of its Autopilot driver assistance software.

EV tax credits prioritize companies sourcing battery minerals from the U.S. or its trade allies, while also producing battery components in North America. Some EV models have lost eligibility for tax credits due to restrictions on China-made battery components.

Carvana, a major used car e-retailer, made a dramatic comeback in 2023, with its shares skyrocketing 1,058% since the beginning of the year, making it the biggest gainer on the Russell 3000 index.

Tesla’s long-awaited Cybertruck finally entered the e-pickup domain in 2023, after facing multiple delays in its production timeline.



Read more: A Flashback of the Biggest Auto Sector Stories of 2023