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Average new-vehicle transaction price hits a whopping new peak in December

Elevated prices for products and higher borrowing rates led to record high transaction prices for new vehicles in December, with the average cost in the U.S. rising to a record $49,507, according to data from Kelley Blue Book released today. The report notes that ATPs — average transaction prices — have climbed above suggested retail prices — MSRPs — for more than a year. Sales volumes were up in December on a year-over-year basis by more than 5%, a situation Kelley attributed to improved supply. Overall sales for 2022, however, were off 8% year over year. “The transaction data from December clearly indicates overall prices showed no signs of coming down as we headed into year-end,” said Rebecca Rydzewski, research manager of economic and industry insights for Cox Automotive. “Luxury prices fell slightly in December, but non-luxury transaction prices were up. Truck sales were particularly strong last month, and with many trucks selling for more than $60,000, a new record was all but inevitable.” Industry analysts claim the most obvious headwinds in the new car market are generated by higher interest rates, forced by the Federal Reserve's rate hikes intended to tame inflation, and by generally limited inventory. A recent report from J.D. Power showed that the average monthly payment for a new vehicle loan in December was $718, up $47 from a year ago. But 16% of consumers in December took out loans with monthly payments of over $1,000. Consumers think vehicles, and electric vehicles especially, are way too expensive. Fortunately, manufacturersÂ’ incentives, all but extinct in the past two years, are returning, especially in the electric-vehicle and luxury market, the Kelley data suggest. Plus, "With the new tax credits on the way, electric vehicle ATPs will drop lower for qualifying vehicles,” Rydzewski said. Non-luxury brands, such as Honda and Kia, showed particularly strong performance in December, with the average price paid at $45,578 — a record high and an increase of $994 month over month. Meanwhile, the average luxury buyer paid $66,660 for a new vehicle last month. Mercedes-Benz and Land Rover showed the most price strength in the luxury market, transacting between 2.6% to 6.5% over sticker price. But luxury brands Audi, BMW, Infiniti, Lexus, Lincoln, and Volvo showed the least price strength with some discounting in effect, selling 1% or more below MSRP in December, according to the survey.

Jaguar Land Rover in talks for Southern US factory

Jaguar Land Rover is getting serious about global expansion, and that means it can't only build its vehicles in the UK anymore. The British automaker is cutting the ribbon at its new plant in China tomorrow, marking the opening of its first factory outside the UK. In 2016, it will open another factory in Brazil. But the latest intel has it that JLR is looking into a US factory, as well.
The report, which comes to us from the Sunday Times by way of Automotive News Europe, indicates that the company is evaluating locations for a North American factory, with options centering around Southern right-to-work states like South Carolina, where BMW operates its plant in Spartanburg and a wide array of other automotive operations are based as well. The JLR plant would reportedly ramp up to a capacity of 200,000 units per year.
In related news, while that new plant JLR is inaugurating in Changshu, China, is initially slated to produce the Range Rover Evoque, it is also expected to start building the new Discovery Sport as well - just like the Halewood plant in the UK that has handled Evoque assembly from the start and which just built its first Discovery Sport, as well.

Jaguar Land Rover and Cambridge have developed a touchless touchscreen

Jaguar Land Rover and the University of Cambridge are working on new touchscreen technology that eliminates the need to touch the screen. Counterintuitive, right? It’s called “predictive touch” for now, in part because the system is able to predict what you might be aiming for on the screen.  The video at the top of this post is the best way to understand how users will interact with the tech, but weÂ’ll do some more explaining here. You simply reach out with your finger pointing toward the item on screen that you want to select. ItÂ’ll highlight the item and then select it. HereÂ’s how it works, according to the University of Cambridge: “The technology uses machine intelligence to determine the item the user intends to select on the screen early in the pointing task, speeding up the interaction. It uses a gesture tracker, including vision-based or radio frequency-based sensors, which are increasingly common in consumer electronics; contextual information such as user profile, interface design, environmental conditions; and data available from other sensors, such as an eye-gaze tracker, to infer the userÂ’s intent in real time.” Cambridge claims that lab tests showed a 50 percent reduction in both effort and time by the driver in using the screen, which would theoretically translate to more time looking at the road and less time jabbing away at the screen. If the prediction and machine learning tech is good enough, we could see this resulting in a reduced number of accidental inputs. However, on a certain level it almost sounds more difficult to point at a screen while moving than it does to actually touch a section of that screen. Without using the tech and its supposedly great predictive abilities, we canÂ’t come to any grand conclusions. One comparison you may already be thinking of is BMWÂ’s Gesture Controls. ItÂ’s already been addressed with a subtle diss from Cambridge: “Our technology has numerous advantages over more basic mid-air interaction techniques or conventional gesture recognition, because it supports intuitive interactions with legacy interface designs and doesnÂ’t require any learning on the part of the user,” said Dr Bashar Ahmad of the University of Cambridge. Of course, this tech can be used for much more than just vehicle touchscreen control. Cambridge says it could be integrated into ATMs, airport check-in kiosks, grocery store self checkouts and more.