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Toyota offered $146.5 million to build Lexus ES in Kentucky

Toyota posted a media advisory yesterday saying that Akio Toyoda, president of Toyota, and Jim Lentz, CEO of Toyota North America, would be making a production announcement tomorrow in New York City, and Automotive News reports that the automaker will be announcing a plan to domestically produce the Lexus ES. According to the report, numerous plants are competing to build the ES in North America, and the State of Kentucky has offered the automaker up to $146.5 million to build the luxury sedan at the Georgetown, KY assembly plant.
If Georgetown gets the ES, which has been built in Japan since its debut in 1989, it would be built alongside the Toyota Camry, which is somewhat ironic since in our review of the 2013 Lexus ES350, we wrote that this ES finally says "goodbye to its Camry roots." In order to get the whole amount offered, the article states that Toyota would have to invest $531.2 million and hire 570 full-time workers at the plant, which doesn't sound all that unreasonable since the plant would require an additional 50,000 units of annual production, not to mention the fact that the Georgetown facility is already at its capacity for building the Camry.

The next steps automakers could take after sales drop again in April

DETROIT (Reuters) - Major automakers on Tuesday posted declines in U.S. new vehicle sales for April in a sign the long boom cycle that lifted the American auto industry to record sales last year is losing steam, sending carmaker stocks down. The drop in sales versus April 2016 came on the heels of a disappointing March, which automakers had shrugged off as just a bad month. But two straight weak months has heightened Wall Street worries the cyclical industry is on a downward swing after a nearly uninterrupted boom since the Great Recession's end in 2010. Auto sales were a drag on U.S. first-quarter gross domestic product, with the economy growing at an annual rate of just 0.7 percent according to an advance estimate published by the Commerce Department last Friday. Excluding the auto sector the GDP growth rate would have been 1.2 percent. Industry consultant Autodata put the industry's seasonally adjusted annualized rate of sales at 16.88 million units for April, below the average of 17.2 million units predicted by analysts polled by Reuters. General Motors Co shares fell 2.9 percent while Ford Motor Co slid 4.3 percent and Fiat Chrysler Automobiles NV's U.S.-traded shares tumbled 4.2 percent. The U.S. auto industry faces multiple challenges. Sales are slipping and vehicle inventory levels have risen even as carmakers have hiked discounts to lure customers. A flood of used vehicles from the boom cycle are increasingly competing with new cars. The question for automakers: How much and for how long to curtail production this summer, which will result in worker layoffs? To bring down stocks of unsold vehicles, the Detroit automakers need to cut production, and offer more discounts without creating "an incentives war," said Mark Wakefield, head of the North American automotive practice for AlixPartners in Southfield, Michigan. "We see multiple weeks (of production) being taken out on the car side," he said, "and some softness on the truck side." Rival automakers will be watching each other to see if one is cutting prices to gain market share from another, he said, instead of just clearing inventory. INVESTORS DIGEST BAD NEWS Just last week GM reported a record first-quarter profit, but that had almost zero impact on the automaker's stock. The iconic carmaker, whose own interest was once conflated with that of America's, has slipped behind luxury carmaker Tesla Inc in terms of valuation.

2022 Lexus LS pricing up by a little and a lot

In October of last year, Lexus announced its 2022 LS lineup with a sprinkling of finespun tweaks. There were retuned spring and damper rates for a more comfortable ride, larger anti-roll bars, an "enhanced" adjustable-ride-height function to improve passenger ingress and egress, reshaped piston tops for quieter engine operation and updated transmission calibration for more motoring in the meat of the power band. Plus, Lexus Safety System+ 2.5 came standard on every model in the range, a traditional Japanese foil treatment called Haku was available for the Luxury and Executive Packages, and the swish, 23-speaker Mark Levinson audio could be be optioned on the entry-level LS for the first time. At the time, prices weren't changed from 2021. Now they have. The entry-level LS 500 starts at $77,175 after the $1,075 destination charge, a $100 bump. The LS 500 F Sport also climbs just $100, to $80,775. Sending power to the front axle on either trim requires another $3,250. The LS 500h AWD hybrid now starts at $113,075, which reflects two price increases. Lexus removed the rear-wheel drive LS 500h from the lineup, so getting into the electrified LS stratum costs $21,500 more than it did for the 2021 model year. But Lexus also added more standard equipment to the AWD hybrid and boosted the price of the 2022 LS 500h AWD by $18,025 compared to the 2021 LS 500h AWD. The flagship sedan now gets Lexus Teammate Level 2 autonomy capability with Advanced Drive and Advanced Park standard. Advanced Drive invests the executive transport with the power to execute maneuvers like acceleration and braking to follow other vehicles, change lanes, pass slower vehicles and get through certain intersections. Advanced Park does just that. The Luxury Package is also standard, its features costing at least $17,000 to add on the entry-level LS.  The non-hybrid LS will offer a nine-strong exterior color palette, some of them a $500 or $595 upcharge: Atomic Silver, Caviar, Eminent White Pearl, Iridium, Manganese Luster, Matador Red Mica, Nightfall Mica, Obsidian and Ultra White. Ultra White isn't available on the LS hybrid. The 2022 LS is expected to reach dealers in late spring.   Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.