MH Daily Bulletin: February 22

February 22, 2023 • Posted in Daily Bulletin

News relevant to the plastics industry:

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Supply Chain

Combustion Going Bust: Global Phase-outs of Gasoline Cars
  • Toyota agreed to union demands in Japan for the highest wage hikes in two decades, while Honda said hourly wages will rise 5% as the country battles its highest inflation rate in 40 years.
  • Tesla paused plans to produce entire batteries in Brandenburg, Germany, and will instead carry out some production in the U.S., where tax incentives are more favorable.
  • Rising inventory levels are leading to lower gross margins for car dealers.
  • New car registrations in Europe surged 11% in January, the sixth consecutive monthly rise.
  • Toyota will start producing mid- to large-sized electric SUVs at its Kentucky plant as soon as summer 2025, the automaker said.
  • Chinese electric-vehicle-maker Nio is building a new factory in eastern China to produce budget EVs for export to Europe.
  • Tesla owners worry the automaker’s decision to open up parts of its Supercharger network will raise wait times to recharge cars.
  • After recent price cuts, Tesla’s Model 3 sedan is selling for about $4,930 less than the average new vehicle sold in the U.S.

Domestic Markets

United States Composite PMI

International Markets

  • Business activity in the U.S., euro zone and the U.K. picked up in February, a sign of resilience as Russia’s invasion of Ukraine enters its second year.
  • U.S. and EU officials say China is increasingly using its courts and patent panels to undermine foreign intellectual-property rights.
  • The U.K.’s manufacturing output slumped in February while price pressures continued to cool, an industry survey showed.
  • German investor morale continued to recover in February as the economic outlook for the euro zone’s largest economy continues to brighten.
  • Big manufacturers in Japan saw disappointing activity in February while the mood in the nation’s service sector slid for a second month.
  • Some Chinese provinces are giving newlyweds 30 days of paid leave in the hope of boosting a flagging birth rate, an issue with massive implications for the nation’s long-term economic health.
  • Canada’s annual inflation rate fell to 5.9% in January, lower than markets predicted.
Canada Inflation Rate

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