First of all, Happy St. Patrick’s Day to all who celebrate. I will be making some colcannon, cabbage, and Irish chicken for dinner. If growing up in Houston taught me one thing, it’s that a rich life is full of cuisines and people from around the world. I feel the same about the automotive market, generally, although I do wonder if there are maybe a few too many car companies at the moment.
Have you seen a VinFast on the road? I’ve seen at least a couple of VinFasts, and seeing one always elicits a double-take. The Vietnamese automaker had grand plans for the United States, before shifting focus to India and Southeast Asia. You’d think that would mean the company would cancel its North Carolina factory. You’d be wrong. The Morning Dump is amused to report that the plant is still planned to open.
Leapmotor is another carmaker that didn’t exist up until recently. It was founded as a Chinese company, although its JV is now mostly owned by Stellantis. According to its annual filling, it’s also profitable. Foxconn is a Taiwanese carmaker that desperately wants to be a carmaker, and, thanks to its Mitsubishi deal, it’s a little closer to getting there.
No one questions whether we need Audi, and the carmaker (which also owns Ducati and Lamborghini), though I do wonder if we need an EV-derivative A2.
VinFast Doubles Sales, Commits To Building Cars In North Carolina
VinFast is a Vietnamese automaker created by that country’s richest man, Pham Nhat Vuong , who is one of those serial investors that owns seemingly every kind of company (gold mines, oil wells, shipping or real estate). While the company started out making refashioned BMWs, it quickly jumped on the EV hype bandwagon and started making its own electric cars.
The company even started selling vehicles in the United States, although a combination of terrible reviews, the loss of the Inflation Reduction Act, and the projected downturn in the market have sent the company looking for other markets. Specifically, the company is focusing more on Southeast Asia and its own home market, where it sells most of its cars. For that reason, I sort of assumed its delayed North Carolina plant was dead-in-the-water.
While sales were up by a lot last year, Nikkei Asia reports that the company still lost money:
VinFast on Monday reported a $3.87 billion net loss for 2025, worsening by 26% from the year earlier on sales and other operating expenses.
The Nasdaq-listed car maker generated $3.59 billion in revenue last year, a 105% gain, it said in unaudited results. Cost of sales, its biggest expense, swelled to $5.13 billion, and the company took a $236 million impairment charge on a delayed factory in the U.S. state of North Carolina.
The Vietnamese company has plans to introduce a hybrid car, expand into other electric scooter markets, and resume construction of the U.S. plant in 2026 with an eye to starting operations in 2028, it said in a call with analysts.
That hybrid bit is interesting, as is the news that it isn’t actually abandoning North Carolina. Here’s Business North Carolina with a few more details:
Vietnamese electric-vehicle maker VinFast says it intends to resume construction of its planned North Carolina factory in Chatham County as early as next month, with an eye toward launching production there in 2028.
But the company has revised its ambitions, telling local officials that it expects employment in the 1,400-job range. That’s 81% lower than previous expectations of 7,500 jobs, reflecting a more sober outlook for EVs now than four years ago.
Presuming the factory starts assembling cars, it would remain a major North Carolina signature business-recruiting success, but not nearly the impact expected previously. State and local officials pledged topping $315 million over 32 years to VinFast when the project was announced in 2022. Payouts are contingent on the company investing $4 billion and creating 7,500 jobs.
Is the company going to be making EVs? Hybrids? I’m hoping it’s the little, cheap VinFast VF3. An American-built, sub-$20k two-door EV Suzuki Samurai-clone (if that price could ever survive) would be awesome. I don’t know if it would be successful, but it would be awesome.
Leapmotor Says They Turned A Profit Last Year
Leapmotor, or Zhejiang Leapmotor Technology Co., is a Chinese carmaker that’s been focused on the most affordable end of the electric car market. Analogs tend to fail when it comes to Chinese brands, but it gives me Dacia vibes. It’s also closely aligned with Stellantis, which owns a portion of the automaker, and the majority of the Stellantis-Leapmotor JV.
The carmaker turned its first annual profit on the backs of strong sales, and it looks like that momentum is going to carry into more projects with Stellantis. The company is already expanding in Europe thanks to underutilized Stellantis factories, including one in Poland. According to Bloomberg, there’s a lot more in the works:
Leapmotor also said it is “actively exploring” cooperations on cars and components with the Franco-American-Italian carmaker, according to a Monday filing, noting that some projects had already entered “advanced negotiation stages.”
Closer collaboration will offer Leapmotor more global opportunities while also helping Stellantis save on development spending and provide a shortcut to better competition with China’s BYD Co. and SAIC Motor Corp.’s MG in Europe, as well as local rivals including Volkswagen AG and Renault SA.
The pact will help Leapmotor navigate European regulations and potential tariff exemptions. Stellantis possesses “better intelligence access” and “strong expertise”, Chief Financial Officer Li Tengfei said on an earnings call, confirming an earlier report by Bloomberg News.
“We believe that localization is the definite direction for global expansion of Chinese EV companies,” said Li.
Localization used to be how American companies described what they were doing in China, and now it’s the other way around.
Foxconn Takes A Stake In Mitsubishi Electric
Taiwan’s Hon Hai Precision Industry, better known as Foxconn, really wants to make cars. So much so that it attempted to grab Nissan on the cheap, which led the Japanese business community and government to encourage Honda to get in there first. In all that drama, it turns out that maybe Honda was more interested in Mitsubishi than Nissan.
The joke is on everyone, because now Foxconn has just a little bit more of Mitsubishi than it did before, as Nikkei Asia reports:
The Japanese company is finalizing details, but the plan is to sell a 50% stake in Mitsubishi Electric Mobility, and jointly operate the business. The final agreement should be agreed by May.
Mitsubishi Electric had considered withdrawing from the automotive parts business before opting for a joint operation with Foxconn.
Mitsubishi Electric Mobility’s main business is alternators and starters, so this feels like it’s just part of a larger play to be in the industry and have some control of the supply chain.
This is nicely timed with an editorial in Automotive News from Hans Greimel that points out some hard truths about Honda’s attempt to strong arm Nissan into a deal:
Barely a year ago, Honda CEO Toshihiro Mibe sermonized Nissan’s embattled management about the need for “quick and decisive, painful decision-making.”
Mibe’s doubts about Nissan’s ability to turn itself around emboldened his all-or-nothing bid for Nissan’s full takeover. It also derailed the merger of equals both carmakers originally envisioned.
Now, as Honda tumbles into its own money pit, Nissan seems to have the last laugh.
It’s a little early to call a victor, but it’s a fair point. Last year, I blamed Nissan’s hubris for not taking a subsidiary role to Honda. Maybe Nissan saw what I didn’t see.
Audi’s Bringing Back The A2, But It’s Not The One You Want
Antti called the new Audi A2 e-tron the “TRON of Audis.” That’s a pop cultural way of saying it’s a sequel that’ll never live up to the original. That being said, we do have a preview of it now courtesy of Audi:
It’s going to just be a VW ID.3 under there, but maybe it’ll look good? From the brand:
The A2 e-tron, manufactured in Ingolstadt, will further rejuvenate Audi’s model range and open up access to premium electric mobility. A preview of the vehicle’s silhouette can already be seen in the first design sketch.
Audi is taking the next big step on the road to a consistently electric future. Audi CEO Gernot Döllner has announced the A2 e-tron – the new electric model family from the brand with the four rings – at Audi’s Annual Media Conference. “We’ve listened. Our customers want electric mobility that impresses in everyday life. The A2 e-tron is our promise to deliver exactly that – efficient, compact, and confident. We’re making entry into the electric Audi world easier and more relevant than ever,” said CEO Gernot Döllner.
There’s no change we’re getting it here, don’t worry.
What I’m Listening To While Writing TMD
In honor of St. Pat’s Day, here’s Thin Lizzy performing “Whiskey In The Jar.”
The Big Question
You get to save one brand and kill one brand. Who stays and who goes?
Top photo: VinFast/DepositPhotos.com
Kill Stellantis, save Suzuki
GM, Ford and Chrysler should all go POOF and shouldn’t exist. They obviously don’t really want to earn their money and make good cars. They don’t learn from anything. The CEO of Ford worked for Toyota and learned nothing. Toyota taught GM everything, and GM learned NOTHING. Yet somehow Chrysler makes both of them look competent.
There is a Vinfast Dealer in Branford, CT which is the next town over from mine, so I have seen a few running around and all of them appear to be whatever the top model is. The dealer is not Vinfast specific, it is BEV specific. They sell any and everything that is electric and has wheels. Name the weirdo BEV and I think they’ll have at least one for sale.
Do they have an iPace?
No iPace but they do have a Toyota Busy Forks
Is that anywhere near Straight Jacket Motors in North Branford, CT.?
Premier Auto Group, Boston Post Road.
Yes. there’s entirely too much everything.
Jaguar is beyond saving, Audi’s probably not far behind.
“Does The World Have Too Many Automakers?”
As many as there may be are I still can’t find a car I want* at a price I’m willing to pay**.
*50+ MPG on regular gas, 50+ mile BEV range EREV Mazda5like microvan with physical controls, top level crash safety, Lexus level NVH, power everything, all the comfort, great visibility, giant SATNAV, room for 6, and extremely DIY friendly in whatever colors I feel like.
**a small fistful of sticky pocket lint.
Is that so hard?
TBQ: If the car gods really need a sacrifice kill Peel. It will be missed the least
Who to save? I choose to resurrect Pontiac from the dead. And for thanks I want the first FieroNuvo complete with a giant screaming hood chicken.
The request in your first asterisk is perfectly viable. The second, maybe not for a fistful of sticky pocket lint, but how does $20k-$25k MSRP brand new off the lot sound without some stealership getting a cent? A bluff-bodied, grill-less microvan shaped like a mini-Greyhound bus with a tapered rear, skirted rear wheels, a Cd value around 0.2, frontal area similar to a 1990s Ford Ranger, a 660cc 3-cylinder Atkinson cycle engine acting as a generator making ~50 horsepower peak, a 12 kWh LiFePO4 battery pack(10 kW usable), and AWD with 4 in-wheel hub motors making a combined 100 kW peak. No transmission, differential, or drive shaft. Motors wound for 85 mph top speed. It would weigh well under 3,000 lbs. Might actually get closer to 70 mpg than 50 mpg. Put solar panels all over the roof and you might get 10 miles free EV range every day on top of that.
If only they’d build it… I think people would buy such a thing in droves if it existed.
It sounds great…if they’d just build it.
If I made such a thing, it would be modular. The hub motors would be in 13″ or 14″ wheels, and the tires would have thick, meaty sidewalls. It would be built for practicality, instead of the illusion of such that most modern CUVs/SUVs put forth.
There would be four trims:
-passenger; seat as many people as safely possible, with removable fold-down rear seats, possibly 8-10 people
-cargo; because the rear end is tapered, it opens from the side to fit large items such as motorcycles, refrigerators, ect. with tie-down points built into the floor
-overland; adjustable ground clearance with onboard sleeping quarters, stove, sink, shower, and toilet
-sport; racing suspension, low ground clearance, wider tires, upgrade to more power/top speed, and aero package
…each trim available with gasoline PHEV, diesel PHEV, and all-EV powertrains.
Off the same platform, a hatchback, sedan, sports car, small single-cab pickup(able to fit an 8’x4′ stack of plywood in the bed), and even mini-SUV could be built.
Is Slate hiring?
If BMW could figure out how to Goldilocks its electronic offerings into something between the i3 and i8 and 7i.
Take the old X5, put the i3 powerplant in there, and I think that would meet most of your requirements.
Given even the i3 couldn’t manage 50 mpg I am skeptical this bigger, heavier version could. But I like your optimism!
For the context of the question of the day what does saving a brand look like? It seems all the brands that are struggling are doing so because they do not currently have compelling products. Why would I choose to save Mitsubishi if they will just continue to churn out CUV versions of the Eclipse. Why should I save Nissan and let the reign of terror of big Altima energy continue unchecked for another 25 years? Why should I save Chrysler if they will just continue to offer me a 96 month loan on the one van they make?
There are significantly more Vinfast on the road in the Montreal area than Cybertrucks.
Same in Toronto.
Save Honda. I can’t decide on which one to kill because, like others, I feel there are too many brands that sell the same rebadged vehicles. I was originally thinking Chrysler, but the Pacifica isn’t a rebadge, so it deserves to live. Same with Dodge. But then Buick and GMC are almost pure rebadges, aside from the Hummer. So in the end I’m not sure who should die, but I think almost all of the major automakers could stand to thin their herds a bit.
The Chrysler Pacifica should be the Dodge Caravan. It is only a Chrysler because they needed one Chrysler model due to franchise agreements.
I agree that Buick and GMC can go. Buick only survived because back in the bankruptcy days it was A. Profitable and B. Has new models based on Opels which made it different than Chevy. GMC survived because most Buicks dealers were packaged with GMC and Buick at the time didn’t have any trucks. Today almost everything they sell is a rebadge of a Chevy.
Quick lesson on speaking Irish: “Whale oil beef hooked.”
Also, “fuck off” said backwards is the same, except with an Irish accent.
These are the only worthwhile things I’ve learned from social media.
Save: Rivian (we need that R3X!!!)
Kill: Lancia (seriously, what Fiat and its successors have done to that once proud Marque is detestable. Let it die off peacefully).
What if “save” could mean “rescue from the clutches of Fiat”?
Save Mazda! Killing Chrysler is like shooting fish in a barrel so I say kill VW. They should have died with the diesel debacle (there was no “gate” involved).
Hot take here: Kill VW and save Audi… I feel that a big reason Audi’s don’t feel special anymore is that pretty much every one is built on a VW chassis that also needs to scale down market to accommodate a VW price point. Let Skoda / Cupra take over for VW’s primary market and let Audi work on bespoke platforms or limit their sharing to only Porsche.
Save Honda, its decline seems to be accelerating. Let Chrysler go and keep whatever dignity its name has left. We’ll always have the Chrysler building to remind us, one of the most beautiful skyscrapers worldwide.
Kill Toyota, save (replace them) with Slate with a full model lineup.
Kill RAM (fold into Dodge), save Chrysler with a line of 3 different sedans on the same platform – a SWB full size car, a LWB full-size car, and an extra LWB Imperial. Plus a coupe and pillarless hardtop on the SWB version. All with V8 or I6 power and RWD, I guess you can order AWD if you must. Also, I kind of miss tailfins, maybe it’s time to do something about that
There’s also the Grand Wagoneer, which could duke it out with the Escalade for the more taste-challenged customers.
I’m Jewish and the Irish have been horrible to us so I’ll be cooking Pad Prik Khing tonight. As for auto makers, I see Asia repeating the US and European experience of the 20th century. Lots of companies followed by failures and consolidation. There’s also the drive for a national car company like Vinfast, or the French motorcycle with the Citroën engine so the President of France wasn’t escorted by Gendarmes on BMWs. The Chinese market is already starting a shake out and consolidation.
As for keep or toss, let Lancia either go to the light or give it better product. While we’re at it make Ram Dodge again and let Chrysler either die or sell Maseratis.
It’s not that there are too many carmakers.
There are however too many brands, and too many carmakers building their version of the same thing everyone else is selling.
DING DING DING DING. It’s 2008 al l over. It hasn’t even been 20 fucking years. Thanks boomers.
When companies are competing with themselves with just barely rebadges products then yes there are too many. Going after the startups that are actually improving things and forcing change is not the way.
Save Pontiac, kill Tesla.
The problem isn’t that there are too many automakers, it’s that the ones we do have don’t make enough interesting models. And they all look the same.
Save Chrysler
Kill Tesla
I’ll save (bring) Pontiac back from the ashes and just roll Ram back under dodge.
Save Telo and kill Chrysler, but only because I think it’s fun to choose a new company launching one vehicle and an existing brand producing one vehicle.
In reality, I do think that there are perhaps too many brands, but not too many automakers. I’d rather see smaller companies that show us some cool new stuff and have fewer automakers sell us essentially the same vehicle in luxury and budget guise, each with several trim levels and an overlapping price range.
We have two few automakers. It seems like they’re all incestually tangled with either direct investments in each other or ownership stakes through holding companies.
When you have five companies with financial interests in each others’ success pretending to be fifty competing brands, you do have no competition.
I would say the world doesn’t have too many automakers, China does. It’s a China problem, not an everyone else problem. If anything, there’s been too much consolidation, Stellantis is clearly the product of at least one merger too many
China has double the population of North America. They should have even more automakers.
They have about 199 brands currently in production
Are those all domestic brands, or does that include foreign brands selling in China?
I wonder how many brands we have in the US. It has to be quite a few if considering all road-going vehicles.
I was thinking something similar, that we have too many automakers that are afraid to make anything besides the same old boring, cookie cutter, uninspired crap, and not enough automakers that are truly innovating.
It’s the same problem as in the tech world or any other industry that has at least one giant already feasting in that space.
Anyone who pops up with something innovative will either be swallowed for their IP or run out of business by a similar (maybe even copied) product with a much broader push by an established player.
It entirely kills innovation and leaves us with lackluster products and eventually direct subsidies to the giants when they are deemed ‘too big to fail.’
Yeah, given the rampant consolidation of like … literally all industries over the past few decades, I was annoyed to even see this question proposed.
No.
The world has too many barriers to entry into the automotive market. This is why the USA is stuck with the SUV/CUV/truck zeitgeist imposed by the legacy automakers and almost everything still gets 40 mpg or less, when 80+ mpg practical cars were possible half a century ago. It’s why we have proprietary software and tools preventing economical DIY repairs(especially on EVs, which is insidious and wasteful). It’s why we don’t have sub-$25k long range EVs when China is proving it possible. It’s why we don’t have affordable fun vehicles for people that are currently priced out of the average new car.
Get the C-suite out of government. Screw them and “their” money; it needs to be redistributed back to the people.
Detroit-three’s “truckle-down economics”. If you can’t afford a truck, then you’re not trying.
…it’s as easy as signing on the dotted line for a 96 month payment plan at 11% APR.
“Too big to fail” IS a big fail. Though, to allow suppliers to utilize economy of scale, some standardized specs. need to be accepted by the industry, and would improve affordability, and repairability.
Had EVs been allowed to take advantage of economies of scale in the 1990s, we could have had aerodynamic sedans capable of seating a family, getting 150+ miles highway range on battery packs under 30 kWh, being repaired with basic tools and lasting a lifetime, and an MSRP ~$20,000.
The technology has gotten a lot better since, but most of the products we can buy today reek of tech-bloated, overpriced, SUV/CUV/truck butt destined to fill a landfill soon after the warrantee is up. Which completely contradicts the mission statement behind the push for EVs: saving the environment, saving money, and saving energy.
Save jeep (wrangler) and ram from stellantis let the rest die.
I’d argue that those two brands reflect the majority of Stellantis stereotypes and memes.
Dodge enters the chat.
Dodge takeovers the chat
Dodge cuts the chat off in traffic and rolls coal in the chat’s face
Hell yeah!
You get to save one brand and kill one brand. Who stays and who goes?
Save Lincoln Motor Company and kill Lynk & Co
Let Stellantis complete its slow suicide, save Nissan.
Kill both, along with Mitsubishi cars.
Let Foxconn buy pieces, and rebuild them as a true international brand without legacy baggage.