Top 10 Automotive Stories of 2022
For most of the auto industry, 2022 was a roller coaster ride. Automakers, dealers and consumers have had to deal with a lot of adjustments resulting in a long series of ups and downs.
This is the time to look back at the top automotive stories of the year, other than the new vehicles that made their debut in the past twelve months. Buckle up!
Higher Prices
''Inflation'' is probably the word that best describes 2022. Gas prices and vehicle prices all jumped significantly throughout the year, not to mention the cost of EV charging.
The average new vehicle in Canada now exceeds $55,000. Think about that. Oh, and for the wealthy few, a new luxury tax came into effect for vehicles of $100,000 or more.
Supply Chain Disruptions
If you weren’t paying attention to how supply chains work before, you probably do now. It’s not just chips anymore. A number of parts and raw materials are either in critical supply or slow to be delivered, combined with a labor shortage that makes things even more dire. Hopefully the supply chain disruptions will ease in 2023.
Sales Hit a Low Point
After falling 12 percent in the first quarter and 10.2 percent in the second quarter, new vehicle sales in Canada dropped 11.8 percent in the third quarter of 2022. The month of June was the worst since 2009, the year of the last recession. All signs point to 2022 sales totals failing to top 1.5 million units, which would be a first in 13 years.
Batteries, batteries, batteries
Automakers continue to introduce new EV models, but in 2022 they also announced a record number of battery factories. This includes Canada, with Stellantis and LG creating a $5 billion joint venture to produce EV batteries by mid-decade.
The Fall of Traditional Auto Shows
Despite new vehicle sales being at their lowest point since 2009, automakers are making big profit by selling more expensive and higher-demand models. Consequently, their presence at auto shows is no longer a necessity.
The latest NAIAS in Detroit was an absolute bore, and 2023 doesn’t look any brighter as auto shows in Vancouver, Calgary and Ottawa have already been cancelled due to a lack of interest by automakers. The Montreal and Toronto events are still a go, but let’s keep our fingers crossed just in case.
Felicity Ace Sinks With 4,000 Cars on Board
One of the most talked-about stories of 2022 was the sinking of the Felicity Ace cargo ship in the middle of the Atlantic on March 1. There were about 4,000 cars inside including models from Volkswagen, Audi, Porsche, Bentley and Lamborghini–all U.S.-bound.
None of them could be salvaged, resulting in an estimated loss of $401 million USD according to Russell Group.
VinFast Lands in Canada
Late in 2022, Vietnamese automaker VinFast broke through the Canadian market with a pair of electric SUVs including the midsize VF 8 and full-size VF 9. Following a cross-country tour and the start of online sales, VinFast opened its first few stores in Canada, with a lot more to come in 2023.
The Car Guide visited the VinFast factory and also got the opportunity to test drive the VF 8, so don’t miss our review.
First Electric Pickup Hits the Road in Canada
While the GMC Hummer EV and Rivian R1T were the first electric pickups to launch in the U.S., the Ford F-150 Lightning beat both of them in Canada early in the summer of 2022.
The Car Guide named it the Best New Truck of 2023–even though it disappointed in a winter towing test that took place at the beginning of December. Again, don’t miss our review.
Cablegate
As you know by now, there’s a growing rift between Toyota Canada and certain owners of 2019-2022 RAV4 Hybrid and RAV4 Prime models due to premature corrosion of a high-voltage cable.
A class action lawsuit was filed on May 19. In October, Toyota Canada instructed dealers to pay for the replacement of said cable even when the 3-year/60,000km warranty is expired. Damaged components will be analyzed as part of an ongoing investigation. The hope is that Toyota announces a recall and makes adjustments to its current warranty.
The Most Expensive Car Ever
Ferrari used to hold the official record for the most expensive car ever sold with a 1962 250 GTO that fetched $48.4 million USD, or approximately $63 million CAD, at an auction in California back in 2018. Another one from 1963 is said to have topped $70 million USD during a private sale, also in 2018.
However, Mercedes-Benz shattered those marks in 2022. An uber-rare Silver Arrow was sold for an astronomical 135 million euros, which was the equivalent of $182 million CAD at the time.