CBT automotive newscast: August 9, 2022

Inside Automotive:

How Jeff Wyler Automotive plans to use its innovative new retailing platform to beat disruptors
Jeff Wyler Automotive Family recently launched a 100% online car buying solution to compete directly with disruptors like Carvana and Vroom. Kevin Frye, the Marketing Director at Jeff Wyler Automotive Family joins us now to discuss the solution, WylerComplete, and how dealers can beat these disruptors at their own game. Watch the complete segment here.

Headlines:

Good news for the electric vehicle industry and automakers as the Senate passed a slimmed-down version of the Inflation Reduction Act. The bill now heads to the House for approval. The new bill is the U.S.’s largest step in fighting climate change and will allow $374 billion in spending for climate and energy purposes. It will also end the pre-manufacturer tax credit limit of $7,500 for EV purchases. After an overnight marathon of votes on amendments, the law passed with 51 democrats voting in favor and 50 republicans voting against it. Vice President Kamala Harris gave the deciding vote to break the tie. Read More

In other news out of Washington, D.C., self-driving vehicles are getting a boost from legislators in the House of Representatives. Two members, Robert Latta, a Republican, and Debbie Dingell, a Democrat, are taking action to help educate other members on the importance of such technology. Latta recognized that the next two years of Congress, which will begin in 2023, might not enact laws on self-driving cars quickly. It’s important that we get members involved from all over the country,” Latta said. “This is something that is going to affect everybody.” Read More

The California DMV has accused Tesla in two separate filings of the use of deceptive marketing practices. Specifically, the company has been using terms such as “autopilot” and “full-self driving capability” to describe their ADAS-equipped EVs. However, these vehicles do not have the ability to drive autonomously. Consumer misinterpretations could lead to dangerous consequences for drivers. Tesla has only 15 days to respond to the filings, and failure to do so will result in a complete restriction of the company’s manufacturing and dealership privileges for California. Read More

News & Opinion:

The most significant and innovative automotive joint-ventures of 2022 so far
Automakers are ramping up their supplier partnerships and joint-ventures, especially in 2022. Automakers are partnering with domestic and foreign suppliers of EV battery components to lower the cost of EV materials and increase production. Many vehicle makers have had to stop production or slow it down because of a lack of EV parts, like battery components and vehicle chips. During the second quarter, EV sales hit a new record high (up 13% from Q1), but they are still not high quite enough to replace gas-powered vehicles anytime soon. Let’s take a look at five of the most significant automaker joint-ventures in 2022. Read More

5 of the hottest electric cars on the market and 5 more coming soon
Electric vehicles are growing in popularity. With each coming month, more and more Americans are growing warmer to the idea of owning an electric car, but there are still some problems troubling consumers. According to the J.D. Power 2022 U.S. Electric Vehicle Consideration (EVC) Study released in May 2022, 24% of shoppers are considering buying or leasing an electric vehicle and answered the study with “very likely,” which is 4% higher than in 2021. Higher gas prices and new electric vehicle models are leading to increasing interest. Let’s dive deeper into some of the most impressive EVs on the market, and others soon to follow. Read More

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