Inside Automotive
How will the 2024 auto market compare to last year? — Charlie Chesbrough | Cox Automotive
On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Charlie Chesbrough, senior economist at Cox Automotive. Chesbrough has been one of the nation’s leading auto market experts for years, supplying dealers with vital insights into consumer trends and industry shifts so that they can plan for success. Now, he takes a look back at the last 12 months of business to explain how their events will impact the retail automotive sector throughout 2024. Watch the full segment here
Top stories
Ford again cut production of its F-150 Lightning electric pickup on Friday but boosted manufacturing targets for the Ranger truck and Bronco SUV. Although the automaker has yet to provide a new estimate for Lightning production, the pickup’s factory will drop down to one shift from two starting April 1. The 1,400 employees comprising the second shift will be transferred to other Ford facilities, including the company’s Michigan site that manufactures the Ranger and Bronco. Read More
New vehicle inventory fell while used vehicle inventory rose over the course of December 2023, as demand continued to fluctuate in response to post-pandemic market conditions. At its highest point, new vehicle inventory climbed to 2.73 million units in mid-December, up from 2.56 million at the start of the month, according to Cox Automotive. Read More
On January 19, the White House issued a statement announcing that the U.S. Department of Transportation and Energy will be investing $325 million in three programs to promote electric vehicle (EV) technologies, repair chargers, and reduce battery costs. Furthermore, the new funding is part of the $5 billion National Electric Vehicle Infrastructure (NEVI) formula program, funded by a $1 trillion 2021 infrastructure law. Read More
Jeep has recently confirmed the launch of its first global EV, the Wagoneer S, which is expected to go on sale later this fall. Although it shares a nameplate with the brand’s larger gas-powered Wagoneer and Grand Wagoneer, the company refers to the Wagoneer S as a mid-size model. Read More
For Dealers
Trends and predictions for dealers to know in 2024
2024 will be another year of significant transformation for the automotive retail environment. Shifting product mixes, evolving consumer demands and emerging ways to leverage data are all factors dealers need to keep in mind as they plan for the year ahead. Read More
