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Car prices freeze, EV sales surge, cost of new Tesla battery

Inside Automotive

Serra Automotive is set to buy the Bill Marsh Auto Group later this year, marking one of the most high-profile acquisitions in the industry.Why dealership groups are prioritizing M&A — Joe Serra, Matt Serra | Serra Automotive
Serra Automotive, ranked number 12 out of the top dealership groups in the U.S. and number 6 out of the top privately held groups, is set to close on its acquisition of Bill Marsh Auto Group. When the transaction is completed in the coming months, Serra Automotive will receive three new stores representing eight franchises across Michigan. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Joe Serra, chairman of Serra Automotive, and Matt Serra, president of Serra Automotive, to share more details of the transaction and their expectations for the 2024 car market. Watch full segment here.

Top Stories

Average wholesale used vehicle values throughout January were identical to December after a year of volatility in the pre-owned market.Wholesale used vehicle prices remained steady in January after taking a slight dip at the end of 2023, signaling the return of stability to the pre-owned car market. According to Cox Automotive, average used vehicle prices at auction were identical in January to those from the last four weeks of 2023. Values still fluctuated lightly throughout the month, declining in the first half and rising in the latter. In December, average prices dropped roughly 0.5% from November. Read More

Electric vehicle sales reached all-time highs in December but hybrids stole the spotlight with a rapid increase in demand.Global plug-in electric vehicle sales—including hybrids—broke all-time records in December 2023 despite widespread concern among manufacturers over a slowdown in consumer demand. Sales database platform EV-Volumes recorded nearly 1.56 million registrations for new plug-in electric vehicles in the last four weeks of the year, up 12% from the previous high of 1.39 million set in November 2023 and 23% from December 2022’s 1.26 million. Read More

Jaguar Land Rover (JLR) has delayed the launch of two electric models due to the unexpected demand for their plug-in hybrid vehicles.Jaguar Land Rover (JLR) has delayed the launch of two electric models due to the unexpected demand for their plug-in hybrid vehicles. Following opening orders in December, the JLR has observed a significant surge in demand for its first electric Range Rover. Following impressive fiscal third-quarter sales, JLR has announced plans to introduce four new electric vehicles (EVs) within the next two years. Read More

As a Tesla owner, the thought of having to replace your car's battery is a scary prospect, and costs very depending on the model year.As a Tesla owner, the thought of having to replace your car’s battery is a scary prospect. The battery is the most expensive electric vehicle (EV) component, and no one wants to discover that their car needs a new one. Over its more than 15 years of manufacturing, Tesla has employed a variety of lithium-ion battery types in its vehicles. The 18650-style cell was utilized in the first Roadster and the later Model SRead More

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