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Ford cuts F-150 prices again, Vehicle inventory remains stable, U.S. invests $325M for EV charger repairs

Inside Automotive 

Charlie Chesbrough joins Inside Automotive to discuss the 2024 auto market and whether last year's trends will continue in the months ahead.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 has again cut production of the F-150 Lightning electric pickup as it looks to keep output in line with slower-than-expected demand.
Ford CEO Jim Farley

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 and used vehicle inventory held steady over the course of December but shifted slightly in response to unexpectedly high sales.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

The White House announced that it will invest $325 million to promote EV technologies, repair chargers, and reduce battery costs.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.
2024 Jeep Wagoneer S EV | Motor Trend

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 

To succeed in the evolving automotive retail environment, dealers must adapt to changing market conditions and refine their strategies.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

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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