CBT automotive newscast: June 29, 2022

Inside Automotive:

Edmunds’ Jessica Caldwell shares update on inventory shortages, interest rates, and high car prices
Back in 2020, the automotive industry started experiencing supply chain delays that continue to impact the market today. On this edition of Inside Automotive, we’re pleased to welcome back Jessica Caldwell, executive director of industry insights for Edmunds, to give us an update on where things currently stand in the auto market. We’ll also take a look at some recently released data from Edmunds, all about summer car shopping. Watch the complete segment here.

Headlines:

According to the Cox Automotive June sales estimate, U.S. new vehicle sales are expected to be constricted due to the lack of supply that continues to hamper the industry. The seasonally adjusted annual rate of new-vehicle sales this month is anticipated to reach 13.8 million, up from last month’s pace of 12.7 million but significantly below last year’s record of 15.5 million. Nearly 1.2 million units are anticipated to be sold in June, 7.5% fewer year-over-year.

General Motors has filed a patent for EV charging technology that aims to charge two electric vehicles using only one DC fast charger. Using bidirectional ports, the configuration of GM’s Ultium batteries could create a ‘daisy-chain’ setup that allows one electric car to plug into the charging port while the other vehicle would plug into the first car. The technology could also allow drivers to connect their vehicle to two charging ports at once for faster recharging. GM has made no formal announcements yet about when, or if, this new feature will come to market.

Once again, allegations are stirring in the EV industry as Hyundai and Kia were raided by German authorities due to suspicions that the company was knowingly using defeat devices in their diesel combustion cars. Hyundai is working with authorities to solve this issue, as German authorities continue their searches and have already raided eight properties. The authorities suspect that over 200,000 Hyundai and Kia vehicles could be driving with defeat devices.

Ford Motor Company announced a recall of 2,900 all-electric F-150 Lightning trucks with 20 or 22-inch tires, because of a software update issue that could potentially disturb the tire pressure monitoring system. While no injuries have been reported yet, low tire inflation can lead to poor vehicle handling and increase the possibility of a crash. According to Ford, the problem is easily fixable with a software update. In the meantime, all owners are encouraged to monitor tire pressures manually.

News & Opinion:

How you can succeed and thrive after experiencing major setbacks
Life is not always smooth, and it’s common for everyone to experience at least one major setback in their personal or professional lives. However, these setbacks should not determine whether or not you are successful. Did you know that we can benefit from having setbacks? The future is unclear, and although we can plan specifically for our goals, many things that are out of our control can get in the way. For example, even if you plan, build, and research a fantastic work contract, that does not mean the other party will immediately accept. Truthfully, even if you get 1,000 firm no’s, all it takes is one enthusiastic yes to turn things around. Read More

Car dealerships and auto techs must start preparing for an EV transition
To be carbon neutral by 2050, all drivers need to switch from gasoline vehicles to EVs. As we’ve seen lately, there’s been a big push to make this happen. President Biden signed an executive order pushing for 100% zero-emissions vehicle acquisitions by 2035. The U.S. Departments of Transportation and Energy worked together to get $5 billion for national EV charging networks. This news has put some dealerships in a scramble to figure out what the future holds. After all, it only makes sense to get prepared now, even if the results are slower than anticipated. Here are a few ways dealerships and mechanics can start preparing for the EV transition. Read More

Did you enjoy this automotive newscast? Read other articles on CBT News here. Please share your thoughts, comments, or questions regarding this topic by submitting a letter to the editor here, or connect with us at newsroom@cbtnews.com.