Inside Automotive:
View from the top: Rusty West breaks down the latest industry trends to watch
There are numerous factors influencing the retail automotive landscape right now, like the effects of COVID-19, the war in Ukraine, and semiconductor shortages. Today on Inside Automotive, we’re joined in the studio by Rusty West, the President and CEO of Market Scan, to give us his perspective on the industry and share market predictions. Watch the complete segment here.
Headlines:
President Joe Biden has said he is willing to continue talks with South Korea regarding US legislation that denies subsidies to most foreign EV makers, according to an official from the Office of South Korean President Yoon Suk-yeol. Biden offered assurances to Yoon in a letter after the Korean leader asked the US President last month for help in preventing the Inflation Reduction Act from harming Korean automakers. The IRA was passed in August and requires EVs to be assembled in North America to qualify for tax credits in the US. “We assess that President Biden reaffirmed his understanding of our concerns through a personally signed letter…It shows Biden’s willingness to be considerate towards South Korean companies in the future,” the official said. Read More
Ford released its third-quarter sales results, showing an increase of around 16% compared with last year, despite experiencing a larger-than-expected decline in September. The Detroit automaker reported it sold 142,644 vehicles last month, a decline of nearly 9% from 2021. The company’s quarterly sales outpaced many others in the industry. In light of the news, Morgan Stanley analyst Adam Jones upgraded the automaker’s stock to overweight from equal weight and held his price target of $14 per share. Ford shares also took a hit last month after the company said it expected to spend an additional $1 billion in supplier costs for the third quarter. Read More
In other news from Ford, the automaker will cease production of its $500,000 GT Supercar by the end of the year with a special edition model designed to pay tribute to the vehicle’s racing heritage. The company said the 2022 Ford GT LM edition will be the last model of the vehicle, and only 20 of the limited-edition cars will be produced. The current-generation GT was a surprise release at the 2015 Detroit Auto Show, and only 1,350 of the third-generation GTs were produced. A press release from Mark Rushbrook, Global Director of Ford Performance Motorsports, read, “As we close this chapter of the road-going Ford GT, the GT LM edition gave us a chance to inject even more heart and soul from a podium-finishing race car, furthering the tribute to our 2016 Le Mans win.” Read More
Tesla has announced it will phase out the use of ultrasonic sensors as part of the company’s shift towards its camera-only Tesla Vision driver-assist technology. Tesla’s sensors will be discontinued from the new Model 3 and Model Y vehicles sold in North America, Europe, the Middle East, and Taiwan starting this month. Model X and Model S cars will stop including the sensors starting in 2023. The EV maker says the shift from sensors to cameras will not affect the vehicle’s crash safety ratings but did warn that cars shipping without sensors will “temporarily” lose access to certain features, including park assist, autopark, summon, and smart summon. The company said it would replace these features after ensuring they work equally well using the cameras. Read More
News & Opinion
US auto sales improved in September, Toyota, Honda, Nissan slide in Q3
September’s auto sales performance has come with both good and bad news for the automotive industry. The good news is that September performed better than August and the previous year’s sales. Nevertheless, many factors — high-interest rates and higher prices — are pricing many customers out of the new car sector, which could spell problems in the future for the industry. Read on for a deeper dive into September’s sales and a look at how automakers faired. Read More
5 things that car salespeople should address in EV walkarounds
The jury is still out about how long it will take for electric vehicles to capture the majority of car sales. But as electric vehicle adoption begins to grow, it’s becoming clear that the sales process looks a little different than trying to make the sale on an ICE vehicle. EV shoppers tend to be even more informed about features and specs, but buying a model that contains a new powertrain still needs some assurances before they pull the trigger. Even for EVs, an in-person shopping experience is preferred, but it looks different. Here are five things that should be addressed in EV walkarounds for electric cars. Read More
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