ICYMI: Toyota’s U.S. hybrid sales keep global numbers climbing despite Japan, China dips. EV sales are set to drop nearly 60% in October, J.D. Power says. Mercedes posts strong Q3 margins, plans $2 billion share buyback. Fed cuts rates by 0.25 points, easing auto financing slightly. Ford recalls nearly 500K U.S. vehicles due to multiple safety defects.
Here’s a closer look at these top stories and more headlines to stay on top of this week’s automotive industry news.
Toyota posts 3% global sales increase as hybrids fuel U.S. demand
On October 27, Toyota reported that it maintained record global sales through the first half of its fiscal year, as robust demand for hybrids in the United States balanced softer performance in Japan and China. The world’s largest automaker reported a 3% year-over-year increase in global sales in September, totaling 949,153 vehicles. Production rose 9% to 1,036,106 units, marking the seventh consecutive month of record output. Read More
EV sales will plummet by nearly 60% in October, J.D. Power says
Consumer interest in electric vehicles is grinding to a halt. J.D. Power forecasts that electric vehicle sales will drop by a staggering 60% in October. The company predicts that EVs will account for only 5.2% of new-vehicle sales, a significant drop from September’s 12.9%. Read More
Mercedes-Benz confirms outlook, plans $2B share buyback amid Q3 margin gains
On October 29, Mercedes-Benz confirmed its group annual guidance and plans to proceed with a 2 billion euro ($2.3 billion) share buyback over 12 months after reporting stronger-than-expected third-quarter margins. According to the automaker, adjusted return on vehicle sales rose to 4.8% in the period, within the company’s projected full-year range, and shares jumped as much as 7.7% in Frankfurt, marking the steepest intraday gain since April. Read More
Federal Reserve cuts interest rates to 3.75%-4% amid economic uncertainty
The Federal Reserve approved its second consecutive interest rate cut Wednesday, lowering the federal funds rate to 3.75%-4% as the central bank navigates economic uncertainty during the partial government shutdown. The 10-2 vote also included a plan to end quantitative tightening on Dec. 1. Read More
Ford recalls nearly half a million vehicles in the U.S. for multiple safety defects
According to the National Highway Traffic Safety Administration (NHTSA), Ford is recalling close to 500,000 vehicles in the United States this week after multiple safety defects were identified. The recalls affect a range of models, including pickups, SUVs, and vans, with dealers replacing faulty parts at no cost to owners. Read More
Next Week: Exclusive Interviews You Can’t Miss
Presidio’s George Karolis reveals Q3 trends in dealership buy-sell activity
It’s been a full and busy year for The Presidio Group, with the firm advising on several significant transactions nationwide. On this upcoming episode of Inside Automotive, Presidio President George Karolis shares the company’s recent wins and insights from the latest Presidio-NCM Average Dealership Performance Benchmark report.
The Drive Radio Show shifts gears with new hosts Lauren Fix and Karl Brauer
“The Drive with Alan Taylor Radio Show” is shifting gears with two new hosts, marking the start of a new era as two familiar faces take the wheel. On this upcoming episode of CBT Now, Car Coach Reports’ Lauren Fix and iSeeCars’ Karl Brauer discuss this transition and what listeners can expect going forward.
How Parkway Toyota dealers leverage aging cars to strengthen fixed ops – Nick Latino
With drivers keeping their vehicles longer than ever, Parkway Toyota’s service department is finding new ways to meet the needs of high-mileage customers. Fixed Operations Director at Parkway Toyota, Nick Latino, joins us on this new episode of Service Drive to outline how the dealership’s success comes down to training, communication, and strong customer relationships.
