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☆ No, electric vehicle sales aren’t dropping. Here’s what’s really going on
▼ + stars: | 2024-02-25 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

(BNEF’s figures include plug-in hybrids, but the large majority are fully electric vehicles.) High pricesMost electric vehicles currently on sale in America are on the more expensive side of the automotive market. Power, referring to the Kia EV9 and Cadillac Lyriq electric vehicles. Besides raw numbers, the EV chargers that are currently available tend to rate low with consumers in terms of reliability, according to J.D.. Power surveys. Public chargers are more important to people who can afford neither an expensive vehicle nor a house with private parking.

Persons: CNN — Tesla, ”, Tyson Jominy, Kia, Corey Cantor, Jim Farley, Farley, Jominy, Tesla, Carlos Tavares, Valdez Streaty, “, “ We’re Organizations: CNN, Ford, Cox Automotive, Bloomberg New Energy Finance, Kia, J.D, ” Ford, National Renewable Energy Laboratory, US Department of Energy, DOE, EV, BMW, GM, Honda, Hyundai, Benz, Stellantis, Dodge, Leasing Locations: United States, America, California, Canada, New York

☆ New Toyota Camry will be hybrid-only
▼ + stars: | 2023-11-15 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

CNN —The Toyota Camry, the best-selling car in America, is going hybrid-only. The Camry is available in a hybrid version now, but the redesigned 2025 Camry will be offered only as a hybrid car combining a gasoline engine with electric motors. Making the Camry hybrid-only is a big step. The Toyota Crown Signia is a new hybrid-only SUV. Besides unveiling the new Camry Tuesday night, Toyota also revealed another new hybrid-only SUV model, the Crown Signia.

Persons: there’s, We’ve, ” Mike Tripp, Tyson Jominy, “ It’s, ”, “, Jominy, Tripp Organizations: CNN, Toyota Camry, Toyota, Camry, J.D, They’re, Corolla, Lexus Locations: America, Sienna, United States

☆ Auto loans are super expensive. Here’s how to shrink your monthly bill
▼ + stars: | 2023-10-10 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

In fact, auto loan interest rates are the highest they’ve been since 2007, when the world was heading into a massive financial crisis. More than 70% of buyers of new large SUVs now have monthly payments over $1,000. Keep it shortPeople often try to reduce their monthly payments by taking out longer loans. Spreading the payments over more years can keep the monthly amount lower, but it means you’re paying more in interest. Leasing is another way to keep monthly payments down.

Persons: It’s, ”, Kevin Roberts, you’re, Roberts, that’s, Ivan Drury, Edmunds, Matt Jones, Courtney Alev, Joseph Yoon, TrueCar’s Jones, Jones, “, CarGurus ’ Roberts, Tyson Jominy Organizations: New, New York CNN, Credit Karma, Leasing, “ Leasing, Edmunds, Toyota, Power, Associates Locations: New York, Edmunds, TrueCar.com, Cross, Boston, New York City

☆ Buying a car? What the UAW strike means – and doesn’t mean – for auto sales
▼ + stars: | 2023-09-15 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

New York CNN —Now that the United Auto Workers union has started a strike, the US auto market is about to be thrown into turmoil all over again. Auto sales hadn’t entirely recovered from the pandemic, but car shopping in the United States could change once more. The auto manufacturing crises of recent years have left auto dealers better prepared to deal with disruptions, said Scott Kunes, chief operating officer of Kunes Auto and RV Group, which owns more than 40 dealerships in the Midwest. It pays to be flexibleBefore the strikes started, auto dealerships had reasonably healthy inventories of new vehicles, according to Michelle Krebs, an analyst with AutoTrader. That means they’ll still have vehicles to sell for a few weeks, but, as the strike wears on, the choices available will start to dwindle.

Persons: They’re, Jonathan Smoke, Scott Kunes, ” Kunes, “, Kunes, Tyson Jominy, JD Power, Thomas Goldsby, Jominy, Michelle Krebs Organizations: New, New York CNN, United Auto Workers, Auto, Ford, GM, Cox Automotive, Kunes, RV Group, Toyota, BMW, Hyundai, Nissan, Volvo, Subaru, South Korean, JD, University of Tennessee, Trailblazer, Dodge, AutoTrader Locations: New York, United States, Michigan, Canada, Mexico, South Korea

☆ Potential UAW strike could cut production, push up vehicle prices, analysts say
▼ + stars: | 2023-09-11 | by ( Priyamvada C | ) www.reuters.com time to read: +3 min

Sept 11 (Reuters) - A prolonged coordinated strike by the United Auto Workers (UAW) union against the Detroit Three automakers could cut production by thousands, potentially pushing up vehicle prices and exacerbating supply-chain disruptions, analysts said. New vehicle prices may rise by less than 2% if the strike lasts about two weeks, according to automotive consulting firm J.D. That would mean an end to the trend of cooling vehicle prices in recent months, at a time when inflation continues to pinch U.S. consumers. However, UAW president Shawn Fain rejected the idea that worker wages were responsible for auto prices going up in the last few years. In a video released on Thursday titled "Here's what the Big Three and the corporate media's NOT telling you about car prices," Fain said "corporate greed" was responsible for rising car prices.

Persons: Tyson Jominy, Jominy, Garrett Nelson, J.P, Morgan, Jimmy Bhullar, Jim, Farley, Mary, Barra, Dan Ives, Tesla, Bryan DeBoer, Shawn Fain, Fain, Priyamvada C, Nathan Gomes, Abhijith, Anil D'Silva Organizations: United Auto Workers, UAW, Detroit Three, General Motors, Ford Motor, Toyota, Honda, Volkswagen, Deutsche Bank, GM, Ford, Lithia Motors, Thomson Locations: ., U.S, Bengaluru

☆ Here's a first look at GM's new all-electric Cadillac Escalade IQ, starting at $130,000
▼ + stars: | 2023-08-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

GM President Mark Reuss during the reveal of the all-electric 2025 Cadillac Escalade IQ on Aug. 9, 2023 in New York City. Michael Wayland / CNBCThe Escalade IQ is the first – and most important – traditional Cadillac model to be released as an EV. 'It's American luxury'The Escalade IQ features a much smoother, more aerodynamic exterior than the current Escalade, with overall styling more similar to Cadillac's current EVs than its gas- and diesel-powered siblings. Powerful, fast chargingThe Escalade IQ will feature up to 750 horsepower and 785 pound-feet of torque with a performance "Velocity Max" mode. The Escalade IQ features a host of standard safety and convenience features, including GM's Super Cruise hands-free highway driving system and an available 40-speaker KG audio system.

Persons: Cadillac Escalade, Mark Reuss, Michael Wayland, It's, Reuss, haven't, Michael Simcoe, Tyson Jominy, Escalade, Mandi Damman Organizations: Cadillac, Motors, Detroit, GM, EV, CNBC, GMC Hummer, Chevrolet Silverado, Cruise, Arlington Assembly, Chevrolet, GMC Locations: New York City, Detroit, Texas

☆ Electric Cadillac Escalade to test GM's EV strategy, cash machine
▼ + stars: | 2023-08-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

The Escalade IQ is the first – and most important – traditional Cadillac model to be released as an EV. The automaker plans to initially sell the new electric Escalade IQ alongside the current traditional models. A close-up of the illuminated front end of the electric Cadillac Escalade IQ, including a black crystal shield badge. CadillacA teaser video released by GM of the Escalade IQ appears to have more design elements similar to the automaker's Cadillac Lyriq and Cadillac Celestiq than the traditional Escalade. The first-generation Cadillac Escalade was produced from 1998 through 2000 by General Motors.

Persons: Escalade, Mary Barra, It's, Tyson Jominy, John Roth, Roth, Edmunds, Michael Simcoe, Steve Fecht, Rory Harvey, Wayne Cherry Organizations: Motors, GM, General Motors, Cadillac, CNBC, U.S, Auto, Benz, Ferrari, Lamborghini, Cadillac's, GM Tech Center, General Motors GM, GM North America, GMC Hummer, Chevrolet Silverado, Cruise, Arlington Assembly, Chevrolet, GMC, ICE Locations: New York City, Cadillac's U.S, U.S, Warren , Michigan, Detroit, Texas, Simcoe

☆ The EV price wars could hurt automakers when it comes to one of their most important groups of customers
▼ + stars: | 2023-07-27 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Electric trucks, long touted as a key to broader EV adoption, are a wildcard in the electric vehicle price war. Automakers are investing billions of dollars to electrify their product lineups not just for the average car buyer, but also for these fleet customers. "You're watching your numbers, you're watching your budget, you're watching the profit you're making." Still, automakers can't afford to jerk these buyers around with EV price changes. Smaller fleet customers are also very important for dealers, and electric trucks are a big gamble to sell to these customers, dealers who spoke with Insider said.

Persons: they're, Robby DeGraff, Tyson Jominy, Ford, Jominy Organizations: Morning, Car, EV, Amazon, FedEx, Walmart, Silverado Locations: .

☆ Cheap new cars are going extinct while $60,000 SUVs and trucks flood the market
▼ + stars: | 2023-04-10 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

The $60,000 car is having a moment — and may be here to stayIn 2018, 44% of new vehicles sold were under $30,000, per an Edmunds release. Some of this has been going on since before COVID, especially as many automakers discontinued sedans several years earlier. Profit, as Jominy pointed out, is also a key factor — and automakers are even willing to sacrifice market share for it. "There is definitely a void happening in the market for those vehicles," Kunes added. "If they focus purely on luxury cars and high-end SUVs that cost $100,000, there are only so many people that can afford those."

☆ Why EV dealers might try to coax you into a 6-month lease
▼ + stars: | 2023-03-13 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Only used electric cars priced under $25,000 can qualify for a used EV tax credit. Automakers might offer shorter lease terms on new EVs to get those cars into the used market sooner. And automakers and dealers, in anticipation of what the used EV tax credit can do for them in terms of spurring demand with customers who might not consider an EV otherwise, might adjust their EV lease contracts accordingly. But for other, cheaper models, automakers want to profit off those cars as much as possible, so that might mean some unconventional lease terms. That gives customers the opportunity to lease an EV for a short period of time and makes the used EV market more accessible.

☆ Automakers are using a legal loophole to get customers an extra $7,500 tax credit — and business is booming
▼ + stars: | 2023-03-09 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Automakers might pass along the commercial EV credit to customers that lease their EVs. Last summer's Inflation Reduction Act introduced rules for new and used EVs to qualify for crucial tax credits. Startup Lucid, along with at least 10 "traditional" automakers, are leveraging the commercial credit, according to data from J.D. Meanwhile, automakers are interested in leasing EVs in part due to the commercial and used EV tax credits. Being able to pass along the commercial EV credit could bring in customers that might not have otherwise considered electric.

☆ Automakers abandoned the 'starter car' — and it's raising prices for everyone
▼ + stars: | 2023-03-07 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Many car companies are prioritizing high-profit vehicles over starter cars. Though those figures are averages, it's clear that lower-end vehicles are more costly than they used to be — a direction automakers have been moving in for years. "There is definitely a void happening in the market for those vehicles," Kunes added. What car buyers can look out forThe used market isn't much better, Kunes noted — the average used vehicle transaction price was $29,226 last month, per J.D. Power — "which really puts a lot of pressure on that lower-end market, and there's no manufacturers really stepping up to fill that void."

☆ Car buyers rejoice: Discounts are making a comeback — but you might have to ask for them
▼ + stars: | 2023-03-01 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Car buyers didn't see the end-of-year blowout sales in November and December that they had been used to in holiday seasons' past. Instead, shoppers had to settle for new and used vehicles with markups above sticker price and no wiggle room. That puts discounts now at around $1,297, about 1% higher than the same time in 2022, Deutsche Bank analysts estimated this week. Where buyers might find the best incentivesLuxury vehicles saw the highest incentives at 6.2% in January, KBB said. "There's also some loyalty cash, and there's a pretty decent amount of rebates on some of the higher end vehicles.

☆ Meet the typical electric-vehicle buyer: A wealthy millennial trading in a luxury gas-powered car
▼ + stars: | 2023-02-28 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Non-luxury EVs are attracting former luxury buyers. As more electric vehicles have hit the market, the buyer base for them is continuing to skew younger. Since 2019, Gen X has overtaken the Boomer generation as the second-largest pool of EV buyers in the U.S., J.D. Only 28.5% of EV buyers in 2022 were women, compared to 29.1% in 2019. For the Kia brand more broadly, only about 6% of buyers are trading in luxury vehicles.

☆ New cars are crazy expensive but, if you’re careful, they don’t have to be
▼ + stars: | 2023-02-11 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

Yet the average sticker for base models, adjusted for inflation, has actually gone down a little — even as consumers have shifted from sedans to more expensive SUVs. That’s good news for drivers willing to go no-frills: If you don’t want to pay lots of a new car, you don’t have to. It has a base price of $15,730. These base price models may not make much money, if any, for automakers. The average price of a GMC Sierra 2500 HD, as sold, is now double the base price.

Car buyers are watching the clock tick down for the Inflation Reduction Act’s updated electric vehicle tax incentives to kick in. If you shop right nowState and federal EV incentives already exist. Their car was built in Tennessee and qualified for the full $7,500 federal tax credit, which they were able to combine with a Massachusetts EV tax exemption of $2,500, effectively knocking $10,000 off the price. Plus, caps on how many vehicles can qualify for existing tax incentives have kept some buyers on the sidelines. If you shop in 2024After next year, the IRA makes an important change to how consumers apply their tax credit.

☆ Convertibles drive into the sunset as automakers invest in electric vehicles
▼ + stars: | 2022-09-24 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

Automakers are also investing capital in off-road models and electric vehicles. "In the transition to electric vehicles, and where do automakers put their development money, it just isn't going to convertibles." Even counting those vehicles, sales last year were down by 26% since 2015. Jim Owens, head of Ford Mustang marketing, said only about 15% of the car's sales to consumers — 72,500 units in 2019 — are convertibles. Could we see a possible convertible electric Challenger in the future?

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