DIRS.INFO The most relevant business & tech news

☆ More people are missing car payments in another ominous sign for the economy
▼ + stars: | 2023-10-21 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

A record number of subprime borrowers are behind on auto loan payments by more than 60 days. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementA record number of subprime borrowers are behind on their auto loan payments by 60 days or more, according to figures from Fitch Ratings reported by Bloomberg. More than a third of Americans are considered subprime borrowers, according to an Experian study, meaning they have lower credit scores and are deemed less likely to meet their repayments on loans. AdvertisementAdvertisementFor subprime borrowers, rates for new cars average 11.5% and 18.5% for used autos, according to Experian.

Persons: —, Margaret Rowe, Zers Organizations: Fitch, Bloomberg, Service, CNN, Fed, Economic, Cox Automotive Locations: Edmunds

☆ Tesla downshifts out of ludicrous mode
▼ + stars: | 2023-10-19 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

The Model Y maker’s gross and operating profit margins were once the envy of the entire American automotive industry. As Tesla began rolling more vehicles off the production line than it could sell, however, Musk repeatedly offered discounts to rev demand. Even setting aside tough financial comparisons because of the factory shutdowns needed to retool its best-selling vehicles, progress has been sluggish. Tesla’s gross margin at its core automotive business, adjusting for regulatory credits, has fallen nearly in half, to 16.3%, according to the latest quarterly results released on Wednesday. Tesla sold just a hair under half of all U.S. battery-powered rides in the third quarter, according to Cox Automotive, down from 75% in early 2022.

Persons: BYD, Elon Musk, Tesla, Musk, they’re, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, U.S, HK, General Motors, Ford, Cox Automotive, Reuters Graphics, Thomson Locations: Detroit, United States, China, Shanghai

☆ It could take a decade for other automakers to catch Tesla — and none are 'leading contenders' just yet, experts say
▼ + stars: | 2023-10-19 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . EV sales are growing — they hit a record 300,000 sales in the US by Q3 — but it's happening at a less rapid pace than many in the industry were anticipating. Pricing, lacking infrastructure, and macroeconomic factors will continue to influence buyers' uptake of EVs other than Teslas, the Cloud Theory report said. As such, Cloud Theory experts say: "No company — not even Tesla — is guaranteed a seat at the head table."

Persons: Tesla, —, Theory, Elon, Rick Wainschel, It's Organizations: Service, Cox Automotive, Ford, Chevrolet, EV, Manhattan Locations: China

☆ As Tesla price cuts concede billions in sales, investors push Elon Musk to finally spend on ads
▼ + stars: | 2023-10-14 | by ( Tim Mullaney | ) www.cnbc.com time to read: +6 min

In this article TSLA Follow your favorite stocks CREATE FREE ACCOUNTA Tesla Model 3 with opened doors stands in the showroom. But there's one thing Black has had on his mind lately: That Tesla is wasting money on price cuts to keep growth rates high. At the same time, the major price cuts continue as Musk's primary strategy to drum up more interest in Teslas. Overall, the price cuts over the past year have shaved revenue by much more, Ives estimated. In effect, Black argues that Tesla price cuts are a de facto marketing expense, saying Tesla's share losses among EVs by Tesla this year suggest price cuts alone aren't working.

Persons: Gary Black, Tesla, Elon, Musk, didn't, Kevin Paffrath, we'll, they'd, Dan Ives, Black, EVs, Ives, Allen Weiss Organizations: Tesla, Getty, CNBC, @TroyTeslike, Netflix, Cox Automotive, Teslas, Tesla's, Newsday Locations: Chicago, California, U.S, Tesla's U.S, Smithtown , New York

☆ Tesla's dominance in the EV market is fading — and all hinges on the Cybertruck
▼ + stars: | 2023-10-12 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Tesla needs the Cybertruck to claw back market share from other brands. After years of little-to-no competition, Tesla's EV dominance is being tested. Four years later, the Cybertruck finally arrives in an increasingly crowded EV market and, for the first time, as a late-arriver to its electric truck segment. Even as total EV sales in the US hit a record high in the third quarter, Tesla's share fell to a record low of 50%, according to Cox Automotive . AdvertisementAdvertisementTesla's first foray into the lucrative truck market is supposed to hit consumer driveways any day now , and it couldn't be coming at a better time.

Persons: Tesla, —, Tesla's, that's, It's, Cox, Musk, Sam Fiorani Organizations: Service, Elon, Cox Automotive, Ford, GM, Volkswagen, Hyundai, Chevrolet, AutoForecast Solutions, Tesla

☆ Hedge fund manager Dan Niles is short Tesla as stock rises 5% this month. Here's why
▼ + stars: | 2023-10-12 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Hedge fund manager Dan Niles has revealed that he is still shorting Tesla 's stock, despite being bullish on the broader market. Niles, cofounder and portfolio manager of the Satori Fund, told CNBC's "Squawk Box" Tuesday that he sees significant headwinds for Tesla in the months ahead that could push the stock lower. TSLA YTD line Having more than doubled in value this year, Niles said the stock now faces a very different environment to earlier this year. It should be noted that Niles' Tesla short position is relatively small and accounts for about 1% of his portfolio. In contrast, the fund manager has previously made aggressive bets of up to 15% of the fund on stocks where the hedge fund has had a high conviction.

Persons: Dan Niles, Tesla, Niles, CNBC's, Elon Musk, Thomas Edison, he's Organizations: Tesla, Cox Automotive, CNBC

☆ US electric-vehicle sales hit record high, Tesla loses market share - report
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

The company logo is pictured on a Tesla Model X electric vehicle in this picture illustration taken in Moscow, Russia July 23, 2020. REUTERS/Evgenia Novozhenina/File Photo Acquire Licensing RightsOct 12 (Reuters) - Electric vehicle (EV) sales in the United States jumped to more than 300,000 for the first time in the third quarter, but industry leader Tesla's market share slipped to the lowest on record, a report by Cox Automotive showed on Thursday. "Higher inventory levels, more product availability, and downward pricing pressure have helped spur continued linear growth of EV sales in the U.S. market," Cox said. The price war started by Tesla has brought average EV prices down to $50,683 in September, down from $52,212 in the prior month, Cox added. Reuters GraphicsTotal EV sales for the third quarter rose nearly 50% from a year ago, and accounted for a record 7.9% of total industry sales, the report showed.

Persons: Evgenia, Tesla's, Tesla, Cox, Canalys, Zaheer Kachwala, Devika Organizations: Tesla, REUTERS, Cox Automotive, Elon, Reuters, Rivian, Thomson Locations: Moscow, Russia, United States, U.S, Bengaluru

☆ Tesla keeps chopping prices, making its cars cheaper than even gas competitors
▼ + stars: | 2023-10-12 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Tesla is offering cars well below September's new car average transaction price of $47,899. Tesla's base Model 3 and Model Y are both less than that. Last month, new cars saw an average transaction price (ATP) of $47,899, according to Kelley Blue Book. New car prices have slowly but surely been improving as of late, but are still pretty costly. AdvertisementAdvertisementTo be sure, new car pricing is relatively flat year-over-year (down just $360 from September last year), while used car pricing is more nuanced.

Persons: Tesla, —, Kelley, Elon Musk's, there's Organizations: Service, Cox Automotive, Acura, Lexus, Infiniti, Volvo, stoke

☆ Every type of used car is getting cheaper except trucks
▼ + stars: | 2023-10-10 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

The used car market took off during the COVID-19 pandemic. As of last month, used pricing had declined nearly 4% year-over-year, according to Cox Automotive's latest Manheim Used Vehicle Index, with one exception: Trucks. Overall, despite slight improvements in the used car market from 2020 and 2021, supply remains tight for used cars today, according to Cox, and is tighter than this same point both last year and pre-COVID. Used car dynamicsThe pandemic broke the used car market, and there is no "normal" for this market to return to. The ongoing UAW strike could also eventually threaten used car prices.

Persons: —, Cox, That's, It's, Chris Frey Organizations: Service, Manheim, UAW

☆ GM is shaping up to be the hardest hit by the UAW strike
▼ + stars: | 2023-10-08 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +6 min

GM has the most workers on strike of all the Detroit 3. AdvertisementAdvertisementThe ongoing United Auto Workers strike is taking a multi-million dollar toll on all three Detroit-based automakers, but General Motors might be hit the hardest so far. GM narrowly avoided a fourth strike Friday with an offer that delayed Fain's weekly update for members. This is also the second time in four years that GM has experienced a strike . AdvertisementAdvertisementAnd of the three automakers, GM also has the most striking workers and has temporarily laid off the most workers due to the strike.

Persons: —, Stellantis, Shawn Fain, Fain, Dan Ives, Mary Barra's, Tesla, Jim Cain, Cain, Ford, Ford's, Sam Fiorani, Fiorani, there's, It's, Cox, GM wasn't, Edmunds, Jessica Caldwell Organizations: GM, Detroit, Service, United Auto Workers, UAW, Ford, UAW nabbed, Detroit automakers, Wedbush Securities, Cox, AutoForecast Solutions, Jeep, Chrysler, Dodge, Buick, GMC, Chevrolet, Cadillac, Deutsche Bank Locations: Detroit, Arlington , Texas, Lincoln

☆ GM's third-quarter sales jump 21% as UAW strike slowly expands
▼ + stars: | 2023-10-03 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – An ongoing strike by the United Auto Workers union against the Detroit automakers had little to no direct effect on General Motors' third-quarter U.S. new vehicle sales. Sales of every one of the Detroit automaker's brands rose compared to a year earlier. Only 25,200 workers, or roughly 17% of UAW members covered by the expired contracts with GM, Ford Motor and Stellantis, are part of the work stoppages. UAW has been gradually increasing the strikes since the work stoppages began, after the sides failed to reach tentative agreements by Sept 14. The targeted walkouts aim to preserve the union's funds and prolong the work stoppages to keep the automakers off keel.

Persons: Jonathan Smoke Organizations: United Auto Workers, UAW, General Motors Co, Flint Processing, Detroit automakers, General Motors, Detroit, GM, Ford Motor, Chevrolet Colorado, GMC, Cox Automotive Locations: Swartz Creek , Michigan, DETROIT

☆ EV maker Rivian beats Q3 delivery estimates after raising production
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +2 min

A Rivian R1T electric truck is seen outside Munro & Associates headquarters in Auburn Hills, Michigan, U.S., June 3, 2022. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSAN FRANCISCO, Oct 2 (Reuters) - Electric-vehicle maker Rivian Automotive (RIVN.O) on Monday reported third-quarter deliveries above analysts' estimates, as it ramped up production to meet a sustained demand for its pickup trucks and sport-utility vehicles (SUVs). Rivian, which makes R1T pickup trucks and R1S SUVs, delivered 15,564 vehicles in the quarter ended Sept. 30, compared with Visible Alpha estimates of 14,740 vehicles and up 23% from the second quarter. It produced 16,304 vehicles at its facility in Normal, Illinois, up from 13,992 in the second quarter. That means Rivian has to make just more than 12,300 vehicles in the current quarter to hit its full-year target.

Persons: Rebecca Cook, Tesla, Rivian, Abhirup Roy, Zaheer Kachwala, Arun Koyyur Organizations: Munro & Associates, REUTERS, FRANCISCO, Rivian, Cox Automotive, U.S, EV, Canalys Research, Thomson Locations: Auburn Hills , Michigan, U.S, The Irvine , California, Normal , Illinois, San Francisco, Bengaluru

☆ Trump is attacking electric vehicles. Automakers already bet their future on them
▼ + stars: | 2023-09-28 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

Legacy automakers are pivoting to electric vehicles in response to expected strong consumer demand, tougher environmental regulations both from US states and foreign countries, and a push from Wall Street. Electric vehicles have outpaced growth of traditional internal combustion engine (ICE) cars in recent years. But automakers bucked Trump and agreed to meet tougher standards set by California rather than the Trump administration’s rules. At a Detroit battery plant Wednesday, Trump said America didn’t need what the factory produced“This plant, we just walked through this plant and the electric vehicles are gonna put [automakers] out of business,” Trump said. Trump’s proposals could undermine US companies’ EV investments and hand over control of an increasingly EV future to foreign manufacturers.

Persons: Donald Trump, Donald Trump’s, “ don’t, Trump, ’, ”, Barry Rabe, EVs, Brian Kemp, Ford, Rabe, Biden’s, Tesla, Jon McNeill, McNeill, ” McNeill, EVs Trump, bucked Trump, ” Trump, “, Biden, Rishi Sunak, Lisa Brankin Organizations: New, New York CNN, Detroit, Cox Automotive, Biden, Environmental Protection Agency, University of Michigan, Hyundai, Kia, EV upstarts, Republican Gov, Environmental Defense Fund, Nissan, Mercedes, Benz, Wall, Investors, ICE, General Motors, GM, Biden’s EV, Legacy, DVx Ventures, Tesla, Obama, Trump, America, ” Ford, Fiat, Peugeot Locations: New York, Georgia, South Carolina, Alabama, United States, California, Detroit, Michigan, China

But few of them besides Tesla's Model Y and Model 3 are selling at high enough volumes to support a full-scale assembly plant, according to a Reuters analysis of U.S. EV sales data for the first six months of 2023. But that market share was divided up among 103 different models, according to the Alliance's latest quarterly report on the EV market. The U.S. automaker, like several rivals, has committed billions to build additonal EV and battery plants in the U.S. In a media presentation on Tuesday, Cox Automotive noted that Tesla has surrendered some share of U.S. EV sales this year as more entrants hit the market, but still commands nearly two-thirds of all EV sales. Cox estimated that EV sales will rise to 8% of total U.S. vehicle sales in the third quarter from about 6.5% a year ago.

Persons: Rebecca Cook, Ford, Tesla, Reuters Graphics Reuters Graphics Tesla, General Motors, Cox, Joe White, Paul Lienert, David Gregorio Our Organizations: Rouge Electric Vehicle, REUTERS, Global, EV, Tesla's, P Global, Reuters Graphics Reuters Graphics, General, Chevrolet, Bolt, Ford, Hyundai, Reuters Graphics Reuters, Alliance for Automotive Innovation, U.S, Cox Automotive, Thomson Locations: Dearborn , Michigan, U.S, Michigan, United States, Detroit

The UK goal was ahead of the 2035 ban in the European Union, where most British-made cars are sold. "The timing sends the message that things can change again, making it difficult for companies to manage their investment strategies." Under the new mandate that the government could make public as early as this week, the 80% 2030 electric target should remain - with the other 20% a mixture of fossil fuel models and hybrids until 2035. "In Britain, there's no industrial strategy, no intent for industrial strategy and no desire for an industrial strategy," Palmer said. "The UK (fossil fuel ban) delay is not a good sign in terms of stability, but they have realigned with EU regulation," said Denis Schemoul, director of European vehicle forecasting at S&P Global Mobility.

Persons: Rishi Sunak, Christopher Furlong, Boris Johnson, Sunak, it's, Philip Nothard, ZEV, Andy Leyland, Adrian Keen, Keen, Andy Palmer, Aston Martin, Palmer, Denis Schemoul, Nick Carey, Barbara Lewis Organizations: Britain's, Rover, Industry, Union, EV, European Union, Cox Automotive, Volvo, Ford, EU, P Global Mobility, Thomson Locations: Warwick , England, British, Britain, EVs, Europe, Spain

Striking United Auto Workers members Laura Zielinski and Aisha Cochra hold their strike signs outside the Stellantis Jeep plant in Toledo, Ohio, U.S. September 19, 2023. The fledgling auto workers strike, if it lasts and broadens out, could be just that. A prolonged nationwide strike could put already-low inventory under heavy strain, posing "significant" upside risk to auto prices. The United Auto Workers strike against the 'Detroit Three' automakers General Motors, Ford and Stellantis entered its fifth day on Tuesday. Annual inflation has plummeted this year and by some measures now has, or is close to having, a "2" handle - the central bank's 2% goal is within sight.

Persons: Laura Zielinski, Aisha Cochra, Rebecca Cook, Morgan Stanley, Michael Feroli, JP Morgan, Cox, Stellantis, Morgan Stanley's Ellen Zentner, Jamie McGeever, Andrea Ricci Organizations: United Auto Workers, REUTERS, Rights, Fed, Reuters, U.S . Consumer, Bureau of Labor Statistics, General Motors, Ford, Cox Automotive, UAW, UBS, University, Thomson Locations: Toledo , Ohio, U.S, Rights ORLANDO , Florida, Detroit

☆ Car buying was finally getting better. The auto workers' strike will make it bad for everyone again.
▼ + stars: | 2023-09-19 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

The United Auto Workers union is on strike, targeting a select few Detroit 3 car factories. After years of a pandemic-driven supply-and-demand car crunch that jacked up new and used vehicle prices and shrunk dealership supply, car buyers had just started to see a little respite. The used car market has been trickier to generalize, but even used vehicle listing prices finally dropped slightly in July. "Pricing may well go up just because of scarcity, and if that happens, then the consumer that potentially was buying a new car would move to the used car market," Russell Hensley, partner in McKinsey's global automotive and assembly practice, said. "Prices will likely go up in the used car market."

Persons: Pat Ryan, Kelley, Cadillac, Jeep Wrangler, Ryan, Russell Hensley Organizations: United Auto Workers, Detroit, UAW, Service, Ford, GM, GMC, Buick, Chrysler, Chevrolet, Cox Automotive, Honda, Toyota, Kia, Jeep Locations: Wall, Silicon, Detroit, Wayne , Michigan, Wentzville , Missouri, Toledo , Ohio

☆ EV charging needs big improvements soon if the auto industry's transition is going to work
▼ + stars: | 2023-09-19 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +11 min

Simply put, America's patchwork of CCS chargers offers spotty coverage, hard-to-use devices, and, too often, chargers that are broken. Not to mention, there are fewer than 12,000 CCS fast chargers across the U.S. today. Opening up the Tesla charging network to our customers, that's about them and it scales very quickly for them. watch nowThe broad uptake of Tesla's charging tech is generally good news. What's more, Tesla's chargers all work the same way, whereas CCS chargers from rival companies may have very different procedures.

Persons: Mark Blinch, Reuters There's, General Motors, it's, Joe Biden, Tesla, Justin Sullivan, JD Power, Brent Gruber, Ford, John Lawler, Lawler, We're, Elon Musk, EVgo Organizations: Benz, Canadian, Reuters, Ford Motor, General, Volkswagen, Cox Automotive, Consumer, Energy, Institute, University of Chicago, Associated Press, NORC, for Public Affairs Research, United Auto Workers, EV, Public, U.S . Department of Energy, —, Detroit, CCS, University of California, JD, Ford EV, Ford, GM, Volvo, Mercedes, SAE International, ABB Locations: Toronto , Ontario, Canada, U.S, San Rafael , California, Berkeley, Bay, Swiss

☆ Beyond the automakers: How the UAW strike may hit the US economy
▼ + stars: | 2023-09-16 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

UAW president Shawn Fain said “we’re not going to wreck the economy. For instance, if all UAW workers at Ford, General Motors and Stellantis strike for 10 days, it would cost the US economy $5 billion, according to Anderson Economic Group’s estimates. He estimated $440 million worth of income would be lost nationally if all the UAW members strike for two weeks. If the strike lasts eight weeks, he estimates a $9.1 billion hit to incomes nationwide. Cars could get more expensiveAnderson Economic Group estimated that 25,000 vehicles won’t be produced if the strike lasts 10 days.

Persons: ” Gabriel Ehrlich, Shawn Fain, “ we’re, Ehrlich, Tyler Theile, That’s, they’re, Theile, Jonathan Smoke, CNN’s Peter Valdes, Dapena Organizations: New, New York CNN, United Auto Workers, University of Michigan, CNN, UAW, Ford, General Motors, Anderson Economic, Anderson Economic Group, Suppliers, Big, Cox Automotive Locations: New York, what’s, Michigan

☆ Why Stellantis could face a longer strike than Ford or GM
▼ + stars: | 2023-09-15 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

The United Auto Workers labor union launched targeted strikes against the three Detroit automakers early Friday morning. It's the first time in history that the UAW has struck all three of the Detroit automakers at once. GM's Cadillac and Chevrolet brands had just 46 days' and 51 days' worth of vehicles, respectively; the Ford brand had 77 days' worth. Historically, the Detroit automakers have tended to have somewhat larger supplies on hand because their full-size pickups are offered in many different configurations. In contrast to the strike against Stellantis, the UAW's strike against Ford could be relatively brief.

Persons: Ford, Stellantis, GM's, Shawn Fain Organizations: United Auto Workers, Detroit, Ford Bronco, Chevrolet, UAW, Ford Motor, General Motors, Fiat Chrysler Automobiles, French, Peugeot, Cox Automotive, Ford, Detroit automakers, Stellantis, Ford's, Plant Locations: Chevrolet Colorado, U.S, Ford's Michigan, Wentzville , Missouri, Toledo , Ohio

☆ 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

A person carries a flag with the patch from the United Auto Workers (UAW) labor union during a May Day rally for media workers held by The NewsGuild of New York on International Workers' Day in Manhattan, New York City, New York, U.S., May 1, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsDETROIT, Sept 15 (Reuters) - The United Auto Workers union launched simultaneous strikes at three Detroit Three factories early on Friday, kicking off the most ambitious U.S. industrial labor action in decades. Fain's decision to go with targeted walkouts could limit the cost to the union of strike pay. UAW President Fain has taken an unorthodox approach to the negotiations, bargaining with all three Detroit automakers simultaneously. But the Detroit automakers build some of the U.S. market's best-selling vehicles, such as the Ford F-150 and Chevrolet Silverado pickup trucks and Jeep SUVs.

Persons: Andrew Kelly, Shawn Fain, Fain, Stellantis, Sam Fiorani, Ford, Gerald Johnson, Jim Farley, Joe Biden, Biden, Biden's, Dan Ives, market's, Joseph White, David Shepardson, Peter Henderson, Mehr Bedi, Jamie Freed Organizations: United Auto Workers, UAW, International Workers, REUTERS, Rights, Detroit, Ford Bronco, Chevrolet, General Motors, Ford, Chrysler, Cox Automotive, Forecast Solutions, Bronco, Tesla, GM, Toyota, Honda, Mercedes, Chevrolet Silverado, Deutsche Bank, Thomson Locations: New York, Manhattan , New York City , New York, U.S, Chevrolet Colorado, Wayne , Michigan, Wentzville , Missouri, Toledo , Ohio, Toledo, Detroit Three's U.S, United States, Detroit, Washington, San Francisco, Bengaluru

☆ A rise in car prices would hit consumers already facing higher payments.
▼ + stars: | 2023-09-15 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Prices are rising, options are limited and interest rates are higher than they’ve been in over 20 years. The Federal Reserve started raising interest rates in March last year to combat inflation, eventually pushing its benchmark rate to the highest level since 2001. That has had an effect on rates for auto loans, which are now about 7.4 percent on average for new cars and 11.2 percent for used cars, according to Edmunds. Higher interest rates mean those who can put off buying a new car until next year or later, probably will. High rates were the top factor holding back business for car dealers this quarter, according to a recent survey from Cox Automotive.

Persons: It’s, they’ve, “ You’re, ”, Greg McBride Organizations: Federal Reserve, Bankrate, Cox Automotive Locations: Edmunds

☆ Used vehicle prices may have bottomed for 2023 after August increase
▼ + stars: | 2023-09-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Prices of wholesale used vehicles may have bottomed for the year, as Cox Automotive said prices last month increased for the first time since March. Cox reported Friday its Manheim Used Vehicle Value Index was 212.2 in August, up 0.2% from July. Retail prices for consumers traditionally follow changes in wholesale prices. The costs and scarcity of inventory led consumers to the used vehicle market, boosting those prices as well. Cox expects the used vehicle wholesale market to experience a "slow and gradual recovery" in prices to pre-pandemic levels by 2028.

Persons: Cox, Chris Frey, Frey Organizations: Cox Automotive Locations: Chicago , Illinois, DETROIT

☆ Car deals just came back, but they will dry up if auto workers go on strike
▼ + stars: | 2023-09-07 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +6 min

A strike could impact the inventory and deals that car buyers get from Ford, GM, and Stellantis. But a looming strike by the United Auto Workers could throw the market back into some disarray, automotive industry and manufacturing experts told Insider. AdvertisementAdvertisementExperts say a potential strike would mean sinking levels of inventory and fewer deals car buyers could get in the fourth quarter — especially if the strike goes on for a while. What customers should look out for if there's a strikeThe amount of vehicle supply at dealerships across the country this year has been interesting to watch. It wasn't until the months leading up to the 2020 Covid pandemic that GM dealers started running low.

Persons: Stellantis, isn't, there's, Ford, Sam Fiorani, Fiorani Organizations: United Auto Workers, Detroit, Ford, GM, Service, Deutsche Bank, Cox Automotive, UAW, Detroit automakers, AutoForecast Solutions, Toyota, Honda Locations: Wall, Silicon, Detroit

Search resuls for: "Cox Automotive"

25 mentions found