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Monday, September 9, 2024 |
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What's behind the continued EV sales slowdown? |
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Welcome to today's edition of the Daily 5.
Two Automotive News stories help shed light on why EV sales are growing at a slower clip.
A new study by EY found that consumers are 14 percent less likely to purchase an EV this year than they were last year. EY surveyed roughly 1,500 Americans and found that 34 percent of them planning on purchasing a new vehicle in the next two years intended to buy an EV, down from 48 percent last year.
Expensive battery replacement costs and access to public chargers top the potential buyers' list of reasons for not buying an EV.
Access indeed: Another study showed that 47 states fail to meet the ideal ratio of chargers to EVs. Only the District of Columbia and Vermont, Massachusetts and Rhode Island have the prime ratio of EVs to public chargers, according to the report published by Here Technologies, a location data and technology platform, and SBD Automotive, a global automotive research firm.
Meanwhile Carvana's conversion of the ADESA wholesale auction network continues — this time in Texas. The company said it plans to equip ADESA Houston — a 43-acre wholesale auction with more than 5,000 parking spaces — to house its own vehicle inspection and reconditioning processes. Carvana will also maintain the site's original online and in-lane auctions.
Be sure to also check out the story from our sibling publication AdAge on former Hyundai marketer Angela Zepeda joining X as global head of marketing, as well as this week's Future Product Pipeline stories covering EV makers.
Tomorrow we'll focus on what Tesla has coming down the road.
That's it for now. Have a great rest of your day.
If you want to view this report in your browser, click here. |
— Wes Raynal, assistant web editor |
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Expensive battery replacement costs and access to public chargers top the list of concerns preventing buyers from purchasing EVs. |
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Only the District of Columbia and three states — Vermont, Massachusetts and Rhode Island — have the prime ratio of electric vehicles to public chargers, according to the report by Here Technologies and SBD Automotive. |
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The Houston site is the fourth ADESA auto auction at which Carvana is integrating its own inspection and reconditioning processes. |
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| | | automotive news congress |  | |
Join us September 23-24 in Detroit to hear from global automotive leaders, network with industry influencers, tour Michigan Central Station, and test drive Ford Model e and Ford Pro lineups. | | | | Register Now> | | | | | | | |
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X CEO Linda Yaccarino says the former automotive marketer will "further shape our transformation." |
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Dedicated electric vehicle makers, from Tesla to VinFast, are promising new affordable models to reach into higher-volume segments and scale up their operations amid a soft EV market. |
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Have some news to share? Want to offer your opinion? Please send your feedback to Philip Nussel at pnussel@crain.com |
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| Winners and losers | | Here are the top 5 winners and losers among 65 automotive companies followed by Automotive News on U.S. stock exchanges today. | | Top 5 winners | | | Yesterday's
close | Today's
close | Percent
change | | Workhorse Group Inc. | $0.58 | $0.75 | 29.53% | | Polestar | $1.38 | $1.49 | 7.97% | | ACV Auctions | $18.16 | $19.25 | 6.00% | | U.S. Steel Corp. | $31.27 | $32.82 | 4.96% | | Hertz Global | $2.71 | $2.82 | 4.06% | | | Top 5 losers | | | Yesterday's
close | Today's
close | Percent
change | | Mullen Automotive Inc. | $0.19 | $0.17 | -10.10% | | Canoo | $1.44 | $1.31 | -9.03% | | Vroom Inc. | $6.99 | $6.64 | -5.01% | | Superior Industries International Inc. | $3.16 | $3.03 | -4.11% | | Stoneridge | $12.72 | $12.23 | -3.85% | | | Quotes from 4 p.m. Sep. 9 | |
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| Automakers | | Here are today's stock trading results from 10 vehicle assembly companies trading on U.S. stock exchanges. | | Automakers | | | Yesterday's
close | Today's
close | Percent
change | | Ford Motor Co. | $10.58 | $10.66 | 0.76% | | General Motors | $47.14 | $47.40 | 0.55% | | Honda | $31.31 | $31.53 | 0.70% | | Lucid | $3.57 | $3.46 | -3.08% | | Polestar | $1.38 | $1.49 | 7.97% | | Rivian | $13.23 | $13.08 | -1.13% | | Stellantis | $15.50 | $15.55 | 0.32% | | Tesla | $210.73 | $216.27 | 2.63% | | Toyota Motor | $177.18 | $176.08 | -0.62% | | VinFast Auto Ltd. | $3.74 | $3.69 | -1.34% | | | Quotes from 4 p.m. Sep. 9 | |
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| | | automotive news congress | | | |
Join us September 23-24 in Detroit to hear from global automotive leaders, network with industry influencers, tour Michigan Central Station, and test drive Ford Model e and Ford Pro lineups. | | | | Register Now> | | | | | | | |
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Discover the latest news, insight & analysis needed to navigate the automotive industry. |
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