Welcome to the Daily 5 report for Tuesday, Dec. 2.
The electric vehicle market continued to slump in November following the end of federal tax credits, a big draw for first-time buyers, at the end of September.
The decline in EV volume was widespread based on results from automakers that release monthly sales.
Among the notable declines in EV deliveries were: the Hyundai Ioniq 5, down 59 percent; Kia EV6, down 68 percent; Ford F-150 Lightning, down 72 percent; and Honda Prologue, down 87 percent.
What is bad for the EV market is good for gasoline-electric hybrids, which continue to shine as consumers shift their preferences. Hyundai's hybrid sales jumped 42 percent last month to a record 20,288. Honda set a November record for Civic hybrid sales ― 6,426, or 37 percent of the compact car's total deliveries.
We have a full report on the mixed November sales results released Dec. 2.
In other headlines, a U.S. Court of Appeals tossed one bank fraud conspiracy count and one wire fraud count against a recording artist who victimized dealerships and auto lenders in a scheme involving the financing, purchase and resale of high-end used cars.
The court, however, left intact 14 counts of bank and wire fraud, conspiracy and money laundering against Montressa Cunningham, also known as "Monte Millions." Eric Freedman has the details.
It's one of the most revered light-truck nameplates in America, and it's about to be marketed in Europe. Ford plans to use the Bronco name on a plug-in hybrid to be sold across Europe. Nick Gibbs reports the chunky compact crossover with the Bronco badge will be built in Spain.
Kia plans to reveal the second-generation Seltos subcompact crossover on Dec. 10 online. The crossover's exterior will mix styling cues from Kia's growing electric vehicle lineup along with design elements from the 2027 Telluride large crossover, based on preview images released by Kia. Jack Walsworth has more here.
And finally, in a guest commentary, Ken Hill, managing director for 700Credit, argues dealers and carmakers are focused on the wrong technology as they look down the road.
While artificial intelligence promises long-term value, Hill writes, it is a shiny object distracting the industry from the single biggest, most impactful business strategy that should be implemented immediately: the end of paper used in core retail operations.
That's it for today. Enjoy your evening. If you want to view this story on your browser, click here.
— David Phillips, senior editor
No comments:
Post a Comment