Welcome to today's edition of the Daily 5.
Rarely does the auto industry receive good news from Jackson Hole, Wyo., but this week was different: Fed Chairman Jerome Powell, speaking Aug. 23 at the Jackson Hole
Economic Symposium, had this to say on interest rates: "The time has come for policy to adjust."
He hinted that the Fed intends to lower interest rates, likely as early as September. This should help automakers and dealers, with loans and leases more affordable for consumers, as well as potentially lowering capital investments for things such as battery plants, equipment and dealership improvements.
Our editorial board weighs in on the Fed's possible move, saying that automakers and dealers should let lower interest rates benefit customers and not take advantage of people being accustomed to high payments.
Elsewhere, Hyundai Motor is turning its attention to high-performance EVs, including variants under its Magma subbrand. The automaker is looking to debut the electric V60 Magma in late 2025. Hyundai also confirmed a production version of the N Vision 74, a concept revealed in 2022 with power derived from fuel cell hybrid technology.
There was plenty of other news today, including AutoNation Inc. selling two Ford stores and hinting that it might have plans to sell more stores, Subaru taking advantage of its Rallying participation, and a candid conversation with CDK Global CEO Brian MacDonald about his plans for moving forward from the cyberattacks.
That's it for today. There will be no Daily 5 on Monday, so enjoy the long weekend, and we'll be back on Tuesday with more news.
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