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American all-electric automaker Rivian Automotive has received a conditional commitment from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing (ATVM) loan program for a loan of up to $6.6 and certain of its subsidiaries. The post Rivian to Receive $6.6B
The automotive industry is evolving rapidly, with consumer expectations shifting, competition intensifying and digital transformation changing how people shop for and service vehicles. These conversations contain a wealth of information — customer intent, service requests, sentiment, financing inquiries and competitor comparisons.
The 2024 Car Buyer Journey (CBJ) Study by Cox Automotive said these high lelevls of satisfaction are being driven by advancements in digital tools that seamlessly integrate online and in-dealership activities. Shopping for a new car has become more satisfying, according to a new study.
With electricvehicles (EVs) continuing to become a viable option for prospective vehicle shoppers, one trend stands out: EV buyers opting to lease. The Tesla Model 3 (2nd), Tesla Model Y (5th) and Honda Prologue (6th) were also among the top 10 of all leased vehicles. But its not just affordability.
Identify the range of services your business will offer, such as general repairs, diagnostics, or specialty services like electricvehicle maintenance, and consider how these services might expand in the future. Invest in technology, such as automotive repair software, to streamline scheduling, invoicing, and diagnostics.
Pros Explained Electric cars have become a hot topic in the automotive world. By considering the pros and cons of electric cars, you can make an informed decision about whether they are right for you. Let’s dive into how electric cars can be a positive choice for both the planet and your finances.
Electricvehicles appear to be losing some juice with consumers, if AAA research is taken at face value. adults report being very likely or likely to purchase a fully electricvehicle (EV) as their next car. Since we began tracking interest in fully electricvehicles, weve seen some variability, AAAs Greg Brannon said.
Do electricvehicles really offer a lower cost of ownership than gas-powered vehicles? The study analyzed eight cost factors to calculate vehicle cost of ownership: depreciation, fees and taxes, financing, fuel, insurance, maintenance, opportunity cost and repairs. Thats actually up from three the previous year.
Electricvehicles (EVs) are revolutionizing the automotive industry, and 2025 marks a pivotal shift toward cleaner, smarter, and more sustainable transportation in the U.S. Automakers to Go All-In on Electric The era of gasoline-powered cars is fading fast.
Pickup trucks and SUVs have long been the dominant vehicles in the U.S. The automotive M&A advisory firms semiannual Market Outlook Report , released this week in conjunction with the NADA Show, said its data shows American consumers have reached peak truck.
After months of waiting and making predictions, the automotive repair community and the rest of the world finally knows what the federal government will look like. While he supports small businesses, a scenario in which he pursues more federal regulation in the automotive sector seems unlikely. Republicans have secured a trifecta.
The automotive industry is experiencing a noticeable shift in consumer behavior and market dynamics, particularly in regard to finance and insurance (F&I) products. The rise of electricvehicles (EVs) and hybrid plug-in sales is another factor shaping the F&I landscape. With 17.3% The survey indicates that 23.9%
As we reflect on the 2024 automotive landscape, its clear that dealerships faced a year of significant challenges and transformations, particularly in finance and insurance (F&I). New vehicles, with their advanced technologies and longer warranties, call for a different set of F&I products compared to used vehicles.
Its Wednesday, December 11, 2024, and this is The Morning Shift , your daily roundup of the top automotive headlines from around the world, in one place. Good morning! Here are the important stories you need to know. Read more.
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Teslas sales may have been down last year , but theres no denying the Model Y is still an incredibly popular vehicle. In fact, it was one of the best-selling cars in the country. On the other hand, its old, and at least in China, Tesla decided it needed a refresh, so it threw the Cybertruck headlights and a new rear Read more.
Electricvehicles (EVs) have become a significant part of the automotive school landscape, driven by technological advancements and growing environmental consciousness. Currently, the province provides up to $7,000 for new fully electricvehicles, $5,000 for plug-in hybrids, and $3,500 for used EVs.
The automotive industry has witnessed unprecedented changes in recent years. From the rise of electricvehicles to the integration of artificial intelligence into vehicles, the landscape is evolving at an unprecedented pace. Creating an exceptional customer experience is essential, as per automotive sales training.
The automotive industry is undergoing a generational transformation with the continued use of electricvehicles (EVs). As more consumers embrace the benefits of EVs, the used car market is also seeing an influx of these eco-friendly vehicles.
The automotive industry is undergoing a generational transformation with the continued use of electricvehicles (EVs). As more consumers embrace the benefits of EVs, the used car market is also seeing an influx of these eco-friendly vehicles.
The automotive landscape has undergone a dramatic transformation in recent years, and nowhere is this shift more evident than in how dealerships engage with buyers. In response, dealerships are investing in digital tools that offer virtual walkarounds, online financing, and even at-home test drives.
As electricvehicles (EVs) continue to gain popularity, it is crucial for automotive retail businesses to understand and cater to diverse consumer segments. The Rise of Women Owners in the EV Market Historically, the automotive industry has been male-dominated.
Credit unions remain cautiously optimistic about the auto finance landscape through the end of 2024. Most do not anticipate improvements in liquidity and delinquency crises or significant impacts from lowered interest rates until mid-2025, as per CULA’s recent “Future of Auto Finance – The Next Six Months” survey.
Following a challenging sales environment in 2022, a noticeable recovery in the automotive sector has stabilized in 2023. The latest auto finance digital transformation index data illustrates where the industry stands in this operational journey. Cox Automotive also estimates 35.7 million used vehicles will be sold in the U.S.
It’s Wednesday, May 22, 2024, and this is The Morning Shift , your daily roundup of the top automotive headlines from around the world, in one place. Good morning! Here are the important stories you need to know. Read more.
It’s Friday, April 5, 2024, and this is The Morning Shift , your daily roundup of the top automotive headlines from around the world, in one place. Good morning! Here are the important stories you need to know. Read more.
Much like my heart rate during last night’s Super Bowl , used electricvehicle prices are all over the place , and it doesn’t look like that will change anytime soon. Analysts tell Automotive News that used EV prices will continue to fluctuate, and it’s up to automakers to launch affordable EVs before the current ones… Read more.
Mercedes-Benz electricvehicles are spending nearly three months sitting on dealer lots. Data shows that it took Mercedes dealers an average of 82 days to sell the automaker’s battery-powered EQ models , according to Automotive News. Read more.
Both gas-powered and electricvehicles saw double-digit rises in the number of folks who bought them with cold, hard cash , according to Automotive News. More and more people are buying their cars with cash , and it’s almost entirely because high interest rates have made auto loans miserably high. Read more.
While Mercedes backtracks on its future electricvehicle plans and Ford cuts production of its battery-powered F-150 Lightning , British automotive upstart Ineos has entered the murky waters of electrification with an EV of its own, the Fusilier.
The workers, though, still face uncertainty in the face of a shifting automotive market. As manufacturers transition to electricvehicles, those workers need to know they won’t be left out in the cold, and those assurances are still forthcoming. The United Auto Workers strike has — tentatively — ended. Read more.
Leasing activity and overall penetration has continued to climb, especially in the first quarter as inventory levels normalized further and incentives on electricvehicles accelerated. of new vehicle purchases in Q1, compared with 19.3% in Q1 2023, according to Experian’s Q1 State of the AutomotiveFinance Market Report.
Electricvehicles aren’t cheap yet. I mean, to be fair, no cars are cheap anymore with an average transaction price above $48,000 , but now “luxury” EV makers looking to capitalize on a market looking for cheaper all-electricvehicles.
2024 is turning out to be a bit of a “put up or shut up” year for General Motors’ ability to produce and profit from its electricvehicles , and that’s not just us saying it. GM CEO Mary Barra said 2024 would be “the year of execution” for t he automaker and its Ultium platform , according to Automotive News. Read more.
Toyota is still moving forward with its plan to produce solid-state batteries that it says will give future electricvehicles a range of more than 900 miles. And while production won’t exactly start tomorrow, the current plan to begin in 2027 isn’t too terribly far in the future, either. Except, as it turns out,… Read more.
Now, with the advent of electricvehicles, they’re getting even more popular overseas , but our attitudes toward them over here aren’t changing. Minicars and microcars aren’t a thing in the U.S. Despite their popularity in Europe and Asia, tiny cars have never been able to get a foothold stateside. Read more.
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The company is also set to provide VinFast with its expertise in driver training , road safety and the development of an electricvehicle ecosystem,… Read more. VinFast is getting a huge cash infusion from an investment group led by Emirates Driving Co., a UAE-based driver education company, to the tune of at least $1 billion.
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Electricvehicle makers are in a tight spot right now, with sales struggling to the extent that Ford is even considering cutting a shift at the factory that assembles its F-150 Lightning electric pickup truck.
The 2024 Car Buyer Journey (CBJ) Study by Cox Automotive has unveiled record highs in new-car buyer satisfaction, driven by advancements in digital tools helping seamlessly integrate online and in-dealership activities. 64% of hybrid buyers engaged online tools.)
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