Nutson's Weekly Automotive News Wrap-up August 25-31, 2024
 |
 |
LEARN MORE: Complete versions of today's news nuggets, along with hundreds of thousands of pages of relevant news, information and opinions, are stored in a million-page library published and indexed on The Auto Channel during the past 25 years. Complete information can be found by copying a headline and inserting it into any Site Search Box.
Here are Larry's top story picks from this past week's important to you, relevant, semi-secret, or snappy automotive news, opinions and insider back stories presented as expertly crafted easy-to-understand automotive news nuggets.
Nutson's Auto News Wrap-up Week Of August 25-31,
- Labor Day weekend gas prices.GasBuddy data shows the national average price of gasoline has plunged to $3.307 per gallon, down 6 cents in the last week, marking the fourth straight weekly drop. The average diesel price has fallen 3.2c/gal from a week ago to $3.66, the lowest since January 2022.
- August vehicle sales.The forecast from Cox Automotive suggests that U.S. new-vehicle sales in August should remain relatively stable when adjusted for significant seasonality. In August, the seasonally adjusted annual rate (SAAR), or sales pace, is expected to reach 15.4 million, higher than last August's 15.3 million pace but down notably from July's robust 15.8 million level. The strong sales pace in July was partly fueled by a sales rebound following an industry-wide dealership software disruption that slowed the market in the second half of June.
- More EV chargers.The U.S. Department of Transportation today announced $521 million in grants to continue building out EV charging and alternative-fueling infrastructure across 29 states, eight Federally Recognized Tribes and the District of Columbia, including the deployment of more than 9,200 EV charging ports. There are over 192,000 publicly available charging ports with approximately 1,000 new public chargers being added each week. Of note, thirteen states have not been awarded a single CFI grant. Most, not all, are states in the South and the Plains states. Go to this link to see what is coming to your state. here
- HEV sales rise: Most BEVs are luxury vehicles.The US Energy Information Administration informs the share of electric and hybrid vehicle sales in the United States increased in the second quarter of 2024 (2Q24) after a slight decline in 1Q24. Combined U.S. sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVs) increased from 17.8% of total new light-duty vehicle (LDV) sales in 1Q24 to 18.7% in 2Q24, according to estimates from Wards Intelligence. This slight increase in the electric and hybrid vehicle market share was driven primarily by hybrid electric vehicle (HEV) sales, which increased by 30.7% year over year. Luxury electric vehicles continued to sell well, accounting for 32.8% of total luxury sales in 2Q24. U.S. luxury vehicle sales accounted for 16.6% of the total light-duty market in 2Q24, while luxury vehicles made up 73.8% of total battery electric sales, 8.3% of hybrid sales, and 29.2% of plug-in hybrid sales. The average transaction price of BEVs in the United States, not including any government incentives, decreased from $57,405 in January 2024 to $56,371 in June 2024, according to data from Cox Automotive. BEV transaction prices were 21.1% higher than the overall average light-duty vehicle transaction price in January 2024 and 15.9% higher in June 2024. HERE
- Plug-in Hybrids on the rise. As automakers slow-walk plans to roll out more fully electric vehicles in response to lighter-than-expected consumer interest, more are embracing plug-in hybrids (PHEVs), which run on battery power for about 20 to 40 miles before reverting to a gas engine. PHEVs help automakers meet emission rules, save gasoline, and can be cheaper to buy. But, do owners actually plug them in? Read the story : here
- More from Hyundai.Hyundai Motor, at its 2024 CEO Investor Day, detailed a flexible response approach to market conditions and focus on electrification through its ‘Hyundai Way’ strategy. They are targeting 5.55 million annual global sales by 2030, up 30% from 2023. And, they aim to sell 2 million EVs per year globally by 2030. Plans are to introduce new Extended Range EREV models, a different type of EV with a range of more than 900 km/560 miles on a single charge, in North America and China. They aim to offer a full lineup of 21 EV models by 2030, ranging from affordable to luxury and high-performance including the introduction of enhanced next-generation hybrid system with improved performance and fuel efficiency. Plans are to expand HEV offerings to 14 models from the current seven; Genesis luxury brand will also offer hybrid models.
- US DoE factoid of the week.In 2024, a small electric SUV with a range of 300 miles produces 52% fewer life cycle greenhouse gas (GHG) emissions than a comparable gasoline vehicle. Electric vehicles (EVs) have no tailpipe emissions, but nearly three quarters of the GHG emissions for a gasoline vehicle come from the tailpipe (vehicle operation). Although GHG emissions from the production and distribution of electricity is about double that of gasoline production and distribution (149 vs. 75 gCO2e/mile), that difference is more than offset by the tailpipe GHG emissions from the gasoline vehicle. Battery production adds an additional 30 gCO2e/mile over the life of the EV but is negligible for the gasoline vehicle. Increasing efficiencies for battery and vehicle production will lower GHG emissions in the future. Also, GHG emissions from electricity production are projected to be lower as the United States moves toward decarbonization of the grid.
- Switch to EVs will take time.Drivers will likely make a gradual change from internal combustion engines to electric vehicles, says Kazuhiro Takizawa, the president and CEO of American Honda. "You can't force the customer to change their mind," Takizawa says, adding "we just can't force the people living in, say, the Midwest, with no charging stations. ... We need to prepare the ecosystem gradually and let them migrate little by little." Read more : here
- Lawmakers eye federal standards to limit vehicle size.A bill in Congress aims to mandate federal size standards for SUVs and pickups, which account for more than 75% of vehicles on roadways, per the Insurance Institute for Highway Safety. The bill would require the National Highway Traffic Safety Administration to set standards for passenger vehicles, which the IIHS said have become 1,000 pounds heavier, 10 inches longer and eight inches taller since the 1990s. Get the scoop: here
- Reduce the risks. Consumer Reports announced its first-ever brand ranking for used cars that focused on the reliability of 5- to 10-year-old models. Lexus and Toyota top the list of 26 brands, with a commanding advantage over third-ranked Mazda. All three brands have had consistent average or better reliability ratings over the years. Acura and Honda round up the top five brands. Get the full story here: here
- Best and worst.Motor-vehicle accidents are the leading cause of death among the population aged 16 to 19, which also happens to be the age group with the highest risk of crashes. To help parents ensure their teens’ safety while also safeguarding their finances, WalletHub analyzed the teen-driving environment in each of the 50 states using a collection of 23 key metrics. See your state here. here
- High cost car rental.Car rental prices have come down from the recent peak when companies couldn't quickly replace the fleets they sold off during the travel slowdown, but remain fairly high due to trends in the market for new and used vehicles -- which interviews with Sharky Laguana, president of the American Car Rental Association, and Chris Brown, an associate publisher of Auto Rental News, reveal as the core moneymaker for a car rental business. Cars are now available, but the interest rates associated with buying them are higher, Brown says, and car manufacturers are making more high-end cars and SUVs that are desirable to renters and resell at a good price but cost more. here
- Ford recall.Ford is recalling 4,595 2024 Mustangs over a possible casting defect in the rear suspension knuckles that could crack and fail. Ford says these cars were built between July 25, 2023, and September 15, 2023. Dealers will inspect rear suspension knuckles for cracks and replace them as necessary.
- Park outside. Jaguar is telling owners of about 3,000 electric SUVs to park them outdoors and away from structures due to the risk of battery fires. The British automaker is recalling I-Pace SUVs from the 2019 model year but has not yet developed a final remedy. As an interim fix, dealers will update the battery energy control computer to limit battery charging to 80% of capacity. The company has issued three previous recalls for the same problem, and all of the SUVs will need the new remedy. The previous recalls updated diagnostic software.
- Cars at the Capital. The Hagerty Drivers Foundation, a 501(c)(3) non-profit dedicated to preserving automotive culture and history, is hosting its annual “Cars at the Capital” exhibition on the National Mall in Washington, D.C., from September 19-24, 2024. Displayed in an eye-catching brilliantly lit glass enclosure will be the 35th and 36th vehicles to be added to the National Historic Vehicle Register. If you were a Hot Wheels fan back in the day, you may recognize the Beatnik Bandit and The Dodge Deora. The 35th vehicle is the Beatnik Bandit released in 1961 by Ed “Big Daddy” Roth. The 36th vehicle is a Dodge A100 pickup truck that was heavily customized by Mike and Larry Alexander for the 1967 Detroit Autorama custom car show.
- NYC Concours in 2025. For the second year in a row, The New York City Concours has postponed its event to the following year. This time, the organizers left the following message on the concours' social media channels: “Our event is taking a little extra time to shine even brighter! We’re rescheduled to Saturday, 20 September 2025 in collab with @madisonavebid to make sure it’s absolutely spectacular. Thanx for your patience—big things are coming!” here
- The Hemi lives on.Each year since 1968, one of the highlights of the Toyota NHRA U.S. Nationals has been Super Stock class eliminations featuring Hemi-powered Dodge Dart and Plymouth Barracuda factory races. That tradition continued this year with the launch of the Sox & Martin Hemi Challenge presented by the McCandless collection, on Friday, Aug. 30 at Lucas Oil Indianapolis Raceway Park. Today, the Super Stock Hemi engines produce over 1,000 HP. Story : here
- RIP.Alex Xydias, a Hot-Rod hero, WWII Vet, and filmmaker has died at 102. Xydias founded the So-Cal Speed Shop and was a major figure in the rise of hot-rodding. Read more: here
- RIP.Scott Bloomquist, a superstar dirt-track racer who won more than 600 races and whose car bore the image of a skull and crossbones, died on Aug. 16 when the vintage single-engine plane that he was piloting crashed into a barn close to the airstrip on his family farm near Mooresburg, Tenn. He was 60. Bloomquist was considered one of the greatest drivers on the circuits where he raced. He won nine championships, including four with the United Dirt Track Racing Association’s Hav-A-Tampa Series, three with the Lucas Oil Late Model Dirt Series and one with the World of Outlaws.
Stay safe. Be Well.
Kind regards, Larry Nutson, the Chicago Car Guy The Auto Channel