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- 🚗 Affordable cars are disappearing
🚗 Affordable cars are disappearing
Plus: CPI data, Tesla loses CFO, union unhappy with Stellantis, new Escalade IQ debuts, market statistics, and more
Happy Friday morning. This is Car Alerts with your weekly automotive update.
In today’s edition:
Affordable cars are long gone
July CPI data released
Tesla’s CFO steps down
Union not happy with Chrysler
GM releases new electric Escalade
Market statistics from Cox Auto
and more
MARKETS 📈
Note: Stock market data as of Thursday’s market close.
HEADLINES 📰
Used cars priced under $20K are vanishing. Used prices increased almost 50% since the pandemic.
Consumer Price Index (CPI) data showed that used cars and trucks fell 1.3% in July, after decreasing 0.5 percent in June.
U.S. reports big interest in $52.7 billion semiconductor chips funding from “Chips for America” legislation.
Tesla’s CFO, Zach Kirkhorn resigns, after 13 years with the company.
New-vehicle inventory down slightly in July, while production and sales remain generally balanced.
New Cadillac Escalade IQ will cost about $130,000 and has 750 HP, a 450-mile range, but no Apple CarPlay.
New-car transaction prices up less than 1% since last year, representing the smallest increase in a decade.
United Auto Workers union President says "Stellantis proposals are a slap in the face," throws contract offer in trash.
EV startup Lucid is losing over $500,000 for every car it sells.
Access to auto credit improved in July, but remains tighter than last year.
Honda posts 78% rise in quarterly profit on U.S. sales jump.
Mercedes-AMG considers returning to V8 for C63 and E63 models.
North Carolina officials skeptical of Piedmont Lithium's plans to supply Tesla.
New Nissan Skyline Nismo debuts in Japan and is limited to 1,000 units.
Nikola shares plummet 26% as electric truck maker names 4th CEO in 4 years.
Lyft shares fall as fears of price war with Uber overshadow strong forecast.
Oregon lets drivers fuel their own cars, lifting decades-old self-serve ban.
RECALLS & LAWSUITS
Over 44,000 Jeep Wagoneers have been recalled due to side curtain airbag concerns.
Febreze car air fresheners are allegedly leaking and damaging vehicle interiors, according to a recent class action lawsuit
Over 120,000 Kia Niro and Niro EV cars recalled for risk of engine compartment fire.
Over 185,000 Toyota Tundra and Tundra Hybrids recalled over fire risk.
Ram 1500 power steering recall may be expanded to include more trucks.
Mazda recalls 17,600 CX-90 SUVs because of potential problems with their pedestrian alert systems.
COOL CARS FOR SALE
HUMOR
That’s all we have for you this week. We’ll see you next Friday morning with more car content.
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