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- Buh-bye chip shortage
Buh-bye chip shortage
Plus: Important earnings reports, Tesla gets competition and exposed, last call for Dodge, Porsche 911 news, and more
Happy Friday morning. This is Car Alerts with your weekly update from across the car world.
This week was full of financial news, with the majors reporting quarterly earnings. Sales numbers (for new cars) have increased since last year, demonstrating that the market has recovered from supply chain constraints and affordability is improving (despite rising rates).
July sales are expected to rise 15.3% from last year, but a slowdown is also expected in the second half of the year as pent-up demand from last year is fulfilled.
With that out of the way, here’s what we have for you in today’s email:
Tesla covers up complaints
Large automakers challenge Tesla
Porsche will keep 911 with combustion engine
Auto sales increasing, along with rates
No more Dodge Challenger/Charger
and more!
MARKETS 📈
Simply put, the chip shortage is over, and automakers are reporting rising sales. Here’s a quick look at the top automotive earnings from this week:
General Motors: 19% increase in sales year-over-year.
Nissan (and Infiniti): 33% increase in sales year-over-year.
Stellantis: 6% increase in sales year-over-year.
Note: stock market data as of Thursday’s market close.
HEADLINES 📰
Tesla created secret team to suppress thousands of driving range complaints.
Major automakers form partnership to challenge Tesla, planning to build own charging network set to open Summer 2024.
Porsche will make 911 “as long as possible with a combustion engine,” despite goals to electrify 80% of its fleet by 2030.
U.S. auto sales expected to rise again in July, according to S&P Global Mobility.
Congress probes Ford’s big battery deal with China’s CATL.
Volkswagen takes 5% stake in Xpeng as part of Chinese EV deal.
Auto-loan rejections are increasing, car buyers facing heavy burden as Fed keeps raising rates.
Chevrolet brings back the Bolt to its lineup of electric vehicles.
3,000 cars catch fire aboard cargo ship off the Dutch coast.
Nikola says damaged truck reignites at its headquarters. This comes just one month after the company reported another fire.
Last call to order Dodge Challenger, Charger, and Chrysler 300C. Production is ending in 2023 and new orders are not being accepted past July 31st.
Wholesale values continue to decline in July, according to Cox Automotive.
Ford releases “Free Wheeling” package for Bronco, bringing back an old classic.
70% of Porsche 911 GT3 buyers bought manual transmission version (U.S. buyers).
Toyota debuting new generation Land Cruiser on August 1st.
Tesla planning new $24,000 car, is in discussion with India commerce minister to build factory.
RECALLS & LAWSUITS
Mercedes facing lawsuit over navigation system faults that take drivers to wrong destinations.
Porsche reaches settlement with owners affected by faulty infotainment systems. Models affected include Panamera, Cayenne, Carrera, Boxter, Cayman, and Macan.
Toyota (and Lexus) recall over 110,000 new cars over an airbag issue.
McLaren Recalls 600LT Coupe and 600LT Spider due to leaky radiator joint.
Tesla issues recalls over seat belt and forward-facing camera concerns. Affected models include Model S, X, and Y.
Nissan recalls about 12,000 Kicks and Versa vehicles that may have power steering sensor problems.
Mini Coopers with N16 and N18 engines allegedly have defective timing chains, fault led to class action lawsuit.
COOL CARS FOR SALE
1995 BMW E36 M3: Dinan, 5-speed.
1992 Venturi 400 Trophy: Rare example, low mileage.
1996 Acura Integra Type R: Japanese market car.
1992 Lancia Delta HF Integrale Evoluzione: “Martini 5” edition.
1998 Nissan Skyline GT-R: 4-door, Autech 40th Anniversary.
1949 Chrysler Royal: Woody wagon, 1 of 850.
HUMOR
That’s all we have for you this week. We’ll see you next Friday morning with more car content.
Have feedback or want to get in touch? Please send us a note on Twitter (@CarAlerts). We’d love to hear from you.
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