🚗 Buyers set spending record

Happy Friday morning. This is Car Alerts with your weekly market update and curated news report from the car world.

In today’s edition:

• New record consumer spend (for August)

• UAW negotiations slow

• VinFast stock soars

• Car payments rising

• Elon Musk’s SEC settlement

• and more

MARKETS 📈

HEADLINES 📰

Fifth consecutive month of double-digit sales growth sees new-vehicle sales up 15.4%, record consumer spend for August.

Texas will bill electric vehicle drivers an extra $200 a year under new state law.

UAW (United Auto Workers) chief says talks with Detroit 3 aren’t going well, contracts set to expire Sept. 14.

Truck purchases are driving up the average cost of car payments. Some buyers pay over $1,000 a month

NHTSA proposes seat belt warning system expansion to encourage drivers and passengers to buckle up.

New-vehicle inventory at a two-year high, August sales expected to increase nearly 19% year-over-year.

VinFast (Vietnamese EV startup) shares are up over 300% since last week's lows.

Investors who lost money expecting payouts from Elon Musk's SEC settlement.

Chicago sues Kia, Hyundai over vulnerability to theft and surge in car-related crime.

Tesla's German plant lowers production target amid slower output.

Workers win raises at General Motors joint venture battery plant in Ohio as contract talks continue.

UPS Teamsters ratify new five-year contract, eliminating U.S. strike risk.

General Motors is eliminating 200 engineering jobs to reduce complexities and operational costs.

Mercedes-AMG CEO says V8 won’t return to C63 and E63 models, dispelling rumors.

Ford introduced F-150 Lightning “Platinum Black Edition,” limited to 2,000 units. Deliveries begin in early 2024.

Swedish EV battery maker, Northvolt, raises $1.2B to expand to North America.

Kelley Blue Book names “Best Cars for College Students” for 2023.

RECALLS & LAWSUITS

Nissan Sentra tie-rod recall affects over 236,000 vehicles.

Kia recalls 50,500 Sorentos because sun visor airbag warning labels can peel.

Honda infotainment system and “phantom braking” problems cause lawsuit.

Jeep Compass recall involves 182,000 SUVs with potential instrument panel lighting issues.

Ford Mustang Mach-E investigated after recall, owners complain over power loss.

Hyundai recalls nearly 40,000 vehicles because software error can cause car to accelerate.

That’s all we have for you this week. We’ll see you next Friday morning with more car content.

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