EV prices crumble

Happy Friday morning. This is Car Alerts with your weekly update from across the car world.

This week electric vehicles (EVs) got some less-than-positive news as market data showed a 30% drop in prices and growing unsold inventory on dealer lots. June finished with 103 days’ supply of EVs (excluding Tesla), indicating a major change in consumer demand.

Otherwise, the market is seeing prices and new-vehicle inventory stabilize. In June, new-car sales rose 20%, fueled by pent-up demand from last year’s shortages and high prices. And the used-car market is also stabilizing, down just 3.6% year over year. To read the full reports, check out the two links above.

Now, for the rest of the email. And just a forewarning — there’s a lot of Porsche news this week.

In today’s edition:

• Porsche reports impressive deliveries

• Mercedes-Benz adopts Tesla’s charger

• Nikola shares surge, Lucid shares fall

• Auto union threatens strike

• Dodge Ram airbag defect

• and much more

MARKETS 📈

The Labor Department released its CPI report showing the smallest annual increase in consumer prices in two years. The markets responded kindly to the inflation slowdown and rallied as a result.

Here’s a quick look at the top automotive performers (% weekly gain):

• Nikola - ⬆️ 70.77%

• Carvana - ⬆️ 54.93%

• Rivian - ⬆️ 18.04%

• ACV Auctions - ⬆️ 11.62%

HEADLINES 📰

Porsche worldwide deliveries up 15% in the first half of the year, while U.S. deliveries are up 12%.

Nikola shares jump on new BayoTech partnership to sell trucks for hydrogen fuel supply.

EV prices collapse, down 30% as the overall used car market stabilizes.

Wholesale used car prices fell 4.2% in June from May — the largest monthly drop since the pandemic (wholesale is the price dealers pay at auctions).

Union Auto Workers president says the union is prepared to strike against GM, Ford, and Stellantis (Dodge).

Lucid shares dropped 12% on Wednesday as deliveries took a hit from Tesla's price war.

Mercedes Benz is the latest automaker to adopt Tesla’s charging standard starting in 2025.

Unsold electric cars are piling up on dealer lots, exposing a big imbalance between supply and customer demand.

Porsche announces Manthey Kit for 718 Cayman GT4 RS, making the car six seconds faster around the Nürburgring.

Porsche and Apple improve CarPlay with integrations allowing users access to core functions like audio and climate control without leaving the application.

Porsche 911 GT3 RS sets production car lap record at Road America in Wisconsin.

Ariel reveals Atom 4R. It’s powered by a Civic Type R engine making 400bhp and weighs 1,250 pounds.

Lotus Emira with Four-Cylinder AMG engine debuts at Goodwood Festival of Speed.

Max Verstappen wins British Grand Prix, his sixth consecutive win, and team Red Bull’s 11th in a row.

Hyundai’s 2024 Ioniq 5 N debuts with 641 horsepower.

RECALLS & LAWSUITS

2003 Dodge Ram 1500s have a major airbag defect and are potentially deadly.

Tests discover potential safety issues with brake lights on EVs from Genesis, Hyundai, Kia, and Mercedes-Benz.

U.S. safety regulators to open an investigation into front Ford Escape doors that fail to open, fail to close, and doors that suddenly open while driving.

Toyota and Lexus recall 116,000 vehicles at risk of losing their driver-side airbags.

Ford Truck roof collapse lawsuit filed after the death of a Georgia couple.

General Motors airbag class action lawsuit dismissed, but judge says plaintiffs can refile.

COOL CARS FOR SALE

1938 Cadillac Series 90: V16-powered, tastefully restored.
1983 Mercedes Benz 380SEC: Koenig Specials widebody, German import.
1970 Ford Mustang Boss 429: Rare, reported 1 out of 500 produced.
1987 Chrysler New Yorker: Low mileage, under $10,000.
1995 BMW M3: Avus blue metallic, 5-speed manual.
1988 Chevrolet Suburban: V10 powered, 33 years owned.
Ford GT engine: From first-generation GT, never installed.
2017 Volvo S60: Polestar edition, under 50k miles.

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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