Are you ready for flying cars?

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

This week the top automakers reported rising quarterly sales caused by improved vehicle supply and customer demand. Below are a few of their sales numbers:

• Ford - ⬆️ 10%

• Toyota - ⬆️ 7.13%

• Hyundai - ⬆️ 14%

• Stellantis - ⬆️ 6%

• General Motors - ⬆️ 19%

As far as EV producers go, Tesla and Rivian also exceeded quarterly expectations, and their shares jumped. Rivian in particular rallied almost 50% this week.

However, despite the positive news above, there seems to be trouble brewing on the auto financing side of things.

Buyers are taking on loads of debt. In fact, consumers who financed a car with a monthly payment of over $1,000 hit a new peak. And 64% of those consumers are carrying an average loan between 67 to 84 months and an average APR between 8.5% and 9.6%. This is something to keep an eye on as we start the second half of the year.

With that out of the way, let’s get into the rest of the email.

In today’s edition:

• NHTSA’s Tesla probe update

• Rising U.S. car sales

• FAA approves first flying car

• Tesla sets quarterly delivery record

• Aston Martin partners with Geely

• Toyota makes bold EV claims

• and much more

MARKETS 📈

HEADLINES 📰

New vehicle sales in the United States increased in the second quarter on improving supply and strong demand.

FAA approves the first flying car, a 100% electric “Model A” made by California-based Alef Aeronautics.

Toyota claims it could make a solid-state battery with a range of 745 miles that charges in 10 minutes.

U.S. state attorneys general clash over EPA emissions 2030 plan to force automakers to have 60% of new vehicles be electric.

NHTSA seeks updated responses from Tesla in Autopilot probe of 830,000 vehicles.

Tesla sets quarterly delivery record, reporting 466,140 deliveries for Q2 and production of 479,700 vehicles.

Ford’s auto sales increased 10%, powered by a 26% jump in truck sales.

Rivian’s Q2 EV deliveries beat estimates, stock up 13% on Monday.

66% of Canadians say they are either “very unlikely” or “somewhat unlikely” to consider an EV for their next vehicle purchase.

Vermont will no longer register cars in any state because people couldn’t stop committing crimes.

Mercedes vehicles recalled to fix risk of stalling while driving (caused by faulty fuel pump).

President and CEO of Porsche Cars North America, announces departure. A successor has not been named.

Stellantis wins bigger subsidies for Canada battery plant, resumes construction.

Charging firms oppose Texas' “premature” plan to mandate Tesla’s charging standard.

Aston Martin EVs will borrow essential interior parts from Geely (Volvo’s parent company).

Mercedes-Benz subframe corrosion warranty extended to 20 years and unlimited miles as pressure from class action mounts.

Dodge’s first “Challenger SRT Demon 170” sells for $700,000 at auction, with proceeds going to charity.

Kentucky mandates Tesla’s charging standard for state-backed charging stations

Max Verstappen wins Austrian Grand Prix, prepares for upcoming race in England.

COOL CARS FOR SALE

1995 Mercedes Benz E320: Low mileage, convertible.
1996 DeTomaso Guara Barchetta: 1 of 50, V8-powered.
1991 Porsche 944 S2 Cabriolet: Convertible, white on blue.
1966 Volvo P1800S: Well-maintained classic.
2000 Ford Mustang Cobra R: 1 of 300, low mileage.
1985 DeTomaso Pantera GT5: Limited production car.
Jaguar V12 coffee table: Top Gear inspired table with a glass top.

FUNNIES

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

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