Nutson's Weekly Automotive News Wrap-up May 19-25, 2024
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Here are Larry's top story picks from this past week's important to you, relevant, semi-secret, or snappy automotive news, opinions and insider back stories presented as expertly crafted easy-to-understand automotive news nuggets.
Nutson's Auto News Weekly Wrap-up May 19-25, 2024.
* It's road trip time. A survey by Advance Auto Parts reveals more Americans will hit the road this summer due to air travel stress and safety concerns. This summer travelers are trading wings for wheels. An astounding 70 percent say they are more likely compared to a year ago to choose traveling by automobile over flying due to the current state of air travel. More details HERE.* US DoE factoid of the week: Hybrid electric vehicle sales experienced rapid growth in 2023 increasing by 53% from 2022, reaching a new high of nearly 1.2 million vehicles sold. Hybrid electric vehicles are fueled with gasoline and have a battery for capturing and reusing energy that would otherwise be lost through braking, giving them better fuel economy and lower emissions than conventional vehicles. Sales of fuel-efficient vehicles reduce U.S. transportation fuel consumption and emissions and have a positive impact on consumer fuel savings. Along with plug-in electric vehicles, hybrid electric vehicles provide options to automakers and drivers as the United States moves towards decarbonization.
* The EV slowdown accelerates. Reuters reports decelerating growth in EV demand (though EV sales are still growing) is forcing more automakers and suppliers to pull back on planned product launches and investments. Volkswagen will delay the launch of its ID.7 electric sedan in North America. Nissan is also delaying new electric sedans planned for the U.S. market. Tesla battery supplier Panasonic said it could delay investments in North America.
* Automotive News reports Ford is telling dealers enrolled in its EV certification program to pause any financial commitments while it responds to feedback it got from meeting with them around the country. Every trend has a counter-example: South Korea’s Kia is forging ahead with its first compact electric SUV built on a new architecture.
* GM PHEVs. GM CEO Mary Barra said the automaker plans to introduce plug-in hybrid electric vehicles in 2027, marketing a return to PHEVs since the Chevy Volt ended production in 2019. Barra said GM is "timing the launches to help us comply with the more stringent fuel economy and tailpipe emission standards" but didn't release details on which GM models would be available as PHEVs. Barra did tease, "We've got the technology. We're deploying it today in China." Citing charging as one of the challenges the automaker needs to overcome, Barra said, “We do see that hybrids will be part of the solution. How long hybrids will be part of the solution depends on how quickly we get a robust charging infrastructure.”
* Gas prices are down. For the fourth consecutive week, the nation’s average price of gasoline has decreased by 3.5 cents from a week ago to $3.55 per gallon, according to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country. The national average is down 12.0 cents from a month ago but is 2.2 cents per gallon higher than a year ago. The national average price of diesel has fallen 3.3 cents in the last week and stands at $3.86 per gallon—12 cents lower than one year ago.
* More on gas prices. AP reports the Biden administration said it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time. The approach will create a competitive bidding process that ensures gasoline can flow into local retailers ahead of the July 4 holiday and sold at competitive prices, the Energy Department said. The move, which the department said is intended to help “lower costs for American families and consumers,? follows a mandate from Congress to sell off the 10-year-old Northeast reserve and then close it.
* Younger Americans Most Open to Chinese-Brand Vehicles. In a recent survey issued by AutoPacific, nearly half of respondents said they are familiar with Chinese vehicle brands and about 35% of respondents said they would consider (definitely or maybe) purchasing a new vehicle from a Chinese brand. When broken down by age, 76% of respondents under 40 said they would consider buying a vehicle from a Chinese brand. Consideration then declines significantly by age group with only about 26% of those 60 and older willing to consider one. Overall, 44% of respondents said they would be very concerned about their privacy if Chinese-brand vehicles were sold in the U.S., and another 34% would be somewhat concerned. Even younger respondents, those under age 40, have concerns about privacy, with 73% saying they would be concerned about their privacy.
* Chevy Bolt battery payout. The Detroit Free Press reports General Motors and South Korea's LG Energy Solution reached a settlement to establish a $150 million fund to provide relief to Chevrolet Bolt EV owners affected by defective batteries, documents filed in a U.S. court showed. General Motors first launched Chevrolet Bolt EVs in 2015, and used batteries made by LG entities as part of a business arrangement with the car manufacturer. GM started recalls in 2020 after it faced numerous complaints about fires in some vehicles. Owners of the recalled Bolt EVs who installed the final software remedy at a GM-authorized dealership before Dec. 31, 2023, may receive up to $1,400, according to documents filed with Michigan eastern district court.
* Better and thus, older. Vehicles on the road are getting even older, according to S&P Global Mobility. The average age of cars and light trucks in the United States has risen again to a new record of 12.6 years in 2024, up by two months over 2023, according to new analysis. Passenger cars help increase the average age, measuring 14.0 years compared to 11.9 years for light trucks, according to S&P....70% of the 286 million vehicles on the road are 6 to 14 years old. More details here: https://www.spglobal.
* Indy 500 pole sweep. Team Penske achieved a historic 1-2-3 sweep in qualifying for the 108th running of the Indianapolis 500. Team Penske’s Scott McLaughlin set the pace in the Top 12, averaging 233.492mph to beat his team-mates Will Power and Josef Newgarden. Enjoy Sunday's race, weather permitting!
* NASCAR HoF. Carl Edwards and Ricky Rudd were elected to the NASCAR Hall of Fame as the top vote-getters from the Modern Era Ballot. They will be inducted as part of the Class of 2025
along with Ralph Moody, the top choice from the Pioneer Ballot. Dr. Dean Sicking was selected as the recipient of the Landmark Award for Outstanding Contributions to NASCAR. Sicking, who was instrumental in advancing motorsports safety through the development of the SAFER (Steel And Foam Energy Reduction) barrier, will be honored along with the other 2025 electees on Feb. 7, 2025 at the NASCAR Hall of Fame Induction Ceremony in Charlotte, North Carolina.
* Punch and pay. NASCAR driver Ricky Stenhouse Jr. has been fined $75,000 for punching fellow driver Kyle Busch in a brawl that exploded after Sunday’s All-Star Race in North Carolina, an official said. In addition to the fine, two of Stenhouse Jr.'s crew members were suspended: team mechanic Clint Myrick for the next eight Cup Series races and tuner Keith Matthews for the next four Cup Series events. Stenhouse's father, Richard Stenhouse, was also indefinitely suspended. All of the penalties were for violations of the NASCAR Member Code of Conduct, said NASCAR's senior vice president of competition, Elton Sawyer.
Stay safe. Be Well.