Nutson's Weekly Automotive News Wrap-up October 27-November 2, 2024
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Auto Central November 3, 2024;Every Sunday Larry Nutson, The Chicago Car Guy and Auto Channel Executive Producer, with able assistance from senior Detroit editor Thom Cannell from The Auto Channel Michigan Bureau, compile The Auto Channel's "take" on this past week's automotive news, condensed into easy to digest news Nuggets.
LEARN MORE: Complete versions of today's news nuggets, along with hundreds of thousands of pages of relevant news, information and opinions, are stored in a million-page library published and indexed on The Auto Channel during the past 25 years. Complete information can be found by copying a headline and inserting it into any Site Search Box.
Nutson's Auto News Wrap-up Week Of October 27-Movember 2, 2024
- October sales forecast. New-vehicle retail sales for October 2024 are expected to increase from a year ago. Retail sales of new vehicles are expected to reach 1,136,700, a 5.9% increase from October 2023 when adjusting for selling days. Comparing the same sales volume without adjusting for the number of selling days translates to an increase of 14.3% from 2023. Total new-vehicle sales for October 2024, including retail and non-retail (fleet) transactions, are projected to reach 1,327,600, a 2.1% increase from October 2023 on a selling day adjusted basis. The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 16.1 million units, up 0.6 million units from October 2023. The average new-vehicle retail transaction price has fallen from a year ago due to higher manufacturer incentives, larger retailer discounts and increased availability of lower-priced vehicles. Transaction prices are trending towards $44,904—down $739 or 1.6%—from October 2023. Average monthly finance payments this month are on pace to be $738, up $14 from October 2023. EV share of the retail market increased 0.8 percentage points in September, rising to 10.2%. September marked the sixth consecutive month in which new EV sales surpassed 100,000 units.
- Did you know? A substantial portion of daily travel in the U.S. takes place using vehicles that are significantly overpowered for a substantial portion of travel needs: 86 percent of trips in the U.S. are taken in personal vehicles designed to travel at highway speeds, yet more than half of daily trips in the U.S. are under 5 miles and the average occupancy of vehicle trips in the US is 1.5 persons. These statistics point to a “missing middle” of transportation options in the U.S. that are right-sized to meet the needs of many local, daily trips. Many of these trips are too far to walk but too short to necessitate a personal vehicle. Right-sizing e-mobility means giving Americans opportunities to safely use smaller-format, low-speed vehicle types. Vehicle options in the “missing middle,” including e-scooters, e-bikes, e-cargo bikes, and low-speed vehicles. Right-sizing can address equity, safety, and land use efficiency.
- US DoE factoid of the week. In 2023, there were 133 million shared micromobility trips taken with ridership almost evenly split between scooters with 65 million trips, and bikes totaling 68 million trips. Data for scooters was not available until 2018 although the first scooter systems began in 2017. By 2023, scooter ridership makes up about as many rides as station-based bikeshare ridership. All scooter trips in these data are dockless, but most shared bike trips are station-based where bikes must be picked up and returned to designated stations. Overall, micromobility use is growing and helping to reduce emissions and traffic.
- EVs and politics. According to data from AutoPacific’s recent EV Consumer Insights Study, political identity is still factor in electric vehicle (EV) ownership, but it may be becoming less of a factor for future EV acceptance. The study of over 12,000 EV owners, acceptors and rejectors was conducted in June 2024 and investigates consumer sentiment regarding EVs, from ownership reasons to rejection reasons, including the role of cost, charging, the environment, and politics. EVs continue to appeal to a larger and more mainstream audience, with sales and market share continuing to grow (despite headlines claiming otherwise). The details are HERE.
- TIME's Best. Volkswagen of America, Inc. announced that the all-new ID. Buzz has been named to TIME’s 2024 list of the Best Inventions, which features 200 extraordinary innovations changing our lives. Also, TIME has named the driver understanding system in the new Volvo EX90 SUV as one of its 2024 Best Inventions. To compile this year's list, TIME solicited nominations from TIME editors and correspondents around the world, and through an online application process, paying special attention to growing fields—such as health care, AI, and green energy. TIME then evaluated each contender on a number of key factors, including originality, efficacy, ambition, and impact. See TIME's full list HERE
- Used car prices. Carfax has published its November Used Car Price Trends report. In this month’s Used Car Index, the average increase or decrease in pricing is less than $100 for every category. That’s at least temporary good news for consumers who need a used car. Get the details HERE
- Underwater car loans. Roughly a third of people who financed cars owe more than their vehicles are worth, which can be consequential once they get rid of the car, according to a survey by car marketplace CarEdge. That share would amount to some 31 million of the more than 100 million auto-loan accounts tallied by the Consumer Financial Protection Bureau. The 19% drop in used car prices since their peak in 2022 means more cars are now worth less than the remaining balance on the car loan—and by larger amounts. Details HERE
- All-electric waste trucks. In what the city is calling a national first, Louisville, Colorado officials held a “ribbon cutting” to celebrate the launch of a new, all-electric residential recycling and waste collection fleet, which is already on the city’s streets. Get the news HERE
- Safe driving in Europe. In 2023, nearly one in three Americans traveling outside of the country chose to visit a destination in Europe, according to data from the International Trade Administration. If you plan on renting a car, it's good to get informed on which nations have the most dangerous driving conditions and which are the safest. Learn more HERE
- Vintage muscle car EV. Mopar made its mark in the 1960s during the muscle-car era with performance parts to enhance speed and handling for both on-road and racing use. Later, Mopar expanded to include technical service and customer support, and today integrates service, parts and customer-care operations in order to enhance customer and dealer support worldwide. Stellantis’ Mopar design team has revamped a 1967 Plymouth GTX and turned it into an electric vehicle. The 1967 Plymouth GTX Electromod concept from Mopar is powered by a conceptual Mopar e-Crate propulsion package and has an estimated range of 250 miles. The GTX Electromod will be shown at SEMA Show which takes place November 5-8, 2024 at the Las Vegas Convention Center.
- More at SEMA. Dodge is bolstering the brand’s Direct Connection performance parts line, launching Hellephant A30 426 Supercharged Crate HEMI and Drag Pak 354 Supercharged Crate HEMI engine blocks as licensed products through Direct Connection, as well as introducing a trio of new supercharger kits for Direct Connection Supercharged 6.2-liter HEMI crate engines. Hellephant A30 426 and Drag Pak 354 Supercharged Crate HEMI engines will be among the Direct Connection products on exhibit in the Mopar display at the 2024 Specialty Equipment Market Association (SEMA) Show.
- Ram recall. Stellantis NA is recalling more than 33,000 2025 Ram trucks due to potentially disabled electronic stability controls. The recall covers 33,777 trucks that may have a damaged front wheel hub encoder ring. If damaged, the truck's electronic stability control system can become disabled.
- Stay safe. Be Well.