Analysts predicted new vehicle sales results for November would be strong and now that the numbers are in, they were right. Some companies even enjoyed record-setting tallies for the 11th month of 2023. Check out the results at Headlight.News.
Automakers
Fisker Again Scales Back Production Plans – And Investors Applaud
For the second time this year, EV start-up Fisker has scaled back production plans, and now expects to roll out half as many Ocean SUVs as it planned at the beginning of the year. But that was fine with Wall Street, its stock price rising nearly 9% as the week came to a close. Headlight.News looks at what’s behind the cutback, and why it pleases investors.
GM CFO Jacobson Puts Brakes on Hybrid Hysteria
In recent days, several automotive executives have discussed scaling back their EV and battery production plans and started talking up the advantages of hybrids. Much of this was tied to thoughts that company’s overestimated the demand for electric vehicles, especially in light of the flattening of sales in recent months. GM CFO Paul Jacobson pumped the brakes on that notion. Get details at Headlight.News.
Hyundai Reinvents the Wheel – And it Could Make for a Better EV
The race is on to build a better EV, one delivering enhanced range and lower costs, among other things. Most of the attention has focused on next-generation batteries. But Hyundai is betting it has come up with a critical breakthrough by, quite literally, reinventing the wheel. Headlight.News checks out the Hyundai Uni Wheel.
After Repeated Delays, Tesla Finally Hands Over Keys for First Cybertruck
Almost precisely four years after unveiling its first electric pickup, and after a long series of delays, Tesla finally delivered the first Cybertruck to customers at its Texas assembly plant on Thursday afternoon. The question is whether the all-electric pickup will live up to the hype it has received –considering it falls well short of its original range target while prices are 50% higher than what was promised in 2019. Even the automaker’s CEO Elon Musk isn’t as confident as normal.
UAW Launches Massive Organization Effort Across Auto Industry
UAW President Shawn Fain has repeatedly talked about the UAW “bump.” It’s the wage increase workers at foreign automaker transplants received in the wake of the 25% pay hike UAW members got from GM, Ford and Stellantis. Now he’s looking to see if they want to join his “movement.” Get details at Headlight.News.
White House May Temporarily Revise EV Tax Credit Rules as Sales Slow
The Biden admin. may give a critical boost to the auto industry as sales of battery-electric vehicles slow, temporarily lifting rules sharply curtailing the number of EVs qualifying for federal tax credits. But the senator who introduced the restrictions says he’ll fight any rollback, reports Headlight.News.
November New Vehicle Sales Expected to Rise, But Prices are Dropping
Analysts at Cox Automotive predict new vehicle sales will rise 6.5% in November. That increase is really less about people buying a lot of vehicles this month and more about poor results from last November. Find out more at Headlight.News.
First Look: 2025 Chevrolet Tahoe and Suburban Get Major Makeovers
They’re the bread-and-butter product lines for General Motors. And the Chevrolet Tahoe and Suburban are getting major makeovers for 2025. The bestselling models in their respective segments roll out updated exterior and interior designs, new tech features, an upgraded diesel engine and enhancements meant to make it easier to tow trailers. Headlight.News checks out the 2025 Chevrolet Tahoe and Suburban.
EVs and Plug-Ins Suffer Serious Problems in Annual Consumer Reports Reliability Study
While automakers are beginning to get a handle on quality issues with EVs and plug-in hybrids they still suffer more problems than conventional gas models, according to the 2023 Consumer Reports Auto Reliability Study. On the flip side, conventional hybrids were among the most reliable products now on the market, owners reported. More from Headlight.News
GM Reinstates Full-Year Guidance for 2023, Buying Back Shares
Apparently the strike against General Motors by the UAW didn’t hit the company’s bottom line too badly. The Detroit-based automaker reinstated the full-year guidance it offer before the union’s walkout. Not only that, the company’s implementing a $10 billion accelerated share repurchase program. Get details at Headlight.News.
GM, Other Automakers Rethink EVs and May Shift Near-Term Emphasis to Hybrids, Plug-Ins
With EV sales growth slowing down, General Motors “is currently assessing” its massive investment in battery-electric vehicles. And, while it remains committed to CEO Mary Barra’s “path to an all-electric future,” it will shift more emphasis to the hybrids and plug-ins it was planning to abandon. And other automakers, including Ford and Stellantis, are likewise shifting direction. If anything, this validates Toyota’s strategy calling for a mix of EVs, hybrids and PHEVs, reports Headlight.News.