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Posts Tagged ‘automotive news’

Automotive Consumer Debt Continues to Rise

Despite selling fewer vehicles, loan originations rose last quarter.

by on Feb.14, 2018

Americans borrowed more money to buy new vehicles in 2017 despite the fact that they bought fewer vehicles.

The amount of money Americans borrowed to finance the purchase of new vehicles increased again during the fourth quarter of 2017, according to new figures published by the Federal Reserve Bank of New York.

The Federal Reserve Bank of NY said the value of auto loans approved during the fourth quarter increased by $8 billion over the same period in 2016 when sales were of vehicles were relatively stronger. In addition, the value of automotive loans or debts held by lenders increased in 2017 by $64 billion to $1.22 trillion even though overall new vehicle sales dropped last year.

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The percentage of delinquent auto loans also dropped in the fourth quarter to 2.3% from 2.4%, the report noted. (more…)

States Considering Taxing Autonomous Vehicles

New taxes offset lost revenue from gas taxes.

by on Aug.21, 2017

States are beginning to apply taxes to autonomous vehicle to ensure owners pay their share of road maintenance taxes.

As automakers continue to charge ahead on the development of autonomous vehicles, the entities potentially impacted by the vehicles are moving forward in their preparations for these cars.

The state of Massachusetts plans to install a 2.5-cent-per-mile-driven tax on the vehicles.

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State legislators believe the most autonomous will be battery-electrics, thus won’t pay any gasoline taxes. So in order to ensure these vehicles pay their share for road maintenance costs, they new tax is necessary, the claim. (more…)

Turns Out Millennials Can’t Exist Without Their Cars

Study shows half would give up social media for a week before their car.

by on Aug.11, 2017

Millennials can't live without their cars, but aren't prepared for what happens when their car is being repaired after an accident.

For so long it was thought that millennials were content to lives without cars, and now it appears they cannot live without them.

A new study shows that half of millennials would rather give up social media for a week than go without their cars. Additionally, 41% would give up an hour of sleep each day and 39% would skip a meal before giving up their vehicles.

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Enterprise, the rental car company, polled millennials to determine how strongly they felt about the possibility of going without a car for an extended period of time, such as if it were in for repair. What the company discovered is that millennials are just like most folks: they feel they need their vehicles. (more…)

From Car to Grid: Automakers Lining Up New Uses for Old EV Batteries

Some use the old batteries to provide backup power for solar arrays.

by on Jun.09, 2017

Automakers are finding ways to use the electric vehicle batteries after the cars they go into reach the end of their lifespan.

What happens when that battery-electric vehicle is finally ready to retire? Its sheet metal, glass and a number of other materials will likely be recycled, as automakers struggle to reduce the amount of vehicle scraps that go into landfills.

But those big batteries could remain productive for a number of years, automakers have come to believe, even after the vehicle is off the road. A number of companies, including General Motors and the Renault-Nissan Alliance, are studying ways to use battery packs that come out of hybrids, plug-ins and pure battery-electric vehicles.

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As with the lithium-ion batteries in cellphones and other consumer devices, those used in vehicles do lose some of their capacity as they age and go through repeated charge/discharge cycles. But automakers intentionally use chemical formulations – along with thermal management systems – to minimize this degradation. So, according to Pablo Valencia, a battery expert at GM, they may retain as much as 80% of their capacity when the vehicle itself is ready for the rust heap. (more…)

Hyundai Next to Roll Out US Investment Plan — $3.1B

Follows GM's $1 billion announcement earlier, and also notes plan isn't Trump influenced.

by on Jan.17, 2017

Hyundai expects to invest in its plant in Montgomery, Alabama, as part of a $3.1 billion, five-year plan.

Announcing investment plans for the United States appears to be the latest trend by automakers with Hyundai Motor Group being the latest announcing plans for $3.1 billion, including a new plant, to be spent in the U.S. during the next five years.

The South Korean company’s move, which represents a 50% increase in the money it drives into the U.S., comes just hours after General Motors outlined $1 billion in new investment in the U.S. expecting to develop as many as 2,000 new jobs.

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President-elect Donald Trump has been using Twitter to put automakers – and other countries – on notice that if they don’t start building more vehicles in the U.S., he plans to slap their imported vehicles with a 35% tariff. (more…)

Familiar Names Top Magazine’s Annual Best Brands List

U.S. News & World Report unveils top 2017 brand winners.

by on Nov.15, 2016

U.S. News & World Report named Mazda the best car brand for 2017 in its annual awards.

The winter sale season is readying to kick off and trying to determine what kind of vehicle you should buy and, perhaps, most importantly, what brand has just become a little easier.

U.S. News & World Report released its annual “Best Vehicle” brands awards and the result show, well, not much has changed from last year. This year’s winners are Honda, Mazda, Ford and Porsche.

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The annual awards recognize brands with top-performing vehicles in four major categories: SUVs – including Crossovers and Minivans – Cars, Trucks and Luxury. (more…)

October US Auto Sales Hit the Skids

Ford delays sales report due to fire at headquarters.

by on Nov.01, 2016

Jeep sales had been reliably strong for FCA during the past few years; however, they fell 7% in October.

The tempo of new vehicle sales slowed during October as every major automaker reported a drop during October.

Ford Motor Co., which also was expected to report a drop in sales, delayed the release of its October sales due to a fire in an electrical substation in the company’s headquarters in Dearborn, Michigan. The fire, which happened yesterday, caused the evacuation and closure of the building.

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The big surprise was a 10% drop in sales by FCA, which had posted a long string of sales increases, stretching back more than five years until it had to re-state its sales figures this summer under pressure from lawsuits by dealers and Securities and Exchange Commission. (more…)

Alfa Romeo Stelvio, Honda Civic Si Among Major Debuts Coming to L.A.

Over 50 global and North American intros on the docket.

by on Oct.14, 2016

The new Land Rover Discovery debuted in Paris, and it will make it's North American debut at the Los Angeles Auto Show.

This year’s Los Angeles International Auto Show could be Tinseltown’s biggest in years, with more than 50 new vehicle debuts on the docket next month.

Some of those models, like the Land Rover Discovery, will be appearing for the first time in North America, after making earlier appearances abroad. But there’ll be a significant number of all-new models, organizers promise, including Alfa Romeo’s first-ever SUV and the new Honda Civic Si.

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In line with California’s focus on clean energy and cutting-edge technologies, the 2016 LAIAS also will launch the new AutoMobility LA event. It’s an expanded version of the Connected Car Expo that has, in recent years, explored developments in areas such as car-sharing and autonomous driving. (more…)

Sign of the Times: New CR-V Set to Replace Civic, Accord as Honda’s Best Seller

Honda isn’t alone. Toyota’s RAV4 also on track to lead.

by on Oct.13, 2016

Honda officials expect the new CR-V to overtake its perennial best-selling vehicles, the Civic and Accord, in the near future.

They’ve long dominated the sales charts, but the Honda Civic and Accord models may soon get brushed aside – by another Honda model, it seems, as the Japanese automaker expects to see the fifth-generation remake of the CR-V crossover-utility vehicle become its top volume model.

That shouldn’t really be much of a surprise, however, considering current industry trends. Light trucks, in general, now account for about 60% of the U.S. new car market, and while pickup sales are flattening out, CUVs and more traditional sport-utility vehicles “are really hot,” said American Honda Motor Co.’s top U.S. executive, John Mendel.

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Even as it comes to the end of its life, the outgoing, fourth-generation Honda CR-V is accounting for about a quarter of the brand’s total U.S. sales and is “now virtually on par with Civic and Accord,” and likely to build momentum with the launch of the new model for 2017. (more…)

Auto Dealers Cheer CFPB Ruling

Court rules agency's structure is unconstitutional.

by on Oct.13, 2016

NADA Chairman Jeff Carlson has critized the CPFB on a number of occasions.

A federal appeals court has ruled that, in its current form, a new agency expected to watch out for the financial interests of car buyers and other consumers fails a basic constitutional test.

The court ruled that the current structure of the Consumer Financial Protection Bureau is unconstitutional. The court’s ruling that the current structure of the Consumer Financial Protection Bureau is unconstitutional was immediately hailed by the National Independent Automobile Dealers Association.

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Car dealers and auto lenders, including the “captive” finance companies operated by auto manufacturers, had been among the new CFPB’s initial targets. (more…)