Each week TheDetroitBureau.com reports on the biggest news and events about new vehicles, mobility, technology, trends as well as offering our years of experience and insights in our car reviews. Then we put it all into our weekly the Headlight News podcast.
Now that both houses of the U.S. Congress have passed the Inflation Reduction Act, it heads to President Joe Biden for his signature. The bill, which Biden’s indicated he will sign, notes Editor-in-Chief Paul A. Eisenstein, will extend electric vehicle tax credits for automakers. However, the credits come with several restrictions that make them applicable to very few, if any vehicles.
Some of the other stories you need to know about include:
- Gas prices fell below $4 a gallon on average in the U.S. last week — the first time since March that’s been the case. In fact, some states report average prices below $3.50 a gallon. AAA reports the price of gas has dropped about 80 cents in the last month;
- The numbers at the pump may be sliding, but that’s not the case for new vehicles. The average transaction price of a new vehicle hit a new high in July of $48,142 — an increase of 12% compared to this time last year;
- Several automakers are looking to show off some new vehicles as well as concepts during Monterey Car Week, including Acura which will put its first-ever EV on display. The new model will be based off the Honda Prologue, an electric vehicle its building in partnership with General Motors;
- Just about a week after showing off the 2023 Chevrolet Colorado, GMC took center stage unveiling the next-generation of its midsize pickup, the Canyon. For the new model year, the brand is offering two new trim levels the AT4X, a full-on off-roader, and the Denali, a luxury version buyers have been clamoring for; and,
- Longtime automotive safety advocate Ralph Nader harshly criticized Tesla Autopilot and Full Self-Driving, claiming both were extremely dangerous and that federal safety regulators should put a halt to the use of either and both immediately.
Executive Editor Joe Szczesny noted the average price for a gallon of gas in the U.S. fell below $4 for the first time since before St. Patrick’s Day this year. AAA, which tracks prices across the country, said a combination of additional supply and conservation by cost-conscious motorists, helped put downward pressure on prices. The drop in the price of gasoline is also beginning to relieve some of the inflationary pressures pushing up the price both new and used vehicles in recent months.
Hyundai is the latest automaker to make a splashy EV introduction with its new Ioniq 5. While not the South Korean automaker’s first EV, reminds Executive Editor Larry Printz, it perhaps should have been. With excellent performance, stunning technology and retro-inspired exterior styling, it’s one battery-electric model that you simply cannot ignore. Get more details at TheDetroitBureau.com.
Managing Editor Michael Strong says this week’s focus will be on vehicles rather than the finances or personalities within the industry. Stellantis plans to lay out the future of its Dodge brand during the first three days of the week, including a likely update about electric vehicles. At the end of the week, Monterey Car Week will be in full swing concluding with the Pebble Beach Concours on Sunday.
During that time frame, automakers will show off a slew of new models and concepts, while much beloved old vehicles restored to better than new will be fawned over in California. However, in metro Detroit, old cars will rumble and road as the annual Woodward Dream Cruise takes off on Saturday.
Printz returns to tells us about Alice Ramsey who in 1929 became the first woman to drive across the U.S. in her 30-horsepower Maxwell DA. She drives from New York to San Francisco in 59 days. She gos back to New Jersey by train. In 1965, the Ford Bronco makes its debut as officials proclaim there’s another pony in the stable.
Find out more the industry’s history and more by listening to TheDetroitBureau’s latest edition of the Headlight News podcast by clicking here. And look for a new episode every Monday!