The two startups are burning through cash as they pivot to higher volume models. Rivian plans to launch its R2 platform for more affordable vehicles at an event on March 7, and Lucid plans to launch its Gravity crossover this year, tapping into the bigger utility market after lackluster demand for the Air.
But the world’s biggest automaker still requires an exponential 15-fold leap over just the next two years to reach CEO Koji Sato’s proclaimed target of selling about 1.5 million EVs in 2026.
Following a long, seemingly inexorable climb, registrations of battery-electric vehicles in California fell in the fourth quarter of last year. EV sales have now fallen for two consecutive quarters in the state, even as California regulators set a 2035 deadline for all new auto registrations to consist of zero-emission vehicles.
Toyota Motor North America has reversed an early decision not to run a national spot during Super Bowl LVIII on Feb. 11. More details will be shared closer to game day, according to the automaker’s announcement.
The Super Bowl will see the return of BMW and Volkswagen as advertisers after hiatuses while Kia, a marketing mainstay during the Big Game, will be back for the third straight year.
New-vehicle inventory levels in the U.S. are expected to continue to reach post-pandemic highs this year, data analytics firm Cloud Theory said in its 2024 outlook report. U.S. new-vehicle inventories have been on the rise and reached a three-year high of 2.7 million last month, according to Cox Automotive.
New-vehicle inventory in the U.S. rose by more than 200,000 in December and started January half again as large as where it stood a year earlier, the highest in three years, according to Cox Automotive.
Automakers spent an estimated $271.2 million on national TV advertising in December, down down 14.9% compared $318.5 million a year ago. December 2023 household TV ad impressions were also down 13% to 29.3 billion compared to 33.6 billion in December 2022, according to iSpot.tv.
Stellantis is continuing its belt-tightening measures and has announced it will not participate in this year’s Super Bowl. It’s an unusual move from an automaker that often has not just one, but multiple spots across its brands, which include Ram, Dodge, Jeep, Fiat and Alfa Romeo.
New vehicle inventory levels rose last month and sales are expected to follow suit — at double-digit levels, according to Cox Automotive.
Recent banking failures may lead to tighter auto financing
and keep new cars out of reach for a growing number of
Americans, MarketWatch reports.
The supply of new cars and trucks continues to improve, as March U.S. auto sales are on pace for an increase of about 6% in March vs. March 2022, Forbes reports.
The automotive category spent 12.2% less on national TV spending this October vs. a year ago, and impressions were down 5.5%
The automotive category spent 12.2% less on national TV spending this October compared to a year ago, and impressions were down 5.5%.
Ford Motor’s U.S. sales last month declined by 10% as the automaker battled through supply chain issues that delayed shipments to dealers.
Toyota sales up 28% in October; Volume rose 7% at Hyundai, and 12% to 58,276 — an October record — at Kia, behind higher demand for EVs and healthy retail sales.
New vehicle buyers should expect to wait six months to a year for prices to drop, according to a new report analyzing why the new-car shortage happened and when it will end.
After a multiyear surge in new-car prices, buyers are starting
to see some relief on dealership lots. Inventory levels are
gradually coming back, giving shoppers more options when
browsing showrooms, and some discounting has crept back
into the market, albeit in a limited fashion.
Under a GOP-controlled Congress, several policy experts said they would expect to see a shift from a more active legislative agenda to congressional oversight over the Biden administration’s regulatory authority.
Automakers are already beginning to alter 2023 production plans to brace for millions more vehicles lost to microchip shortage.