ATLANTA, GA - According to a new report from Kelley Blue Book parent company Cox Automotive, the used car market – formally a safe haven for cash-strapped consumers looking to save money as opposed to opting for more expensive new vehicles – continues to be far less affordable than it used to be. Used car prices are now 25 percent higher than five years ago, and ancillary … [Read more...] about Cox Automotive: Average Price of Used Cars in U.S. Drops 4 Percent Year-Over-Year
Amid Falling Sales, Intense Competition, EV Maker Tesla to Lay Off 10% of Workforce
PALO ALTO, CA - According to an internal memo obtained by media outlet Reuters on Monday, electric vehicle (EV) manufacturer Tesla – amid falling sales and intense competition from other automakers entering the EV market – will officially be laying off over 10 percent of its workforce globally, starting this week. In the memo sent to all staff members, Tesla CEO Elon Musk … [Read more...] about Amid Falling Sales, Intense Competition, EV Maker Tesla to Lay Off 10% of Workforce
Hyundai, Kia, and Genesis Issue Massive Recall for Over 147,000 Electric Vehicles
WASHINGTON D.C. - Automakers Hyundai, Kia, and Genesis have been forced to issue a massive recall for a wide variety of over 147,000 of their electric vehicles (EVs) due to issues that could result in potential power loss to their wheels, according to a filing with the National Highway Traffic Safety Administration (NHTSA). The recall stems from the Integrated Charging … [Read more...] about Hyundai, Kia, and Genesis Issue Massive Recall for Over 147,000 Electric Vehicles
Baltimore Bridge Collapse Leading to Shipping Challenges for Major Automakers
BALTIMORE, MD - The total collapse of Baltimore’s Francis Scott Key Bridge – caused by a collision from a massive, 948-foot container ship that tragically resulted in six people missing and presumed dead – has had a lasting impact upon numerous industries in its wake, including automakers. Reports indicate that multiple major automotive manufacturers are facing serious … [Read more...] about Baltimore Bridge Collapse Leading to Shipping Challenges for Major Automakers
EPA Releases Final Updated Rules Regulating National Pollution Standards
WASHINGTON, D.C. - After initially releasing proposed rules in spring 2023 and subsequently holding a public comment period in order to fine-tune them, the Environmental Protection Agency (EPA) has announced the final updated guidelines that will be imposed upon model year 2027-to-2032 cars and trucks regarding national pollution standards. The move, the Biden … [Read more...] about EPA Releases Final Updated Rules Regulating National Pollution Standards