Nutson's Auto News Wrap-up Week Of July 21-27, 2024
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Here are Larry's top story picks from this past week's important to you, relevant, semi-secret, or snappy automotive news, opinions and insider back stories presented as expertly crafted easy-to-understand automotive news nuggets.
Nutson's Auto News Wrap-up Week Of July 21-27, 2024
* More appeal. Owner satisfaction with new-vehicle design and performance has rebounded after two years of unprecedented decline, according to the J.D. Power 2024 U.S. Automotive Performance, Execution and Layout (APEAL) Study. Porsche ranks highest among premium brands with a score of 891. Jaguar (886) ranks second and Land Rover (882) ranks third. MINI ranks highest among mass market brands with a score of 858. Ram (854) ranks second and Kia (853) ranks third. Full story HERE
* July sales. The Cox Automotive forecast indicates that U.S. July new-vehicle sales will show some recovery from the widespread software outage that impacted sales and reporting last month. In July, the seasonally adjusted annual rate (SAAR), or sales pace, is expected to rise to 16.0 million, an upward rebound from last month's surprisingly low 15.3 million level. According to Cox Automotive's Kelley Blue Book sales estimates, July sales volume is expected to fall to 1.29 million, down 1.3% from last year and down 3% from last month. Total new-vehicle sales for calendar year 2024 are forecast by Cox Automotive to reach 15.7 million, an increase from 2023 and the best year since 2019.
* Dreams. Cadillac introduced the SOLLEI concept vehicle. SOLLEI conceptualizes an all-electric, 2+2 convertible equipped with the brand’s signature 55-inch pillar-to-pillar screen, awe-inspiring interior, exterior lighting chorography for arrival and departure, and intuitive front and rear command console. Defined in its name sun ('SOL') and leisure ('LEI'), SOLLEI represents Cadillac’s optimistic inspiration for an open-air, leisurely lifestyle. See it here: Cadillac Unveils SOLLEI Concept: A Vision of Bespoke Luxury HERE
* 1,000+ HP. Chevrolet has announced specs on the Corvette ZR1. ZR1 features a 5.5L, twin-turbocharged DOHC flat-plane crank V8 engine dubbed the LT7 that produces 1,064 horsepower at 7,000 rpm and 828 lb-ft of torque at 6,000 rpm. GM-estimated top speed is over 215 mph on the racetrack and the quarter mile is GM-estimated at sub-10-second time.
* EV prices. The Wall Street Journal reports many electric vehicle models have never been cheaper, as automakers splurge on financing deals and cash incentives to sway consumers who might be hesitant to give up their gas guzzlers. While lower prices could entice some shoppers, consumers have other concerns with electric offerings, such as range anxiety and lack of publicly available chargers. Read the full story HERE
* More regulations. Autoweek reports upcoming Euro 7 regulations, due to come into force at the end of 2026 in the European Union, will regulate particle emissions from brakes and tires. Toxic chemicals generated by tires and brakes have begun to be studied by governments, independent research organizations, and manufacturers alike. Heavier EVs could be worse polluters. The full story is here: HERE
*EVs and Fleets New research released by Cox Automotive shows that fleet owners operating both electric vehicles (EVs) and their traditional, fuel-burning counterparts have higher levels of satisfaction with their EVs. The Future of Fleets: Path to EV Adoption suggests that, compared to vehicles powered by internal-combustion engines (ICE), EVs bring higher scores among fleet owners in key metrics such as “overall satisfaction,” “cost of ownership” and “vehicle usage and capabilities.” “The electric-vehicle story is much larger than just the retail story,” said Zo Rahim, senior analyst of Research and Market Intelligence at Cox Automotive. “In many ways, electric vehicles can be an ideal solution for many fleet operations, which often have set routes of known distances, vehicles that routinely overnight in the same location, and operations that prioritize the cost of ownership. The fleet business is significant in the U.S. market, and we expect the EV share of the fleet market to expand in the coming years.” More: HERE
* EV charging at parks. A new interactive map from U.S. PIRG Education Fund, Environment America Research and Policy Center and Frontier Group helps those newbies, as well as early adopters of EVs, find state and national parks where they can plug in their electric vehicles while enjoying nature. The interactive map highlights more than 260 large state and national parks across the country with EV chargers either in them or nearby. It also shows the progress made by several states in making the great outdoors accessible to people driving electric vehicles. See the map: HERE
* Best EVs. In the 2nd quarter, EV sales exceeded expectations with 330,463 new EVs sold, according to Kelley Blue Book. This in spite of the rate of growth having slowed. Autotrader has released its list of the 10 best EVs of 2024. See the details HERE
* BMW recall. BMW is recalling 291,112 of its 2018-2023 X3 sDrive30i, X3 xDrive30i, X3 M40i, and X3 M vehicles. The luxury vehicle company said the attachment for the interior cargo rail may become damaged in a rear crash, causing the cargo rail to detach. When an interior cargo rail detaches during a crash, it can increase the risk of injury.
* Toyota/Lexus engine swap. Toyota Motor issued a recall for certain Toyota Tundra and Lexus LX600 vehicles with the twin-turbocharged 3.4-liter V-6 engine in May. A fix wasn't available at the time for the problem of machining debris inside the engine. It now has been determined there is no fix. The solution that now has been determined is to replace the engine in the 100,000 affected vehicles.
* Oceanfront classic cars. Breathtaking cars graced the scenic Misselwood Estate at Endicott College in Beverly, Massachusetts during this year’s 14th annual Concours d’Elegance held last weekend. Featured cars included the Mercedes-Benz 300 SL, ‘50s American Orphans, Cars with Curves, Cars of the Copperstate 1000, an array of motorcycles and more. The 2024 Best of Show was awarded to the '48 Tucker of Howard Kroplick. The event included a 70 mile tour along the Atlantic Coast of Boston's north shore under glorious sunny skies.
* Gen-Z in the driver's seat. Hagerty’s 2024 “Future of Driving” survey indicates a strong and growing interest in collector cars, trucks and motorcycles among Gen-Z, defined as those born between 1997 and 2012. While nearly half (47%) of the respondents surveyed noted an interest in owning a classic car, Gen Z expressed significantly greater interest at 60%, compared to 31% of Baby Boomers. Seventy-seven percent of Gen Z respondents said they either loved or liked driving, indicating a promising future not only for the auto industry, but also for the collector car community.
* John Force retires. A month after an engine explosion sent his race car careening into a concrete guardwall at more than 300 miles per hour at Virginia Motorsports Park, drag racing champion John Force was discharged from Barrow Neurological Institute, where he was undergoing rehab for a TBI (Traumatic Brain Injury). According to family members, while the 16-time Funny Car Champion will continue to work with therapists specializing in such injuries, it now will be on an outpatient basis in California. The next phase in the recovery process will be outpatient speech, and OTPT (Occupational and Physical Therapy) to address lingering short-term memory and cognitive issues.
Stay safe. Be Well.