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- 🔦 Auto Industry Highlights: Kia’s EV3 Expands, Ford Eyes India, and New Vehicle Prices Drop
🔦 Auto Industry Highlights: Kia’s EV3 Expands, Ford Eyes India, and New Vehicle Prices Drop
Today's Digest
💸 New-Vehicle Prices Keep Dropping, Incentives Rising
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Are car prices still falling? Because I’m not seeing it!
Believe it or not, yes! For the 11th straight month, new vehicle prices have dipped. In August, the average transaction price was $47,870—down 1.7% from last year. It’s still pricey, but hey, at least it's not going up!
What’s the catch?
More inventory = more pressure on dealers to offer discounts. Incentives are up 49% year-over-year, averaging 7.2% of the car’s price. That means there’s more room for haggling—or, if you’re fancy, ‘negotiation.’
How much of a discount can I actually get?
Depends on the car. Trucks and SUVs are dishing out higher incentives—9.2% for compact SUVs, and full-size pickups are close behind. Luxury brands like Porsche? Not so much. But if you’re shopping for a Jeep or Buick, you might score a deal.
So, should I buy now?
If you’re waiting for the perfect moment to pounce, this might be it. Inventory’s up, incentives are high, and dealers are more open to deals than they have been in years. Just make sure your credit's in good shape, because that’s still tight.
🚗 Kia EV3: Game Changer Gets Upgrades!
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What's New: Kia is adding AWD and GT variants to its already successful EV3 lineup. This move expands its offerings beyond 2WD models, aiming to capture even more of the EV market.
Pricing Power: With a starting price around $30,000 in the U.S. (before tax credits), Kia is making electric driving more affordable. Federal incentives could drive that price down further.
Range Superiority: The EV3 boasts an impressive range of up to 372 miles (600 km WLTP), rivaling more expensive models. In Korea, it’s rated at 311 miles.
Sales Surge: Since launching in Korea, the EV3 has already racked up over 10,000 reservations in just 23 days! Kia sold more than 4,000 units last month alone.
U.S. Expansion: Orders are set to open in the U.S. soon, with an expected price range of $30,000-$35,000. Production in Mexico could help Kia qualify for federal tax credits, making it even more competitive.
Aiming for the Top: The EV3 will join Kia's expanding electric lineup, including the three-row EV9, as the brand continues to chase Tesla for market share in the U.S.
🏭 Stellantis Invests Big in Michigan
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Stellantis is going hard on electric and hybrid vehicles, with $406 million headed to its Michigan plants. The Sterling Heights plant will become their first U.S. facility to build fully electric vehicles. With $55 billion planned for EV development by 2030, it's clear Stellantis is serious about electrification.
🚙 Lucid's Next Big Thing: Affordable EVs?
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Wait, Lucid? Aren't they the fancy expensive guys?
Yep, that's the one! Lucid is best known for their crazy pricey Air sedan, but they’re now teasing something a little more wallet-friendly. How does an under $50,000 SUV sound? That's what they’re cooking up for 2026.
So, they’re finally getting practical?
Kind of! They still need a Tesla port to stay relevant (because, duh, Superchargers), and their current vehicle lineup still feels like it’s trying to win a beauty contest. But with Saudi cash backing them, they’re not going anywhere soon. Watch out, Tesla, Lucid’s coming for you… eventually.
Why should I care about 2026?
Good question. That’s when Lucid plans to drop this mysterious midsize SUV. Think of it as their attempt to win over the average Joe without burning through more money than they can make. Until then, enjoy their techy luxury while it lasts.
🛻 Jeep's Wagoneer S: Quality Over Speed
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Jeep is all about perfection for its Wagoneer S, even if it means delaying its electric debut. The Wagoneer S will offer over 300 miles of range and 600 horsepower, but Jeep CEO Antonio Filosa promises they won't launch until everything is just right. We can respect that kind of commitment—plus, it's their first global EV!
⚡ Used EVs: Prices in Free Fall!
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Major Depreciation: Used electric vehicles are losing value at a rate six times faster than gas-powered cars. Over the past year, used EVs have dropped in price by 24.7%, compared to just 6% for hybrids and 4.4% for gas cars.
Top Drops:
Tesla Model 3: $26,000 (down by $8,500 from last year).
Kia Niro EV: $22,000 (down by $6,000).
Nissan Leaf: $16,000 (down by $4,000)
Why It’s Happening: Last year’s Tesla price cuts kicked off a trend, bringing EV resale prices down significantly. This has opened up the market for more buyers, eager to get into EVs at a lower cost.
Buyer's Market: EVs now sit on the market for an average of 38.6 days, down from 55.3 days last year. This shows increasing demand, with prices finally aligning with consumer interest.
Stable Future? While prices are dropping rapidly, experts predict the trend will stabilize around $25,000, making now the perfect time for EV shoppers to find a deal.
Environmental Bonus: Not only do these price drops benefit wallets, but they also help push more people toward eco-friendly transportation options.
🚗 Ford Back in India? Export Talks Continue
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Ford is exploring a comeback in India—this time for export. After exiting the country three years ago due to losses, Ford is in talks with Tamil Nadu’s government to reopen their plant for global production. With Indian market challenges still fresh in memory, Ford is playing the long game. Could we see the EcoSport and Endeavour return for export? Stay tuned.
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