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- 🙋♂️ What Dealers Need to Know - August Auto Sales Surge, Ram's Electric Revolution, and Rising Auto Loan Concerns
🙋♂️ What Dealers Need to Know - August Auto Sales Surge, Ram's Electric Revolution, and Rising Auto Loan Concerns
TL;DR
Used car sales are up, Ram’s going electric (and pricey), and auto loans are climbing like a bad ex you can’t shake. Kia’s motor magic might change the EV game, and Tesla’s still setting fires... literally. Oh, and China’s coming for Europe. Buckle up, dealers!
Today's Digest
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Used Retail Vehicle Sales Surge in August
August marked a significant rise in used retail vehicle sales, reaching their highest level since October 2021, partly due to affordability improvements.
Sales volume: 1.7 million used vehicles, a 13.6% year-over-year increase
Inventory mix: Notable rise in units priced under $15,000
Certified Pre-Owned (CPO) sales: Up 11.1% month-over-month but down 3.3% year-over-year
CPO forecast: Year-end sales expected to hit 2.6 million
⚡ Ram's Big REV-olution
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Ram's first electric pickup, the 1500 REV, is coming to U.S. dealerships in early 2025! 🚚 CEO Christine Feuell spilled the details:
Two battery options: 168 kWh (350 miles) or 229 kWh (500 miles).
Towing & payload: Can handle up to 14,000 lbs and a max payload of 2,700 lbs.
Quick charging: 800V fast-charging tech gives you 110 miles in just 10 minutes!
Price point: Starting at over $60,000.
Stellantis, Ram's parent company, is backing this EV push with a $406 million investment to retool their Michigan plants.
Auto Loans Surge Amid Economic Concerns
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Auto loans have surged past student loans, with delinquencies nearing 2009 levels. New vehicle prices decline, but economic trouble looms.
New car price: Average of $47,870 in August
Incentives: Increased by nearly 50% year-over-year, providing relief to buyers
Interest rates: 7.24% for new vehicles, 7.49% for used vehicles
Repossessions: Up 23% compared to last year, with a slight increase forecasted into 2025
⚙️ Kia's Motor Magic in the EV9
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Kia's EV9 is shaking things up with a motor that can "change gears" through dual-stage winding configurations. 🤯
Why it matters: Unlike traditional fixed motors, this one can switch between:
"Wye" for low-speed efficiency.
"Delta" for high-speed power.
How it works: Managed by the inverter's semiconductors, it optimizes performance whether you're cruising in the city or hitting the highway.
Supplied by Vitesco, this motor is a big deal for the EV world, offering a blend of efficiency and power that wasn't practical—until now.
Tesla's Semi Fire Fiasco & Cell Celebration: Because One Milestone Deserves Another
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Ah, Tesla. Never a dull moment in the electric vehicle world. In one breath, they're breaking records and in the next, they're breaking...well, their trucks.
50,000 gallons – That's how much water it took to extinguish a fire after a Tesla Semi crash in California. Fifty thousand. You could fill a small swimming pool with that. But hey, at least the fire's out, right? This incident might make you wonder: should we be more worried about our EVs turning into bonfires on wheels?
Meanwhile, over in Elon's Batteryland, Tesla announced its 100 millionth 4680 battery cell! Cue applause, fanfare, and perhaps a tiny bit of skepticism. While producing 90 million cells in just 14 months is nothing short of impressive, it's the other details that have us raising an eyebrow. You know, like those promises of improved cost, energy density, and longevity that still seem to be "in the works."
But hey, one step at a time, right? At least we'll have enough batteries to power all those future Teslas...and their fires.
🌍 SANY Takes On Europe with Alltrucks
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Chinese electric truck maker SANY is teaming up with European brand Alltrucks to expand in the EU market. Here's what's up:
Who is Alltrucks? A joint venture between Bosch, Knorr-Bremse, and ZF—they'll handle the maintenance, diagnostics, and repairs for SANY's electric trucks across Europe.
Why it matters: This partnership tackles concerns around servicing Chinese-built heavy equipment.
Big words: Kevin Eichele, SANY's Head of Business Development, says this alliance will "shape the future of freight transport in Europe."
📝 Note: Official confirmation of this partnership is still pending, so take this news with a pinch of salt!
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