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📊 Retail Auto Digest: October’s Top Trends in EVs, Sales Records, and Industry Updates

November 06, 2024

The Gist

Electric dreams, inventory highs, and snazzy SUVs—October’s auto world recap has it all! NADA’s SAAR hit a six-month peak as hybrids and EVs claimed more ground, while Canoo’s top execs bolted amid big-time money troubles. Lamborghini’s got a waitlist into 2027 (because who doesn’t need a $200K SUV?), and Polestar’s U.S.-built EVs are hitting the streets with Tesla Supercharger access. Toyota’s profit dipped, but they’re betting on caution, while Volvo and Hyundai enjoyed electric-driven boosts. Oh, and Canada’s got its first Cybertrucks, thanks to a steer-by-wire exemption.

The Jazz

📈 NADA Market Beat: October SAAR Reaches 6-Month Peak

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NADA’s Chief Economist, Patrick Manzi, breaks down October’s industry gains with a touch of optimism for 2025:

  • SAAR Peaks at 16 Million: This seasonally adjusted annual rate marked the highest level since April, with year-to-date new light-vehicle sales climbing by 1.6% compared to 2023.

  • Inventory Expansion: Stock climbed to nearly 3 million units, bolstered by increased OEM incentives (up 70.5% YOY).

  • Fueling the Shift: Alternative-fuel vehicles now account for 19.5% of sales. Hybrid sales are up 34.1%, while BEV sales grew by 7.9%.

Looking ahead, anticipated Fed rate cuts may provide relief for auto loan rates, which could benefit sales well into 2025.

🚨 Executive Exodus: Canoo’s CFO & Top Lawyer Depart

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In a surprising Halloween exit, Canoo’s CFO Greg Ethridge and top legal officer Hector Ruiz called it quits. The news caps off a tough year for the EV startup, already struggling with multiple executive departures and financial hurdles.

  • Furloughs: Canoo furloughed 30 workers in Oklahoma as part of a strategic “realignment.”

  • Cash Crunch: With $19M left in the coffers as of June, Canoo’s liquidity is drying up fast.

  • Debt Dependency: The startup borrowed $2.7M more from CEO Tony Aquila’s fund at a hefty 11% interest rate.

  • Supplier Suits: Unpaid bills are piling up, with multiple suppliers suing Canoo for damages.

With Canoo’s leadership in flux and lawsuits mounting, many wonder how long the EV hopeful can stay afloat.

🔥 Sold Out ‘Til 2026: Lamborghini’s Urus & Revuelto

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Lamborghini is having a moment. Despite its hefty price tag and shared VW DNA, the Urus SUV is fully booked until 2026. And if you’re after a Revuelto? Buckle up for a 2027 delivery.

  • Lamborghini’s Q1-Q3 sales hit record highs, up 8.6% YOY.

  • Urus orders extended through 2025; Revuelto waits stretch into 2027.

  • The brand’s plug-in hybrid upgrades have only fueled demand, defying skeptics.

Without this cash-cow SUV, Lamborghini’s road to electric dreams might be far steeper. The Urus isn’t just a cash grab—it’s financing the supercar future.

🇺🇸 Polestar 3 Hits U.S. Streets

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The first U.S.-built Polestar 3 SUVs are officially rolling out, marking a local milestone for the Swedish brand.

Why should dealers care?

  • “Polestar’s North American roots strengthen its brand here, offering a premium EV option for luxury shoppers.”

  • Tesla Supercharger Access: Polestar drivers can now tap into Tesla’s charging network.

  • Leasing Deals: Premium Polestar 3 leases start at $699/month, making high-end EVs accessible to more buyers.

🖐️ Toyota’s Profits Slump – Here’s Why

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Why did Toyota’s profits just take a 20% nosedive?

Simple: A global EV race isn’t cheap. Toyota’s slower EV adoption is catching up as the market shifts and operating costs climb.

So, is Toyota really struggling with EVs?

Not exactly. They’re cautious. Chairman Toyoda’s main worry? An “all-EV” approach could mean job losses in Japan’s engine-heavy auto industry.

What’s their game plan?

Toyota upped its annual dividend and kept its full-year profit forecast intact. It’s a delicate balance between EV growth and preserving Japan’s job market.

🚀 Lucid’s European Surge in Luxury EVs

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After securing record EV registrations in Germany, Lucid is pushing hard into the European market.

  • New studios in Hamburg and Frankfurt expand Lucid’s reach.

  • Fleet Deal: SIXT is adding Lucid Air to its German rental lineup, offering Autobahn-ready EV luxury.

🚗 Volvo’s Electric Surge Powers European Sales

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Reuters Reports Strong October Performance Despite US and China Slumps

Volvo Cars cruised through October with a 3% sales lift year-over-year, driven largely by European demand for EVs and plug-in hybrids. Here's how it broke down:

  • European Powerhouse: Sales in Europe soared by 21%, tallying 30,167 units.

  • US and China Dips: U.S. sales slumped by 17%, and China’s were down 10%.

  • EV & Hybrid Uptick: Electrified models rose by 40% globally, making up 48% of total sales. In Europe, electrified sales shot up 46%.

This momentum pushed Volvo shares up 1.3%, outpacing Stockholm’s benchmark index rise of 0.6%.

🚚 Canada Gets First Tesla Cybertrucks

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The first Tesla Cybertrucks have landed in Canada, and fans are revved up for this futuristic EV’s debut.

  • Price Tag: Starting at $137,990 CAD, with delivery times as soon as November.

  • Special Exemptions: Canada’s steer-by-wire laws have been tweaked to allow the Cybertruck on the road—until 2029.

🚀 Hyundai’s Sales Streak Stays Strong in October

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Hyundai celebrated another record-breaking October, with total sales hitting 71,802 units—a significant 18% boost YOY. Here’s what fueled the gains:

  • Electrified Dominance: Elantra N (+373%), Tucson HEV (+140%), and IONIQ 5 (+51%) all surged.

  • Hybrid Jump: Hybrid vehicle sales leapt by 91%, driven by standout months for the Santa Fe HEV and Tucson HEV.

  • Retail Records: Retail sales climbed 15%, marking October as Hyundai’s best retail month ever.

Randy Parker, CEO of Hyundai Motor America, noted that their line of electrified vehicles continues to attract buyers with “cutting-edge technology and exceptional design.”

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