WASHINGTON: The U.S. Supreme Court on Monday declined to hear Fiat Chrysler‘s appeal in a class action lawsuit over allegations that its Jeeps and other trucks are vulnerable to hacking, one of the first legal cases involving automotive cybersecurity risks. The court’s action paves the way for a trial in the litigation centering on the… Continue reading U.S. top court declines to take up Fiat Chrysler hacking case
Tag: FCA
Top Automotive Industry News for Week of December 31 – January 6, 2019
Here is the most important news associated with the automotive industry
identified by the AEA for the week of December 31, 2018 – January 6, 2019.
We hope it helps you stay up to speed on the key developments in our
industry:
-AEA Membership News-
The next AEA Members Reception will be held on Thursday January 24th,
2019 in San Francio. Invitations have been sent to all current AEA
Members. Annual AEA Member Dues renewal will occur on January 2 nd, 2019. If you have any questions, please contact
memberservices@automotiveexecutives.com
-Automotive Manufacturing News-
Detroit auto show will kick off year of uncertainty
(Detroit News)
Detroit's final January auto show prepares to go out with a bang
(Detroit News)
FCA Unveiling Heavy Duty Version Of Red-Hot Ram Pickup At North
American Show In Detroit
(Forbes)
GM's New President Will Double Down on Electric, Autonomous
(Automotive Fleet)
Infiniti Aims to Electrify With QX Inspiration Concept
(The Detroit Bureau)
Polestar’s First All-Electric Model Breaks Cover
(The Detroit Bureau)
-Automotive Evolution News-
Car Companies Will Show Off the Latest in Self-Driving Tech at CES
(Barrons)
GM Cruise and DoorDash are partnering on autonomous food deliveries
(CNBC)
Self-Driving Cars Keep Tapping the Brakes
(Bloomberg)
Toyota Aims For Sci-Fi Styling In Its Upgraded, Tech-Heavy Self-Driving
Car
(Forbes)
While we were looking at 3D TVs, CES morphed into an auto show
(Engadget)
Wielding Rocks and Knives, Arizonans Attack Self-Driving Cars
(NY Times)
-Automotive Retail News-
Car payments and loans jump amid surging demand for cars, SUVs
(CNBC)
Edmunds Analysts Predict Auto Finance Deals Will Wane in the New Year
(PR Newswire)
F&I trends to watch in 2019
(Automotive News)
GM, Ford, Toyota sales fall in December, but auto industry posts
surprisingly solid 2018
(USA Today)
Rising Interest Rates Will Drive Auto Sales Down in 2019
(The Detroit Bureau)
Tesla and GM are running up against the EV tax credit limit
(Business Insider)
Tesla cuts prices of electric vehicles: Model 3, Model X, Model S will
be cheaper
(USA Today)
The Year in Auto Sales: Facts, Figures, and the Bestsellers from 2018
(Automobile)
These 6 vehicles were the hottest-selling cars of 2018: Jeep, Toyota,
Tesla make the list
(USA Today)
Trucks, SUVs Pull in December Buyers Giving Industry Big Boost
(The Detroit Bureau)
U.S. Auto Sales Boom Will Finally End In 2019; Surely?
(Forbes)
U.S. sales rise 2.2% in Dec.; SAAR hits 2018 high
(Automotive News)
-Automotive Servicing News-
Ford Recalling Nearly 1 Million Vehicles with Faulty Takata Airbags
(The Detroit Bureau)
Recall Recap: The 5 Biggest Recalls in December
(Cars.com)
-Automotive Ownership News-
The Rise In U.S. Auto Loan Debt Shows No Signs Of Slowing Down
(Forbes)
-General Business & Executive News-
Audi Is Making A Welcome Return To Super Bowl Advertising To Tout New
E-Tron
(Forbes)
California makes it illegal to charge more for car insurance based on
gender
(CNet)
Cars.com sheds 8 percent of workforce
(Chicago Business)
General Motors names long-time insider Mark Reuss as its president
(CNBC)
Healthy Global Auto Sales Growth Looks Doomed In 2019
(Forbes)
Top Auto Industry Stories Of 2018: From A Jailed CEO To The End Of The
World As We Know It
(Forbes)
-AEA Reminder-
Did we miss something? Let us know via our
Contact Us Page >>
. If you have specific important news going public soon that you would like
to share with your fellow AEA Members, submit your
PR Distribution Request >>
Have a great week,
Member Services
memberservices@automotiveexecutives.com
Automotive Executives Association
www.automotiveexecutives.com
Why car payments are on the rise as gas prices fall
Auto loans
12:48 PM ET Fri, 4 Jan 2019 | 01:25
While gas prices have been falling, the cost of monthly car payments keeps climbing.
During the third quarter of 2018, the average new car monthly payment accelerated to $530, with the average used car loan payment at $381. According to Experian Automotive data, both figures are at record highs.
The average car loan is now just under $31,000. However, Experian says 20 percent of borrowers are taking out loans of $50,000 or more.
“If you`ve been out of the market for five or six years, then these numbers can be surprising,” Melinda Zabritski, Experian's Director of Automotive Credit told CNBC's “On the Money” in a recent interview. “And they`re certainly not going to go down.”
The richer price tags haven't yet dissuaded consumers. Despite higher payments, larger vehicles including pickup trucks, SUVs and crossovers remain in high demand. Meanwhile, U.S. auto sales are on track to exceed 17 million vehicles for the fourth consecutive year.
Marco Bertorello | AFP | Getty Images
A Jeep logo of Italian-American Fiat Chrysler company is pictured on a car at a car dealer on January 13, 2017 in Turin, northern Italy. The United States on January 12, 2017 charged Fiat Chrysler with using software on its trucks to evade emissions standards on about 104,000 vehicles, an accusation the company immediately denied.
Zabritski told CNBC that those taking out car loans “don`t represent a huge portion of the market, but they are definitely the area we see the most growth. These loan amounts that are over $50,000 and even over $70,000.”
It raises the question of exactly who is borrowing $50,000 or more to buy a new vehicle. According to CNBC's Phil LeBeau, it's ” those with the best credit rating. The super prime and prime credit rating customers. That is one of the fastest growing segments of the auto loan market.”
On the other end, he explained, “those with the poorest credit records, they are pulling back, not borrowing as much.” Loans to that segment of the market have hit their lowest in 11 years, he added.
Meanwhile, Americans seem to be signing up for longer terms to repay those larger vehicle loans.
“The average is just under 70 months, and it's not uncommon for people to take out six-and-a-half and seven-year loans,” LeBeau said.
On the Money airs on CNBC Saturdays at 5:30 am ET, or check listings for air times in local markets.
Tesla urges tariff exemption for Chinese-made car computer ‘brain’
WASHINGTON (Reuters) – Tesla Inc has asked the Trump administration to exempt the Chinese-made car computer “brain” of its new Model 3 sedan from 25 percent tariffs imposed in August, saying they threaten the electric carmaker’s bottom line. FILE PHOTO: A car carrier trailer carries Tesla Model 3 electric sedans, is seen outside the Tesla… Continue reading Tesla urges tariff exemption for Chinese-made car computer ‘brain’
The all-electric Polestar 2 will be the first car with Google’s native Android Auto
Volvo’s futuristic performance brand Polestar released the first teaser image of its second car this week (seen above). The aptly named Polestar 2 will be Volvo’s first all-electric car, and has specs (on paper, at least) that match up with some of the best EVs that are about to hit the road. It will also… Continue reading The all-electric Polestar 2 will be the first car with Google’s native Android Auto
Canada auto sales fall 8 pct in December
Top U.S. automakers also reported a dip in auto sales for the month of December, however remained bullish on pickups in 2019 sales. Canada‘s auto sales declined 8 percent in December from a year earlier, marking the ninth straight month of sales drop, according to industry data released on Thursday. Overall sales for December fell… Continue reading Canada auto sales fall 8 pct in December
Tesla’s Secret Weapon: Intense Focus On Batteries
INSIDE TESLA’S SECRET, INTENSE FOCUS ON BATTERIES By now, regular readers of this column are well aware that we (along with most other writers who focus on electric vehicles) consider the threat of the “Tesla killer” to be no threat at all. Yes, Big Auto is producing excellent EVs, some of which are in Tesla’s league,… Continue reading Tesla’s Secret Weapon: Intense Focus On Batteries
Major automakers bullish on U.S. market despite rising interest rates
DETROIT (Reuters) – Major automakers on Thursday shrugged off declines in U.S. new vehicle sales in December and said they were bullish about 2019 even as economists warned that rising interest rates will discourage consumers from buying cars in the year ahead. FILE PHOTO: New vehicles sit in a parking lot at the General Motors… Continue reading Major automakers bullish on U.S. market despite rising interest rates
UPDATE 6-Major automakers bullish on U.S. market despite rising interest rates
DETROIT (Reuters) – Major automakers on Thursday shrugged off declines in U.S. new vehicle sales in December and said they were bullish about 2019 even as economists warned that rising interest rates will discourage consumers from buying cars in the year ahead. FILE PHOTO: New vehicles sit in a parking lot at the General Motors… Continue reading UPDATE 6-Major automakers bullish on U.S. market despite rising interest rates
Automakers close out 2018 with drop in U.S. new vehicle sales
DETROIT (Reuters) – Major automakers on Thursday posted a weak finish to 2018 for U.S. new vehicle sales as the industry braced for what is widely expected to be a worse year for sales in 2019. FILE PHOTO: A logo of General Motors is pictured at its plant in Silao, in Guanajuato state, Mexico, November… Continue reading Automakers close out 2018 with drop in U.S. new vehicle sales