Renault – Page 1276 – I wish I had more to offer

Carmakers urge Abe to warn May on no-deal Brexit

Honda, Nissan and Toyota worry about impact of UK crashing out of EU Go to Source

Top Automotive Industry News for Week of December 17 – December 23, 2018

Here is the most important news associated with the automotive industry
identified by the AEA for the week of December 17, 2018 – December 23,
2018.

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–Automotive Manufacturing News-

Carlos Ghosn vows to 'restore my honor' in first remarks since arrest

(autoblog)

Ford's New Truck-like Explorer SUV To Debut Jan. 9 Ahead Of Detroit
Auto Show

(Forbes)

General Motors hints it could negotiate a way to keep one or more
plants open

(CNBC)

German automakers BMW, Daimler stand to benefit the most if China cuts
US auto tariffs

(CNBC)

Ghosn Rearrested, Now Faces 20 Years in Prison

(Forbes)

GM gets thousands of holiday letters about plant closings

(Detroit Free Press)

IIHS Unveils Top Safety Pick Plus Models for 2019

(The Detroit Bureau)

In the Switch to Electric Vehicles, Expect a Few Giants to Crash

(Bloomberg)

Jeep Wrangler plant uses rotisserie to crank out SUVs

(Detroit Free Press)

Nissan to lay off 1,000 Mexican workers, citing market challenges

(autoblog)

Tesla Survived Manufacturing Hell–Now Comes The Hard Part

(Forbes)

UAW scandal sending union's ex-No. 2 in Fiat Chrysler Department to
prison

(Detroit Free Press)

-Automotive Evolution News-

Daimler, BMW Get U.S. Approval for Mobility Company

(The Detroit Bureau)

How electric cars are slowly moving from niche to something 'people
want to buy'

(CNBC)

Laser Vision Upstart Luminar Reveals Self-Driving Tech Alliance With
Audi's AID Unit

(Forbes)

NHTSA Moves to Accelerate Autonomous Vehicle Petitions

(The Detroit Bureau)

Self-driving bill hits dead end in U.S. Senate

(The Detroit News)

The Year Of The Scooter: The Good, The Bad, And The Road Ahead

(Forbes)

Uber's self-driving cars are back on the road, nine months after a
fatal accident

(CNBC)

Zoox Inc. Snags First California Permit To Transport Passengers In
Self-Driving Cars

(NPR)

-Automotive Retail News-

Beating Predictions, 2018 New Car Sales to Surpass 2017 Results

(The Detroit Bureau)

CarMax's stock drops after earnings beat, but used car sales miss

(MarketWatch)

Fed Raises Interest Rate, Lowers Growth Forecast

(Auto Dealer)

Shopping for a new car? Buy before the Fed rate hike affects car loans

(MarketWatch)

Study: Dealers Overspend on Marketing

(Auto Dealer)

U.S. auto sales seen falling 1% in December, say J.D. Power, LMC

(autoblog)

-Automotive Wholesale News-

Car Values at Auction Continue Decline at Year's End

(Vehicle Remarketing)

-Automotive Ownership News-

'Dramatic drops' in gas prices: Less-than-$2 gas is here for many
American motorists

(USA Today)

-Automotive Enthusiast News-

In a blatant attempt to pull at our heart strings, Chevrolet is
offering an in-car Santa tracker

(CNBC)

The most amazing classic car stories of 2018

(FOX News)

-Automotive Servicing News-

Citing Fire Danger Ford Recalls 410,000 Pickups

(Forbes)

Report: 16.7M faulty Takata air bags still on US roads

(The Detroit News)

The Biggest and Smallest Automotive Recalls of 2018

(Car and Driver)

Tesla Model S catches fire in California town: Fire Department

(CNBC)

-General Business & Executive News-

ACV Auctions continues rapid disruption of $100B wholesale automotive
industry

(PR Newswire)

Car rental company Fair raises $385 million in SoftBank-led funding
round

(Reuters)

CU Direct's credit union network leads in auto loan originations

(Automotive News)

The real problem with the American auto industry

(CNN)

U.S. third-quarter growth trimmed; business spending slowing

(Reuters)

-AEA Reminder-

Did we miss something? Let us know via our

. 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

The “Tesla Stretch” — Proving Car Buyers Will Pay More For A Tesla Model 3

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Published on January 9th, 2019 |

by Matt Pressman

The “Tesla Stretch” — Proving Car Buyers Will Pay More For A Tesla Model 3

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January 9th, 2019 by Matt Pressman

Originally published on EVANNEX.

The Tesla Model 3 is turning out to be an electric car that’s seducing car buyers across multiple market segments. According to a CleanTechnica report, “45% of current electric car drivers plan to buy a Tesla next.” Okay, that’s understandable. Non-Tesla EV drivers might be interested in a Tesla. That said, it’s extraordinary how many gas-powered car owners, from vastly different auto segments, are transitioning to Teslas.

Tesla Model 3 (Photo by Zach Shahan, CleanTechnica)

Bloomberg reports, “When Chief Executive Officer Elon Musk first revealed the Model 3 at a late-night party in March 2016, the vehicle was expected to compete in the premium sedan market against the likes of Audi, BMW, Lexus and Mercedes. Instead, owners of mass market cars like the Honda Accord and Toyota Prius are opening their wallets for the sedan, signaling that the vehicle is pushing Tesla beyond its luxury niche and more into the mainstream.” Buyers are also coming from the BMW 3 Series, and surely other luxury cars, but luxury car sales are not down much and Tesla appears to be pulling much more from lower classes.

“For Earl Banning, getting behind the wheel of a Tesla meant spending more than he ever had on a car. The 43-year-old Air Force neuropsychologist from Dayton, Ohio, ponied up $54,000 for a Model 3, figuring he would save on gas and keep the car for a long time. It was almost double what he had previously paid for a fully loaded Honda Accord,” reports Bloomberg.

The most common cars traded in for a Model 3 according to Tesla’s CEO Elon Musk (Chart by Bloomberg)

Banning says, “I call it the Tesla Stretch — everyone I’ve met who owns a Model 3 is willing to spend more to get into a Model 3.” For example, a former Nissan Altima owner, 36-year-old Eric Snapat, spent nearly $60,000 on his new Tesla. And 26-year-old Robert Preston actually charges $155 a day to rent out his Tesla on Turo to help pay for his new Model 3. “Every weekend I have someone renting it,” Preston said.

“Tesla recently said that more than half the trade-ins for the Model 3 were from vehicles priced below $35,000. And there are signs that the sedan’s popularity is adding [some] pressure on rival carmakers. … In October, sales of cars such as the Accord and Prius continued to slip as deliveries of the Model 3 ramped up,” according to Bloomberg.

⇒ Related: Honda Accord Sales & Civic Sales Drop 80,000 In 2018

A Tesla Model 3 charging in Florida. (Photo by Zach Shahan, CleanTechnica)

“Tesla has captured lightning in a bottle,” said Jeremy Acevedo, manager of industry analysis at researcher Edmunds. “It’s hard to even benchmark the Model 3 against other cars because it’s broken the mold in so many ways.”

⇒ Tesla Model 3 = Lightning, Model Y = Thunder

About the Author

Matt Pressman is all about Tesla. He’s a TSLA investor, pre-ordered the Model 3, and loves driving the family's Model S and Model X company cars. As co-founder of EVANNEX, a family business specializing in aftermarket Tesla accessories, he’s served as a contributor/editor of Electric Vehicle University (EVU) and the Owning Model S and Getting Ready for Model 3 books. He writes daily about Tesla and you can follow his work on the EVANNEX blog.

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Ghosn defends legacy as bail prospects look remote

Lawyers warn he faces another 6 months in jail despite emotional court testimony Go to Source

China: SenseTime backs WeRide; Starquest leads funding for Miaoshou Doctor

January 9, 2019 Autonomous driving startup WeRide has announced fresh investments from artificial intelligence (AI) unicorn SenseTime and a subsidiary of the Agricultural Bank of China, while Starquest Capital has led a 500 million-yuan ($72.77 million) Series C+ round of financing for Miaoshou Doctor. SenseTime invests in WeRide Level 4 autonomous driving startup WeRide (formerly known… Continue reading China: SenseTime backs WeRide; Starquest leads funding for Miaoshou Doctor

Ousted Nissan exec Greg Kelly released from Japanese jail, but Carlos Ghosn still in custody

Kim Kyung-Hoon | Reuters
Greg Kelly, the former deputy of ousted Nissan chairman Carlos Ghosn, is seen in the car, as he leaves after being released from a detention centre in Tokyo, Japan, December 25, 2018.

Former Nissan executive Greg Kelly got a belated Christmas present as he was released from a Tokyo Detention Center overnight after being held for more than a month over corruption allegations.

Kelly was arrested along with Nissan Motor Chairman Carlos Ghosn as they arrived in Japan via corporate jet on Nov. 19. They were accused of a variety of financial misdeeds, including allegations that Kelly assisted his boss in hiding tens of millions in pay.

Though prosecutors in Japan normally have just 10 days to retain a suspect, they found a way to keep the two men in custody by raising new allegations. Kelly's attorneys finally convinced a court to end his detention, and the executive was released on 70 million yen ($633,699) bail. Ghosn remains in detention and won't have a chance for release until Jan. 1.

According to the Associated Press, Kelly, wearing a beige jacket and glasses, walked out of the detention center and into a waiting black vehicle, where he was seated next to his lead attorney. He was expected to be taken to a local hospital for treatment of a chronic neck problem.

In a video appeal for the one-time Nissan executive's release last week, Kelly's wife, Dee, said he suffered from stenosis, a condition in which the spinal cord is compressed and a person can suffer numbness or shooting pain.

“Release Greg and allow him to come home and have the surgery he needs,” Dee Kelly said. “That is our family's Christmas wish.”

Prosecutors attempted to retain Kelly, along with Ghosn, in custody, arguing they are flight risks. The court rejected that argument, but his release comes amid strictures on his movements. It is unclear how long Kelly will have to remain in the country. No trial date has yet been set.

Kelly did not comment to the crowd of reporters who had gathered outside the detention center to witness his release. He did issue a statement, however. “I believe my innocence will be revealed in the trial,” he said. “I would like to have a judgment of non-guilty and restore my impaired reputation, and then return to my family as soon as possible.”

The arrest of the two once high-flying executives took the auto industry by surprise. Ghosn had been credited with saving a near-bankrupt Nissan in 1999. He then knitted together an alliance with France's Renault. With the 2016 inclusion of a smaller Japanese automaker, the Renault-Nissan-Mitsubishi Alliance has become one of the top-three best-selling auto groups in the industry. But the arrests have revealed serious strains between the French and Japanese side of the alliance.

Some skeptics have gone as far as to suggest that corporate politics are playing a central role in the case. Nissan CEO Hiroto Saikawa has made it clear he opposed the full takeover of his company by Renault, which currently holds a 43.4 percent stake in the Japanese partner. Nissan, in turn, holds 15 percent of the French automaker's stock.

Japanese prosecutors have denied those allegations and have, in turn, been expanding the list of charges, particularly those facing Ghosn. He was originally accused of hiding about $36 million in income through 2015, while also misusing corporate funds for, among other things, the purchase of homes in Lebanon and Brazil.

Prosecutors added charges of breach of trust on Friday, allowing them to extend Ghosn's detention until at least Jan. 1. The government has not said if it will then try to continue his stay in custody. The latest charges allege Ghosn shifted personal trades to Nissan to cover losses of 1.85 billion yen ($16.7 million).

Ghosn has indicated through his attorney that he will hold a news conference following his own release and will stress his innocence.

If tried and convicted, Ghosn could face up to 10 years in prison on each of the corruption charges. Kelly faces similar penalties.

Ford Fiesta-based SUV set to replace Ecosport in 2020

The new Ford Fiesta-based small SUV, which will replace the Ecosport in the firm’s range, has been spied testing for the first time. The new compact crossover has been photographed sporting heavily disguised Fiesta-based bodywork but with a clear SUV-style raised ride height. The as-yet-unnamed model, which could continue the Ecosport nameplate or take on a new identity… Continue reading Ford Fiesta-based SUV set to replace Ecosport in 2020

Ex-Nissan boss Ghosn: misconduct charges are ‘meritless’

Former Nissan chairman Carlos Ghosn has said he has been “wrongly accused” of serious financial misconduct, following his first court appearance since his arrest in Japan last year. The 64-year-old was arrested by prosecutors in the country last November and charged with a series of offences, including under-reporting his pay. His hearing at a court… Continue reading Ex-Nissan boss Ghosn: misconduct charges are ‘meritless’

Gaunt and Graying Ghosn Fights His Corner in First Court Hearing – Bloomberg

Gaunt and Graying Ghosn Fights His Corner in First Court Hearing BloombergCarlos Ghosn, Emerging in Public, Lays Out His Defense The New York TimesSon of ex-Nissan head Carlos Ghosn predicts court surprises ABC News‘Your honor, I am innocent’: Carlos Ghosn speaks out after 7 weeks in a Japanese jail CNN‘I always acted with integrity’, Carlos Ghosn tells court in… Continue reading Gaunt and Graying Ghosn Fights His Corner in First Court Hearing – Bloomberg

Chinese EV startup Byton seeks to raise $500m to fund growth

January 8, 2019 Chinese-funded electric vehicle manufacturer Byton is seeking to raise at least $500 million to finance growth, valuing the nearly three-year-old company at more than $4 billion, two people familiar with the matter told Reuters. The latest round of fundraising comes as China’s government promotes new energy vehicles (NEVs), a category comprising battery-powered… Continue reading Chinese EV startup Byton seeks to raise $500m to fund growth