Biden’s $7.5 Billion Investment in EV Charging Has Only Produced 7 Stations in Two Years
President Biden has long vowed to build 500,000 electric vehicle charging stations in the United States by 2030. Those stations, the White House said, would help Americans feel confident purchasing and driving electric cars, and help the country cut carbon pollution. But now, more than two years after Congress allocated $7.5 billion to help build out those stations, only 7 EV charging stations are operational across four states, reports The Washington Post. And as the Biden administration rolls out its new rules for emissions from cars and trucks — which will require a lot more electric cars and hybrids on the road — the sluggish build-out could slow the transition to electric cars. “I think a lot of people who are watching this are getting concerned about the timeline,” said Alexander Laska, deputy director for transportation and innovation at the center-left think tank Third Way. The Bipartisan Infrastructure Law, which Biden signed in November 2021, included $7.5 billion for EV charging. Of that, $5 billion was allocated to individual states in so-called “formula funding” to build a network of fast chargers along major highways in the National Electric Vehicle Infrastructure, or NEVI, program. Click here for the full story.
Americans Are Buying Cheaper Cars
The U.S. auto market defied expectations for a slowdown by eking out another quarter of sales growth. But the high cost of financing drove Americans to opt for more affordable models. Budget sedans and compact SUVs from Toyota Motor Corp. and Honda Motor Co. made eye-popping share gains in the first quarter, according to researcher Edmunds.com. Large pickup trucks – one of the industry’s priciest segments – lost ground in January and February, according to researcher GlobalData. Several brands, including Jeep, Tesla and Ford, reduced prices to win back inflation-weary consumers and spur demand in the sluggish electric vehicle market, reports Bloomberg. “I’m surprised about how resilient the market has been,” said David Oakley, an analyst with GlobalData. “Affordability is a massive issue for the industry, and it will be going forward. But right now, it seems they’re weathering the storm, and people are somehow making it work.” Consumers seem to be cooling to fully electric vehicles due to a lack of charging infrastructure and high prices. While EV sales rose from a year ago, volume in the first quarter likely declined sequentially for the first time since early in the pandemic, according to researcher Cox Automotive. Click here for the full story.
Used-Vehicle Sales Get Tax Refund Lift, Cox Says
Used-vehicle retail transactions grew weekly from late January to March 14, an indication of the bounce those sales typically experience this time of year as consumers spend their tax refund dollars. Sales were about 9 percent higher year over year in the week ending March 14, Jeremy Robb, senior director of economic and industry insights at Cox Automotive, said during a quarterly industry insights call last week. In February, the most recent full month for which Cox has data, used-vehicle sales were about 1.5 million, up roughly 11 percent from February 2023, reports Automotive News. Days' supply for used retail vehicles declined in the eight weeks leading up to March 14. It was down about 1 percent year over year on March 14, Robb said. "That's the first year-over-year decline we've seen so far in 2024," Robb said. Tax refund season started slowly this year, but it has picked up, Cox Automotive said. Through March 22, the IRS said, taxpayers had been issued $169.4 billion in refunds — down 1.7 percent compared with the same time in 2023. The average refund amount was $3,081 — 6.1 percent higher than it was a year earlier. Click here for the full story.
Sales Leads Caught in the Web
A mystery-shopping survey says auto dealerships are getting better – and faster – at responding to online customer inquiries. In this year’s Pied Piper Internet Lead Effectiveness Study, 34 percent of dealerships scored above 80 (providing a quick and thorough personal response). Twenty-one percent scored below 40, with the worst markdown transgression being a failure to respond at all. Industrywide average performance increased four points to a score of 62 (on a 0-100 scale). That’s the highest average score measured in the 14 years the consultancy has tracked dealer responses to digital inquiries. Infiniti dealerships ranked highest, followed by Volkswagen, Cadillac, Subaru, and Polestar. “Industrywide performance improved substantially, led by greater use of texting, quicker response by telephone and a greater likeliness of replying to customers using multiple channels,” Pied Piper President and CEO Fran O’Hagan tells WardsAuto. “We don’t ask what’s the best deal, although customers ask that all the time,” O’Hagan says. “We’re easy graders. All a dealership has to do is get back soon and answer the question.” Click here for the full story.
Nissan Designer Alfonso Albaisa: 'There is No Longer a Face of Nissan'
At the New York International Auto Show, Autoblog had an opportunity to chat with Nissan's Senior Vice President for Global Design, Alfonso Albaisa, about a variety of things related to car design. And naturally it focused on Nissan, and he shared several things that have us excited to see where Nissan is headed over the next several years. Particularly, it seems like Nissan may buck a couple of trends in car design of the last few decades. One of the first topics we covered was that of corporate design language. Many, many automakers have leaned heavily on one basic design idea applied to many sizes and shapes of vehicle through the lineup. Nissan was among them, most famously (or infamously, depending on your perspective) with its V-Motion grille. Certainly, there can be benefits, such as creating strong brand recognition. And if it's a good look, the whole line can benefit. But it can also keep some models from standing out, and could even be awkward on some cars. For those reasons and more, Albaisa said Nissan will be moving away from a strict corporate design template. "There is no longer a face of Nissan," he said. Click here for the full story.
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