Dealers Do Good
We’re highlighting the great things dealers are doing this year throughout the U.S. as they step up and help their communities. If you know of a dealer who is doing something notable, make sure we know about it here or tag us on Twitter with the #DealersDoGood hashtag or by mentioning @AIADA_News.
This week, we are highlighting Hyundai and its dealers, who have partnered through Hyundai Hope on Wheels to support COVID-19 testing efforts across the country. Hyundai’s support of COVID-19 testing since March of 2020 has resulted in more than 1.6 million tests enabled across 23 sites nationwide. To-date, a total of $4.4 million has been provided by the organization, which was formed by Hyundai as a partnership with dealers to raise funds and awareness for pediatric cancer research. "When the U.S. first began to grapple with the COVID-19 pandemic in March, we knew testing would be our first line of defense," said José Muñoz, President and CEO, Hyundai Motor North America. Read about one testing site in Boyle Heights, California, that Hyundai supported here (Source: Fox 11).
Also, thanks to Subaru of Rochester in Rochester, Minnesota, which has worked with Feeding America through a wider Subaru of America initiative to provide 105,035 meals and volunteer time at its local Channel One Regional Food Bank. Channel One Regional Food Bank serves 14 counties in southeastern Minnesota and western Wisconsin through a network of 200 food shelves, pantries, and programs. Last year 9.4 million pounds of food was distributed through Channel One Regional Food Bank. Check out a photo here.
Toyota Develops Fuel Cell System to Cut Carbon Footprint
Toyota Motor Corp. said on Friday it has developed a packaged fuel cell system module, as it hopes to expand the usage and accessibility of the zero-emissions technology amid the industry's shift toward electric vehicles. Automotive News reports that the world's largest automaker, which launched a revamped Mirai in December, has not been successful in winning drivers over to fuel cell vehicles. The fuel cell vehicle segment remains small despite Japanese government backing because of concerns about lack of fueling stations, resale values and the risk of hydrogen explosions. The new fuel cell battery system, which has been offered in separate parts, will be available in a compact packaged module to be used as a stationary power generator or in trucks, buses, trains, and ships, the company said on Friday. Read more here (Source: Automotive News).
Nissan Says It Makes Breakthrough with Engine in Reducing CO2 Emissions
Nissan Motor Co said on Friday it has reached a breakthrough in achieving a 50% thermal efficiency with its in-development e-POWER hybrid technology, which could lead to a further reduction of car CO2 emissions, reports Reuters. This new thermal efficiency level would improve fuel consumption by 25% over the 40% thermal efficiency level in the upcoming e-POWER engine, the company said. “Nissan’s latest approach to engine development has raised the bar to world-leading levels, accelerating past the current auto industry average range of 40% thermal efficiency, making it possible to even further reduce vehicle CO2 emissions,” the company said in a statement. Nissan did not disclose when the e-POWER technology with 50% thermal efficiency would be launched. Read more here (Source: Reuters).
Hyundai's Recall of 82K Electric Cars is One of the Most Expensive in History
Hyundai will recall 82,000 electric cars globally to replace their batteries after 15 reports of fires involving the vehicles, reports CNN. Despite the relatively small number of cars involved, Hyundai's recall is one of the most expensive in history, signaling how electric car defects could create hefty costs for automakers — at least in the near future. The recall will cost Hyundai 1 trillion Korean won, or $900 million. On a per-vehicle basis, the average cost is $11,000 — an astronomically high number for a recall. Replacing an entire battery is an extreme measure, requiring a similar amount of work and expense as replacing an entire engine of a traditional internal combustion-powered car. No one was injured in any of the Hyundai fires, many of which took place after the cars were shut off and sitting empty. None of the fires took place in the United States. Read more here (Source: CNN).
Consumers on the Fence About EVs, J.D. Power Says
More than half of prospective vehicle buyers or lessees are undecided about choosing a battery-electric vehicle, an inaugural study by J.D. Power shows. Automotive News reports that nearly 60 percent of all new-vehicle shoppers are on the fence about whether they would consider a BEV for their next purchase or lease, according to J.D. Power’s new U.S. Electric Vehicle Consideration Study. Of the respondents, a combined 59 percent said they are “somewhat likely” or “somewhat unlikely” to consider one. The study, released Thursday, surveyed more than 9,000 U.S. vehicle shoppers from December 2020 to January 2021 who intend to purchase or lease within 12 months. This consumer indecisiveness is an opportunity for automakers to sell potential buyers on the idea of an EV. But until that happens, it also could create a temporary surplus in EV inventory as the lineup expands, J.D. Power said. Read more here (Source: Automotive News).
Webinar: Charlie's Real Time Quarterly Market Update
Cox Automotive Senior Economist Charlie Chesbrough is back on the AutoTalk webinar on March 11 at 2:00 p.m. EST to present the most up-to-date, real time data. Topics to be reviewed include:
-
U.S. economic outlook: Is inflation on the horizon?
-
What’s expected in 2021 for new and used vehicle markets
-
New market trends in the post-COVID market
-
Obstacles for market recovery – affordability and inventory
To register for this and other upcoming AutoTalk webinars, click here.
Around the Web
Aston Martin Valhalla Project Rebooted with Mercedes-Benz Technology [Autoblog]
'Black-Box' Recorder in Tiger Woods' Genesis GV80 Could Reveal Details of Car Accident [USA Today]
Tesla Scales Back Model 3 Output [The Detroit News]
Nikola is Paying $8.1M in Legal Fees for Ousted Chairman [CNBC]
