By the Numbers: International Automakers and Dealers Are Moving America Forward
AIADA President and CEO Cody Lusk and Autos Drive America President and CEO Jennifer Safavian join the Beltway Talk podcast to discuss the latest figures from the 2021 Economic Impact Report: International Automakers and Dealers in America. Lusk and Safavian highlight the role the international auto industry plays in the U.S. economy, explain why trade is crucial for our industry, and discuss how proposed EV tax credits aimed at unionized factories will do more harm than good to the American auto industry. Listen to the full episode here.
Dodge, Ram, Porsche, and Tesla Named Most 'APEAL'-ing Auto Brands
Some vehicles have long-lasting appeal, reports Fox News. Dodge and Porsche have topped the Mass Market and Premium brand categories of the 2021 J.D. Power Automotive Performance, Execution, and Layout (APEAL) Study, marking their second wins in a row since the categories were separated last year. The two tied with scores of 882, while Dodge's Stellantis-owned sister brand Ram also repeated in second place on the Mass Market list with an 881 score. Unlike the J.D. Power Initial Quality Study (IQS), which tracks the number of problems owners experience with their vehicles in the first 90 days of ownership, the APEAL study ranks vehicles based on "design, performance, safety, usability, comfort, perceived quality, and other factors." Porsche was also the overall winner in 2019, while Ram was the highest ranked mass market brand on that combined list ahead of Dodge. Tesla is the wild card on the study, however, as it once again received the highest score at 893, but didn't officially participate in the study, which meant the data used was collected from just 35 states. Read more here (Source: Fox News).
Volvo Cars Gears Up for $20B IPO in Coming Weeks, Sources Say
China's Geely Holding is in advanced discussions with banks to list its Volvo Cars unit in the coming weeks, three sources told Reuters, in what is expected to be one of Europe's biggest initial public offerings (IPOs) this year, reports Reuters. Volvo Cars is aiming for a valuation of about $20 billion in the planned Stockholm listing, the sources said, with one saying the launch was pencilled in for the end of September. Goldman Sachs (GS.N) and SEB are leading the transaction, while other banks including BNP Paribas, Carnegie and HSBC are also involved in the deal, the sources added. Geely, which bought Volvo from Ford Motormore than a decade ago in the biggest acquisition by a Chinese firm of a foreign car maker, sought to float shares in the Swedish firm in 2018 but then pulled the deal citing trade tensions and a downturn in automotive stocks. Read more here (Source: Reuters).
GM Advising Some Bolt EV Owners to Park 50 Feet Away from Other Cars in Case of Fire
General Motors is advising some Chevrolet Bolt owners to not park their electric cars within 50 feet of other vehicles to reduce the risk of a potential fire spreading to nearby cars and trucks, reports CNBC. The warning follows the Detroit automaker recalling more than 140,000 of the EVs produced since 2016 due to the risk of batteries spontaneously catching fire from “two rare manufacturing defects.” GM has confirmed fires in at least 12 vehicles, but more continue to be reported. At least one of the recalled vehicles reportedly caught fire and spread to a Maserati and Hyundai in Sacramento, California. The parking advice is being given to customers that call into the company’s call center about parking their recalled vehicles in parking lots or structures, according to GM spokesman Dan Flores. That’s different from previous warnings involving parking the vehicle outside, not charging it unattended overnight and changing the car’s charging settings that were issued to all owners. Read more here (Source: CNBC).
Rivian Gets U.S. Regulatory Approval to Deliver EVs to Customers; Production Ramps Up
Rivian Automotive Inc., the electric vehicle maker backed by Amazon.com Inc. and Ford Motor Co., says it has received full regulatory certifications and can start delivering its debut electric vehicle to U.S. customers, reports Automotive News. “Rivian vehicles are fully certified by NHTSA, EPA and CARB, and are ready for sale in all 50 states,” a Rivian spokesperson wrote in an email. Rivian, based in Irvine, Calif., is seen as a front-runner in the larger pool of startups seeking to catch up with Tesla Inc., the market incumbent. Rivian has raised more than $10 billion from investors including Amazon, Ford, T Rowe Price and Fidelity. Last month, Bloomberg reported Rivian had filed confidentially for an initial public offering and was seeking a valuation of around $80 billion. Read more here (Source: Automotive News).
Around the Web
All the New Cars You Need to Know About for 2022 [Car and Driver]
Here Are the Coolest Cars Just Parked Around Bavaria [Jalopnik]
Car Prices Are About to Soar Again. Blame Hurricane Ida. [CNN Business]
Aston Martin DBX Spy Photos Show What May Be a V12 Model [Autoblog]
