Hyundai Rockets to Second Place in U.S. EV Sales, Despite No Tax Credit

First Up 11/15/23

Hyundai Rockets to Second Place in U.S. EV Sales, Despite No Tax Credit

While Tesla easily remains the best-selling manufacturer of EVs in the United States, the Koreans are doing surprisingly well, given that they remain ineligible for the $7,500 federal EV tax credit. According to Carscoops, registration data reported reveals that a total of 489,454 new EVs were sold by Tesla in the January-September period, giving it a massive 57.4 percent share of the market. In second was Chevrolet with 50,160 registrations (5.9 percent), Ford with 46,547 sales (5.5 percent), and Hyundai in fourth with 40,612 sales (4.8 percent). However, Hyundai’s total swells to 63,916 (7.5 percent) when you include the Kia brand that sold 23,304 EVs in the U.S. in the first nine months of this year. The Hyundai Motor Group’s sales may not be staggering but they do show that demand for its portfolio of EVs remains strong, even though they do not receive the EV tax credit, meaning many of them are more expensive than locally-built rivals from the likes of Tesla and Chevrolet. The only way shoppers can get the $7,500 tax credit is if they lease a new Hyundai or Kia EV and leasing isn’t something that appeals to all car buyers. Click here for the full story.

New Toyota Camry to Be Sold Only as Hybrid

Toyota Motor is taking America’s bestselling sedan and making it exclusively a hybrid. When the next-generation Camry hits dealership lots in the spring, the popular midsize-car model will only be available with this technology, marking a major shift by Toyota in moving beyond the traditional gas-engine vehicle. According to The Wall Street Journal, Toyota, which unveiled the new, redesigned Camry on Tuesday night in Malibu, Calif., said the hybrid-only model is part of a broader strategy to give buyers more choices in green vehicles. It also illustrates how the Japanese automaker is doubling down on hybrids as sales growth for fully electric vehicles slows and other car companies have begun to retrench on some of their EV plans. In addition to the new Camry, Toyota also showed off a new hybrid SUV, called the Crown Signia, which goes on sale next year. “Hybrids are more sought after and in shorter supply,” said David Christ, Toyota’s North America head of sales. Click here for the full story.

Key Strategies to Prepare for the 2024 Used Car Market — David Simches | Crown Automotive Group

Used car dealers have faced numerous challenges over the last three years as they have navigated a fluctuating industry landscape and considerable economic headwinds caused by the COVID-19 pandemic. To form the proper strategies for next year, retailers will need to examine the emerging trends affecting the preowned segment. On this episode of CBT News’ Inside Automotive, host Jim Fitzpatrick is joined by David Simches, group used car director at Crown Automotive Group. A veteran of the retail automotive sector, Simches has spent years helping businesses manage inventory, acquisition, and sales operations in the preowned segment. His expertise has helped Crown Automotive Group achieve incredible success throughout multiple markets. Now, Simches discusses the key trends and strategies retailers should know to prepare their storefronts for 2024. "Once we own the car, I'm not obligated to really any particular exit strategy via retail or wholesale. What we look at is, what is the best exit strategy for value." — David Simches. Click here for to watch the full interview.

2024 BMW 5 Series First Drive: Gas Power Takes the Stage

The 2024 BMW 5 Series is officially here, and while we drove the electric versions of this midsize luxury sedan last month, now it’s time to try out the first gasoline-powered version. Specifically, Autoblog just got behind the wheel of the 2024 BMW 530i xDrive, which is the all-wheel-drive version of the four-cylinder 5 Series. For those hoping for impressions on the 2024 540i xDrive and its boosted inline-six – a U.S. exclusive this time around – you’ll need to wait, as its launch is staggered behind the base 530i.  What do you get with BMW’s entry-level midsize sport sedan? Compared to the previous 5 Series, the 2.0-liter turbocharged four-cylinder is revamped and features mild-hybrid technology. BMW made improvements and optimizations to the intake ducts, combustion chambers, ignition system, fuel injection, camshaft control and exhaust gas routing. In conjunction with the mild-hybrid tech, all of BMW’s changes result in an improvement of 7 horsepower and 38 pound-feet of torque versus the outgoing 530i. That brings the totals to 255 horsepower and 295 pound-feet of torque. Fuel economy is up for 2024, too. Click here for the full story.

Mercedes-Benz Expands Level 4 Park Pilot to Seven Models

Mercedes-Benz has announced that its Intelligent Park Pilot (SAE Level 4) will now be available in seven models. Initially available in the S-Class, EQS Sedan, and EQE Sedan, the feature will be available in the E-Class Sedan and Estate, the EQE SUV, and the EQS SUV, reports Carbuzz. It is important to note that the E-Class All-Terrain and the long-wheelbase models do not yet have access to the self-driving/parking feature. Respective Maybach and AMG models aren't part of the group, either. The self-parking technology has an Automated Valet Parking function that eliminates customers needing to search for a parking space. All the user has to do is drive into a car park and exit the vehicle; the system will send it to a pre-booked parking space via their smartphone. There is a catch to this as it can only be used in specific areas, such as the APCOA parking garage P6 at the Stuttgart Airport and the Mercedes-Benz Museum, both in Germany. Regardless, it's a helpful feature as it saves customers time and gives them a more convenient parking experience. Click here for the full story.

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2025 Toyota Crown Signia Is the Mid-Size SUV That Wagons its Own Way [Carscoops]

Volvo EM90 Unveiled as Electric Minivan for the Chinese Market [Autoblog]

Polestar 5, a Flagship EV Due in 2025, Revealed in Production Form [Car and Driver]