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Wholesale Used-Vehicle Prices Fell ‘Substantially’ Through August – Rail, Road & Cycling


WHOLESALE USED-VEHICLE PRICES FELL ‘SUBSTANTIALLY’
THROUGH AUGUST

Wholesale used-vehicle prices fell “substantially” in
August to cap off a summer that had been marked by more gradual
monthly price declines. Cox Automotive said Thursday that wholesale
prices declined 4 percent in August compared with July. The Manheim
Used Vehicle Value Index — an indicator of used-vehicle
market pricing trends — declined to 210.8, down from 219.6 in
July.

Source: Automotive News

BMW TOUTS ‘TECHNOLOGY LEAP’, LONGER-RANGE,
FASTER-CHARGING BATTERIES

BMW AG plans to buy electric-vehicle batteries from six new
factories to be set up and run by companies including Contemporary
Amperex Technology Co. Ltd. and Eve Energy Co. as the world’s
biggest luxury-car maker attempts to overhaul its supply chain. Two
plants each in Europe, China and North America will produce round
lithium-ion cells that enable longer ranges and faster charging
than the prismatic cells BMW currently uses, the company said
Friday. At roughly half the cost, the technology is meant to
bolster BMW’s planned “Neue Klasse” EV platform and
follows Tesla Inc., which has been using a cylindrical shape for
some time.

Source:Bloomberg

CHEAPER ELECTRIC VEHICLES COMING DESPITE HIGH BATTERY
COSTS

Even though battery costs are rising, auto companies are rolling
out more affordable electric vehicles that should widen their
appeal to a larger group of buyers. The latest came Thursday from
General Motors, a Chevrolet Equinox small SUV with a starting price
somewhere around $30,000 and a range-per-charge of 250 miles (400
kilometers). You can get range of 300 miles (500 kilometers) if you
pay more. GM won’t release the exact price of the Equinox EV
until closer to the date it goes on sale, about this time next
year. But the SUV is at the low end of Edmunds.com’s list of
prices for electric vehicles sold in the U.S., where the average
cost of an EV is around $65,000.

Source:AP

STUDY: LARGE DEALERSHIP GROUPS PULLING AHEAD IN WEB
RESPONSIVENESS

The nation’s largest dealer groups are pulling ahead of the
pack in online customer service, a report out Monday from retail
service tracker Pied Piper found. In Pied Piper’s survey, 12
out of 15 groups scored higher than the industry average. Napleton
Automotive Group, which ranks No. 13 on the Automotive News list of
top 150 dealership groups based in the U.S., earned the highest
marks, with a score of 74 out of 100.

Source:AP

CPO CAR SALES APPEAR HEADED FOR DOUBLE-DIGIT DECLINE

Based on their current pace, full-year certified pre-owned
vehicle sales are likely to see a double-digit-percentage decline
from 2021 and reach their lowest annual tally in eight years.
However, there were was some momentum in August, at least from a
sequential standpoint. That’s according to a Data Point report
from Cox Automotive, which said there were 211,609 CPO sales last
month. The report, which is based on Cox’s analysis of Motor
Intelligence data, indicates that is a 2.6% month-over-month
increase and a 5.1% year-over-year decrease. Comparing those
numbers to overall used-car retail sales (i.e. those involving a
dealer), Cox Automotive found that CPO performed favorably on a
year-over-year basis and slower on a month-over-month basis.

Source:Auto Remarketing

DRIVEITAWAY REACHES ENTRY-LEVEL BEV DRIVERS

When AutoNation CEO Mike Manley said dealerships need to evolve
to meet customers’ preferences as the industry shifts to
battery-electric vehicles, it sparked an idea for John F.
Possumato, founder and CEO of DriveItAway. Possumato originally
launched DriveItAway as a subscription service to give would-be car
owners with low or no credit ratings and few down-payment options
beyond the “No Credit-Low Credit,” high interest rates
used auto dealers charge. DriveItAway allows shoppers to choose
vehicles and drive them as rentals with no commitment to keep it.
Drivers pay usage fees that build payments that can be used to buy
the car. But rather than choose from among used cars – in
short supply during the past two years – shoppers choose from
dealers’ inventories of new battery-electric vehicles.

Source: WardsAuto

CHIPS (LACK OF) STILL IMPACTING PRODUCTION

About 76,000 more vehicles had to be cut from global supplier
production schedules due to shortages of microchips, according to
the latest estimate from AutoForecast Solutions. Some 22,400
vehicles were just trimmed from factory production plans in North
America this week due to short supply, while 34,000 vehicles are
being cut at European plants. In another notable development, AFS
said assembly plants in South America are cutting back by 19,700.
So far this year, automakers have had to cut back by a total of
3.23 million vehicles due to chip shortages. That’s in addition
to more than 10 million units lost in 2021, and excludes schedule
reductions resulting from other supply chain problems, such as the
war in Ukraine.

Source: Automotive News

FORD DEALERS MUST SET NO-HAGGLE PRICES, AND…

Invest Up to $1.2 Million to Keep Selling
EVs

Ford’s U.S. dealers must invest as much as $1.2 million and
adhere to rigorous sales standards if they want to sell electric
vehicles beyond 2023, as the brand tweaks its retail model to
better compete with direct-sales startups. Dealers have until Oct.
31 to opt into one of two EV certification tiers that cover varying
investment levels in fast chargers and staff training. Those who
choose not to invest will be limited to selling internal-combustion
vehicles and hybrids from the Ford brand. EV dealers must sell the
products at nonnegotiable prices and won’t be allowed to carry
them in inventory, instead having customers order exactly what they
want for later delivery.

Source: Automotive News

STELLANTIS TO BUY BACK SHARES WORTH ABOUT $920,000,000 FROM
GM

American-Italian-French automaker Stellantis NV said on Tuesday
it will buy back shares worth about 923 million euros ($919.31
million) from General Motors Co. Stellantis said it would buy back
about 69.1 million common shares, or about 2.2% of the
company’s share capital. General Motors currently holds this
stake in Stellantis in warrants, which it will convert into equity
shares for Stellantis to purchase on Thursday, according to the
statement.

Source: Reuters

CURRENCY SWINGS IMPACT AUTOMAKERS

The rising value of the U.S. dollar in international exchange
markets is inflating the value of exported U.S.-made vehicles while
reducing the cost of competing imports and parts sourced overseas.
With war and inflation making the U.S. dollar an attractive option
to currency traders, the greenback has been appreciating, including
against the euro, Japanese yen, Canadian dollar, British pound,
Swedish krona and Swiss franc – making up the U.S. dollar
index (USDX). In September 2021, this index rating was 92.1. On
Aug. 30, it was 108.4.

Source: WardsAuto

BATTERY FIRM ONE REVEALS CELL TECHNOLOGY

600 mile EVs including trucks and SUVs

Michigan-based startup Our Next Energy (ONE) this week unveiled
a prismatic anode-free battery cell it claims will lay the
foundation for 600-mile EVs. The prototype cell will be integrated
into a BMW iX prototype later this year as part of a dual-chemistry
battery pack. ONE said in a press release that it’s aiming for
a volume-produced version of the dual-chemistry setup, called
Gemini, in 2026 that will enable 600 miles of range “in a wide
range of vehicle platforms” including trucks and SUVs.

ONE revealed its 600-mile test iX earlier this year but
hadn’t yet detailed the chemistries. The startup now says it
will pair the anode-free chemistry with lithium iron phosphate
(LFP) similar to the kind popularized by Chinese automakers, and
now used by Tesla in certain vehicles. The 1007 Wh/L anode-free
cells eliminate the need for graphite and manufacturing equipment
associated with anodes, enabling cell costs of $50 per kwh at
scale, or about half the cost of current lithium-ion cells, ONE
claims. Anode-free cells typically have a lower life cycle than
conventional lithium-ion cells, which would normally make them
unsuitable for automotive use. But ONE claims its Gemini
dual-chemistry packs solve that problem with a 90% reduction in
cycle and peak power requirements, adding that a proprietary DC-DC
converter allows the anode-free and LFP chemistries to be
integrated into one pack.

Each chemistry is used for a specific function—LFP for
daily driving, and anode-free for long-distance trips. With this
arrangement, ONE anticipates a 250,000-mile service life. LFP cells
allow consistent charging and reduced demand for
difficult-to-source ingredients, but they’re a bit heavier and
need a boost in cold weather—likely all remedied with this
dual-chemistry approach.

ONE appears to be the only entity trying to take dual-chemistry
battery packs mainstream, although it’s certainly not the only
company thinking about it. For instance, Nissan has been working on
its own solid-state cells, and within that project it hasn’t
ruled out combining chemistries within packs.

Drivers of long-range electric vehicles tend rarely to tap into
the full range and battery capacity of their EV. So while many
startups are betting on faster-charging cells, this approach might
prove not only better for automakers but the end user as well.

Source: Green Car Reports

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