Check out the full digest of this morning’s automotive news, moves, data, and announcements here (read time: 2 mins 44 secs).
Check out this update on tariffs from China, the EU, and the U.S. here.
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Canoo and Rivian Face Setbacks
Canoo's co-founder and CTO has left the company amid a major restructuring, including the closure of its LA operations.
Rivian, meanwhile, experienced a significant fire at its Illinois factory, damaging 50 EVs. Both incidents signal potential disruptions that dealers should monitor closely.
Leasing Trends Surge
Nearly half of all new EVs in Q2 2024 were leased, driven by federal tax incentives and low rates. Luxury brands like Mercedes-Benz are seeing most of their EVs leased, influencing inventory strategies.
Consumer Tech Preferences
A J.D. Power survey reveals that consumers favor practical vehicle tech, such as backup cameras, over complex features like gesture controls. Dealers might benefit from focusing on models with more user-friendly technology.