A new quarter is always a fun time for news. However, the more Qs we live through, the more we realize even the biggest announcements aren’t going to matter forever. Up, down, fast, slow — give it three months, and everybody will have changed seats like at that tea party in Wonderland.
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GM reported a 1.5% drop in first-quarter U.S. vehicle sales, selling 594,233 units. Despite this, the company's retail sales showed resilience, increasing by 6%.
The decline was mainly due to a 22.9% fall in fleet customer sales. Buick sales rose by 16.4%, but Cadillac and Chevrolet saw decreases. EV sales remained low, with only 16,425 units sold.
In slightly better news for the company, Chevy announced the final specs for the 2024 Silverado EV First-Edition RST, priced at $94,500. It boasts 754 horsepower, 785 lb-ft of torque, and an impressive 440 miles of range. Other features include a Multi-Flex Midgate for extended storage, 350 kW DC fast charging, and a 4-wheel steer for improved maneuverability.
The Car Ownership Index study by Turo and Leger indicates a significant shift among young Canadian millennials moving away from car ownership due to rising costs, with 56% deterred by inflation.
Car sharing, as promoted by Turo, offers a financially flexible alternative, including access to EVs for extended trials, which aligns with growing interest in sustainable vehicles.
A company that rents cars to people says people actually really like renting cars and should do more of it. Imagine that.
Toyota continues to advance its electrified vehicle strategy in the U.S. It boasts twenty-six electrified options across the Toyota and Lexus brands, capturing 27.9% of its 2023 sales volume with 455,142 units.
Toyota isn’t planning on ditching the diesel anytime soon, but it is underscoring its commitment to more sustainable vehicles. The company plans to increase its EV production significantly, and by 2025, it aims to produce 600,000 EVs (a triple increase from its 2024 target) and intends to sell 1.5M EVs by 2026. This strategy includes launching ten new all-electric models in various segments, hoping for EVs to constitute about one-third of its global sales by 2030.
This ambitious expansion highlights Toyota's dedication to capturing a larger share of the growing EV market, signaling a potential shift in focus for U.S. auto dealers towards a broader range of electrified and electric vehicles soon.
Ford's Q1 has some interesting details — hybrid sales jumped, but so did traditional ICE vehicles.
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Nothing is more “up” than consumers’ need for mobility. If companies suddenly added affordable wind-powered vehicles to their lineups, we bet those would also sell these days.