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Market Stability Amid Depreciation
Black Book's latest Market Insights report highlights a stable yet depreciating market for wholesale vehicle prices in June. Despite an overall price softening of 0.51%, there are key trends dealers should note as they prepare for the upcoming quarter.
Strong Auction Performance
The auction conversion rate peaked at 57%, the highest for the month, indicating strong end-of-month sales performance. This suggests that dealers effectively moved inventory, positioning themselves well for the Fourth of July sales period.
Preparing for the Future
As the market adjusts to post-pandemic dynamics, ongoing depreciation emphasizes the need for strategic planning. Dealers should stay informed and agile, leveraging these insights to maximize sales and inventory value.
The Port of Los Angeles is pioneering zero-emission operations by deploying five electric top handlers. These machines, capable of lifting 100,000 lb. containers, run on 1 MW batteries and can work up to 18 hours per charge.
Complementing this, hydrogen-powered loaders are being tested, promising rapid refueling and extended operation. These advancements reduce greenhouse gas emissions and free up resources for other uses, showcasing a sustainable future for cargo handling.
What caused Tesla's stock to spike this week?
The stock soared by 27% this week, closing at $251.55, after a better-than-expected second-quarter vehicle delivery report. Investors are optimistic ahead of the company's July 23 financial results and the upcoming Robotaxi Day on August 8th.
What is the latest on Tesla's legal fee issue?
Tesla shareholders will argue in court against a $7B attorney fee request related to Elon Musk's $56B pay package case. The fee, deemed "outlandish" by shareholders, could significantly impact Tesla's financials.
A J.D. Power study found that 90% of U.S. EV owners use mobile apps, with Tesla and Hyundai leading in satisfaction.
Tesla's app scored 847, and Hyundai's MyHyundai with Bluelink topped the mass market.
These apps, crucial for charge monitoring and remote control, are indispensable for EV owners.
The study also emphasized the importance of dealership support in promoting app usage and enhancing the ownership experience.
Europe's EV Market: A Slight Dip but Still Strong
May saw a 10% year-over-year decrease in plug-in electric car sales in Europe, yet the market remains resilient. Non-rechargeable hybrids saw an increase, capturing a significant market share.
Rechargeable Cars are Gradually Taking Over China
China's plug-in electric car market is experiencing rapid growth, with a record market share in May 2024. Both all-electric and plug-in hybrid registrations have surged, indicating a strong future for electric vehicles in the region.
Robert Wickens: Racing Against the Odds
What's going on?
Robert Wickens, paralyzed from the waist down since a 2018 IndyCar crash, returned to single-seater racing by testing a Formula E car in Portland.
Who is this?
Robert Wickens is a professional race car driver known for his remarkable comeback after a severe crash left him paralyzed.
How does it work?
Wickens drove the Formula E GenBeta car using hand controls reprogrammed for throttle and brake manipulation via steering wheel paddles, thanks to brake-by-wire technology.
What does it mean for our future?
Wickens' successful test could pave the way for more inclusive motorsports, demonstrating the potential for adaptive technologies to enable drivers with disabilities to compete at high levels.
NASCAR has taken a bold step towards sustainability by unveiling its EV prototype at the Chicago Street Race. This marks a significant departure from traditional stock cars and could revolutionize the sport.
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