Weekly roundup: June new vehicle sales, Tesla charging standards, and new EV market study

Earlier this week: Car buyers and auto retailers expressed opposing beliefs and concerns over the electric vehicle market in a new Cox Automotive survey. The Society of Automotive Engineers announced that they would join Tesla’s extensive Supercharger network. J.D. Power and GlobalData forecast a monthly new vehicle sales total of over 1.38 million units this June, and more headlines to stay on top of this week in automotive industry news.

1. Is Tesla’s EV plug closer to becoming an industry standard?

In another step toward deploying the Tesla plug on all-electric vehicles, a major U.S. automaker organization has announced that it will set performance standards for Tesla’s EV charging cords. Soon after Ford, General Motors, and Rivian announced they would adopt Tesla’s North American Charging Standard connector in new EV models, SAE International, formerly known as the Society of Automotive Engineers, announced that they would join Tesla’s extensive Supercharger network. However, a competing connector, CCS, remains present and continues to be used in thousands of EVs. Read More

2. Dealers and buyers divided over electric vehicle market

Consumers and dealers expressed opposing beliefs and concerns over the electric vehicle market in a new Cox Automotive analysis. Of the 1,024 car shoppers surveyed by Cox Automotive, 51% said they were considering an EV purchase in 2023. This number represents a substantial increase from 2021 when the number only reached 38%. Consumer respondents also expressed confidence in the electric vehicle market’s future, with 53% sharing the view that battery-powered cars will eventually replace their gas-powered predecessors. But for dealers, the future of the electric vehicle market is less certain. Read More

3. Biden administration pushes billions in grants toward its EV transition

On June 28, the Biden administration said it’s looking to boost electric vehicle production with a $2 billion investment from his Inflation Reduction Act. By accelerating grants and other incentives to subsidize the conversion of current automakers into EV producers, the White House may be able to suppress criticism of new environmental laws intended to steer the EV era. Additionally, the Domestic Manufacturing Conversion subsidies for the EVs initiative will offer cost-shared grants for producing fuel cells, all-electric, plug-in hybrid, and efficient hybrid vehicles. Read More

4. June new vehicle sales and inventory improve while profit margins shrink

J.D. Power and GlobalData forecast a monthly new vehicle sales total of over 1.38 million units this June, placing the automotive industry well ahead of its position during the same period last year. According to the joint report, June’s total fleet and retail volume will be 22.6% higher than in 2022. Excluding fleet customers, dealers sold roughly 1.11 million retail units, a slightly lower increase of 16.6%. Assuming these estimates are accurate, the automotive industry will have sold a mid-year total of 4.12 million new vehicles by July. Read More

5. Honda recalls 1.2 million cars in the U.S. due to rear camera issues

The National Highway Traffic Safety Administration reports that Honda is recalling 1.2 million vehicles in the U.S. because of cable problems that prevent the rearview camera from working when the vehicle is in reverse. Between May 2017 and June this year, the Japanese automaker received approximately 274,000 warranty claims. The recall covers certain Odyssey minivans from 2018 to 2023, Pilot SUVs from 2019 to 2022, and Passport SUVs from 2019 to 2023. Read More

6. Is your dealership ready for Google Analytics 4? — Brian Pasch

The arrival of Google Analytics 4 is swiftly approaching, meaning dealers must prepare for the next generation of digital data collection. On this episode of Inside Automotive, host Jim Fitzpatrick is joined once again by Brian Pasch, auto marketing expert and the Founder and CEO of PCG Companies, to discuss the transition and to share some of his observations. Read More

7. Enhancing your dealers’ brands to reach your customers where they are — Matt Bowers | Matt Bowers Auto Group

Dealers are seeing more inventory- meaning their lots are filling back up. In fact, the Matt Bowers Auto Group, based near New Orleans, Louisiana, has had several stores lead their markets in a new volume in May. On this edition Inside Automotive, we’re joined by Matt Bowers, Owner of Matt Bowers Auto Group, to discuss the new volume and other business happening for the Group. Read More

8. Emerging trends in digital marketing and data collection for dealers — Glenn Pasch | PCG Digital

Customer data and digital marketing are crucial tools for running a profitable dealership. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Glenn Pasch, the CEO of PCG Digital and auto marketing expert, to discuss data in the car business and highlights from the recent Digital Marketing Strategies Conference (DMSC). Read More

9. Driving more strategic processes for today’s buyers — Jen Suzuki | eDealer Solutions

They say 1.5 dealerships’ vetting processes start on the phone. The industry has seen an influx in volume regarding in-market buyers. On this edition of CBT Now, we’re joined by Jennifer Suzuki, President of eDealer Solutions, acclaimed sales trainer, and NADA Dealer Academy guest instructor, to discuss today’s buying behavior. Read More

10. Summer car prices: should dealers be optimistic? — Jessica Caldwell | Edmunds

Despite the nation raising the debt ceiling, the automotive industry has continuously felt the consequences of rising interest rates, inflation, and supply chain issues. On today’s CBT Now, we’re joined by Jessica Caldwell, Edmunds‘ Executive Director of Industry Insights, to provide us with an update on the market conditions. Read More