Earlier this week: Republicans proposed an IRA bill to repeal the U.S. EV tax credit, which would give China an advantage in EV production. Vice President Kamala Harris announced $100 million in federal grants for automotive suppliers, accelerating the industry’s transition toward EVs. UAW members at Stellantis’ Michigan plant have voted to strike if negotiations between the company’s leaders and union officials fail to resolve safety issues. American Hyundai and Kia have settled to pay roughly $330k for legally repossessing military personnel vehicles. Reuters reported the SEC is investigating Tesla for misleading investors and consumers about its FSD technology. France Finance Minister Bruno Le Maire invited BYD to build a factory in France.
Here’s a closer look at these top stories and more headlines to stay on top of this week in automotive industry news.
1. GOP bill aims to repeal U.S. EV tax credit, hurting production and benefiting China
Republicans have proposed an Inflation Reduction Act (IRA) bill to repeal the U.S. EV tax credit. If this bill passes, it would delay the U.S.’s progress in electric vehicle production and give China an advantage. Under the Inflation Reduction Act, the government spent hundreds of billions of dollars on climate change initiatives. A significant portion of this funding went towards extending tax incentives for EVs owned by private individuals and businesses. Read More
2. VP Kamala Harris announces $100 million in grants for auto suppliers
Vice President Kamala Harris has announced $100 million in federal grants for automotive suppliers as the White House looks to accelerate the car industry’s transition toward electric vehicles. Harris’ announcement, posted in a news release, arrives ahead of her Monday visit to Michigan, a hub for automotive manufacturing and a key battleground state for the 2024 presidential election. Read More
3. UAW members authorize strike at Stellantis plant over safety concerns
United Auto Workers (UAW) members have voted to authorize a strike at Stellantis’ Michigan stamping plant if talks between company leadership and union officials fail to resolve alleged safety issues in the coming weeks. In April, the UAW warned Stellantis that it would hold a strike authorization vote in May after the automaker failed to address multiple safety and health concerns raised by workers at the Warren Stamping facility. Read More
4. Hyundai, Kia settle U.S. charges for unlawful repossessing service members’ vehicles
The American financing division of Hyundai and Kia has agreed to pay $334,941 to resolve allegations that it unlawfully repossessed vehicles that belonged to active military personnel, the U.S. Department of Justice announced on May 8. According to documents submitted to a federal court in Los Angeles, Hyundai Capital America allegedly violated the Servicemembers Civil Relief Act between 2015 and 2023 by seizing 26 cars whose owners had started making loan payments before reporting for active service. Read More
5. DOJ further investigates Tesla for possible securities, wire fraud
According to an exclusive Reuters report, U.S. prosecutors are investigating whether Tesla committed securities or wire fraud by deceiving investors and customers about its self-driving capabilities. The Securities and Exchange Commission (SEC) is investigating Tesla’s claims to investors regarding its driver-assistance technologies. Read More
6. France opens invitation to China’s BYD for an EV factory amid EU-China trade tensions
French Finance Minister Bruno Le Maire has made a significant move by inviting China’s well-known electric vehicle (EV) manufacturer BYD to set up a factory in France. This invitation was made during a meeting with automotive industry leaders and coincides with Chinese President Xi Jinping’s visit to Paris. Read More
7. AIADA leaders discuss concerns and advancements in EV transition – Cody Lusk & Anthony Brownlee
The American International Automobile Dealers (AIADA) has been at the forefront of advocating for the interests and tackling the challenges faced by international nameplate auto dealers in the United States. In this episode of Inside Automotive, we welcome Cody Lusk, the President and CEO of AIADA, and Anthony Brownlee, the Chairman of AIADA, to provide valuable insights into the present circumstances and ongoing initiatives within the automotive industry. Watch Here
8. Tom Maoli reveals insight into market trends, political implications, and business strategies
According to Edmunds, BMW led U.S. luxury sales in the first quarter. As elections quickly approach, what implications will they have for the high-end luxury car market? On today’s episode of Inside Automotive, Tom Maoli, president and CEO of Celebrity Motor Car, is here to share his thoughts on what we’re seeing in the market and economy today. Watch Here
9. Discover AI’s impact on the industry and what it means for your privacy/security – Lizz Callaway | Microsoft Autos
We’ve seen the expanding role of AI in our daily lives as well as within the retail automotive industry. On the latest episode of Inside Automotive, Lizz Callaway, Product Manager for Microsoft Autos, joins us to share how things are evolving, especially regarding privacy and data security. Watch Here
