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Industry roundup:
FROM WARDS AUTO: Used EV prices nosedive
Used EV prices plummeted by 29.5% year-over-year in June, an 8 times greater drop than the overall used car market, partially due to gas prices still in the $3-4 range. Despite the trend, premium models’ values increased, indicating the continued demand for performance models, SUVs, and trucks.
FROM CBT NEWS: Car owner satisfaction declines for second year in J.D. Power study
Car owner satisfaction has experienced two consecutive years of decline, dropping 2 points from 2022, a sign for manufacturers to better understand customer preferences. Mass market brands witnessed a faster deterioration than premium manufacturers, while EVs saw a 2 point improvement.
FROM COX AUTOMOTIVE: New-vehicle sales accelerate in July
July sales volume is projected to increase 15.3% from July 2022 to 1.32 million units, while H1 total new-vehicle sales were up 12%. The market is anticipated to remain strong, driven by the return of vehicle supply, which is nearly 80% higher than a year ago.
FROM FORBES: There’s a glut of electric vehicles on the market – for now
Despite the surge in EV demand last year, supply now exceeds demand, resulting in excess inventory. Tesla has responded by lowering the cost of its best-selling Model Y and Model 3, yet the number of EVs currently in stock is estimated to be three times more than it was a year ago.
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