BMW is knocking $7,500 off the list price of its EV models to make up for the loss of the federal tax credit. Get all the latest auto industry news in the Executive Briefing.
Today’s headlines:
+ President Donald Trump is considering significant tariff relief for U.S. auto producers that would shield them from the major costs, says Senator Bernie Moreno of Ohio. More at U.S. News & World Report.
+ Stellantis NV is planning to invest about $10 billion in its U.S. operations in plants and products as part of a turnaround plan for the struggling Jeep and Ram divisions. More at The Detroit News.
+ European Commission President Ursula von der Leyen called for a push to develop self-driving cars, saying they could revive the EU automotive sector and improve safety. More at World Auto Forum.
+ At Charlotte, Austin Cindric, Tyler Reddick, Bubba Wallace, and Ross Chastain were eliminated from the NASCAR Cup playoffs, leaving eight drivers in the hunt. More at The Daytona Beach News-Journal.
+ French automaker Renault SA is reportedly weighing plans to cut as many as 3,000 job positions in support roles worldwide as part of a major cost-reduction program. More at Times Now.
+ More than 40 percent of the new Cadillacs sold in the USA in the third quarter were electric, while EV sales at General Motors overall rose 110 percent compared to the previous Q3. More at Electrek.
+ Adjusting its all-electric plan, Porsche may borrow the 911 T-Hybrid’s gasoline-electric powertrain to keep the gasoline-powered Boxster and Cayman in production. More at The Drive.
+ BMW is slashing $7,500 from the list price of all its EVs to make up for the loss of the federal tax credit, while Stellantis will offer a similar deal on vehicles in current inventory. More at Car and Driver.
+ A presumed hacker entered the Ford Motor Company’s computer network and posted a vulgar message railing against the automaker’s RTO (return to office) policy. More at Yahoo! News.
+ McLaren Formula 1 teammates Lando Norris and Oscar Piastri expressed unhappiness with each other after Norris made contact with Piastri at the Singapore Grand Prix. More at the Guardian.
Image courtesy of BMW.
Review the previous MCG Executive Briefing from October 3 here.
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Striking contrast this week: GM doubling its EV sales while Porsche works to keep gas engines alive through hybrids. The transition to electrification is clearly underway, but this underscores how transitional — and uncertain — this decade remains for automakers.
Please eli5 the “Big Beautiful Bill” contains loopholes for federal EV sales subsidies to remain in place after the fiscal year deadline: financial arms of GM, Ford, BMW, etc were somehow allowed to put a downpayment on all new and used unsold inventory to claim the subsidy to “passed on to future customers” but count as Q3 sales???
One may wonder if there is anything organic, honest and/or not contrived about EV’s and so-called “self-drivers” being forced upon the public…
> somehow allowed to put a downpayment on all new and used unsold inventory to claim the subsidy
I’d forgotten about that. Yes, I wonder how those transactions were categorized. They had to be sales in order to fit the loophole. The current administration is not enthusiastic about EVs so this would have to be the manufacturers’ push. They have a lot invested and it’s in their current best interests to have the public believe that your neighbor is going electric so you should too.
Meanwhile, I just read that asthma inhalers produce as much greenhouse gas as half a million cars. When will they be banned?