This week has been a rollercoaster ride in the auto industry, with significant developments ranging from political probes to technological advancements.
From Senator Elizabeth Warren’s vow to investigate the auto lending industry to the soaring satisfaction rates among electric vehicle (EV) owners, the week was packed with intriguing stories.
Here’s a quick recap of the top five stories that made headlines.
Warren Targets Auto Lending Industry
Senator Elizabeth Warren (D-Mass.) has expressed deep concern over the auto lending industry, citing a surge in car repossessions to levels akin to the 2008 financial crisis. Warren described the situation as a “devastating disruption” to people’s lives and deemed any errors in repossessions as “inexcusable.”
EV Satisfaction Reaches New Heights
Despite the end of federal EV tax credits in the U.S., the good news is that once consumers own an electric vehicle, they find it hard to go back to traditional automobiles. In fact, a whopping 96% of EV owners would buy again, indicating a high level of satisfaction among this group.
Bezos-Backed Slate Auto To Reveal Affordable EV Pickup Truck Prices
Amazon.com Inc. founder Jeff Bezos-backed Slate Auto has announced that it will reveal prices for its affordable EV pickup truck in June. The company’s CEO, Chris Barman, confirmed that the base trim of the vehicle, dubbed “The Blank Slate,” will be priced in the mid-$20K range.
Ford’s Universal EV Platform To Compete with China
Ford Motor Co. CEO Jim Farley has highlighted the company’s Universal EV Platform as a key strategy to compete against the increasing dominance of Chinese automakers in the global automotive industry. Farley described the platform as “one of the most audacious and important projects” in Ford’s history.
Tesla Drops ‘Autopilot’ Term to Avoid License Suspension
Tesla Inc. has managed to avoid a 30-day suspension of its license to manufacture and sell vehicles in California by dropping the term “Autopilot” from its marketing activities. The California Department of Motor Vehicles confirmed the move, which has helped Tesla avoid a potential suspension.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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