Each week TheDetroitBureau.com reports on the biggest news and events about new vehicles, mobility, technology, trends as well as offering our years of experience and insights in our car reviews. Then we put it all into our weekly the Headlight News podcast.
Editor-in-Chief Paul A. Eisenstein says among the many topics Tesla CEO Elon Musk touched on last during last week’s annual shareholders meeting was the fact he expects the U.S. to fall into a recession. He said it would be mild, suggesting it wouldn’t be lengthy.
Some of the other stories you need to know about include:
- U.S. unemployment numbers dropped to record lows; however, there are troubling issues still looming — especially for the auto industry — on the horizon, including inflation, the shortage of semiconductors and rising prices for materials;
- Conversely, gas prices continue to decline, falling for the fifth straight week last week, dipping below the $4 a gallon mark on average at more than half of the service stations in the U.S. It’s dropped more than $1 a gallon in the last month;
- The U.S. Senate passed the Inflation Reduction Act, which included a new set of EV tax credits. While plenty of executives and politicians praised the new bill, which will get a vote in the U.S. House of Representatives next then go for the president’s signature, if passed, automakers weren’t happy about the conditions to secure the credits;
- Nissan revealed it’s scrapping the longtime mainstay of its line-up, the Maxima. Poor sales and the popularity of the Altima spelled the end. However, the company hinted it could return soon as an all-electric nameplate; and,
- Toyota is offering to buy back its newly minted bZ4X electric vehicles due to a problem with the hub bolts coming loose — loose enough that the wheels may come off the vehicle.
Ford Motor Co. managed to turn a stronger flow of semiconductors and booming EV sales into a 37 percent jump in July sales — a big contrast to the 10.5 slide for the industry, notes Executive Editor Joe Szczesny. It was the second month in a row Ford reported an increase while the rest of the industry continues to battle a semiconductor shortage and materials issues, proving ultimately, it’s good to be Ford right now.
With all the full-size pickups on the road today, it’s hard to stand out — without pushing the six-figure mark anyway. Fortunately, Managing Editor Michael Strong’s found a cheaper way to break from the pack: the 2022 Ram Rebel GT. Great styling, impressive performance and a spacious cabin with plenty of technology make it a great choice. Get more details at TheDetroitBureau.com.
Strong says trucks will still be the topic of top stories in the week ahead. GMC is following the debut of the Chevrolet Colorado last week with the unveiling of the 2023 Canyon and Canyon AT4X. No details to reveal here, but we’ll have ‘em all on Thursday at 11 a.m. Also on Thursday in the late afternoon, Rivian takes time to walk investors, analysts and the media through its second quarter earnings results.
Executive Editor Larry Printz tells us Harvey Firestone establishes the Firestone Tire & Rubber Co. on this week in 1900 in Akron, Ohio. He plans to produce pneumatic tires for carriages and expands well beyond. In 1963, Craig Breedlove sets a new land speed record at the Bonneville Salt Flats in Utah, hitting 407.45 mph in his jet-propelled three-wheeler, The Spirit of America.
Find out more the industry’s history and more by listening to TheDetroitBureau’s latest edition of the Headlight News podcast by clicking here. And look for a new episode every Monday!