These are the automotive news headlines for January 25th-31st, 2024
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On January 30th, a judge in Delaware tossed out Elon Musk’s pay package, which is the equivalent of $51-56 billion (USD) at Tuesday’s market price. Musk is the head of Tesla. According to Reuters, the pay package is part of a 10-year share-based agreement reached with directors of Tesla. The judge in the case called the compensation “an unfathomable sum.” The ruling can be appealed.
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Multiple reports out of Japan on January 30th indicated that a Toyota affiliated plant office was raided in connection to an open investigation. The manufacturer was recently alleged to have falsified emissions records, possibly for decades. According to The Detroit News, CEO Koji Sato apologized for “the mess” indicating “flawed testing.”
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2023 closed out with the Tesla Model Y being the number 1 selling vehicle globally. According to JATO Dynamics, 1.23 million units were sold of the EV. The Toyota RAV4 and Corolla were close behind with 1.07 million and 1.01 million units respectively. Toyota, however, has the crown for the world’s top-selling automaker in 2023, with 11.2 million units sold worldwide.
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Over 4,700 auto dealers have signed a letter to President Biden petitioning him to slow the mandate for EV adoption. According to Automotive News, on a post from January 25th, vehicle emission standards are expected to be raised beginning in 2027 if pending legislation is confirmed. The legislation would require 60% of new automotive sales to be for battery electric vehicles. In the letter, dealers point to electric vehicle cost, cold weather operation of EVs, lack of sufficient charging infrastructure in place, and a lagging battery supply chain as concerns impeding the Electric Vehicle Mandate if it were to be approved as is.
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On January 25th, Lincoln made an announcement that extends a trend the manufacturer began a few years ago. The company is aiming to have 400 dealerships by the end of 2024 by closing an additional 100 locations this year. Lincoln had 100 closures the year prior already. Even with the 200 shuttered stores, the Lincoln network is still a larger network than a few other luxury manufacturers, according to Automotive News. Inventory buyouts are expected by Ford at the affected locations as well as special incentives for customers of those stores. According to The Detroit News, Ford is shifting to Lincoln exclusive stores instead of dual brand, Ford/Lincoln, locations.
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Also on January 25th, Porsche unveiled the new Macan. This new generation is an electric-only offering from the German automaker. It will have a new air suspension, rear-wheel steering, and new rear electronic locking differential. Base price on the SUV is just north of $80,000 (USD). But, multiple trims, and single and dual motors will be available. Horsepower, depending on trim/motor configuration, will be between 402 and 630. No electric range estimates have been provided as of yet.
The previous generation Macan was the Porsche’s second-best selling vehicle. The older generation, an ICE vehicle, will be sold alongside the new generation for a short time.
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The views and opinions expressed by HJ Pizarro are the author’s alone and do not reflect the opinions or beliefs of this website and/or its affiliates.
