Auto lending challenges intensify, Jaguar debuts Type 00 concept, GM divests stake in EV battery plant

Hey everyone. HUGE episode of the Car Dealership Guy Podcast just dropped this morning —

Former Hyundai CMO and current Global Head of Marketing for X, Angela Zepeda, discusses:

— Her role in reshaping Hyundai's brand presence in the American Zeitgeist
— Why Hyundai is leaning heavily into EVs
— And how X is transforming the social media space

Stream it now on YouTube, Apple, or Spotify.

— CDG

The world’s first-ever 100% EV market is about to arrive:

Norway – yes, that Norway – saw over 10,000 new EV registrations in Nov. — pushing the country's share of EVs to a staggering 93.6% of all new cars sold.

How?

Very generous government incentives and a strong ratio of public high-speed chargers.

Wild.

(Data source: Norwegian Road Federation via Electrek)

1. Negative equity and delinquencies cast a shadow on auto lending

At first glance, the auto finance market seems to have stabilized in the third quarter, with monthly car payments holding steady and leasing experiencing a boom — especially for electric vehicles (EVs).

Driving the news: But beneath this surface lies a more complicated story of rising debt and affordability challenges.

• Subprime delinquencies are creeping up to levels unseen since the Great Financial Crisis.

• And over half of used car loans now have loan-to-value ratios exceeding 120%, leaving many borrowers owing more than their vehicles are worth.

This negative equity traps consumers, making it difficult to trade in or refinance, and risks deepening the divide between those who can afford new vehicles and those who can't … (Go deeper: 3 min. read)

2. Jaguar unveils Type 00 concept after extreme rebrand

Jaguar has unveiled its all-electric concept car — the Type 00 — the climax of the brand’s controversial rebranding campaign.

The details:

• With a minimalist design targeting the ultra-luxury market, the Type 00 is part of Jaguar's plan to attract a new generation of younger buyers.

• The automaker plans to release fully electric models starting with a four-door GT in 2026, with a 478-mile range and rapid charging capabilities, followed by two SUVs.

This radical shift aims to revive the brand and reinsert it into the cultural zeitgeist. Whether it can stay there remains to be seen … (Go deeper: 2 min. read)

In today's automotive landscape, car buyers invest more time than ever in researching, considering, and comparing options. But for dealers, the challenge lies in pinpointing the audience ready to make a purchase.

Enter Premier by Edmunds.

Premier offers dealers a groundbreaking way to connect with in-market car shoppers precisely when, where, and how they prefer. With over 20 million monthly visits, Edmunds.com is the go-to destination for buyers seeking market insights, expert advice, and budget tools to make informed decisions.

Through Edmunds Premier, dealers gain access to this highly coveted audience. Simply list your new and used inventory on Edmunds, and watch as qualified, in-market traffic flows directly to your vehicle detail pages on your website.

Don't miss out on this opportunity to elevate your dealership's visibility and sales performance. You can sign up for Premier today at Edmunds.com/CDG.

3. GM’s latest EV pivot — selling its stake in a nearly completed battery facility

General Motors has sold its stake in a nearly finished $2.6 billion battery plant in Lansing, Michigan, to LG Energy Solution.

This facility was supposed to be a cornerstone of GM's electric future, set to employ around 1,700 people by 2025 and fuel their now-shelved Ultium battery platform.

And with recent cuts to EV production targets and delays on electric trucks, it seems like GM is switching gears.

But don't count them out of the EV race just yet — they've invested nearly $625 million in a Nevada lithium mine and are teaming up with LG to develop slick new prismatic battery cells … (Go deeper: 2 min. read)

• Elon Musk’s massive Tesla pay package rejected again by judge.

• Union says nearly 100,000 workers joined Volkswagen strikes across Germany.

• Q4 2024 update: 12,000 more U.S. EV charging ports in 3 months.

• Would you ride in a self-driving robotaxi? Driverless cars struggle to gain traction.

• New North American chief among candidates for Stellantis CEO.

Thanks for reading everyone.

— CDG