Auto loan rates dip, hybrids fuel Toyota's sales uptick in Aug., VW adds ChatGPT to select models

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— CDG

1. Car loan rates dip, but monthly payments keep rising—now what?

Driving the news: Interest rates on new vehicle loans dipped slightly in August, but don't expect lower car payments just yet.

While prices for new vehicles are finally coming down, falling used car values are cutting into trade-in equity.

With an interest rate cut from the Federal Reserve on the horizon, all eyes are on how much relief could actually be coming … Read more

2. Hybrids drive success for Toyota, Lexus in August

Toyota reversed a two-month U.S. sales decline in August thanks to a surge from its Lexus brand and hybrid lineups.

While overall sales climbed 1.9%, Toyota's name-brand sales dipped 1.3%, with key models like the Tacoma and Corolla struggling. Lexus, however, soared with a 25% sales increase.

The intrigue: With nearly half of Toyota's sales now coming from EVs and mostly hybrids, the automaker might have found its sweet spot in the shifting U.S. market … Read more

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3. Volkswagen to launch ChatGPT-enabled voice assistant

What’s happening: Volkswagen is rolling out a ChatGPT-enabled voice assistant in select models this week, that will “answer general knowledge questions and engage in natural, human-like conversations.”

Starting with the 2024 ID.4 SUVs and 2025 Jettas, the new service lets drivers control features with casual commands like “I’m chilly.”

But with VW’s tech ratings lagging behind competitors, will this AI upgrade really boost customer satisfaction? … Read more

• Tesla says it will launch Full Self Driving product in Europe and China early next year.

• Ford dealer waives $20,000 repair bill for lawn-mowing charity.

• BMW plans to bring its first hydrogen car onto the market from 2028

• Ignorance of how EVs work is holding back uptake, says survey.

• Going electric is the auto industry’s biggest challenge in over a century.

Thanks for reading everyone.

— CDG