EV growth outlook dips, auto brand loyalty ticks up, GM hit with class action lawsuit

Hey everyone. A thief just cracked a Cybertruck's 'armored' window in seconds—like peeling open a can.

With a simple tool and a few quick moves, he grabbed a backpack and dipped.

The Cybertruck's owner? Left stunned. No alarm, no alert from Tesla’s Sentry Mode, not even a beep… wow.

— CDG

1. Revised EV growth forecasts count on incentives to boost sales

J.D. Power’s latest report cuts its 2024 and 2025 EV market share forecasts, citing slower-than-expected growth this year.

Driving the news: Competition from plug-in hybrids and public charging concerns are holding back adoption, but new tax breaks and lease deals are making EVs more attractive.

With 28% of shoppers now considering a BEV and incentives driving more affordable options, interest is on the rise.

Time will tell if these incentives can turn curiosity into consistent sales … Read more

2. 2024 sees boost in auto brand loyalty, reversing years of decline

Big picture: Auto brand loyalty is ticking up for the first time since 2020, with 52.5% of buyers sticking with the same automaker—up 2% from last year.

Tesla tops the list with 67.8% loyalty, followed closely by General Motors at 67.7%.

The shift comes as vehicle supply rebounds, giving consumers more options to stay with their preferred brands … Read more

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3. General Motors to face class action over claims it hid defects

General Motors is headed to court over allegations that it knowingly sold over 500,000 vehicles with faulty transmissions and hid the defects from buyers.

What’s happening: A federal court denied GM's attempt to avoid litigation, allowing a class action lawsuit involving Cadillac, Chevy, and GMC models from 2015 to 2019 to proceed.

Plaintiffs claim these vehicles suffer from severe shaking and lurching issues due to defective transmissions and accuse GM of downplaying the problems … Read more

• GM folding its all-electric BrightDrop vans into Chevrolet brand.

• Jaguar tells owners of older I-Pace electric SUVs to park them outdoors due to battery fire risk.

• Polestar posts $242 million loss amid EV demand slowdown.

• China's electric car companies are still not invincible.

• Hyundai confirms production for Its stunning N Vision 74 concept.

Thanks for reading everyone.

— CDG