Ford shrinks EV plans, credit unions eye used car market, Lucid set to roll out 3 new models

Hey everyone. Here’s a slice of good news to start your morning.

The minutes from the Federal Reserve’s latest meeting confirm what financial markets have long been watching — that the cooldown in inflation and signs of labor market shakiness is nudging the Fed to cut interest rates in September.

Hold tight folks, there’s a light at the end of the tunnel.

— CDG

1. Ford pulls back on its EV plans...again

Ford is scrapping a planned three-row SUV and pushing back a full-size pickup's debut by about 18 months.

Instead, the automaker will roll out more hybrids and a new electric van in 2026, with a mid-sized pickup to follow.

Why the shift? Ford's betting on hybrids for better profits while trimming its EV spending—because, let’s face it, right now, Ford EVs just aren’t profitable … Read more

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2. Credit unions eye pre-owned market to boost auto lending in 2024

Credit unions are gearing up for a major comeback in auto lending, especially in the pre-owned market, as we move into the second half of 2024.

Driving the news: With new car prices still high and interest rates stubbornly elevated, credit unions are stepping in to offer more competitive deals on used vehicles.

More favorable financing options could be incoming as credit unions vie for a larger slice of the auto lending pie … Read more

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3. Lucid betting big on EV success with 3 new, affordable models

What’s happening: Lucid Motors is revving up with plans for three new, more affordable EVs that could give Tesla a run for its money.

Expect sportier designs, including an SUV to rival the Model Y and a sedan that might compete with the Model 3.

Lucid’s ambitious push is coming at a time when some legacy automakers are putting EVs on the back burner — leaving the space open for disruptors … Read more

• Stellantis CEO Carlos Tavares will visit the U.S. amidst plunging profits.

• NTSB to investigate Tesla semi crash.

• NHTSA ends its probe into Cruise self-driving cars.

• BYD looking to get state incentives for a Mexico EV factory.

• How changing automaker EV plans complicate suppliers' labor strategies.

Thanks for reading everyone.

— CDG