Negative equity spike, Kia scores Tesla Supercharger access, software-related vehicle recalls surge

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1. Negative equity spikes in Q3, EV owners hit hardest

Negative equity is creeping back into the spotlight, and it’s becoming a major concern for dealers.

Driving the news: Nearly a third of car buyers are now underwater on their auto loans, up sharply from earlier this year, according to a new Q3 Black Book and CarEdge survey.

Longer loan terms and slowly declining car prices are leaving owners—especially those with newer vehicles or EVs—stuck with loans that exceed their car’s value.

That means more customers may have to delay purchasing until they can close the gap, making it harder for dealers to close sales and project demand in the months ahead … Read more

2. Kia’s EVs will get access to Tesla’s Superchargers starting Jan.

Kia is the latest automaker to jump on the Tesla charging bandwagon, adopting the North American Charging Standard (NACS) starting January 15, 2024.

This move gives Kia EV drivers access to 16,500 Tesla Superchargers across North America, making road trips a lot easier.

But here’s the catch: Existing Kia EV owners will need to purchase a separate adapter, while only newer models get the free upgrade.

As more automakers adopt Tesla’s standard, charging compatibility will improve, but increased congestion at Superchargers could become a new headache for EV owners … Read more

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3. Software-related vehicle recalls surge since 2014

Software-related issues are becoming a major recall driver, now making up over 20% of all vehicle recalls.

A decade-long analysis of NHTSA data by DeMayo Law reveals a sharp increase in software-related recalls since 2014, with Chrysler and Ford topping the list for the most recalls tied to software fixes.

The silver lining? Over-the-air updates are resolving many of these issues remotely, reducing the need for dealer intervention.

But with new tech being rolled out rapidly, automakers will need to get a handle on software quality—or risk turning new car buyers into unwitting beta testers … Read more

• Dealerships close as Hurricane Helene slams Florida and Georgia.

• BMW recalls more cars over new issue with Continental’s brakes.

• Hyundai and Kia launch new LFP battery project for lower-priced EVs.

• Tesla Full Self-Driving third-party testing shows ridiculous 13 miles between interventions.

• Nissan to buy back $551 million in shares in Renault realignment.

Thanks for reading everyone.

— CDG