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New and used car price gap widens, Lucid bets on Gravity SUV, Toyota and Hyundai deepen alliance

Go deeper: 5 min. read

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— CDG

Consumer confidence is bouncing back:

The Conference Board's consumer confidence index soared to 108.7 in Oct., up from 99.2 in Sept. — the biggest jump since March 2021.

Why?

Consumers are more optimistic about the labor market and their income prospects -- stirring more plans to buy homes and new cars.

And with the holidays ahead and a change of office around the corner, the momentum for bigger purchases is gaining speed.

(Data source: The Conference Board)

1. Price gap between new and used cars breaks record

The gap between new and used car prices has reached an all-time high of $20,365, driven by plateauing new car prices and steady declines in pre-owned values.

Despite manufacturers doubling incentives compared to last year, new vehicles are taking longer to sell, averaging 57 days on lots.

Meanwhile, used cars, though still 31% more expensive than before the pandemic, are becoming the go-to option for budget-conscious buyers … (Go deeper: 1 min. read)

2. Lucid bets on Gravity SUV demand as earnings date looms

Lucid is preparing to open orders for its Gravity SUV next week, marking a crucial moment in the company’s push to grow.

The Gravity claims to have an edge over competitors with a longer range and fast charging capabilities, positioning it as a strong contender in the electric SUV space.

While its premium starting price aligns with rivals, a lower-priced trim arriving in 2025 could attract more buyers — if it delivers on expectations.

With Lucid still dependent on Saudi funding and facing weak EV demand in the U.S., the Gravity’s success will be key to securing the company’s long-term foothold … (Go deeper: 3 min. read)

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3. Toyota and Hyundai deepen partnership on hydrogen cars and robotics

Toyota and Hyundai are expanding their partnership beyond the racetrack, diving into hydrogen fuel-cell technology and robotics to future-proof their mobility strategies.

Both automakers, already leaders in hydrogen, are pushing forward with new prototypes, though scaling the technology for everyday vehicles remains challenging without extensive infrastructure.

In the meantime, the duo’s investment in robotics offers a practical edge, helping them streamline manufacturing as labor markets tighten … (Go deeper: 2 min. read)

Have a tip for our editorial team? Send us your scoop at [email protected].

Thanks for reading everyone.

— CDG

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