New cars were more affordable in July, Biden's $50M EV push, shareholders sue Stellantis

Hey everyone. A growing number of vehicles with unfixed safety recalls is sparking a heated debate between dealer associations and safety advocates.

Led by Sen. Richard Blumenthal, lawmakers are pushing for stricter regulations to force repairs, including a ban on selling used cars with open recalls.

But the National Automobile Dealers Association disapproves, saying not all recalls are made equal and a broad ban would cost consumers more in the long run.

What do you think — should dealers be allowed to sell used cars with open recalls? Hit reply and let me know.

— CDG

1. New car affordability hits 3-year high in July

Several vehicle affordability factors moved in favor of consumers in July, offering some hope for car buyers navigating a tough market.

Big picture: With incentives on the rise and interest rates dipping, signs are pointing to even better deals ahead. But with tight credit conditions and mixed inventory levels across brands, turning over inventory is not as straightforward for dealers … Read more

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2. Biden Admin announces $50 million for EV production, union jobs

Driving the news: The Biden Administration is allocating $50 million for six states to help auto manufacturers retool for EV production, aiming to rally support as some automakers pull back on electrification.

With funds targeting small to medium-sized suppliers, the administration hopes to keep the EV shift on track while also creating more jobs.

The true test will be how this translates to momentum in the EV market, which many say, is starting to lose steam … Read more

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3. Shareholders sue Stellantis over allegedly hiding struggling profits

Stellantis shareholders are taking the automaker to court, accusing the company of covering up its business struggles during the first half of 2024.

The intrigue: The plaintiffs argue that Stellantis falsely inflated its stock value by making overly positive statements about its performance, a claim Stellantis denies.

The suit comes after Stellantis reported a 48% drop in net profit and an exodus of top executives … Read more

• Ford Motor is updating its Lincoln Navigator to include a 48-inch front display.

• GM signs a 15-year solar energy deal that will power 3 U.S. plants.

• Stellantis Trenton plant to temporarily shut down next week as 20,700 engines pile up.

• China's EV makers lose ground in EU after new tariffs take effect.

• New car market sees a sharp decline in sub-$30,000 vehicles.

Thanks for reading everyone.

— CDG