Latest autotech deals worth noting, EV affordability gaps narrows, a manufacturing first

Hey everyone. I came across a really wacky story this morning. Apparently, employees at a car dealership in Connecticut went rogue and decided to take a customer's ride for a spin at 90 mph down the highway. And by spin, I mean they totaled it. Like — completely wrecked a nearly-$100,000 2018 Chevy Camaro ZL1E Hendrick Edition. Can you even imagine?

— CDG

1. 4 recent moves in the autotech space you might have missed

Autotech is in a constant whirlwind of innovation — we're talking about groundbreaking changes that could revolutionize mobility and the ways dealers do business. Here’s a closer look at 4 recent major announcements including acquisitions, funding, and even a new collaboration … Read more

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2. EV affordability gap shrinks, buyer interest grows

A surge in affordable new EV products has given 55.7% of mainstream car buyers a viable EV option, according to J.D. Power’s June E-Vision Intelligence report. 

Why it matters: EVs are becoming a more realistic option for everyday drivers as the affordability gap shrinks. The average mainstream EV is now just $1,500 more than its gas-powered counterpart. In some cases, EVs work out to be even cheaper … Read more

Billions of dollars in the auto industry vanish each year thanks to a booming crime:

Synthetic identity fraud.

According to the Federal Reserve, it’s the fastest-growing financial crime in the U.S. Here’s how it works: fraudsters cook up fake identities, build credit profiles using real and fake information, and then finance a vehicle with zero plans to pay. A few months of payments keep them under the radar, but soon, they're gone with the vehicle, leaving dealers and lenders holding the bag.

Don't be fooled by outdated fraud protection. The crooks are getting smarter, their schemes more high-tech. Experian Automotive can help you outsmart them, predict and prevent fraud before it strikes, and save your bottom line.

3. Detroit auto production falls behind international rivals for first time

Why this matters: This shift was inevitable, as it has been developing for decades. While international brands have increased their U.S. production by about 85% over the last 25 years, manufacturing volume at the Detroit-Three has declined almost 50%, according to a joint report by Autos Drive America and the American International Dealers Association … Read more

• Stellantis is recalling 332,000 Alfa Romeo, Jeep, and Fiat vehicles in the United States over a concern with faulty seat belt sensors.

• CATL is rapidly climbing the list of the world's largest suppliers as it pursues an aggressive global growth strategy.

• Mazda is adding its third hybrid model for the 2025 model year, the CX-50 Hybrid.

• The U.S. just financed a $1.2 billion EV lithium-ion battery separator factory in Indiana.

• United Auto Workers president Shawn Fain is under investigation by a court-appointed watchdog who has been working to stamp out corruption.

Thanks for reading everyone.

— CDG