New report urges OEMs to vacate China, CARS rule update, used car prices dip

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1. China, EVs and profit: three takeaways from the Car Wars report

Bank of America’s Car Wars report urges U.S. automakers to focus their efforts on electric vehicle innovation rather than production, while removing themselves from the increasingly costly battleground that is China’s car market.

Why it matters: While EVs are performing incredibly well in China, its domestic automakers have clawed back so much market share that foreign competitors are starting to lose money by staying in the country … Read More

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2. Congress to decide fate of FTC's CARS rule

The House Appropriations Committee has voted in favor of a bill that would handicap the Federal Trade Commission’s (FTC) ability to enforce its Combatting Auto Retail Scams (CARS) rule.

Driving the news: Although it was originally set to go into effect by the end of July, the FTC postponed enactment after the NADA called for a court review of the rule in January, which is still underway. So, what happens from here? … Read More

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3. Wholesale used car prices continue to drop in the first half of June

In the first 15 days of June, wholesale used vehicle prices fell by 0.3% from May.

What it means: Rising new vehicle inventories, more factory discounts, and falling new car prices are the primary culprits for the decline in used car prices … Read More

• Ferrari’s first electric car will have a $500,000 price tag.

• The Jeep Wrangler 392 and its V-8 Hemi engine are coming back for the 2025 model year.

• Rising demand for nickel, lithium, and phosphates are driving the adoption of electric mining machines.

• Stellantis is recalling nearly 1.2 million vehicles in the United States and Canada to fix a software glitch.

• Chinese automakers are seeking retaliatory tariffs on EU cars according to state media reports.

Thanks for reading everyone.

— CDG