Massive port strike threatens supply chains, Hyundai's Sept. sales dip, Stellantis recalls Jeeps over fire risk

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1. Breaking: Thousands of port workers strike, threatening supply chains

East Coast and Gulf ports are at a standstill as tens of thousands of dockworkers go on strike—the first of its kind since 1977.

Driving the news: The impasse stems from stalled negotiations over wages and automation, with the dockworkers union demanding a significant pay raise and assurances against increased mechanization.

The ripple effects are hitting supply chains hard, jeopardizing the flow of goods from auto parts to produce just as the holiday season and a pivotal election year approach. If the strike continues, analysts predict a hefty economic toll … Go deeper (2 min. read)

2. Hyundai sales take hit in Sept. despite EV spike

By the numbers: Hyundai’s September sales fell 9% year-over-year, but the automaker’s overall Q3 performance was up 5% compared to last year, selling 210,971 units.

• Meanwhile, Kia and Genesis saw their Sept. sales drop 12% and 1.6%, respectively.

• Hyundai’s gains were driven by strong hybrid and EV sales—up 36% in Sept., while Kia’s EV deliveries rose 43% MoM.

Despite the overall dip last month, Hyundai is still on track for a record-breaking 2024, while Kia and Genesis need a strong Q4 to catch up … Go deeper (1 min. read)

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3. Stellantis recalls 194,000 PHEV Jeeps over fire risk

Stellantis is recalling nearly 194,000 plug-in hybrid (PHEV) Jeep Wranglers and Grand Cherokees worldwide due to a fire risk, with 154,000 vehicles affected in the U.S. alone.

The recall comes as Stellantis grapples with slumping U.S. sales—down 16% in the first half of 2024—and a surplus of inventory, which it’s been trying to clear with steep discounts and production cuts.

The timing couldn’t be worse: Plug-in hybrids have been a rare bright spot for the company, accounting for 9.4% of its U.S. sales in Q2.

With consumer trust and sales momentum on the line, Stellantis is racing to address the defect before it further derails its turnaround efforts … Go deeper (2 min. read)

• Rolls Royce CEO dismisses hybrid shift.

• Mexican President asked to intervene over China’s vehicle anxieties.

• Ford Power Promise program gives EV buyers free home chargers.

• Tesla Cybertruck receives FSD after a long wait.

• History casts doubt on Donald Trump's auto industry promises.

Thanks for reading everyone.

— CDG