Used loan rates drop, emissions rules finalized, quality issues jump in China

Hey everyone. Quick reminder—if you enjoy my daily roundups of the top automotive industry news, then you have to check out my latest Week-in-Review, where I take you deeper into the stories that resonated with CDG readers the most throughout the week.

Best part? It only takes 5 minutes.

— CDG

1. Average new and used car loan rates move in opposite directions in May

New data from Edmunds shows that average new car loan rates nationwide rose last month while used car rates declined slightly. 

Why it matters: The Federal Reserve's attempts to curb inflation haven't been as effective as hoped. Interest rates are at multi-decade highs, and while inflation slowed in April to 3.4%, consumer spending was weaker than anticipated.

How much did loan rates change? … Read more.

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2. U.S. finalizes fuel economy goals to 50 MPG by 2031

The U.S. Department of Transportation (USDOT) finalized new vehicle fuel economy standards, also known as the Corporate Average Fuel Economy (CAFE) rules for model year 2027–2031 vehicles.

Why it matters: CAFE standards are a crucial piece of Biden’s climate change policy and his administration’s goals of curbing U.S. greenhouse gas emissions.

How do the final rules compare to the original guidelines? … Read more.

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3. Quality control takes backseat in fight for China's car buyers

New research reveals a sharp uptick in the number of quality issues impacting new energy vehicle owners in China, with international brands seeing the most dissatisfaction.

Why are quality complaints rising? … Read more.

• Volvo recalls its EX30 electric SUV to patch a software problem.

• Tesla courts smaller investors as the outcome of Musk’s $56 billion pay package remains undecided.

• E.U. ready to announce decision on Chinese EV tariffs.

• Car designers weigh in on ambient alert sounds for EVs.

• U.S. and Chinese manufacturers ignored international tensions, keep working together.

Thanks for reading everyone.

— CDG