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Wednesday, January 31, 2024

Iconic Volkswagen 'bug on a pole' will remain at new Murrysville Auto Sales location - TribLIVE

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Michael Pampena of Murrysville still uses the Volkswagen “bug on a pole” on Route 66 in Salem to navigate and give directions.

Now, it marks the new entrance to his business.

Pampena and his wife, Tia, relocated Murrysville Auto Sales to the former Excel Auto Body on Route 66, and they plan to keep the local landmark in place.

“It’s an icon,” Michael Pampena said. “Everyone knows the bug.”

Tia Pampena said their former location on Route 22 in Murrysville became obsolete after the pandemic.

“We barely made it through, and by then we were starting to focus more on the auto body side of things,” she said.

That meant the new location suited the couple perfectly.

“We had to come in and get the bugs out, but it was already set up to do this kind of work,” Michael Pampena said.

Murrysville Auto Sales and 66 Custom & Collision now occupies the space. The business has four employees and has expanded to include a body shop as well as detailing services.

“Dylan, our detailer, is phenomenal, but his business didn’t survive the pandemic,” Tia Pampena said. “When he started looking for a place to work, he wanted a family-owned business rather than a big chain, so it was a great fit.”

And not only has Michael Pampena already incorporated the VW Beetle into his new business cards, he also is rounding up parts to keep it in good shape.

“We have new bumpers, and we’ll probably redo it in a year or so,” he said.

Created in 1970 by Ed Britz, the original owner of Excel Auto Body, the elevated car actually is fashioned from two front ends welded together. It was restored in 1980 shortly after Al Furney of Delmont bought the shop. In 1994, Furney and shop workers collected parts to build a replacement.

The only time the car has been off the pole in the past half-century was between 2010 and 2013, when what was supposed to be a quick round of maintenance turned into a nearly three-year hiatus.

The car is listed on the RoadsideAmerica.com website, which compiles odd and offbeat sights and places to see in the U.S.

For more on the shop, see MurrysvilleAutoSales.com.

Patrick Varine is a TribLive reporter covering Delmont, Export and Murrysville. He is a Western Pennsylvania native and joined the Trib in 2010 after working as a reporter and editor with the former Dover Post Co. in Delaware. He can be reached at pvarine@triblive.com.

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Auto insurance rates to rise in 2024 over record thefts, higher replacement costs car parts - The Globe and Mail

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Rush hour traffic travels south on Jarvis St. in Toronto towards the Gardiner Expressway, on Jan 17, 2023.Fred Lum/the Globe and Mail

Drivers may experience larger increases to their insurance premiums in 2024 as record levels of auto theft, persistent inflation and the increasing cost of replacing tech-heavy car parts take a toll.

Daniel Ivans, an insurance expert at Ratesdotca, said the Financial Services Regulatory Authority (FSRA) of Ontario has already approved insurers to increase their rates by up to 25 per cent in some cases for the first quarter of 2024. It’s a steeper increase from 2023 when FSRA approved up to 15 per cent in rate increases.

The latest data from FSRA shows the average Ontario premium in October, 2023, already had hit $1,796, compared to 2019′s annual average of $1,633.

“Rates are now surpassing 2019 levels, as opposed to previous rate increases bringing things to parity,” said Mr. Ivans, referring to large drops in insurance rates during the pandemic when people were driving less.

In Alberta, Ratehub.ca vice-president of insurance Matt Hands said drivers could also see large increases after years of the province mandating that insurers could not increase rates.

Experts say there is little end in sight to larger year-over-year increases in the average cost of auto insurance premiums. While overall inflation is starting to ease after historic highs, Mr. Hands said the most persistent reasons that rates are increasing are record levels of auto theft and the increasing cost of replacing parts that used to be much cheaper. Those factors may prove to be much harder to control.

“It does feel like, at least from my experience, that we’re in an unprecedented time,” Mr. Hands said.

“Replacing a windshield back in the day cost around 300 bucks, but these days windshields have a heads-up display” or other technology that can increase the cost to more than $2,000, he said.

However, Mr. Ivans said consumers in Canada are relatively lucky compared to those in Britain and some jurisdictions of the United States, where rates have risen between 50 per cent to 70 per cent in some cases.

“What we’re seeing in Canada is that it’s catching up to rate increases globally,” said Mr. Ivans, who added that not all consumers will experience rate increases equally, and that some may still see their rates decrease over time.

In other jurisdictions such as British Columbia, consumers will be shielded from rate increases in the short term. The provincial government put a freeze on insurance rates in 2022 until 2025. Insurance Corporation of British Columbia, a Crown corporation, is the only auto insurance provider in B.C.

Meanwhile in Alberta, Mr. Hands said, new legislation from the government will allow only inflationary increases to insurance rates for drivers with a good record (a term that he noted was somewhat ambiguous), while drivers with a bad record could face much higher rate increases above the level of inflation.

In Ontario, FSRA said it is planning to reform how it regulates auto insurance rates and underwriting in the province. It plans to release new guidelines in the coming months.

“This work has begun, but defining fair outcomes for consumers requires rigorous data collection and broad consultation,” said FSRA spokesperson Russ Courtney.

Mr. Ivans said consumers have some power to take matters into their own hands and lower their insurance premiums, such as installing apps that track driving data to determine whether you drive safely and are eligible for discounts. If your vehicle is on a list of models that are at high risk of being stolen, you could also install a steering wheel lock or a TAG anti-theft system.

Some insurers have already started charging up to $500 surcharges for drivers who don’t have TAG systems on their high-risk vehicles.

While most drivers expect their insurance premiums to decrease over time if they maintain a clean record, Mr. Hands said that norm might no longer hold true in some cases.

He said it’s more important for consumers to shop around, even if they are simply renewing their annual policy with their current provider, to ensure they get the best rate.

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Auto insurance rates to rise in 2024 over record thefts, higher replacement costs car parts - The Globe and Mail
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Tuesday, January 30, 2024

Toyota and GM auto recall: Urgent 'do not drive' warning issued to some Toyota, GM owners - WPVI-TV

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PHILADELPHIA (WPVI) -- Toyota and General Motors are issuing an urgent "do not drive" warning for tens of thousands of vehicle owners. The warning involves about 61,000 older vehicles and the owners are being told to keep them parked and contact their dealer immediately.

"So this is part of a broader recall of Takata airbags, which affects millions and millions of vehicles. But a certain subset of those airbags are more dangerous than others," said Keith Barry, Senior Auto Reporter of Consumer Reports

The newest warning covers certain Toyota Corolla compact cars and Matrix hatchbacks from the 2003 and 2004 models years as well as the RAV4 small SUV from 2004 and 2005. Thousands of GM Pontiac Vibes from 2003 and 2004 are also under the recall.

RELATED: Toyota, GM urge owners of old Corolla, Matrix and RAV4 models to park them until airbags replaced

The Takata airbags in those vehicles are more likely to explode and shoot sharp metal fragments toward the people inside.

"Already there have been 26 people killed from these faulty airbags," said Barry. "And the older that these airbags get, the more likely it is to happen."

The recalled RAV4s have Takata airbags on the driver's side the Corolla and Matrix models have them on the passenger side.

"You know, the original recall is many years old, so some of these vehicles, the owners have received notice after notice after notice saying they need to get their car fixed and haven't done so," said Barry.

There are many reasons owners may not have received the notice - perhaps they moved or they're not the original owner. Whatever the reason, Toyota and GM say there is no time to waste.

"Don't even drive the car to us. Don't get behind the wheel. It's too dangerous if something went wrong," warns Barry.

Owners can go to nhtsa.gov/recalls and enter their 17-digit VIN to see if their cars are affected.

Then, contact your local dealer for options like mobile repair, a tow from the car to a dealer, or vehicle pickup and delivery.

Copyright © 2024 WPVI-TV. All Rights Reserved.

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Town Talk | Family-owned Kansas City auto group buys Honda, Chrysler dealerships from Lawrence's Dale Willey - Lawrence Journal-World

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photo by: Chad Lawhorn/Journal-World

The Honda dealership, 2851 Iowa St., is pictured on Jan. 29, 2024.

A Kansas City family who just marked its 100th year in the Kansas City market has completed a deal to expand into Lawrence.

The Bob Sight Auto Group on Tuesday took over ownership of both the Honda and Chrysler, Dodge, Jeep and Ram dealerships on south Iowa Street. The company bought the two dealerships from Lawrence-based Dale Willey Automotive, which will continue to operate the Chevrolet and GMC dealership in south Lawrence.

Bob Sight owns a Ford dealership in Lee’s Summit, Missouri, and a Kia dealership in Independence, Missouri. The company traces its roots in Kansas City back to 1923, and the dealership is now on its fourth generation of ownership within the Sight family, said Aaron Rowe, the new general manager for the two Lawrence dealerships.

“We’re just growing the family,” Rowe said of the expansion. “We’re family operated and family values. It is pretty simplistic. We try to just create the best work environment for our employees and be the easiest place to do business.”

photo by: Chad Lawhorn/Journal-World

Workers install a new temporary sign on Jan. 30, 2024, announcing the change in ownership at Lawrence’s Honda dealership.

Rowe said the new company has kept every employee of the dealerships who wanted to remain with the new venture.

Rowe said the Honda and CDJR dealerships both expect to expand workforce totals because a major strategy with the purchase is to boost the number of vehicles sold. A key to that plan will be to significantly increase the inventory at the two dealerships, Rowe said.

“We are going to be expanding new inventories and used inventories,” Rowe said. “We have seven acres of lot space here. It is huge. We are going to fill it up with cars.”

photo by: Chad Lawhorn/Journal-World

The Chrysler, Dodge Jeep, Ram dealership, 2300 W. 29th Terrace, is pictured on Jan. 29, 2024.

Rowe said an increase in inventory is important in the bigger picture of the Lawrence auto market too.

“We want to help change some perceptions and keep the business local,” Rowe said. “People don’t have to go to Kansas City to get the best deal.”

Rowe said Bob Sight Auto had been considering expansion for awhile and had looked at several markets. Lawrence was chosen in part because of its location and demographics, but he said the company’s owners, Zachary Sight and Brian Sight, were fans of the community. Zachary Sight attended KU, Rowe said.

“I think they just saw it as a huge opportunity,” said Rowe, who lives in Lawrence and came to the company from the Laird Noller Auto Group.

The sale brings to a close Dale Willey’s ownership of the two dealerships, after having purchased them in 2019. Greg Maurer, owner of Dale Willey Automotive, said he made the decision to sell as he began planning for the future after having worked for 40 years in the auto dealer industry.

“This gives me a little bit more free time,” Maurer said. “There are a lot of hours in the car business, and with three dealerships there are even more hours. I thought at some point I have to slow down a little.”

The change will allow him to focus all his professional energies on the Chevrolet and GMC dealership on south Iowa Street. He said that dealership has plans to add some workshop bays to its service department, and also will continue to focus on new and used vehicle sales.

He said the sales side of the business should start operating more smoothly as the major auto manufacturers are improving their production processes in the wake of the pandemic that snarled supply chains across the globe.

“The supply chain has come around quite a bit,” Maurer said. “Production numbers are up. They are able to make a lot more vehicles now.”

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Auto insurance reforms on the way? NC lawmakers question state's near-unique system - WRAL News

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North Carolina is one of only two states in the nation that handles auto insurance the way it works here; officials say it also has some of the lowest insurance premiums in the country.

But state lawmakers are now questioning the setup — and whether the low premiums are because of the state's near-unique rules, or in spite of them.

A legislative oversight committee spent two hours Tuesday morning grilling the leadership of the North
Carolina Reinsurance Facility, a non-profit group that operates as a risk pool that insurance companies can take advantage of to dump high-risk drivers into. Most states require insurance companies to keep high-risk drivers on the books, often in proportion to the total amount of policies they write. But North Carolina and New Hampshire use reinsurance facilities instead. Those allow insurance companies to take high-risk drivers off their own books and send them into a pool of risky drivers operated by the facility.

Drivers in North Carolina pay a surcharge on their insurance to help keep that facility solvent. Now state lawmakers are questioning whether reforms could help improve the system and save people money.

Some legislators were also less than pleased with the level of scrutiny the facility gives insurance companies, to make sure they're not taking advantage of the system. Rep. George Cleveland, R-Onslow, said he discovered his policy was put into the high-risk pool after he turned 80 years old, and that his insurer told him it was solely because he had turned 80.

But that seemed illegal, Cleveland said Tuesday, so he complained to the attorney general's office, which sent him to the facility, which confirmed his initial suspicion that his insurance company shouldn't have done that. Yet when he later went shopping around for new insurance, he claimed, many companies told him they automatically put all drivers age 80 and up into the pool — seemingly either not knowing or not caring that they shouldn't be allowed to do so.

Tom Burns, a director in the facility's compliance department, said the facility conduct multiple types of audits to make sure insurance companies aren't skirting the rules to get rid of drivers and policies they shouldn't be allowed to — but that "we have never looked at the age factor" in those audits.

"So that's how insurance companies are getting away with sticking it to the old folks," Cleveland told him.

Reforms could be on the way

Rep. Jake Johnson, R-Polk, co-chaired Tuesday's committee and said he and other lawmakers are thinking about new legislation to shrink the size of the facility, forcing insurance companies to keep more drivers — and hopefully lowering the surcharges the rest of the state's drivers have to pay to fund it. Other lawmakers had other suggestions; Rep. Amos Quick, D-Guilford, suggested no longer forcing people to buy uninsured motorist coverage.

A 2023 report to the legislature found that about one in every four North Carolina drivers is in the high-risk pool that the facility operates. That report recommended leaving the facility model behind and moving to the system most other states use, saying there's reason to believe that not only would insurance companies make more money, but drivers might also start paying less in premiums.

South Carolina did the same thing 20 years ago, the report found, with positive results for drivers and their insurers alike.

The report said that was because insurance companies in South Carolina previously had no financial motives to push their customers to drive more safely; if they racked up tickets or wrecks, the companies could just dump them off in the facility's high-risk pool and not have to worry about incurring losses in the form of damage claims.

But once that pool went away the insurance companies suddenly had an incentive to push drivers to drive better. And they did — though driving classes, monitoring software and more. Accidents decreased, and the companies’ profits rose: Even though they were charging less in premiums, they were also paying out less in claims.

And, as insurance companies were forced to take on riskier drivers, they started competing more intensely for safer drivers, too, to balance the risks. That led to savings for local residents: "The reforms led to increased competition among insurance providers and lower premiums for South Carolina drivers,” the report said.

The report cautioned, however, that there are other factors to consider as well.

North Carolina has one of the nation's highest rates of drunk driving. It also has a number of heavily trafficked highways and geographic problems posed by a combination of sometimes snowy mountain roads and sometimes flooded coastal roads.

North Carolina lawmakers at Tuesday's meeting didn't seem to be in favor of completely jettisoning the facility model just yet. But reforms seem to be needed, they said, to at least make the system less confusing for drivers if not to also save people some money.

"We may need to tweak some things; we may need to look into different areas," said Rep. Allison Dahle, D-Wake, adding that the legislature needs to consider: "How do we make this clearer to people who access insurance, and now feel like they’re being ripped off?"

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Monday, January 29, 2024

Toyota warns 50,000 US vehicle owners to stop driving, get immediate repairs - Yahoo Finance

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By David Shepardson

WASHINGTON (Reuters) -Toyota Motor said on Monday it is urging the owners of 50,000 older U.S. vehicles to get immediate recall repairs because an air bag inflator could explode and potentially kill motorists.

The Japanese automaker said the "Do Not Drive" advisory covers some 2003-2004 model year Corolla, 2003-2004 Corolla Matrix, and 2004-2005 RAV4s with Takata air bag inflators.

More than 30 deaths worldwide, including 26 U.S. deaths, and hundreds of injuries in various automakers' vehicles since 2009 are linked to Takata air bag inflators that can explode, unleashing metal shrapnel inside cars and trucks.

Over the last decade, more than 67 million Takata air bag inflators have been recalled in the United States by more than 20 automakers, and more than 100 million inflators worldwide, in the biggest auto safety callback in history.

Toyota said the RAV4 recall involves the driver's airbag while the other recalls involve the front passenger airbag only. In some Corolla and Corolla Matrix models, certain vehicles are also involved in a second recall that can cause the airbag to deploy even without a crash.

There have been prior "Do Not Drive" warnings issued by other automakers for vehicles with older Takata air bag inflators after fatal crashes. Toyota declined to answer if the "Do Not Drive" warning had been prompted by a serious injury or fatal incident involving one of the vehicles.

The National Highway Traffic Safety Administration did not immediately comment.

Chrysler-parent company Stellantis in July warned 29,000 owners of 2003 Dodge Ram pickups to immediately stop driving pending repairs after one person was killed when a Takata air-bag inflator exploded.

In November 2022, Stellantis urged owners of 276,000 other older U.S. vehicles to immediately stop driving after three other crash deaths tied to faulty Takata air bag inflators were reported that year.

Honda Motor in February 2023 issued a "Do Not Drive" warning for 8,200 Acura and Honda vehicles after the death of the driver of a 2002 Accord in Bowling Green, Kentucky from a faulty Takata air bag inflator. Honda has reported 17 U.S. deaths and more than 200 injuries in the United States related to Takata inflator ruptures.

(Reporting by David Shepardson;Editing by Bill Berkrot)

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Detroit man charged in auto theft operation spanning Wayne County, targeting GM SUVs - FOX 2 Detroit

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Tyree Lacey Otis

The Wayne County Prosecutor's office charged Tyree Perry Lacey with nine felonies related to widespread vehicle theft, including conducting a criminal enterprise.

Lacey, of Detroit, is accused of a rash of auto thefts in the summer of 2023, in Dearborn, Dearborn Heights, Livonia, Lincoln Park, and Detroit, involving multiple Chevrolet Trailblazers and GMC Envoy-type SUVs in their communities. 

Among his charges Lacey is facing are, operating a chop shop, two counts of unlawful driving away of auto, felony firearm possession and using a computer to commit a crime, among others, 

Investigators from different cities worked together and used surveillance camera footage then worked with the surveillance units from Dearborn and Livonia to identify Otis of organizing vehicle theft in southeast Michigan.

The Southeast Michigan Auto Crimes Consortium and the Dearborn SWAT Team executed a search warrant at the individual’s home in Detroit on Nov. 22, 2023, where they recovered multiple stolen vehicles, stolen VIN plates, stolen car parts, and key fobs, along with fraudulent documents and a gun.

Lacey was arraigned in the 19th District Court before the Honorable Judge Mark Somers. Lacey was issued a $250,000 cash/surety bond, with GPS tether. Lacey’s next court appearance is scheduled for Jan. 30, at 9 a.m. at the 19th District Court.

Dearborn Police Chief Issa Shahin stated, "Motor vehicle thefts continue to affect communities across the region. This joint task force is instrumental, especially in cases such as this where individuals are highly organized and responsible for many thefts. We are grateful for this collaboration and the resources made available through this SMACC partnership."

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Detroit man charged in auto theft operation spanning Wayne County, targeting GM SUVs - FOX 2 Detroit

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Tyree Lacey Otis

The Wayne County Prosecutor's office charged Tyree Perry Lacey with nine felonies related to widespread vehicle theft, including conducting a criminal enterprise.

Lacey, of Detroit, is accused of a rash of auto thefts in the summer of 2023, in Dearborn, Dearborn Heights, Livonia, Lincoln Park, and Detroit, involving multiple Chevrolet Trailblazers and GMC Envoy-type SUVs in their communities. 

Among his charges Lacey is facing are, operating a chop shop, two counts of unlawful driving away of auto, felony firearm possession and using a computer to commit a crime, among others, 

Investigators from different cities worked together and used surveillance camera footage then worked with the surveillance units from Dearborn and Livonia to identify Otis of organizing vehicle theft in southeast Michigan.

The Southeast Michigan Auto Crimes Consortium and the Dearborn SWAT Team executed a search warrant at the individual’s home in Detroit on Nov. 22, 2023, where they recovered multiple stolen vehicles, stolen VIN plates, stolen car parts, and key fobs, along with fraudulent documents and a gun.

Lacey was arraigned in the 19th District Court before the Honorable Judge Mark Somers. Lacey was issued a $250,000 cash/surety bond, with GPS tether. Lacey’s next court appearance is scheduled for Jan. 30, at 9 a.m. at the 19th District Court.

Dearborn Police Chief Issa Shahin stated, "Motor vehicle thefts continue to affect communities across the region. This joint task force is instrumental, especially in cases such as this where individuals are highly organized and responsible for many thefts. We are grateful for this collaboration and the resources made available through this SMACC partnership."

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Trump Feuds With United Auto Workers Chief After Union Endorses Biden - Forbes

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Topline

Former President Donald Trump attacked United Auto Workers chief Shawn Fain and accused him of playing into the hand of China on Sunday night, after the union leader took several shots at the leading GOP candidate in a TV interview while praising President Joe Biden.

Key Facts

In a post on his Truth Social platform, Trump hit out at the UAW president saying he was a “real ‘STIFF’ who is selling the Automobile Industry right into the big, powerful, hands of China.”

Earlier on Sunday, Fain appeared on CBS News’ “Face the Nation” and said the UAW decided to endorse Biden because of his “history of serving others and serving the working class,” while Trump “has a history of serving himself and standing for the billionaire class.”

In his response, Trump took aim at Biden’s push for electric vehicles, claiming Fain had bought into a “vision” that would “require far fewer workers to make each car…not wanted in large numbers by the consumer.”

Trump said Fain “doesn’t understand this or have a clue” and urged supporters to “Get rid of this dope & vote for DJT.”

Trump indicated his plan would involve using tariffs to force carmakers to make “every type of car” in the U.S.

Crucial Quote

“I can't fathom any union would support Donald Trump for president…Donald Trump in his own words, when he had his reality TV show, ‘The Apprentice’, and when he was president, when he was in the White House, he had two favorite words: you're fired,” Fain told CBS. “In 2008, we were in a recession. Donald Trump blamed the workers for what was wrong with the Big Three.”

Key Background

Last week, the UAW announced it would endorse Biden for the 2024 election during a union gathering in Washington D.C. Fain talked about the recent UAW strikes and said: “Instead of talking trash about our union, Joe Biden stood with us…Joe Biden bet on the American worker and Trump blamed the American worker.” Fain then took a shot at the former president saying: “Donald Trump is a scab.” Biden thanked the union and said: “I’m honored to have your back and you have mine.”

Further Reading

‘Honored to have your back, and you have mine': Biden endorsed by United Auto Workers in election (Associated Press)

UAW chief Shawn Fain explains why the union endorsed Biden over Trump (CBS News)

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Sunday, January 28, 2024

Auto-pedestrian crash results in one fatality - Live 5 News WCSC

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MONCKS CORNER, S.C. (WCSC) - Troopers say one person is dead after an auto-pedestrian collision that took place Saturday night.

According to Master Trooper William Bennett, the crash happened on US Highway 52 in Moncks Corner at 9:50 p.m.

A 2007 Lexus sedan was driving west on the highway Saturday night near Rembert Dennis Boulevard when the pedestrian attempted to cross the road.

The driver of the sedan was the sole occupant and was not injured.

The pedestrian died at the scene.

The Charleston County Coroner’s office has not yet released the name of the victim.

The crash remains under investigation by SCHP.

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Auto-pedestrian crash results in one fatality - Live 5 News WCSC

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MONCKS CORNER, S.C. (WCSC) - Troopers say one person is dead after an auto-pedestrian collision that took place Saturday night.

According to Master Trooper William Bennett, the crash happened on US Highway 52 in Moncks Corner at 9:50 p.m.

A 2007 Lexus sedan was driving west on the highway Saturday night near Rembert Dennis Boulevard when the pedestrian attempted to cross the road.

The driver of the sedan was the sole occupant and was not injured.

The pedestrian died at the scene.

The Charleston County Coroner’s office has not yet released the name of the victim.

The crash remains under investigation by SCHP.

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Saturday, January 27, 2024

Partially decomposed body found inside car at Philadelphia auto shop - WPVI-TV

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PHILADELPHIA (WPVI) -- Police are investigating a disturbing discovery at an auto shop in Southwest Philadelphia.

A partially decomposed body was found in the trunk of a silver Nissan at the shop on the 2300 block of South 63rd Street on Friday afternoon.

The remains are believed to be those of a man in his 30s.

Police say there were no visible signs of trauma, but a cause of death has not yet been determined.

The car was stolen, according to the mechanics.

Police have not released the name of the victim.

Copyright © 2024 WPVI-TV. All Rights Reserved.

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Philadelphia police investigating after body found inside car at auto shop on South 63rd Street - WPVI-TV

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Saturday, January 27, 2024 6:15AM

Partially decomposed body found inside car at Philadelphia auto shop

Partially decomposed body found inside car at Philadelphia auto shop

WPVI

PHILADELPHIA (WPVI) -- Police are investigating a disturbing discovery at an auto shop in Southwest Philadelphia.

A partially decomposed body was found in the trunk of a silver Nissan at the shop on the 2300 block of South 63rd Street on Friday afternoon.

The remains are believed to be those of a man in his 30s.

Police say there were no visible signs of trauma, but a cause of death has not yet been determined.

The car was stolen, according to the mechanics.

Police have not released the name of the victim.

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Friday, January 26, 2024

Tesla is 'not immune' to conventional auto challenges: Panel - Yahoo Finance

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Tesla (TSLA) shares move on into the green Friday morning after dropping off earlier in the week. The EV maker reported a fourth-quarter earnings miss on the top and bottom lines, pushing CEO Elon Musk to warn about slowing electric vehicle productions in 2024 on the company's earnings call.

Yahoo Finance Live welcomes an expert panel consisting of Autoblog Editor-in-Chief Greg Migliore, Corestone Capital Chairman and CEO Will McDonough, and Intralink Head of Automotive and Mobility Practice Daniel Kollar to address Tesla's position in the electric vehicle market and what the company's interest in AI technology may signify for its future.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Luke Carberry Mogan.

Video Transcript

BRAD SMITH: Tesla, a massive disappointment for the market this week, shares they got hammered after the company reported weak results and warned of notably lower volume growth. The sell off, it comes following a lot of hype surrounding Tesla's AI ambitions, valuing the name as a tech company. And CEO Elon Musk was asked about Tesla's AI efforts on the company's earnings call this week. Here's what he had to say.

ELON MUSK: Think of Dojo as a long shot. It's a long shot worth taking, because the payoff is potentially very high, but it's not something that is a high probability.

BRAD SMITH: We've got an expert panel here to break down Tesla's results on three fronts-- AI ambitions, EV demand, and whether or not Tesla is a buy for your portfolio. We've got Greg Migliore who is the Autoblog editor-in-chief, Will McDonough, Corestone Capital Chairman and CEO, and Daniel Kollar, who is the Intralink Head of Automotive and Mobility Practice. Great to have all of you here with us this morning.

Greg, I want to begin with you. You know, we've been talking Tesla for a while now and we're trying to wrap our heads around this narrative that Tesla is continuing to put into the market right now but not just the market of investors but those of potential buyers. What most notably on the demand front should everyone be remembering now that kind of sets the tone for the rest of this year?

GREG MIGLIORE: Hey, good morning, Brad. Good morning, Seana, Tesla's in a-- I think an interesting position right now. The EV market is likely going to rise, but perhaps not as aggressively as we originally thought. So Tesla is still well positioned to capitalize on that. But as you can see by the earnings call, they're not immune to the many challenges that automakers face, that traditional automakers face. They've seen pressure on margins. There's always going to be demand for Teslas, but what we're seeing now is many of their products are actually starting to get dated. They need to do refreshes.

So in some ways, some of the shine has come off Tesla, perhaps, for maybe two to three years ago, four years ago. They were truly a disruptor. Now I think they're very sort of a standard car company, and we saw that in the earnings call this week.

SEANA SMITH: And when it comes to the stock price here, especially when you take into account the sell off that we have seen this year, Matt Malley over at Miller Tabak pointing out that, hey, maybe Tesla is becoming a bit oversold. Well, I'm curious how you're evaluating the recent moves that we've seen in Tesla from an investment standpoint and whether or not this could be a good buying opportunity here for investors.

WILL MCDONOUGH: I think it is a good buying opportunity. I think Tesla's on sale and people should be paying attention. You know, I don't think Tesla plays the same game as traditional car companies, and people have a hard time valuing Tesla because they don't know should I value it as a tech company. They have AI, they have self-driving tech, they are innovating their supply chain and their manufacturing processes, or should I value it based on how many cars were sold last quarter, what their revenues were.

When I look at Tesla, they grew revenue in Q4 20% and just-- I'm sorry, they grew volume 20%, in revenue, only grew 1%. While the street might panic when they see that, but the reality of it is, that's by design. They're trying to push volume into the market. They're trying to become the ubiquitous player in the EV marketplace, and they're trying to make their processes most efficient, so that they can spit out chassies as fast as demand-- as demand warrants.

BRAD SMITH: And so all that considered, I mean when we think about what this means for investors going forward, there is the consideration of what margins will look like as they've initiated this broader pricing strategy and a pricing war essentially ensued as well here. When we think about, Will, ultimately how that translates through to what investors should expect and the kind of appetite or propensity for investors who this week have seen shares move lower and some of them saying for an environment where buy on the dip is once again kind of rearing its head as a theme again, is that the case for Tesla?

WILL MCDONOUGH: I don't believe so. I think people should be buying this dip. I think that people should look at owning Tesla as owning the most efficient car company of the next decade. I think there could be a world in our future where F-150 Lightnings are built with Tesla batteries or on Tesla chassis. I think there could be a future where Tesla is the main line provider of all EV technology to many others, regardless of what the badge on the hood is.

And when you look at Tesla, if you are to look at it as a multiple of revenue, if you are to judge them that way, you're not going to like what you see. But if you look at their growth, if you look at how fast they're able to make cars, and you look at how cheaply they're able to produce vehicles, which means they can sell them cheaper, which means they can still make a profit to a larger demographic of our population, I think all of those things are good for Tesla to continue to be a cornerstone player in this EV world that we're all leading ourselves into.

SEANA SMITH: Daniel, let's talk about AI, because Adam Jonas, over at Morgan Stanley saying that there were no real AI rabbits pulled out of Tesla's hat here during the quarter. When you stack up what's realistic versus some of the ambitions that we've heard from Elon Musk, do you think-- do you think some of this hype is a bit overdone?

DANIEL KOLLAR: I wouldn't say that. So you take what you've been hearing him talk about on the front and also the Chinese front, and I think that these go hand in hand right now. He sees the Chinese OEMs like BYD, Geely, NIO, Xpeng, they're his main rivals down the road. So these companies, they're not just gunning to be top dogs at EV, they're aiming to be native smart EV companies. So beyond batteries, they're putting serious effort into cutting edge AI systems, infotainment, and control systems.

It's all of this is going to be based upon AI. So you know, Elon's clocked the rise in China. He knows they're eyeing Europe, maybe even the US. And so to keep up, he understands that they need to stay at the forefront of the AI.

BRAD SMITH: And at the forefront of AI, how much spending do you think Tesla still needs to do in order to really get its hands around what AI, not just could be for its business, but the resources that really need to be layered in at this juncture in order to get that kind of long term ambition right, Daniel?

DANIEL KOLLAR: Well, I mean, again, he's looking at his main competition down the road, and they're throwing money at this hand and foot-- hand over fist, so he's got to keep up as much as possible. And he's not just going up against other OEMs like you would the US or Europe, he's going after the entire industrial policy of the Chinese state.

SEANA SMITH: Greg, bringing them back here to what this really tells us about demand for EVs, because that's also at the crux of this issue when we talk about the fact that the guidance or really lack thereof, leaving investors with a lot of question marks, is there something going on here that might be out of Tesla's control in terms of the fact that EV demand, when you take a look at the automakers across the board hasn't exactly lived up to those initial expectations? And then what that tells us about names like GM, Ford Toyota the list goes on?

GREG MIGLIORE: Yeah. I think, basically, we've seen the EV market chill a little bit. I think people have many of the early adopters who have wanted their EVs have been able to get them. There's a great catalog of EVs out there right now from Tesla, from Volkswagen, Mercedes, General Motors, you name it. And the number of nameplates, I think, is expected to rise perhaps around 50 or 60 this year, so the choices are going to get even better. What's I think frustrating Tesla and other automakers is the incentives that come from the government, as well as just the never ending sort of infrastructure question.

Now, Tesla got out ahead of the game with its supercharger network. So they're well positioned and other automakers are trying to join that as well. So that's one part of the equation. But right now, I think there is a bit of a reality check as the general population tries to figure out, hey, I'm interested in an electric car but maybe a plug-in electric or just a traditional hybrid actually fits my lifestyle better.

SEANA SMITH: Greg, Will, Daniel's great to have all three of you here breaking down what has been one of the biggest stories driving the markets here this week with Tesla's disappointing report. We appreciate you taking the time. Have a great weekend.

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Auto Shows Aren't Dying, They're Evolving - Motor1

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Regardless of what the internet shouts, evidence suggests auto show attendance (at least in North America) is growing. So why are some automakers bowing out?

Stellantis announced it would stop spending money on major automotive trade shows in North America last year, first scaling back at CES, then the LA Auto Show. Eventually, the company decided to move away from shows entirely in 2024.

The company will focus marketing resources elsewhere, it says. That means no Jeep, Dodge, Ram, Chrysler, Alfa Romeo, or Fiat vehicles will sit on auto show floors for the time being. It could prove a short-sighted move, based on some of the evidence.

2019 LA Auto Show

Multiple auto shows saw record attendance in 2023. Toronto was one of them, with more than 350,000 people making their way to the Metro Toronto Convention Centre last February. It marked the third-largest showing in the auto show's 50-year history, and the influx even broke a single-day attendance record of 56,122 people, which happened Sunday, February 19.

Other American shows saw attendance increases as well; the DC show was up 107 percent, Miami was up 18 percent, and Los Angeles and Detroit both noted strong attendance figures for 2023, although they didn't release any official numbers.

Chicago chalked up another success story. One of the five largest auto shows in the country, attendance increased 52 percent from 2022 to 2023, with more than 300,000 attendees making their way to McCormick Place last February – 100,000 more than the previous year.

2023 Chicago Auto Show

Chicago Automobile Trade Association President and Chicago Auto Show General Manager Jennifer Morand cited ride-and-drive opportunities and an EV test track, among other attractions, for the substantial attendance increase.

"We grew back into a two-hall show in 2023," she told The Trade Show Executive. "We learned just how much attendees loved all the ride-and-drive opportunities, and that kept people at the show longer, so we took that feedback and brought all that excitement indoors to the 2023 Chicago Auto Show in the form of test tracks."

Camp Jeep – an indoor track with a 28-foot hill – welcomed its 3 millionth rider at the Chicago Auto Show last year. But it won’t return for 2024 after a 20-year run. Off-road enthusiasts will instead have to Ford’s booth for a similar Bronco ride-along opportunity this year.

2023 Chicago Auto Show
2023 Chicago Auto Show

Robby DeGraff, a Product and Consumer Insights Analyst at Auto Pacific and Vice President of the Midwest Automotive Media Association, echoed the sentiment shared by Chicago Auto Show organizers. He said shows like Chicago have done an excellent job of expanding their offerings to more than just static displays.

"Auto shows have really evolved over the years to offer more activities beyond just walking around and checking out vehicles parked on the show floor," says DeGraff. "There are great activities for families and kids from test drive and ride opportunities, hands-on displays and demos of cutting-edge technology, puppies, cool classic cars, and immersive exhibits."

But one of the biggest reasons for growth is the rise of electric vehicle offerings.

2023 Chicago Auto Show

Chicago expanded its EV test track to 100,000 square feet in 2023 – and it returns for 2024. New York stretched its indoor EV course to 83,000 square feet last year, with more than 80,000 people hopping behind the wheel. The Detroit News reported "long lines" at The Detroit Auto Show for EV ride-alongs, while LA’s Electric Avenue display was "unprecedented" in terms of size and scope.

CES in Las Vegas, while originally an electronics show, has become a preeminent destination for the debut of EVs and concept cars. Honda, Kia, Mercedes-Benz, and Volkswagen all showed brand-new products at CES 2023, which saw 115,000 people walk through its doors. That number "shattered" expectations, according to show organizers.

"We learned just how much attendees loved all the ride-and-drive opportunities, and that kept people at the show longer..."

"Auto shows provide a tremendous learning opportunity for consumers who are curious to learn more about EVs," DeGraff says. "For many, an auto show might be the first time a consumer ever gets a chance to experience some of the unique aspects of an EV. Even more important, there was a charging infrastructure company readily available at the [Chicago] show to answer questions and temper worries consumers had about charging at home or on the go. That kind of experience is so, so very valuable."

While traditional auto shows like Chicago and Detroit are becoming more EV-friendly, entire shows dedicated exclusively to EVs are popping up around the country. Electrify Expo has quickly become one of the biggest.

Electrify Expo Austin
Electrify Expo Austin

From 2021 to 2022, Electrify Expo expanded its presence in Long Beach to a one-million-square-foot facility to fit the 80 percent attendance increase. More than 25,000 people hopped on electric scooters and e-bikes, while also getting behind the wheel of some of the latest EVs.

"Electrify Expo is a significant part of our multi-city, experiential marketing strategy to connect with self-identified e-curious consumers on moving from traditional gas engines to EV,” said Eric Watson, Vice President of Sales Operations at Kia America.

What Does The Future Hold?

With electric vehicles getting more popular, auto shows likely will too – whether it be traditional venues evolving with the times or new shows like Electrify Expo popping up more frequently. That’s why it’s all the more confusing that Stellantis – a company that wants to sell five million BEVs by 2030 – doesn’t see the value.

But Stellantis isn’t alone. Brands like Audi, BMW, Mazda, and more are skipping some shows and spending their marketing budget elsewhere. Others like Mercedes-Benz and Kia see the value in burgeoning events like CES and Electrify Expo instead of more traditional shows like Detroit and Los Angeles.

Mercedes-Benz At CES 2020

"Honestly, it's really disappointing," says DeGraff, "because auto shows are tremendously important when it comes to getting your product, new and existing, right out in front of consumers – whether they're in the market to buy or not.

"I understand the need to tighten the belt, especially in the wake of the UAW chaos, but [one] area an automaker shouldn't cheap out on is having a presence at a major auto show in a major market… If you ask an organizer of any auto show, they have actual data that tracks auto show visits leading to actual sales happening not long after.

"That's proof auto shows have and always will matter."

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Thursday, January 25, 2024

Ford and GM Stock Get New Buy Ratings, Sort Of. Auto Production Should Climb. - Barron's

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Ford Motor and General Motors shares got a new bullish call from anold fan this week.

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Li Auto hits back after being mocked by Tesla for lack of technology - CnEVPost

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released a range test comparison video of the Li Mega versus the Model X to show that its first BEV model has better performance.

(A screenshot from the video Li Auto posted of Li Mega's range comparison test of the Tesla Model X.)

Tesla (NASDAQ: TSLA) mocked Li Auto (NASDAQ: LI) on social media about a month ago for having no real technology and relying on superficial comfort features to attract customers.

Now the Chinese extended-range electric vehicle (EREV) maker is firing back.

Li Auto today posted a video on its Weibo account challenging Tesla's Model X SUV in a range test with its yet-to-be-formally-launched first battery electric vehicle (BEV) model, the Li Mega MPV (Multi-Purpose Vehicle).

"Not long ago, Tesla's official Douyin account implicitly mocked Li Auto's refrigerators, color TVs, and big sofas as 'superficial decoration,' and that one should buy an EV for the 'invisible smart manufacturing' (batteries, motors, and electronic controls)," Li Auto wrote on Weibo.

"So we decided to do a fair and impartial technical PK, challenging the Tesla Model X with the Li Mega. Both models have a battery capacity of around 100 kWh and a CLTC range of around 700 km," Li Auto said.

The test was conducted by four car bloggers, two of whom are Tesla owners, including a new Model X owner.

The Li Mega and Model X used for the test are both dual-motor all-wheel-drive models, with the former having a battery pack capacity of 102.7 kWh and the latter 99.6 kWh.

The Li Mega weighs 2,785 kg and the Model X 2,373 kg, and they have drag coefficients of 0.215 and 0.24 respectively.

Even though the Li Mega is an MPV, its unique design that resembles a Chinese high-speed rail locomotive helps it achieve a lower drag coefficient.

The test was conducted in Hainan, China's southernmost province, where the current higher temperatures are favorable for EV range.

As of this writing, the real-time temperature in Hainan is around 16 degrees Celsius, compared to about 4 degrees Celsius in Beijing, where Li Auto is headquartered.

The planned test distance was 616 kilometers, and both the Li Mega and Model X actually drove 547.2 kilometers.

At the end of the test, the Li Mega had 14 percent of its battery remaining, meaning it could actually achieve a range of 636 kilometers, or 89.6 percent of its claimed range.

The Tesla Model X had 4 percent charge remaining, meaning it could achieve a real-world range of 570 kilometers, 81.4 percent of the claimed range.

The average energy consumption per 100 kilometers for the Li Mega and Model X is 15.9 kWh and 15.8 kWh, respectively, according to data published by Li Auto.

The charging speeds of these two cars were also compared. The Li Mega can be charged from 5 percent to 80 percent in 11 minutes when using Li Auto's 5C charging pile. The Model X takes 30 minutes to charge from 5 percent to 80 percent when using Tesla's V3 Supercharger.

On December 29, Tesla posted a short video on Douyin titled "What to look for when buying an EV," mocking the refrigerators, color TVs, and large sofas that come with some models as superficial decoration.

Tesla didn't directly mention Li Auto at the time, but it's the most well-known Chinese automaker to have a refrigerator, sofa, and TV in its cars.

The short video also implied that the safety of Li Auto's vehicles is only marketing, while the safety of Tesla's vehicles is real, and included a personal photo of what is suspected to be Li Auto CEO Li Xiang with his head covered.

Tesla's short video sparked some local media coverage at the time, and Li Auto's legal department retweeted a story on Weibo at the time, but did not make any comments.

Tesla then quickly deleted the short video.

Li Auto's three models currently on sale are the Li L7, Li L8, and Li L9, all of which are EREVs, essentially plug-in hybrids.

The company plans to officially launch the Li Mega on March 1 and will start deliveries soon after that. It had planned to launch the Li Mega in December.

Tesla has a plant in Shanghai that produces the Model 3 and Model Y. The more expensive Model S and Model X are not produced in China.

Li Auto delays Li Mega MPV launch to Mar 1

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