California
New car and truck sales in California down 16.1% this year
Financial headwinds mixed with lingering provide chain constraints have resulted in a gross sales dip of 16.1 p.c in new automotive and vans gross sales in California by means of the primary three quarters of this 12 months in comparison with the identical interval in 2021.
The California New Automotive Sellers Affiliation estimates by the top of the 12 months, gross sales will probably be off 9.7 in comparison with final 12 months, decreasing its projections to 1.68 million registrations for all of 2022. That’s inside shouting distance of the 1.64 million registrations recorded in 2020 with COVID-19 lockdowns sideswiped the auto business in California and throughout the nation.
Pre-pandemic, the Golden State’s new automobile market was roaring, posting greater than 2 million vehicles and vans offered every year from 2015 by means of 2019.
“I feel what’s occurring is essentially reflective of all of the macroeconomic issues which might be happening,” stated Brian Maas, president of the California New Automotive Sellers Affiliation.
California is definitely doing a bit worse than the nation as an entire. Registrations within the U.S. are down 13.3 p.c by means of the primary three quarters.
Prime-selling autos in California
Yr-to-date, by means of September 2022
1. Tesla Mannequin Y 61,544
2. Tesla Mannequin 3 56,851
3. Toyota RAV4 44,738
4. Toyota Camry 40,358
5. Toyota Corolla 32,216
6. Chevy Silverado 29,543
7. Ford F-Sequence 29,055
8. Toyota Tacoma 28,342
9. Honda Accord 23,933
10. Honda Civic 23,723
Source: California New Automotive Sellers Affiliation, Experian
Inflation is consuming into the disposable incomes of shoppers and better rates of interest have made it dearer to finance the acquisition of a brand new automotive. The once-common sight of automotive sellers providing zero-percent loans has disappeared; now charges hover between 3 to 7 p.c, or greater.
One other issue? The common worth of a brand new automotive in September hit an all-time excessive of $45,000.
“In case you finance a automotive and also you’re taking a look at $45,000 and a 6 p.c rate of interest, you’re speaking a few good $7,000 to $9,000 in curiosity, relying on down fee and different elements,” stated Ivan Drury, senior supervisor of auto insights at Edmunds.com. “So it’s not somewhat bit of cash.”
In the meantime, carmakers are scuffling with an world scarcity of semiconductor microchips that has dragged on for 18 months, leaving sellers’ tons practically empty. The silicon chips important for laptops, sport consoles and TVs additionally go into the brake sensors, energy steering, navigation and leisure methods in modern-day autos.
China and different Asian international locations that produce microchips have been hindered by persistent COVID-19 outbreaks and the Chinese language authorities’s zero-COVID coverage has tightened provides.
There are indicators the scarcity could also be easing however Maas stated carmakers have informed California sellers that provides gained’t get again to “a roughly regular manufacturing atmosphere” till the latter half of 2023 or early 2024.
“You mix all that, it’s not stunning that gross sales are dropping,” Maas stated. “I feel what’s frankly superb is that they’re not dropping additional. And it simply exhibits how strong the demand is for brand spanking new autos in California.”
On the plus aspect, demand for electrical autos and hybrids continues to speed up.
Tesla not solely had the top-selling automobile in California by means of the primary three quarters of this 12 months, it additionally boasted the second-best. The Mannequin Y, Tesla’s entry within the SUV market, reported 61,544 deliveries and the Tesla Mannequin 3 racked up 56,851 registrations, outpacing the Toyota RAV4 that completed in third place with 44,738 models offered.
“That’s greater than outstanding; I don’t even know what to name that,” Drury stated. “That may be unearthly to different states.”
As gasoline costs hit file highs this 12 months, electrical autos, hybrids and hybrid plug-ins mixed to make up 29.9 p.c of the market share of recent autos offered in California by means of September.
Gov. Gavin Newsom instituted an government order to ban the sale of recent gasoline-powered autos in California by 2035. The California Air Sources Board earlier this 12 months instituted goal dates beginning in 2026 that ramp up with rising percentages till the one hundred pc aim is reached.
After trying on the third quarter numbers, Drury thinks the goal will probably be reached.
“We’ve bought so many individuals (in California) shopping for up electrified drivetrains, it’s such a J curve in development,” he stated. “I feel if issues proceed the best way to do, if infrastructure is constructed up correctly for individuals who stay in multi-family housing conditions, condos, flats, when it comes to the charging community, if it’s there, it would occur — perhaps forward of schedule.”
Used automotive gross sales fell 13.1 p.c statewide, in comparison with the primary three quarters of final 12 months. That could be due largely to used vehicles costing extra. Since there are so few new vehicles in supplier showrooms, many purchasers resorted to purchasing used vehicles with low mileage, which has pushed up costs.
And with fears of a recession within the offing, clients could also be inclined to carry onto the vehicles and vans they’re already driving till the economic system improves.
“There’s lots of people who simply gained’t buy at these costs, however they’re ready,” Drury stated. “The demand is there. If (sellers) can get the vehicles, they’ll promote them.”
California
Caitlyn Jenner says she'd 'destroy' Kamala Harris in hypothetical race to be CA gov
SAN FRANCISCO – Caitlyn Jenner, the gold-medal Olympian-turned reality TV personality, is considering another run for Governor of California. This time, she says, if she were to go up against Vice President Kamala Harris, she would “destroy her.”
Jenner, who publicly came out as transgender nearly 10 years ago, made a foray into politics when she ran as a Republican during the recall election that attempted to unseat Gov. Gavin Newsom in 2021. Jenner only received one percent of the vote and was not considered a serious candidate.
Jenner posted this week on social media that she’s having conversations with “many people” and hopes to have an announcement soon about whether she will run.
Caitlyn Jenner speaks at the 4th annual Womens March LA: Women Rising at Pershing Square on January 18, 2020 in Los Angeles, California. (Photo by Chelsea Guglielmino/Getty Images)
She has also posted in Trumpian-style all caps: “MAKE CA GREAT AGAIN!”
As for VP Harris, she has not indicated any future plans for when she leaves office. However, a recent poll suggests Harris would have a sizable advantage should she decide to run in 2026. At that point, Newsom cannot run again because of term limits.
If Jenner decides to run and wins, it would mark the nation and state’s first transgender governor.
California
Northern California 6-year-old, parents hailed as heroes for saving woman who crashed into canal
LIVE OAK — A six-year-old and her parents are being called heroes by a Northern California community for jumping into a canal to save a 75-year-old woman who drove off the road.
It happened on Larkin Road near Paseo Avenue in the Sutter County community of Live Oak on Monday.
“I just about lost her, but I didn’t,” said Terry Carpenter, husband of the woman who was rescued. “We got more chances.”
Terry said his wife of 33 years, Robin Carpenter, is the love of his life and soulmate. He is grateful he has been granted more time to spend with her after she survived her car crashing off a two-lane road and overturning into a canal.
“She’s doing really well,” Terry said. “No broken bones, praise the Lord.”
It is what some call a miracle that could have had a much different outcome without a family of good Samaritans.
“Her lips were purple,” said Ashley Martin, who helped rescue the woman. “There wasn’t a breath at all. I was scared.”
Martin and her husband, Cyle Johnson, are being hailed heroes by the Live Oak community for jumping into the canal, cutting Robin out of her seat belt and pulling her head above water until first responders arrived.
“She was literally submerged underwater,” Martin said. “She had a back brace on. Apparently, she just had back surgery. So, I grabbed her brace from down below and I flipped her upward just in a quick motion to get her out of that water.”
The couple said the real hero was their six-year-old daughter, Cayleigh Johnson.
“It was scary,” Cayleigh said. “So the car was going like this, and it just went boom, right into the ditch.”
Cayleigh was playing outside and screamed for her parents who were inside the house near the canal.
I spoke with Robin from her hospital bed over the phone who told us she is in a lot of pain but grateful.
“The thing I can remember is I started falling asleep and then I was going over the bump and I went into the ditch and that’s all I remember,” Robin said.
It was a split-second decision for a family who firefighters said helped save a stranger’s life.
“It’s pretty unique that someone would jump in and help somebody that they don’t even know,” said Battalion Chief for Sutter County Fire Richard Epperson.
Robin is hopeful that she will be released from the hospital on Wednesday in time to be home for Thanksgiving.
“She gets Thanksgiving and Christmas now with her family and grandkids,” Martin said.
Terry and Robin are looking forward to eventually meeting the family who helped save Robin’s life. The family expressed the same feelings about meeting the woman they helped when she is out of the hospital.
“I can’t wait for my baby to get home,” Terry said.
California
California may exclude Tesla from EV rebate program
California Gov. Gavin Newsom may exclude Tesla and other automakers from an electric vehicle (EV) rebate program if the incoming Trump administration scraps a federal tax credit for electric car purchases.
Newsom proposed creating a new version of the state’s Clean Vehicle Rebate Program, which was phased out in 2023 after funding more than 594,000 vehicles and saving more than 456 million gallons of fuel, the governor’s office said in a news release on Monday.
“Consumers continue to prove the skeptics wrong – zero-emission vehicles are here to stay,” Newsom said in a statement. “We’re not turning back on a clean transportation future – we’re going to make it more affordable for people to drive vehicles that don’t pollute.”
The proposed rebates would be funded with money from the state’s Greenhouse Gas Reduction Fund, which is funded by polluters under the state’s cap-and-trade program, the governor’s office said. Officials did not say how much the program would cost or save consumers.
NEBRASKA AG LAUNCHES ASSAULT AGAINST CALIFORNIA’S ELECTRIC VEHICLE PUSH
They would also include changes to promote innovation and competition in the zero-emission vehicles market – changes that could prevent automakers like Tesla from qualifying for the rebates.
Tesla CEO Elon Musk, who relocated Tesla’s corporate headquarters from California to Texas in 2021, responded to the possibility of having Tesla EVs left out of the program.
“Even though Tesla is the only company who manufactures their EVs in California! This is insane,” Musk wrote on X, which he also owns.
BENTLEY PUSHES BACK ALL-EV LINEUP TIMELINE TO 2035
Those buying or leasing Tesla vehicles accounted for about 42% of the state’s rebates, The Associated Press reported, citing data from the California Air Resources Board.
Newsom’s office told Fox Business Digital that the proposal is intended to foster market competition, and any potential market cap is subject to negotiation with the state Legislature.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
TSLA | TESLA INC. | 338.59 | -13.97 | -3.96% |
“Under a potential market cap, and depending on what the cap is, there’s a possibility that Tesla and other automakers could be excluded,” the governor’s office said. “But that’s again subject to negotiations with the legislature.”
Newsom’s office noted that such market caps have been part of rebate programs since George W. Bush’s administration in 2005.
Federal tax credits for EVs are currently worth up to $7,500 for new zero-emission vehicles. President-elect Trump has previously vowed to end the credit.
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California has surpassed 2 million zero-emission vehicles sold, according to the governor’s office. The state, however, could face a $2 billion budget deficit next year, Reuters reported, citing a non-partisan legislative estimate released last week.
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