Top Automotive Industry News for Week of July 26 - August 1, 2021

Here is the most important news associated with the automotive industry identified by the AEA for the week of July 26, 2021 – August 1, 2021.

We hope it helps you stay up to speed on the key developments in our industry:

-Automotive Executives Association (AEA) News-

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-Automotive Manufacturing News-

AI driving the future of in-car systems (The Detroit News)

Biden wants U.S automakers to pledge 40% electric vehicles by 2030 -sources (Reuters)

Ford Moving toward Build-to-Order, Away from Packed Dealer Lots (Car and Driver)

Ford raises its 2021 outlook after surprise second-quarter profit (CNBC)

Hyundai Motor, LG's battery unit to invest $1 bln in EV partnership (Reuters)

Lordstown Motors receives $400 million investment from hedge fund (The Detroit News)

Lucid Motors CEO says EV start-up is in an ‘enviable position’ as stock pops in its debut (CNBC)

Nissan ‘cannot be optimistic’ about the ongoing global chip shortage, CEO says (CNBC)

Renault CEO says struggling carmaker has come 'back from hell' (The Detroit News)

Rivian raises another $2.5B (TechCrunch)

Tesla reports more than $1 billion in net income during Q2, up tenfold from a year ago (CNBC)

Volkswagen posts record first-half earnings and raises profit margin target (CNBC)

Volkswagen's top brands flag chip risk in months ahead (Reuters)

-Automotive Retail News-

Asbury Automotive Group Taps Brakes on Growth (Wards Auto)

Auto Market Weekly Summary (Cox Auto)

CarLotz opens Denver & Las Vegas hubs (Auto Remarketing)

Dealer group roundup: Lithia & Sonic continue expansion (Auto Remarketing)

Drivably launching platform for consumers to sell their cars to dealers, who bid via auction (Auto Remarketing)

Electrified Vehicle Sales Accelerate Significantly in Q2 2021 (Cox Auto)

Ford says reservations for F-150 Lightning electric pickup top 120,000 (CNBC)

Jeep Ad Gets Top Viewer Response for Third Straight Week (Wards Auto)

Lithia Motors Predicts End to New-Vehicle Shortage (Auto Dealer Today)

New Vehicle Sales Moving Down in July (The Detroit Bureau)

Penske, Cox Automotive launch platform for online used-car sales (Auto Remarketing)

Rivian ready to invest $5 billion in second U.S. assembly plant (Reuters)

Sales down 20% at auto auctions last year, but bright spots remain (Auto Remarketing)

Tesla reportedly moving out of malls, dealing another blow to shopping center owners (CNBC)

The high prices of used cars may finally be dropping: Sonic Automotive president (CNBC)

Tight Supply Puts Brakes on New-Vehicle Sales (Cox Auto)

Toyota enjoys record June sales despite semiconductor shortage (The Detroit News)

Used Car Prices Are Going Nuts! Here Are 10 of the Biggest Price Jumps (Car and Driver)

U.S. auto sales pace to weaken further in July - J.D. Power, LMC Automotive (Reuters)

Weekly Market Insights (Black Book)`

-General Business & Executive News-

2021 Concours d'Elegance of America (Wards Auto)

Connected car insurance startup Flock raises $17MM (TechCrunch)

Consumers Can Sell Vehicles 100% Online with CarGurus Instant Max Cash Offer (Newswire)

CES 2022 Will Feature More From The Automotive Sector Than Ever Before (Ford Authority)

Nikola founder Trevor Milton pleads not guilty to fraud charges, released on $100 million bail (CNBC)

Rodo's $18M Series B includes litany of auto veterans & Kevin Hart's firm (Auto Remarketing)

Santander Consumer USA to Release a New Digital Experience for Automobile Dealers and Consumers (Newswire)

Services buoy U.S. consumer spending; inflation pushes higher (Reuters)

The Fed Not Yet Ready to Taper (Cox Auto)

-AEA Reminder-

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Have a great week,

Automotive Executives Association

Automotive Executives Association