Auto companies see 2% decline in U.S. vehicle sales, with Toyota, Subaru, and Nissan making investments.

From Nasdaq: 2024-10-09 09:49:00

Auto biggies reported a 2% decline in third-quarter U.S. vehicle sales due to high prices, credit constraints, and borrowing costs. Toyota, Subaru, and Nissan were in the spotlight, with Toyota investing $500M in Joby Aviation and Nissan acquiring a stake in ChargeScape. Subaru and Toyota will launch a jointly developed EV in 2026.

Toyota invested $500M in Joby Aviation to accelerate its eVTOL certification and production process, cementing their partnership in urban air mobility. Subaru and Toyota will launch a second jointly-developed electric SUV in 2026, following the Subaru Solterra and Toyota bZ4X. Nissan invested in ChargeScape to integrate EVs with the power grid in the U.S. and Canada.

Tesla recalled over 27,000 Cybertruck vehicles due to issues with the rearview camera and discontinued its most affordable Model 3 compact sedan amid high tariffs on China imports. Stellantis filed lawsuits against the UAW over a dispute involving job security provisions and the union’s proposal to restore the Jobs Bank system. Industry watchers anticipate Tesla’s Robotaxi event and the start of the third-quarter 2024 earnings season in the auto sector next week.



Read more at Nasdaq: Auto Roundup: STLA-UAW Lawsuits, NSANY’s ChargeScape Investment & More