Happy Friday! Today, we’re covering some huge news in the automotive world, especially concerning Tesla. There’s a surge in trade-ins, with owners racing to exchange their Teslas. We’ll also touch on Hyundai’s big win in reducing thefts, GM’s collaboration with Hyundai on new trucks, and an interesting offer from Lucid to entice Tesla owners.
Tesla’s situation has changed dramatically. Its stock has plummeted by 50%, and, for the first time in a decade, sales have taken a hit. Many Tesla owners are now opting to trade in their vehicles. This trend picked up speed when CEO Elon Musk aligned himself with controversial political figures, prompting a backlash. According to Reuters, the number of Teslas traded in has soared from 0.4% last year to 1.4% this March, marking a record high.
If this pattern continues, it’ll represent the largest share of Tesla trade-ins on record, as reported by Edmunds. With many drivers eager to move away from their Teslas, several companies, including Polestar, are actively targeting these former owners.
On another note, Hyundai and Kia have successfully reduced car thefts significantly. After years of vulnerabilities, their improved security measures have led to a 17% decline in thefts across the U.S. in 2024. This is the most significant drop in decades. States like Washington and Nevada saw impressive decreases, as noted by CarScoops. Despite their progress, Hyundai and Kia vehicles still top the list for being the most stolen cars. Last year, the Hyundai Elantra was the most stolen vehicle in America.
In a recent collaboration, GM and Hyundai are teaming up to introduce new electric vans and pickup trucks to the market. Hyundai has plans for vans that may eventually be built in North America, and GM will likely share design information on pickups. This union reflects a growing trend among automakers to join forces to innovate and share resources. You can read more about this development in Automotive News.
For those looking to switch from Tesla, Lucid is stepping in with a tempting offer. They’re offering $2,000 to anyone who trades in a Tesla for one of their EVs, plus an additional $2,000 bonus specifically for Tesla owners, as reported by CarScoops. This discount is available in select states, emphasizing how competitive the EV market has become. With Tesla’s values dropping, this incentive could sway more owners to make a change.
The automotive landscape is changing quickly, and we’re here to keep you updated on the latest shifts and trends. Stay tuned for more insights as these stories develop!
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