It’s Friday and we’re feeling the flow as we talk about the sales rebound that is rolling strong. We also discuss the IRA loophole that is changing the EV sales landscape, as well as a global first in autonomy going down in Las Vegas.

The June numbers are in and the industry rebound is rolling on as auto sales reached a seasonally adjusted annual rate of 15.8 million, close to the upper end of forecasts and up from 15.1 million in May.
- Despite remaining below the 15 million mark in 2022 due to low inventory, sales have maintained or exceeded this level in 2023. However, they still fall short of the 2015-2019 boom years when sales exceeded 17 million annually.
- GlobalData, noting the resilience of American consumers amid near-record high prices and increasing interest rates, increased its 2023 sales forecast to 15.4 million, up by 500,000.
- Just about everyone is winning: Ford: +9.9%, General Motors: +18%, Toyota: +15%, Stellantis: +6%, Honda: +54%, Hyundai: +10%, Kia: +8%, Nissan: +33%, Subaru: +28%, Mazda: +97%, Audi: +16%, Volvo: +53%, Genesis: +33%, Ram: +3%, Jeep: -3%, Chrysler: +33%, Dodge: +37%, Fiat: -42%, Alfa Romeo: -25%
- Some analysts predict a cooling in sales pace in the second half of the year due to rising interest rates and affordability concerns.
An unexpected loophole in the Inflation Reduction Act could make it easier and cheaper for car buyers to switch to an EV. The legislation originally established strict assembly and material sourcing criteria for vehicles to qualify for federal tax credits, but the new rules may not apply to leased vehicles.
- Chad Bown, senior fellow at the Peterson Institute for International Economics said, “So if the car companies set up a commercial leasing division and they buy their own vehicles in it, then they get the tax credit and they can pass it onto the consumer and they don’t have to be trucks or vans," Bown said. "No other criteria apply. You can be super rich and qualify for this or the vehicle can be priced any price. There is also no restriction that it has be made in North America or that the batteries have to be sourced from outside of China."
- Edmunds reports about 37% of EVs bought in April were leased, up from 17% in April 2022. In May, about 44% were leased, up from 15% in the year-ago period. For June, 44% were leased compared with 13% in the year-ago period.
Halo.Car, a provider of on-demand electric vehicles, has started offering driverless delivery of its remote-controlled EVs
- This is a first of it’s kind service, globally.. The program is launching in Las Vegas after four years of safety-driver assisted testing.
- The service allows customers to book a Halo.Car EV which is then remotely delivered to the customer’s location.
- For now, the driverless vehicles will initially be followed by a second vehi

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