U.S. automakers had a punishing week — with a silver lining for shoppers

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U.S. automakers had a punishing week — with a silver lining for shoppers
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The four major U.S. automakers — GM, Ford, Stellantis and Tesla — all reported earnings this week and saw their stocks decline. The auto industry is at a 'Darwinian' inflection point, says one CEO.

Jeeps are delivered to a dealership in Chicago on June 20, 2024. Stellantis, the parent company of Jeep, reported disappointing earnings for the first half of 2024.stillBut some trends are industry wide. Car buyers have more leverage than they did a year or two ago, whenjust to bring a car home. Now, prices are down from last year and incentives are back.After increasing sharply, electric vehicle sales are now rising more gradually.

Tesla made aggressive price cuts to ward off competition, which has reduced profits. Meanwhile, there are still few details about a long-awaited cheaper vehicle, as price remains a barrier for many EV shoppers. Carlos Tavares, the CEO of Stellantis, told reporters on Thursday that for years he'd been saying a storm was on the way as companies pivoted toward battery-powered cars."Now we are in the storm," he says."I was calling it the Darwinian period. We are in it. It is tough. I don't know how much time it's going to last, but possibly several years."

"I think what’s really important to the company overall is to have regulatory certainty," said GM's Barra, noting that such certainty hasn't existed for years now. Former President Trump reversed many Obama-era policies, only to see another U-turn after Biden's election."But I think we have the flexibility to moderate based on what we see."

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