German Consumer Confidence Hit by Economic Uncertainty
The consumer-climate index published Thursday by research groups GfK and the Nuremberg Institute for Market Decisions fell for a second month to minus 21.5 in its forecast for August, 1.2 points down on July. Economists polled by The Wall Street Journal expected the gauge to be stronger at minus 20.0.
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Motor Trend
35 minutes ago
- Motor Trend
Porsche Said To Be Readying All-New, Gas-Powered Compact SUV
Even as the present U.S. administration is busy rolling back emissions regulations, much of the rest of the world continues to tighten theirs, forcing automakers including Porsche into making tough decisions about whether or not to replace aging gas-powered models with EVs. At present, Porsche is taking a "let's do both" approach with its Macan compact SUV that currently exists as both an ICE and purely electric-powered vehicle. But it's gradually phasing out the gas-fed Macan, which is already gone in Europe and will soon be here in America as well. So, it's EVs only now for Porsche from here on out? Not so fast, as it appears that a new compact crossover Porsche is developing to join the Macan in its lineup will be a gas-fed model, possibly a hybrid of some form. Porsche is developing a new gas-powered compact SUV to join its lineup by 2028, potentially replacing the current gas-only Macan. This model may include a hybrid version and will be distinct from the Macan EV, reflecting Porsche's adaptive strategy to market demands. This summary was generated by AI using content from this MotorTrend article. Read Next According to a recent Car and Driver report, Oliver Blume, CEO of Porsche, stated on an earnings call that there's a gas-powered crossover on track to join the Porsche SUV lineup as soon as 2028, that may come with a new name. While the size will probably be very close to that of the current Macan, this new SUV will be distinct from the Macan EV that will continue with that nameplate. We contacted Porsche to see what we could get confirmed, but it's not terribly much. 'Once the combustion-engine models of the same name have been phased out, the Macan will be sold exclusively as an all-electric model, worldwide,' a Porsche spokesperson told us via email. 'At the same time, Porsche is continuously monitoring market development and customer demand. If necessary, the company looks ahead and adapts its product strategy.' Part of that evolving product strategy for the new compact SUV may be to add a hybrid version of the model to supplement any pure, gas-powered engine option. Porsche also confirmed that this smaller crossover will be entirely unique from the Macan EV but will have similar sporting characteristics that make it a Porsche and that it 'would benefit from synergies.' While Porsche wouldn't confirm the 2028 timeframe that Car and Driver stated from Blume, the spokesperson said it's expected to be launched 'towards the end of the decade.'
Yahoo
an hour ago
- Yahoo
Trump wants more American pick-ups in Tokyo and London. That may be a hard sell
By David Dolan, Maki Shiraki and Marie Mannes TOKYO/STOCKHOLM, August 7 (Reuters) -Donald Trump is right that Japan and Europe buy few American-made cars - but it has little to do with trade barriers. From Tokyo to London, many consumers see Detroit's offerings as simply too big and too gas-guzzling. Switch Auto Insurance and Save Today! The Insurance Savings You Expect Affordable Auto Insurance, Customized for You Great Rates and Award-Winning Service That view has made Chevrolets and Cadillacs a hard sell, and a rare sight, in cities full of slimmer cars from the Toyota Corolla to Honda Civic, Volkswagen Golf and Renault Clio. Trump often complains about what he sees as a refusal to accept U.S. cars while the Japanese and Europeans sell millions of automobiles a year into the United States. In recent trade deals, both markets agreed to drop or ease safety tests on American vehicle imports. Europe will lower levies on U.S. cars. But it may take more than a change of rules and lower tariffs to convince Japanese and European consumers, who contend with narrow roads and painfully tight parking, to buy big American-made Ford F-150 trucks and Cadillac Escalade SUVs. "American cars are designed for wide roads and freeway driving, so handling them on narrow Japanese streets can be tricky. It takes a bit of technique," said Yumihito Yasue, president of Johnan Jeep Petit in Tokyo, which imports and services vintage cars from the United States. His customers tend to be enthusiasts in their 50s and 60s who grew up seeing American cars on TV and in movies. On a recent weekday, he was servicing two Chevrolets, a lustrous brown 1971 Nova and a low-slung 1986 El Camino, both with their steering wheels on the left. In Japan, steering is on the right. Yasue inherited his love of American cars from his father, who started the business four decades ago and would travel to California to scout for cars. Yasue took over after his father died nine years ago, and sells about 20 vehicles a year. "What makes American cars special is the design. Compared to Japanese or German cars, the body shape is more beautiful. Especially the lines, like the rear lines and the fenders," he said. Some 3.7 million new cars were sold in Japan last year, with a third of those mini or "kei" cars - tiny, fuel efficient vehicles not produced by American automakers. Overall, foreign cars accounted for 6% of new car sales, data from the Japanese Automobile Manufacturers Association showed. Of those, around 570 Chevys, 450 Cadillacs and 120 Dodges were sold, data from the Japan Automobile Importers Association showed. Ford pulled out of Japan almost a decade ago. Tesla makes cars sleeker than some of Detroit's and is becoming more popular. The data does not give a breakdown for the EV maker. 'WE DON'T BUY FORD F-150S' In Europe, smaller locally-made U.S. cars have done well: models like the best-selling Ford Puma and the older Fiesta. But over the past two decades, Ford and General Motors have pivoted towards larger pickups and SUVs, vehicles less suited to Europe's narrow streets and compact-car culture. Ford, a big player in Europe from the early 1900s, has seen sales in the region fall sharply, from 1.26 million vehicles in 2005 to just 426,000 in 2024, according to data from the European Automobile Manufacturers' Association (ACEA). Its market share dropped from 8.3% to 3.3%. "We don't buy Ford F-150s, that's not what our roads are scaled for, it's not what our customers want," Andy Palmer, former CEO of Aston Martin, told Reuters. GM exited Europe in 2017, selling Opel after pulling back Chevrolet, but returned with its Cadillac Lyriq last year. It sold a mere 1,514 of the U.S.-made SUV, according to auto data firm Jato. A GM spokesperson said Cadillac was growing its all-electric lineup in Europe, and the vehicles had been well-received in the markets where they were launched. A Ford spokesperson said the firm exported "passion products" to Europe like the Bronco and Mustang, alongside locally-made models tailored for the market. Clive Sutton, a British car dealer in London who sells luxury American models, said his buyers were drawn to the rarity of vehicles like the giant Cadillac Escalade. But he admitted it was a challenge. "There are people that want that car because of its exclusivity and its perceived status," Sutton said. "But it's not the most easy car to find a parking space for, certainly in central London." COMPETITIVE MARKET Trump has also put pressure on South Korea to open its market to American cars and said duty-free access was part of the trade deal the two countries agreed last week. There, imported vehicles account for less than one-fifth of the car market and U.S. models for only 16% of the imported car segment, which is dominated by German rivals, according to data from the Korea Automobile Importers & Distributors Association. German manufacturers have also carved out a strong presence in Japan's luxury market. Mercedes-Benz sold more than 53,000 vehicles last year, making it the most popular foreign brand, followed by BMW at more than 35,000. Japanese automakers say Europeans have been successful because they committed the time and resources to the market. Detroit carmakers, meanwhile, are often associated with left-hand drive cars, which are more challenging to drive on the left-hand side of the road. But some U.S. manufacturers are changing. GM has offered the Corvette only in right-hand drive since the eighth generation version went on sale in 2021. That may be one reason why some 80% of buyers are new customers, a GM spokesperson said. The Corvette is the only model Chevy offers in Japan, and it has sold fewer than 1,000 of them a year for the last decade. GM this year announced plans for a line-up of right-hand-drive Cadillac EVs and deliveries of the Lyriq started in July. 'WOW, A FOREIGN CAR' Jeep, which sells right-hand drive models, has been the most popular American brand for more than a decade, the importer data showed. It sold just shy of 10,000 vehicles last year in Japan. Yukimi Nitta used to drive a "kei" car but she was drawn to the Jeep Wrangler's appearance, which she described as "friendly" and "outdoorsy". The 42-year-old hair salon owner is now on her second Jeep - a limited-edition beige model - and hopes to switch again to another limited-edition colour. Parking is tight but manageable, she said, and two of her friends have since bought Wranglers. "People often say, 'Wow, a foreign car!' But once you drive it, it feels totally normal. I wish more people would try it," she said. While the Wrangler does burn through fuel quickly, the resale value is good, making it possible to switch out colours, something owners do, Nitta said. A spokesperson for Jeep owner Stellantis said it actively promoted owner events. In July, it announced a collaboration with the "Jurassic World" movie series featuring a limited-edition pink Wrangler, the spokesperson said. Big American cars and trucks might find it hard to follow in Jeep's tracks. Daniel Cadwell, an American living in Tokyo, exports used Japanese camper vans and wagons to the United States. He said he was struck by the size of American cars whenever he went home. "They are just excessively big," said Cadwell, who runs Javan Imports in Portland with his U.S.-based business partner. "I think it is highly challenging for a car of that sort to be seen as attractive in Japan."
Yahoo
an hour ago
- Yahoo
Experts warn of worsening crisis that could soon render beloved US region uninsurable: 'Individuals are feeling the impact'
Experts warn of worsening crisis that could soon render beloved US region uninsurable: 'Individuals are feeling the impact' A new report has revealed that as the risks of extreme weather events grow, it could render parts of Florida uninsurable in the future. What's happening? Florida Insider reported that a study modeling the climate risks in the Sunshine State found that home insurance premiums in Fort Myers Beach have skyrocketed in the last five years. The rates climbed from an already pricey average of $9,000 annually in 2019 to an eye-watering $14,000 in 2024. The situation is equally unsustainable statewide, as premiums have climbed 30% since 2021. A climate risk specialist, Jeremy Porter, told the outlet: "We haven't adequately measured climate risk in our risk modeling during the past few decades. We're currently playing catch-up, which is quickly raising insurance prices, and individuals are feeling the impact on their household budgets." As more Floridians are priced out of homeowners insurance, the state is forced to take on an increased share of the burden. Additionally, this has a knock-on effect on property values and disincentivizes investment in the area. The Wall Street Journal described the idyllic coastal city of Cape Coral as "the worst housing market in America." Why are rising insurance rates such a concern? Rising global temperatures caused by human activity are fueling the extreme weather events that are making parts of Florida virtually uninsurable. Warmer ocean temperatures and rising sea levels are creating the ideal conditions for more frequent and devastating hurricanes. For example, Hurricane Ian in 2022 caused several deaths and over $112 billion of property damage and prompted half a million insurance claims. Florida is far from the only state contending with steeply rising insurance costs caused by the climate-induced increased risk to insurers. Areas prone to wildfires in California have seen steep rises, and some insurers are simply pulling out of states altogether. What's being done to mitigate the risks of extreme weather events? The new reality requires some rethinking about real estate in Florida and other at-risk areas. Revisions to the building code, such as Japan's earthquake-resistant designs, to make homes more resilient against hurricanes, would be a good start. It will also require greater public awareness of the inherent risks and the solutions. More sustainable building materials could make it easier to rebuild after a disaster strikes and reduce the considerable pollution footprint of the construction industry. Do you think your city has good air quality? Definitely Somewhat Depends on the time of year Not at all Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the the daily Crossword
