Auto Industry News: An Electric Week
This week is like a throwback to Marcia Griffiths “Electric Boogie”, from General Motors experiencing temporary loss of electric power steering and Tesla’s Model 3 electric car launch to Truex Jr.’s electrifying finish at Watkin’s Glen.
GM sits atop the news list, with nearly 800,000 Chevrolet Silverado1500 and GMC Sierra 1500 pickup trucks worldwide under recall. “The largest U.S. automaker said the 2014 model year trucks could suffer a temporary loss of electric power steering, especially during low-speed turning maneuvers. The recall includes about 690,000 vehicles in the U.S., 80,000 in Canada, and around 25,000 in other markets,” reported Automotive News.
Electrified
And that’s not the only bubble about to burst for GM. “Tesla’s first mass-market vehicle, the Model 3, is expected to go head-to-head with the Chevrolet Bolt, which falls in the same price category and mileage range,” said Automotive News. A Tesla and Chevy with similar base price? “Despite the fact that Tesla enthusiasts and Chevy owners have vastly different demographics, the cars compete on the smallest of details and specs,” continued Automotive News. But hey, competition breeds additional consumer benefits. So, that’s big news for the relatively small percentage of readers who really care about the electric car market, right? More like was a relatively small percentage. According to recent reports, the electric car market has sparked more widespread interest. So much so, many gas stations are considering plug-ins at their pit stops.
Furthermore, time will tell if Tesla has what it takes to elevate the electric movement from niche to mainstream. Quarterly revenues reportedly doubled, yet the company posted its highest loss to date. Yes, capital investments need to be made in order to secure sustainable growth. But at what point does the “Elon Musk cash burn” slow down a bit? Word has it they are blowing through more than 100 million per week.
Motorsports
On a racing enthusiast front, the Monster Energy Badge was prominent at RallyCross Canada this weekend. “Johan Kristoffersson executed a perfect joker lap strategy to claim his third successive victory of the season in Canada and extend his lead in the series to 35 points,” said Motorsport.com. But it was NASCAR’s Truex Jr. that stole the headlines, as the team was methodical in its fuel-saving strategy to bring home the “W”.
“Truex let Brad Keselowski pass him for the lead on Lap 77 of 90. On instructions from crew chief Cole Pearn, Truex also let Ryan Blaney past his No. 78 Furniture Row Racing Toyota on Lap 83. All the while, Truex was saving fuel, with Pearn calculating that both Keselowski and Blaney would have to stop for a splash of gas. The strategy played out as expected, with Keselowski giving up the lead for a trip to pit road on Lap 87 and Blaney following a lap later,” reported NASCAR. Truex battled it out at the end, finishing .441 ahead of second place Matt Kenseth. With 881 points, Truex is sittin’ pretty as the current leader.
