Welcome to today’s edition of the Daily 5.
The auto industry rarely gets good news from Jackson Hole, Wyoming, but this week was different: Fed Chairman Jerome Powell, speaking Aug. 23 at the Jackson Hole Economic Symposium, said of interest rates: “It’s time for policy to adjust.”
He hinted that the Fed intends to cut interest rates, likely as early as September. That should help automakers and dealers by making loans and leases more affordable for consumers, as well as potentially reducing capital expenditures for things like battery plants, equipment and dealership improvements.
Our editorial board weighs in on the Fed’s potential action, saying automakers and dealers should let lower interest rates benefit customers and not take advantage of people’s accustomed to high payments.
Elsewhere, Hyundai Motor is turning its attention to high-performance EVs, including variants under its Magma sub-brand. The automaker is looking to debut the electric V60 Magma in late 2025. Hyundai has also confirmed a production version of the N Vision 74, a concept revealed in 2022 with power derived from fuel-cell hybrid technology.
There was plenty of other news today, including AutoNation Inc. selling two Ford stores and hinting it may have plans to sell more stores, Subaru leveraging its Rally participation and a candid conversation with CDK Global CEO Brian MacDonald about his plans to overcome cyberattacks.
That’s it for today. There will be no Daily 5 on Monday, so enjoy the long weekend, and we’ll be back on Tuesday with more news.
Wes Raynal, Assistant Web Editor