Toyota’s Breakthrough in EV Technology In a notable stride, Toyota is gearing up to unveil an electric vehicle (EV) equipped with cutting-edge solid-state batteries. Contrary to earlier projections, this groundbreaking car is set to hit the market “in a couple of years,” as revealed by a statement from a high-ranking official at Toyota Kirloskar Motor.
Solid-State Batteries: A Game-Changer The automotive giant had initially hinted at a release around 2027 or 2028. However, recent developments suggest a potential acceleration in the timeline. According to Vikram Gulati, Country Head of Toyota Kirloskar Motor, the EV featuring solid-state batteries is not only coming sooner but is also expected to boast an impressive range of up to 745 miles on a single charge, a notable advancement from previous estimates.
Inventory Insights in the US Shifting gears to the current state of the automotive market in the United States, Cox Automotive estimates a staggering 2.7 million new cars awaiting buyers, with a substantial increase of over 200,000 vehicles in December alone. This surge has led to a 71-day supply in the existing fleet, and projections indicate further growth in 2024.
The Road Ahead for Car Sales With an estimated three million new car units expected this year, the industry is poised to reach pre-pandemic levels. The bustling dealer lots may prompt salespersons to apply moderate discounts to facilitate a smoother flow of inventory. However, significant price cuts exceeding 10 percent remain uncertain.
Used Car Market Trends Industry analysts foresee a steady rise in the used car market, predicting the sale of approximately 36.2 million units in the coming year. While this marks a slight uptick from the previous year, the market dynamics are expected to remain relatively stable in 2024.