Nutson's Weekly Automotive News Wrap-up May 5-11, 2024
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Here are Larry's top story picks from this past week's important to you, relevant, semi-secret, or snappy automotive news, opinions and insider back stories presented as expertly crafted easy-to-understand automotive news nuggets.
Nutson's Auto News Weekly Wrap-up May 5-11, 2024.
* Tesla not what it says. Reuters reports U.S. prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about its electric vehicles’ self-driving capabilities, three people familiar with the matter told Reuters. Tesla’s Autopilot and Full Self-Driving systems assist with steering, braking and lane changes - but are not fully autonomous. While Tesla has warned drivers to stay ready to take over driving, the Justice Department is examining other statements by Tesla and Chief Executive Elon Musk suggesting its cars can drive themselves. Full story here: Exclusive: In Tesla Autopilot probe, US prosecutors focus on securities, wire fraud
* Goodbye stretch limo. The Mercedes-Benz Sprinter van has become a preferred mode of transportation for actors, singers, athletes and “Real Housewives,” and is now a staple in streets outside star-studded events like the Oscars and the Met Gala. The Sprinter’s size and luxurious reputation are reasons it has replaced vehicles like limousines and SUVs. Also, the Sprinter has an otherwise innocuous exterior that doesn't draw as much attentions as a Rolls-Royce or Bentley. Full story: HERE
* Less gas. Reuters reports increased EV adoption in China and the US, coupled with normalizing consumption levels, could slow global gasoline demand growth from 700,000 barrels per day last year to 300,000-340,000 bpd in 2024, the slowest pace since 2020, according to Wood Mackenzie and Rystad Energy. Analysts expect US gasoline demand to hold steady this year, potentially weighing on refining margins after the peak summer driving season.