Automakers Are Starting to SHUT DOWN Production | Car Market RESET 2025 | Episode 931

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Now, Dad.

Yes.

We've got automakers shutting down production.

We're gonna start with our friends over at Stellantis.

Stellantis to pause output at six plants in Europe

amid a weak market.

This comes on the heels of Stellantis

pulling out some vehicles from their lineup.

For example, electric vehicles

that they had said they were going to produce

that now they are no longer going to

both on the Jeep side, on the Ram side, on the Dodge side.

And we also have yet another automaker, Dad,

pulling a vehicle from production immediately.

So now we have not only the Nissan Aria,

we obviously have the Jeep product

that I mentioned a moment ago,

the 4-by-E variant that the Gladiator Ram

getting rid of the electric pickup truck

that they were gonna make,

and now Acura, Dad, getting rid of the ZDX.

So automakers are starting to shut down production

and the car market reset of 2025 seems to be taking hold.

You know, this is like the strangest thing ever

in this particular sense.

You know, I managed Acura dealerships for years,

13, 14, 15 years, whatever, it was a long damn time.

And I remember one year they sent our factory reps

into the store to tell us how Acura

was going to increase sales dramatically.

You know, we want to get the 200,000

new vehicle sales a year

and we can't do that with niche vehicles.

And then they introduced the original ZDX.

And yeah, it wasn't a niche vehicle, it was beyond niche.

It was so unwanted that, well,

they discontinued it four or five years

into its production run.

And for their first EV, they figured,

well, we will resurrect the ZDX name

only to again drop the product.

So if I were Acura,

I think I would never use ZDX again for a model.

And then this is Acura's way of saying,

and when we talk Acura, you have to understand

that Acura is only available in North America.

Okay, sure.

And Dad, I think this is less of an Acura story

and more of a broader auto market reset story.

So I want to focus our attention.

Well, I was going to get to that.

This is-

I'm hoping you get there sooner.

Yeah.

Sure you are.

My point was going to be that this is just another manufacturer,

at least here for North America,

who is saying the EV market isn't what it's cracked up to be.

Now, the ZDX was a joint venture with GM.

They used the GM's underpinnings for this

and their EV system for this.

But it's just another proof point

that EV sales, at least in North America,

aren't what they were cracked up to be.

But the cracks are beyond electric vehicles, Dad, globally.

Globally.

And why I say that is because we have this news

from Stellantis today, halting production

at six facilities in Europe, Dad.

And it's very clear.

It's because they're trying to manage their inventories.

They have too much inventory on the ground.

We talked about in China very recently, Dad.

Some new cars being sold for as much as 60% below the MSRP.

The cracks in the global auto industry are very deep

and very fragmented.

And EV is a small portion of it.

There's just an oversupply of vehicles.

After a couple of years prior,

there was a huge undersupply of vehicles.

It's the pendulum swinging back in the other direction.

Yeah, it seems to be that there's a tremendous amount

of overproduction.

News from is another example of that closing down level

as it's seven of their 17 global factories.

Why?

Because they're underutilized

and they have too many vehicles.

Yeah, most of those factories are running at 50%

of total production capabilities.

So yeah, that's not where you want your factories

operating at.

Stalantis, in the case of what's going on in Europe,

you know, European sales are up three-tenths of a percent

so far this year.

Stalantis's products are down 6.6%.

So this is just another example of Stalantis

of kind of sort of being tone deaf

to what it is that their customers want

and at what price points their customers

are asking for cars.

So we know they have issues here in North America

with oversupply.

They are traditionally some of the most volatile vehicles

when it comes to slowest movings.

Stalantis has any number of their products

in that group of slowest selling vehicles.

Yeah, it's a global issue of overproduction,

whether it be ice, whether it be hybrid,

whether it be EV, the apparently...

I'm not a big picture guy,

but apparently when it impacts globally like this,

it seems to indicate that maybe the global economy

isn't quite as strong as what everybody thought it was.

I want to keep us focused on cars, Pops.

I am focused on cars,

but cars are part of a global economy.

I'm sorry, I'll be good now.

You know what?

I really like the color contrast

between your face and your shirt today.

Do what?

My face turns red and my shirt's bright yellow?

Yeah, it's a really nice color contrast.

Yes, yes, thank you very much.

Okay, so what I wanted to pull up here, Dad,

is tied to that comment around the economy

and also tied to the idea of there's too much supply

and not enough demand is the reality,

which is no car ever goes unsold.

You've always said that no new car never goes unsold.

It just means...

Well, let me clarify that.

Let me clarify that slightly.

No new car that has been invoiced

and sent to a dealership goes unsold.

Manufacturers might produce cars

that they can't get one of their dealers to take,

and so those might go unsold.

But once the threshold is crossed

where the manufacturer has invoiced the dealer for,

sent it to the dealer,

and the dealer has paid for it,

that vehicle ain't ever gonna be not sold.

Somehow, some way, it'll be sold.

Okay, so let's talk about that somehow, some way.

It means that the price has to go down.

That's ultimately at the end of the day

how you sell the vehicle.

Now, I wanna put you on the spot here,

back to Acura and the ZDX.

I don't know if you read the article,

but what was the total,

what was the amount of total incentives

on some ZDX deals to move the metal, Dad?

Do you remember the number?

Yes, $30,000.

$30,000 in discounts and incentives.

Yes.

To sell or lease an Acura ZDX.

There was a captive lease program

with over $11,400 in lease cash.

We remember Mazda, Dad, came out for the CX-90,

and that had $10,000 in lease cash.

So it's becoming more normalized for us to see

five, 10, 15, 20, 25, $30,000 off of MSRP

to sell cars that otherwise wouldn't sell.

That's nuts.

Well, you look at that and it fits into the theory

of the regional manager I worked for in Arizona

who said if the customer hasn't said yes,

yet it's because you haven't lowered the price in love yet.

You know, let's face it,

especially when it comes to these EVs.

These EVs are costing legacy manufacturers

boatloads of money per vehicle sold.

It is, this is not a profitable situation

for most of these legacy manufacturers,

and so therefore it's not sustainable.

So when you look at what's going on here in the United States

where the up to $7,500 federal tax credit incentives,

and it's a full 7,500 when it's passed through on leases

in most cases, those are going away September 30th.

Now, you take, for example, Acura,

and they're looking at it and they go,

okay, well part of that $30,000 is the 7,500

from the federal government.

So if we have to continue selling these vehicles

by allocating $30,000 towards the sale of them,

and we're gonna have to pick up 7,500 of that

because the government's not gonna do it anymore.

Well, what's the point of continuing producing them?

Exactly, and again, we're seeing that kind of,

you know, it's many manufacturers.

I'll pull it back up on the screen.

Acura, Stalantis, Honda, Nissan, Toyota,

all these automakers, Volkswagen,

can be on this list too.

Scaling back, right?

Or they're scaling back, they're EV ambitions.

And then you pair it with the other headlines

of Stalantis shutting down manufacturing plants,

the China headlines.

We even have it a little bit here domestically,

got GM right now,

has some of their manufacturing plants shut down.

They say it's because of a part shortage with suppliers,

but we also have suppliers going bankrupt.

We have suppliers saying that they can't sustain themselves.

So, you know, I wonder how much of that is legit

versus how much of that is just trying to manage inventories

that have gotten out of hand again.

Well, one of the most interesting parts

of the Stalantis article,

and for me, I just,

it just tickled my funny bone when I read it.

You probably didn't catch it,

but when they said they were trying

to follow the rhythm of production.

What the hell does that mean?

I had no idea that, you know, it was syncopated

and there's a rhythm of,

stop with the nonsense.

Just say, hey, guess what?

We overproduced vehicles and we're trying to cut back

to get things into a more realistic inventory situation.

It's not the rhythm of production.

You know, it's the fact that you,

A, you increase the prices of your vehicles globally

more than you should have

because you were greedy as could be.

And you abandoned your customers

who were pretty damn loyal

because, well, the other manufacturers

couldn't get them fine yet,

but that's besides the point.

And then you overproduced

all these overpriced vehicles.

What did you think was going to happen?

I mean, were you sitting there

in the executive suites going,

this is going to be a big one?

I mean, you had to see the handwriting on the wall.

You know, we have this conversation multiple times,

weekly that there is, there has been

and continues to be an affordability crisis.

And it is not just here in the United States of America.

It is a worldwide thing at the present time.

Now that that worldwide news

is getting more mass market headlines.

This is from Wall Street Journal, dad.

Ford Cords riskier borrowers

with lower rates for F-150 pickup.

So let's talk about this first thing.

Let's talk about how,

if your prices of these vehicles are through the roof,

how do we still sell these vehicles?

One is we lower the prices.

The other is interest rate.

Most people finance or stretch out the term.

We have talked about on this show,

I think it was David in the community

who had mentioned it, Nissan,

approving customers for 0% financing

or tier one financing programs

that previously would not have been approved

for that level of financing.

You know, I wanna break that down.

I want you to take a second to explain to us.

When you see 0% financing advertisements

on, you know, you're watching college football

on Saturday or the NFL on Sunday,

doesn't mean everyone gets 0%.

There's tiers here.

Can you explain that?

Because what Wall Street Journal picked up on

that we're gonna talk about

is that Ford is actually offering those programs

to riskier and riskier customers

from a credit perspective.

Ultimately, to do what?

Try and sell more cars.

Yeah, it's, you know, when you see

subvented interest rates advertised.

Subvented is 0%.

0.9, 1.9 rates that are significantly below

what the actual rates are

that are being offered by banks today.

Those are underwritten by the manufacturer.

There is a cost for that.

Now, typically, when they offer those rates,

the people that qualify are the people

that are in the top tier credit-wise,

740, 760 and above for a auto FICO score.

And then as the tiers go down, the rates go up.

They make an adjustment in the rate.

So if they have 0% for somebody that is a top tier,

that might become 9% for somebody

that is at the lowest rung of the tiers

that they would approve.

What Ford is saying is,

and when you think about this,

you gotta think to yourself,

what could possibly go wrong here?

Is that whether you really have the credit

to warrant getting a 0% loan

because you have handled your credit wisely in the past?

Whether you've done that or not,

we are going to be gracious enough

to give you that interest rate.

So people that don't necessarily always pay their bills

on time or pay their bills well

will suddenly qualify for these rates

that only people with the best credit used to qualify for.

That's great.

It'll help move metal at the moment.

Two years from now, three years from now, 18 months from now,

whatever it is when these people,

even at a 0% interest rate,

can't afford the monthly payment on that Ford F-150

and those vehicles get repossessed.

I mean, what could possibly go wrong

when you give top-tier credit to bottom-tier customers?

This is like a recipe for disaster down the road,

but it'll look good in the interim

because it'll show an increase in sales.

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So Ford's got 3.9% financing for 60 months right now

in the 2025 F-150.

Okay.

And to your point then, I'm just going to read this.

Ford is racing to sell more F-150 pickups this quarter

by offering lower interest rates to buyers

with the weakest acceptable credit histories.

The deal available until the end of the month

will allow consumers with shakier credit profiles

to pay the lower interest rate offered

to those with stellar credit records.

Can I stop you for one second?

Sure.

I love the fact that they use the term shakier

when there was another sh term that they could have used,

but they knew they shouldn't, so.

Ford is courting these low credit customers

as it looks for a strong close to the quarter

for its best selling pickup,

which starts around $39,000

and goes to almost $80,000.

Like most automakers, Ford has been largely absorbing

the cost of tariffs on imported steel aluminum

and auto parts to keep plants humming in sales volumes high,

ease it even as it cuts into their profits.

So we've now covered,

I mean, you and I cover this every freaking day,

but for those of you that tune in every once in a while,

you're just trying to get a pulse

of what's going on in the auto industry,

our car price is going up.

Yes, unequivocally, we see it now, the 2026 model years,

some of the manufacturers are hiding it in different ways

with destination fees instead of just straight MSRP increases,

but no matter how you slice it,

car prices are going up or sales going down.

It seems that way.

I mean, certain manufacturers are showing year over year growth,

but ultimately they're having to make decisions like these,

for example, Ford offering their best credit,

their best interest rate credit option

to low credit quality customers.

Why would they possibly want to do that

other than to boost the numbers, to sell more trucks?

And why do they want to do that?

Because they don't want to show us slow down in their growth

in the most important segment for them,

which is their internal combustion engine pickup.

Like, it's a freaking recipe of disaster right now

for a lot of these automakers.

This is the perfect example of CEOs and upper management

looking at what their investors want.

They know that the investors are good,

the investors being the stockholders.

The stock market, yeah.

Yeah, the stockholders are going to want to see an increase in sales.

Okay, so a lot of the bonuses for these executives

depend on those increases in sales

and an increase in stock valuations.

Okay, so how can you artificially inflate the numbers

to make it seem like they're better than they are?

Well, you can offer the better finance rates

to the lower quality credit customers

in order to temporarily boost sales.

Now, two years from now, when those loans go bad,

either it will impact Jim Farley's income then,

or whoever the CEO is of Ford at that time.

It'll be the mess for that next person to clean up,

and we know auto loan delinquency rates

are the highest they've been ever right now,

and that's a direct result of everything coming out of the pandemic.

So when we start to open up,

like, if Nissan's doing this and Ford's doing this,

sure, they're going to sell more cars today,

but we're going to have all these repos three years from now.

It's reckless is what it is.

It's as...

It's enablement.

What was that?

It's enablement, too.

Yes, and when you do things that are reckless like this,

in order to artificially boost the appearance of selling vehicles

to impact stock valuations and impact bonuses for executives,

it is robbing Peter to pay Paul.

And, you know, not to take a shot at how the system works,

but this is how the system works.

You know, now, maybe if the system didn't work quite like this,

they would find more legitimate ways in being able to move the metal

that might not be as harmful to the overall health of the organization

two years from now.

I hate to say it, Dad.

I actually think this is one of the most legitimate ways

that they can move the metal.

They're getting people to monthly payments for who they want to be,

but they're also they're kicking the can down the road.

That's what...

And I think this is it.

It's not like they're willing to do everything except lower their prices.

Bingo.

And I was going to say, you know, if they really wanted to do something,

rather than provide poor, credit worthy people with low interest rates,

they would back for a debt cycle.

And yeah, they would just they would just lower the damn prices of their vehicles.

But the issue for them now is it's much more difficult to do that

because they're absorbing so much of the cost of the tariffs

that are eating into their profits.

If they were still at a 10 to 12 percent profit margin

on the manufacturing side of things, then maybe they could afford to do it.

But they're down to around a five to six percent profit margin

on the manufacturing side.

And when you've lost six percent of your profit margin,

it makes it harder to lower the prices

because you've already lost so much margin.

Car market reset 2025, baby.

There's always a story in the auto industry.

And this one is super, super interesting.

Kudos to the Wall Street Journal for picking up on this and reporting on it.

I think it's a huge deal, dad.

We've now heard rumors that they are rumors from Nissan

that they are offering their best credit to your offers, like zero percent,

one point nine percent, point nine percent, etc.

to people who previously wouldn't have qualified for that.

And now we have this reporting from the Wall Street Journal

that Ford is doing the exact same thing,

all in response to what we were talking about earlier,

trying to get supply and demand and alignment,

which ultimately has been a very big struggle for these automakers

to the point that they're shutting down production.

Like we talked about the beginning of the show

and pulling entire vehicles from their lineups.

So quite a whirlwind this morning in the auto industry.

We seem to be approaching the

the 2008 financial market collapse

that was brought on by basically saying to people who wanted

to buy a house and needed a mortgage.

If we put a if we put a mirror under your nose

and it fogs up and it shows you're still breathing,

then you you qualify for a mortgage.

And that's what they're doing on the auto side of things at the moment.

Now, we can sit here today and we can look back 17 years ago.

Well, that was a mistake 17 years ago.

Well, I'm pretty sure it's a mistake today.

OK, it's not any better today.

It's an absolute mistake.

And at some point it's going to cost to us.

And by us, I mean the taxpayers.

Well, we shall see.

I think a lot of things changed after the global financial crisis.

But that being said, we're going to focus here on what pops?

Would it be recalls?

Cars, but yeah, we are going to walk recalls here.

And just a moment from the reminder, folks, we talk all this car market

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And of course, also sell their vehicle or track their vehicles value.

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OK, dad, I'm going to put you on the spot.

Ford's got some more recalls.

What do you think you and the community here?

How many recalls has Ford put into or initiated in 2025?

How many recalls are we up to from the Blue Oval this year?

Well, I just remember last week we were at 112.

We were at 112 last week.

So that that perspective for everyone, how many total recalls is Ford up to now?

Well, I think to a certain degree, they're slowing down a little bit

because they don't have much left to recall.

So maybe they've added one or two more recalls for this week.

So I'm going to say 114.

All right, we've got some guesses in the chat.

It is not 2,000 over at Ford.

It is also not 127, although that is a good guess.

It's not 150.

Could be by the end of the year.

It's not 116.

Yeah, it's also not 114, dad.

It is 115 recalls from Ford.

We are up to 115 recalls so far this year.

Ford has set the record and now is just like gaining extra ground for future,

you know, future years to come.

They're seeing to it that nobody's ever going to look this.

This this was like this was like the Babe Ruth home run record

before they extended the season to 162 games and before the steroid area.

OK, they are they are setting it up so that it it might take 50 years

for anybody to ever approach their recall record for a year.

I mean, literally, we talked to recalls.

I think it was last Thursday or Friday and they were at 112.

We are Wednesday of the following week.

They've already had three more.

And one of them was a pretty big one, dad.

Ford is recalling 115,500 trucks here in the United States

because of a steering column defect.

But ultimately, dad, I'm going to read this quickly for everyone.

This is funny, but not funny.

It's not funny at all.

I mean, yeah, it's funny because we're at 115 recalls, but it's not funny.

Ford is recalling 115,539 vehicles in the United States

due to a defect that could cause the steering columns up or shaft to detach.

This is impacting 2020 through 2021, Ford F-250s, 350s and 450s.

Dad, so yet another major recall over at Ford.

Yeah, what I found humorous about it was the fact that they said,

well, if it does detach that that might that might hamper your ability to steer.

No kidding. OK, you know, some of the things that get written, it's just like.

Really? You we kind of sort of knew that if like the steering wheel,

you're holding onto that.

But but the rest of it is no longer attached to anything.

So that when you're going like this, the little thing that it's attached to,

you know, like like the rest of that shift, it ain't moving at all.

Yeah, I would think you'd have a hard time controlling the direction of the vehicle.

Don't worry, Dad, it's Bluetooth.

It's Bluetooth now, the steering Bluetooth.

Oh, it's an over the air update.

Oh, can you do it while we're driving?

And we've lost total control of the vehicle from T Griffin.

Thank you, T Griffin, for the kind contribution. Thank you.

Do you think the consumer during the pandemic messed up car prices by paying over MSRP?

They saw it and manufacturers said we want the money.

So they charged more making prices rise even more.

Yes. Yes.

I mean, if if you wanted to put the whole thing in a nutshell, OK,

when there was a shortage of vehicles and people for whatever reason said,

oh, I've got to have a new car.

Oh, and I'll graciously overpay by five, 10, 15, 20, 30, 40 thousand dollars.

Yeah, they yeah, those people, those people, whoever they may be,

who ever did that, they screwed it up for everybody.

You're any business owner.

And in, I don't know, three years, you gained 25 percent more pricing power.

Yeah, not because you made the product any better.

Quite frankly, it was made it worse.

Yeah, it made it worse.

But you just gained 25.

You are not going to give that back.

You will do incentives all day long.

But you will not give back the 25 percent pricing power that you now have

because, well, people still bought it.

And and even though you will you will increase your incentives,

you still have not increased the incentives to the percentage of of transaction

price that they were prior to COVID.

You know, prior to COVID, it ran between 11 and 12 percent of the

average transaction price was covered by incentives from the manufacturer.

Today, that number is like 7.8 percent.

We still haven't gotten back to the level of of incentives that we had in the past.

So yeah, when and we mentioned it during the show,

when when when dealers were adding additional dealer markup

that absolutely the manufacturers looked at that and said,

well, if people will pay $10,000 more than MSRP just for the privilege

to be able to be able to buy one, well, why don't we just raise the MSRP?

Why should we just let the dealers make all that extra money?

And and so, yeah, it began this cycle of high profit margin, high priced vehicles

because well, the public at that time said, we'll buy them, we don't care.

We'll buy them. And and yeah, it's screwed it for everybody.

All right, folks, again, if we can help you out with anything,

this is what we do all day long, every night, every morning, every time in between.

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Dad, a huge thank you.

The reason I'm up here in New York today.

We threw an in-person interview out on the street with WPIX here in New York City.

There's going to be a story airing on the news talking about Car Edge and me

and the journalist, Kirsten, we were walking around, we were talking.

They had the cameras on me, the lights.

She said I was a natural.

I let her know that I banter with my dad all the time.

Like, man, we're going to be, I'm going to be representing Car Edge

in New York City on the nightly news.

How wild.

That is wild.

And yeah, you look, you look very, very professional.

Very, very, very techsy, oh, with your sneakers.

But yeah, you wore a collared shirt.

I'm less in a row of wearing a collared shirt, so watch out, world.

You know, I reviewed with your uncle the other day when I spoke to him how

when you were getting ready for your interview on action news in Philadelphia,

that you were wearing a Dodger's jersey.

And my brother said, really, that's what he thought he should wear doing

an interview on a Philadelphia TV station that is a Los Angeles Dodger's jersey.

And I mentioned to Uncle Kenny that, well, they were gracious enough

not to show you in that jersey.

They found other footage of you to use.

So I just want to compliment you on going to New York, being on WPIX

and not say wearing a Boston Red Sox jersey.

Let's talk about Chris really quickly here.

And then I got a bounce for some lunch before a train.

Thank you, Chris.

How good is twelve thousand five hundred dollars off the electric twenty

twenty five Kona SEL Altador thirty three hundred.

Well, seventy five hundred. That's.

That's credit.

Yeah, it's credit.

So that's the first thing I'm doing.

So we got an additional five thousand dollars off.

Let me see here really quickly.

Dad bear with me.

And I'm just curious what their incentive is right now from Hyundai.

Because the thing that I'm wondering is how much of that is dealer discount

and how much of that is for me.

I'm sure it has to be dealer discount.

Yeah, bear with me for a second.

Trying to find the incentives.

Yeah, buddy.

All right, here we go.

Let's take a peek together.

So you wandering the streets of New York being filmed.

Oh, I love that.

So you get the seventy five hundred.

Yes.

They've got a finance offer.

Yeah.

And lease offers.

I'm not seeing a cash offer.

I mean, beyond the.

So I would say if you've got a dealer,

you're going to be a five grand off a freaking Kona.

Holy cow, take that.

You know, what's the price of the vehicle to begin with?

What's the MSRP?

Forty grand?

Yeah, they can get.

I don't know if they can.

I don't know how, you know, how expensive the thirties are.

So, you know, you're talking you got to got it thirty three thousand

dollars out the door after you got twelve.

So so you were probably on one that was what?

Close to forty grand and you got twelve thousand dollars off.

That's like almost thirty percent.

I would take it.

Yeah, we've got here from Rich.

Thank you, Rich.

Great interview in Oregon pops.

Yes, my dad did a great job.

It's posted here on the Car Edge live channel.

Go watch it.

All right, dad, I got a boogie.

OK, boogie, get on that train.

I want you to get home.

Chris confirmed yesterday is Chris.

Take that deal. Congratulations, dad.

I love you. I will talk to you tomorrow. OK, I'm sure I'll text you.

I wouldn't necessarily bet on that, but but you know, it sounded good.

Have a safe train ride home.

Love you too. And we'll talk later.

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Automakers Are Starting to SHUT DOWN Production | Car Market RESET 2025 | Episode 931

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Dodge Ram

Nissan Aria

Acura ZDX

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Ford F150

Hyundai Kona

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