The Worst Of Used Cars, Fast Track Charging Standard, First FAA Approved EV Flying Car

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It’s a wild Wednesday in retail automotive and we’re ready for it! Today we cover a Cox Automotive report on the state of the used car market, how Tesla’s charging is on the fast track to become the national standard, and the first FAA approved flying car.

• "I do think the worst of the used-vehicle market is upon us." That’s a quote from Cox Automotive’s Chief Economist Jonathan Smoke in an interview with Automotive News
  • With used-vehicle prices back in depreciation territory, May and June could go down in the books as the "worst May and June in history" for used vehicles losing value, Smoke said.
  • The return of new car competition is good for the used car market and especially for the many consumers who have been sidelined due to affordability issues
  • Smoke predicts a strong second half of 2023 and said “"I am optimistic that every month later this year will actually create strength in the used-vehicle market."
• As Volvo jumps on board the Tesla charging standard train, the SAE moves to fast track the standard nationally. This is seen as a major boost to Tesla's plan to expand access to its proprietary charging stations. The shift toward Tesla's North American Charging Standard (NACS) marks a departure from previous governmental efforts to establish the Combined Charging System (CCS) as the dominant US standard.
  • The move to standardize the NACS involves conversations between SAE International (Society of Automotive Engineers), Tesla, Ford, GM, and other automakers, as well as the federal government.
  • According to a study by the National Renewable Energy Laboratory (NREL), the US is set to install 1.2 million public chargers, including 1 million Level 2 chargers, by 2030. This exceeds the Biden administration's aim to deploy 500,000 public chargers by 2030.
• Marty McFly's flying car was set in 2015, and while we might be a bit behind Back to the Future's timeline, Alef Aeronautics is now bringing us one step closer to a sci-fi dream as the company's fully electric flying car, the 'Model A,' has just received legal approval for flight from the US government, marking a new era in transportation.
  • Model A, which offers street driving and vertical takeoff and landing (eVTOL) capabilities, was introduced in October after receiving a $3 million seed investment from Draper Associates Fund V.
  • With a 200-mile driving range and a 110-mile flight range, Model A has already received over 440 reservations since pre-sales started.
  • The vehicle is set to begin production in Q4 2025, with deliveries expected to follow shortly.
  • Alef Aeronautics is also developing a four-person sedan, "Model Z", expected to launch in 2035 with a 300+ mile flying range and 220+ mile driving range.

Join Paul J Daly and Kyle Mountsier every morning for the Automotive State of the Union podcast as they connect the dots across car dealerships, retail trends, emerging tech like AI, and cultural shifts—bringing clarity, speed, and people-first insight to automotive leaders navigating a rapidly changing industry.

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