Category: Lifestyle

Carscoops 

The parent company of MG, SAIC Motors, is continuing its expansion in European territory with the introduction of a new electric-only brand called IM, which stands for Intelligent Mobility. The marque will introduce itself to well-heeled European consumers with the L6, which will make its global debut at the Geneva International Motor Show on February 26.

The electric sedan, which has yet to be revealed or even teased for Europe, is going after the premium market with impressive range and performance. Although horsepower ratings have not yet been shared, IM Motors promises that the L6 will be able to get from 0-62 mph (100 km/h) in less than three seconds, which is quicker than a Lucid Air Grand Touring or a Tesla Model S Performance.

Read: IM Motors LS6 Secures 10,000 Orders In One Week, Offered With Up To 787 HP

The IM L7 is already offered in China

The Chinese automaker also promises that the L6 will come in two different specs that offer between 600 km and 800 km (373 to 497 miles) of range. The longer-range model will achieve this feat thanks to a solid-state battery, which should be safer and quicker to recharge than the lithium-ion battery that powers the shorter-range model.

IM Motors also promises that the L6 will offer consumers “leading-edge levels of technology” in order to allow it to compete with Europe’s premium vehicles when it launches in 2025. As the brand’s introduction to the European market, the L6 is indicative of the vehicles it plans to sell on the continent. It says its focus on executive sedans and large SUVs.

The IM L6 will be unveiled alongside the new MG3 Hybrid. IM Motors was founded in 2020 as a joint venture between SAIC and Chinese tech companies Zhangjiang Hi-Tech and Alibaba. The newly formed brand is said to be one of the reasons why Audi deepened its collaboration with SAIC in China last year.

IM L7

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Carscoops 

New video footage of a terrifying crash, which resulted in an Amtrak train slicing through an Amazon delivery van, yet miraculously leaving the driver nearly unscathed, has emerged. Despite the incident occurring back in 2021, this is the first time that video footage from inside the van’s cabin has been shared for the public to see.

The accident occurred in Ixonia, Wisconsin, near Milwaukee, and the driver (who miraculously survived with only minor injuries) is called Alexander Evans. As you can see in the dashcam video, the road approaching the railway tracks runs parallel to them before curving left over railroad that has no signals, lights, or barriers.

Evans can be seen glancing over his left shoulder in the video unearthed by TMZ, but fails to notice the approaching train before crossing the tracks. Speaking to WISN shortly after the 2021 accident, the Amazon driver revealed that he is deaf in his left ear, which muffled the sound of the train and its blaring horn. Although he eventually heard the train, it was too late.

“Literally, it was like one long beep, horn from the train, and I put my foot on the gas, kind of like trying. I don’t know how far I’m going to get away from him,” Evans said at the time to WISN.

Read: Train T-Bones Lincoln Town Car Stuck On Tracks, Occupants Flee Just In Time

Fortunately, he made it far enough to get the front seats over the tracks. Unfortunately, the rest of the van didn’t make it, and was hit by the train. As you can see in the TMZ video above, the collision tears everything behind Evans off the vehicle, leaving him sitting inches from the train that was still whizzing by.

Asked what he felt during the crash, he said, “Just air and the pressure. I felt the airbags. I didn’t know what to feel, to be honest with you.” He admitted that he couldn’t believe that he survived. Even as the train is whistling by him in the video, you can see Evans shaking his head in disbelief.

GIF TMZ / Youtube

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Carscoops 

While Formula One Management recently rejected the Andretti Cadillac bid to enter the sport, General Motors has revealed that it continues to work on the project and remains “confident” of a future entry into F1.

The Andretti Cadillac F1 bid was provisionally approved by the FIA in October but was rejected by Formula One Management (FOM), the commercial rights holder of the series, last month. FOM questioned the competitiveness of the team in its rejection statement.

While recently speaking with reporters, GM vice president of performance and motorsport Jim Campbell said the team has requested a meeting with F1 after an IT error meant it missed an email from FOM in December seeking talks. He added that work on the team’s planned F1 car continues “at pace.”

Read: F1 Rejects Andretti Cadillac’s Bid For 2025

Michael Andretti

“In terms of our application with Andretti, we feel great about our application,” he told Autosport. “The FIA studied it against other applicants, and then gave our application a vote of confidence and approval. So obviously the FOM made their statement, and we have asked for a follow-up meeting with FOM, and so we will work through that. We do believe between Andretti and Cadillac that we have got the capability of fielding a competitive entry.”

“We are not saying that it is easy, but we do between our two organizations have examples in our history of where we have been successful in other motorsports categories, and that is true of Cadillac and Andretti,” Campbell added. “With that said, our joint teams are continuing to develop our car at pace. So, that is where we are at.”

While FOM rejected the Andretti Cadillac bid to enter the sport in 2026, it left the door open for a potential entry in 2028 when GM plans to make its own powertrain, allowing Andretti Cadillac to be a works team. Had the team been granted a spot on the grid earlier, it would have used Renault engines for the 2025, 2026, and 2027 seasons before switching to GM power the following year.

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The Points Guy 

Editor’s note: This is a recurring post, regularly updated with new information.

The world of credit cards can be confusing, whether you’re new to it or not.

One question we get pretty frequently is: What is the difference between the interest rate and the annual percentage rate (APR)? Are credit card APRs and interest rates the same thing?

Keep reading to find out.

What’s the difference between interest rate and APR?

With some financial products, the interest rate and the APR are different. With credit cards, though, they’re basically the same.

The U.S. Government’s Truth in Lending Act requires all consumer lenders to state their interest rates as APRs. APR is considered the “real” annual cost of borrowing money, including fees and other charges in addition to the interest rate.

GETTY

If you take out a mortgage, for example, you’ll pay an origination fee and other charges upfront; these then get factored into the APR on your mortgage. So, a mortgage with an interest rate of, say, 5.5% might actually cost you something like 5.8% a year.

Credit cards don’t do that, meaning the APR on your card is precisely equal to your interest rate.

Is APR the same as the interest rate?

Yes, the APR is essentially the same as the interest rate for credit cards. However, the APR may be higher than the interest rate for other interest-accruing products like mortgages and car loans. That is because there are often fees and charges incorporated into the APR on these products.

Related: What is a good APR for a credit card?

Bottom line

With credit cards, the APR and interest rate are the same. Annual fees or charges on things like balance transfers, cash advances and late payments don’t get included in the APR. The reason is that credit card companies can’t predict which cardholders will incur which fees.

Of course, you can avoid paying credit card APR altogether by paying your balance on time and in full, one of TPG’s ten commandments of credit card rewards.

If you’re working on paying down your debt, check out TPG’s list of the best zero-interest cards to help reduce your borrowing costs.

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Carscoops 

While the Bvlgari Aluminum Vision GT and the Genesis X Gran Berlinetta Vision GT concepts add some glitz to Gran Turismo 7, the latest free update’s star is none other than the plucky Suzuki Jimny. This pint-sized off-roader boasts a global fan club, and PlayStation 5 owners wasted no time snatching it up, giving it their own digital makeovers, and sending it racing through the virtual wilds.

The game’s creator, Polyphony Digital, selected the 2018 Suzuki Jimny in a narrow-body configuration that adheres to the kei car regulations in the Japanese market. In contrast to the global-spec Jimny (known as Sierra in Japan), the kei car lacks plastic fender add-ons and features a diminutive turbocharged 658cc three-cylinder engine, delivering a modest 63 hp (47 kW / 64 PS).

Review: The Suzuki Jimny Is Impossible Not To Love

The Jimny’s lackluster performance, ladder-frame chassis, narrow body, and ample ground clearance render it one of the least suitable models for track use, exhibiting a fair amount of body roll in the corners. Nonetheless, quirky and slow cars from Japan have always held a special place in the hearts of Gran Turismo fans, and the Jimny is no exception to that rule.

Beyond its off-road capabilities and analog charm, the Jimny is celebrated for its extensive customization possibilities. Its boxy and unassuming design serves as a blank canvas for tuners, enabling them to craft replicas of virtually anything imaginable. While Gran Turismo may offer a narrower range of options compared to the real-life aftermarket scene, it still empowers users to personalize various aspects of the petite Suzuki.

More: Twisted Gives Suzuki Jimny A Fancy Leather Interior And A Turbo, For A Price

In the in-game video footage, a selection of off-road bumpers, diverse grille designs, side steps, the factory color palette, and numerous wheel and tire options, ranging from 15 to 20 inches in diameter, are showcased.

Similar to other vehicles in Gran Turismo, you have the flexibility to fine-tune the engine, suspension, brakes, and various mechanical components, significantly enhancing the Jimny’s track performance. While engine swaps are currently unavailable, performance modifications can boost the power output from the stock 63 hp (47 kW / 64 PS) all the way up to 158 hp (118 kW / 160 PS). as long as you select all the desired options.

Below you can see the Suzuki Jimny in action as gamers have already uploaded their Gran Turismo experiences on YouTube. What will be interesting to watch (and perhaps even participate in) is the upcoming “Jimny Cup” event that will be added to the World Circuits, allowing everyone to have fun in their modified kei car.

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Carscoops 

It won’t surprise anyone that Porsche continues to wield a significant influence in the collector market. However, the results from Bring a Trailer’s online auctions in 2023 illuminate a substantial shift occurring within the enthusiast community. The increasing popularity of newer cars indicates that a younger generation of buyers come of age, and is now emerging as dedicated collectors.

In terms of sheer volume, the most frequently listed model year on Bring a Trailer in 2023 was 2006. Notably, vehicles from that era were exceptionally well-represented on the platform. Following 2006, the next most popular model years by volume were 2004, 2003, 2008, 2005, 2002, and 2007, ranking as the second through seventh most prevalent. Vehicles from 1969, 1997, and 1967 completed the top 10

This suggests that younger Gen X and Millennial buyers are now showing interest in purchasing the cars from their youth. Interestingly, despite the cars being more recent, younger buyers appear to be interested in the same models that appeal to baby boomers.

Read: Bring A Trailer Hits Record $1.4 Billion Sales, Even As Market Cools Down

It comes as no surprise that the Porsche 911 topped the list as the most frequently sold model on Bring a Trailer in 2023. However, it was followed by a group of enduring American classics: the Chevrolet Corvette, the Ford Mustang, F-Series, and Bronco. As you might expect, then, the most sought-after brand of vehicle was Porsche, followed by Ford, Chevrolet, Mercedes, and BMW.

Photos BaT

Somewhat unexpectedly, the highest-selling vehicle on BaT in 2023 did not belong to any of these brands. Instead, it was a neo-classic: a 2014 Pagani Huayra with a mere 592 miles on the odometer that sold for $2.88 million. Coming in a close second was a 1967 Porsche 910 ($2.5 million), followed by a 2020 Liquid Carbon Ford GT with just 84 miles ($1.79 million), a 2005 Porsche Carrera GT boasting 601 miles ($1.78 million), and a 2019 Porsche 935 ($1.62 million).

Photos BaT

However, these auctions weren’t necessarily the ones that garnered the most attention. Interestingly, the listing that generated the highest number of comments and views featured a 1974 Ford C-750 Camelot Cruiser Motorhome with Poloron Snowmobiles. It was followed by a slot racetrack resembling a Porsche 917, a 2002 Nissan Skyline GT-R M-Spec Nur, a 2021 Koenigsegg Regera, and a 1990 Porsche 911 Carrera 2 Coupe by Singer.

All of which led to a positive year for Bring a Trailer, which registered a 20 percent increase in registered users over 2022, and which surpassed $1.4 billion in sales for the second year in a row.

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Carscoops 

Fisker could significantly grow its presence throughout the United States, Canada, and Europe thanks to a dramatic expansion of its dealership network.

At the start of this year, the electric vehicle startup announced that it would adopt a dealer partnership model in North America and a hybrid model in Europe combining direct sales to consumers and dealer arrangements. Since this announcement, over 100 dealers have expressed interest in selling Fisker models and next week, Fisker will host dealers at its headquarters in Manhattan Beach.

In addition, chairman and chief executive Henrik Fisker and other company executives will attend the National Automobile Dealers Association show in early February to meet with prospective dealers. Fisker notes that many potential dealer partnerships already sell multiple brands and have existing EV infrastructure and believes these dealers will be able to add vehicles to their inventory shortly after finalizing partner agreements.

New dealerships are initially expected to be established in California, Illinois, New York, New Jersey, Massachusetts, Florida, Maryland, and Canada.

Beyond revealing this interest in its dealership model, the company says it should sell the nearly 5,000 excess vehicles it produced last year by the end of this quarter. Logistics constraints meant that while Fisker produced more than 10,000 examples of the Ocean SUV in 2023, it was only able to deliver approximately 4,700 of them. Fisker notes it will generate significant cash from the sale of these vehicles.

Read: Fisker Ditches Direct Sales In America, Partners With Existing Dealerships

The company has also managed to reduce its overall debt by $185.5 million to $324.5 million thanks to a series of conversions by a senior convertible notes holder.

Fisker has ambitious plans beyond the Ocean. Not only is it hard at work developing its new entry-level model dubbed the Pear but it also plans to launch an electric pickup truck and the 1,000 hp Ronin in 2025.

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Carscoops 

Whether it be minor parking lot fender benders or terrifying freeway pile-ups, the problem of elderly drivers causing chaos is one that rarely goes unreported. While it would be unfair to categorize all aged drivers in the same boat, the risk to other road users posed by those with impaired cognitive abilities is a very real one. In fact, when we asked you whether drivers should be retested every year, virtually all of you commented in agreement.

Meanwhile, it’s no secret that Japan has an aging population. So it comes as little surprise that the country is reported to be developing an AI system to tackle the problems caused by having older drivers remain on the streets.

Japanese-based tech firm NTT Data is in the process of developing an AI system to identify drivers who may be suffering from some form of mental decline. They’re partnering with a Tokyo-based taxi company, Kokusai Motorcars, to develop the software, with data being collected from cab drivers who are 65 years or older.

See: Elderly Alpina B3 Touring Driver Somehow Gets Stuck On Austrian Hiking Trail

According to Nikkei Asia, the AI system will take into account several factors. Data will be gathered from various sensors, as well as GPS information, with events such as sudden braking and acceleration all taken into consideration. Part of the AI’s role will be to determine the ability of drivers to make quick decisions and pay attention to the road.

All data is stored in the cloud, with the initial testing phase scheduled to run until the end of June. Beyond that, NTT Data is reportedly planning on offering the AI system to taxi and logistics companies, two sectors where drivers are aging.

Read: Honda Pilot Driver Confuses Car With Curb, Lands On Top Of C5 Corvette

While the stated aim is to reduce accidents while also detecting the onset of dementia at an early stage, the service will also be made available to insurance companies for a mass-market application. Using sensors and AI could become a way to reduce premiums for the elderly, although it’s not inconceivable that its uses could go far beyond just the application of monitoring older drivers.

Would you be ready to have your driving monitored for insurance or safety reasons? Let us know in the Comments section below.

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Carscoops 

A significant coalition of U.S. dealers is making their voices heard once again with their second letter to President Joe Biden in just two months. This time, approximately 4,700 dealerships spanning all 50 states are urging the President to “hit the brakes” on the proposed Electric Vehicle Mandate, asserting that “the infrastructure isn’t prepared” for a fully electric future

The first letter from November 2023, which was signed by 3,882 dealerships, went unanswered by Biden and his administration. In response, a larger group of dealers has now voiced their opposition to the proposed Electric Vehicle Mandate, which they describe as ‘completely unrealistic’.

Their primary concern centers around the EPA’s proposed vehicle emissions standards for the 2027-2032 model year cars and light trucks, set to be officially confirmed in March 2024. This proposal targets a 60% market share for new battery electric vehicle sales in the U.S. by the 2030 model year, with an additional increase to 67% by 2032.

In contrast to other regions, such as Europe, where legislation is poised to effectively prohibit the sale of new gas- and diesel-powered vehicles beginning in 2035, this approach is seen as less stringent.

The Key Points Among BEV Critics

A map of the supporting dealerships that signed the second letter to President Joe Biden.

The latest letter, signed by nearly 5,000 dealers, highlights several ongoing concerns regarding electric vehicle (EV) ownership. They critique the high cost of EVs, noting that many are currently ineligible for tax credits. Additionally, they express reservations about the limited practicality of EVs in cold-weather conditions and describe the public charging network as ‘woefully inadequate’ for those unable to charge at home. Lastly, the dealers propose waiting for the battery supply chain to mature beyond China’s control before fully embracing an EV futuure.

The coalition is led by Mickey Anderson, the CEO of Baxter Auto Group, encompassing 20 dealerships representing Ford, Honda, Toyota, and VW brands across Nebraska, Kansas, and Colorado. Speaking to Auto News, Anderson stated, “The unfortunate aspect of this situation is that if manufacturers had the freedom to produce the vehicles that align with current customer preferences, we would witness a much higher demand for plug-in EVs and hybrids”.

In a similar vein, the National Automobile Dealers Association (NADA) has voiced criticism of the EPA’s proposal, stating that it’s progressing ‘too quickly, too soon.’ Jonathan Collegio, NADA’s Senior Vice President of Public Affairs, emphasized the need for regulators to adopt a “more practical and consumer-friendly approach to the adoption of EVs”.

More: EPA Sends Latest Emissions Cuts Proposal To White House

In response to the criticism, a spokesperson from the White House issued the following statement to Automotive News: “Every day, more Americans are choosing EVs, and EV sales are outpacing traditional gas-powered cars. This trend is aided by the President’s Inflation Reduction Act, which not only makes EVs more affordable but also enables Americans to save money while driving.”

Meanwhile, an EPA spokesperson declined to provide further comments on the draft rule, citing its ongoing review.

You can read the full letter below or at the official website set up by the supporting dealerships here.

A New Letter from Auto Dealers to the President

Dear Mr. President,

In November of last year, over 4,000 auto dealers from across the country representing every major automotive brand wrote you a letter asking that you “tap the brakes” on a proposed government electric vehicle mandate. The letter reflected the voice of our customers – the Americans who come to our dealerships every day to buy vehicles that are affordable and meet their needs.

There has been no response to the letter from your Administration.

In the next 8-10 weeks, the proposed regulations are expected to be finalized. As you consider whether to force American consumers to buy electric vehicles at unprecedented levels, we ask that you consider some facts:

The number of electric vehicles that qualify for the $7,500 tax credit in 2024 is less than half the number that qualified in 2023 (only 19 versus 43 last year). New rules disqualify vehicles that rely heavily on components and minerals from China, which currently dominates the supply chain for batteries. The cost premium for electric vehicles is a major factor for consumers, and the loss of these credits is bound to depress consumer demand in 2024 and beyond.

Despite the $7.5 billion allocated two years ago to build public electric vehicle charging stations, just three have been opened to date. Range anxiety is a major factor in consumers’ reluctance to buy electric vehicles. Based on the government’s estimates, 2.8 million public chargers will be needed by 2032, but only 170,000 public chargers exist today. That means 800 new chargers would have to be built every single day — for the next nine years. Clearly, this is not even in the realm of possibility.

Electric vehicles represented just 8% of vehicles sold in 2023. The proposed regulations would require that 60% of vehicles sold in 2030 be battery electric – and two out of every three by 2032. Electric vehicle sales are not remotely on trend to meet those requirements. Indeed, the day supply of electric vehicles on dealer lots today is nearly twice the supply of conventional vehicles.

Mr. President, our letter in November asked that you tap the brakes on the electric vehicle mandate. We now ask that you hit the brakes. It is uncontestable that the combination of fewer tax incentives, a woefully inadequate charging infrastructure, and insufficient consumer demand makes the proposed electric vehicle mandate completely unrealistic.

On behalf of our customers, we ask that you pause on the electric vehicle mandate. Wait for the battery supply chain to develop outside the control of China. Wait for the charging infrastructure to support a significant increase in electric vehicles. And wait for the American consumer to make the choice to buy an electric vehicle, confident that they are affordable and won’t strand them because of a lack of charging stations.

Mr. President, we share your belief in an electric vehicle future. We only ask that you not accelerate into that future before the road is ready.

Sincerely,

Supporting Dealerships

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Carscoops 

Electric vehicle automakers are always looking for new ways to increase range and Hyundai Motor Group just dropped a new one. In fact, what it’s just dropped is its Active Air Skirt (AAS) Technology. According to the Korean group, it’ll help its EVs go faster and farther.

The system deploys air skirts in front of the leading tires but behind the front bumper to minimize turbulence caused by the wheels. These skirts are activated at speeds exceeding 80 km/h (49.7 mph) and automatically retract when the vehicle’s speed drops below 70 km/h (43.5 mph). In testing with the Genesis GV60, Active Air Skirt Tech resulted in a reduction of the drag coefficient (Cd) by 0.008, thereby improving drag by 2.8 percent.

On top of that, Hyundai says that AAS won’t stop providing benefits at higher speeds either. Evidently, it also increases downforce and works at speeds above 200 km/h (124 mph). Generally speaking, most race cars also have some sort of bodywork that reduces turbulence just ahead of the tires. In this case, though, it appears as though Hyundai plans to use AAS across a number of vehicles.

“This technology is expected to have a greater effect on models such as SUVs where it is difficult to improve aerodynamic performance,” said Sun Hyung Cho, Vice President and Head of the Mobility Body Development Group at Hyundai Motor Group. “We will continue to strive to improve the driving performance and stability of electric vehicles through improvements in aerodynamics.”

Read: These Are The Best Selling EVs Of 2023

Incremental gains are vital in the EV market as every brand wants to eke out as much range as possible. Active Air Skirt Technology shouldn’t be too surprising to those paying attention to the technologies that Hyundai uses on its EV lineup. The Ioniq 6 already employs active air flaps, wheel air curtains, wheel gap reducers, and a rear spoiler all aimed at reducing drag coefficients.

For the time being, AAS is only in development. The company has applied for patents in both South Korea and the USA. It says that it plans to “consider mass production after durability and performance tests.” So it’s plausible that we might not ever see it in showrooms.

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