Good morning and welcome to our weekly digest of automotive news from around the globe, starting with…
Vehicle repossession numbers are on the rise, and the conclusion of government stimulus programs may be one reason why. An indicator of this is that the majority of repossessed vehicles going to auction have loans that originated in 2020 or 2021. Not only is the number of repossessions on subprime loans doubling, but the rate of repos on prime loans has reportedly risen twofold since 2020. Analysts say there was a bubble about to burst pre-pandemic, with the government’s COVID response allowing the proverbial can to be kicked down the road a bit longer.
You may know the Toyota Crown as a stately sedan revered in Japan, but for the first time since the 1970s, the Crown is coming back to North America with an all-new body style. The new car will replace the Avalon in Toyota’s U.S. lineup and seems to mix sedan, SUV, and coupe bodystyles into one. Outside of North America, the Crown nameplate will adorn two SUVs and a traditional sedan.
Hyundai’s N Day brought with it two new concepts. First off, we have the RN22e. Packaged into the body of the Ioniq 6, the RN22e features 576 horsepower (430 kW) and 545 lb-ft 740 Nm) of torque from twin electric motors to create an all-electric monster of a testbed. On the other hand, the Hyundai N Vision 74 takes a different propulsion form as it is a hydrogen hybrid. The design is inspired by a concept that was penned by Giorgetto Giugiaro and it is powered by a hybrid powertrain that combines a battery-electric drive system and a hydrogen fuel cell.
The 2023 Honda CR-V will be launched in the U.S. market this summer, with hybrid options following later in the year. It boasts aggressive styling cues, a redesigned cabin, and the wheelbase has grown by 1.6-inches. You can choose from EX, EX-L, Sport, and Sport Touring models. The available powertrains will be either a 1.5-liter turbocharged four-cylinder or a 2.0-liter Atkinson cycle four-cylinder with a pair of electric motors.
Based on the Alfa Romeo Giulia Quadrifoglio, the ErreErre Fuoriserie takes retro elements from the classic Giulia Tipo 105 and translates them into a modern take on the classic. The round headlights and carbon fiber bodywork make for a unique reimagination, while the 19-inch classic-style wheels finish off this reverse restomod.
Hyundai released further details about their 2024 Ioniq 6 following its sleek design reveal last month. We can expect a 53 kWh battery pack with a powertrain likely capable of around 215 hp, and a 77.4 kWh long-range variant that will go 379 miles (610 km) on a single charge. The latter will be available with rear- and all-wheel drive, with the dual motor variant offering a combined output of 320 hp (239 kW / 325 PS) and 446 lb-ft (605 Nm) of torque.
What Else Is Making The News
Lego To Release Set Based On The Office
Fans of the American version of The Office will soon be able to pick up a new item of memorabilia. Lego is recreating the interior of the Dunder Mifflin Paper Company, with intricate details and the full complement of characters. The set will be available for preorder for $119.99.
SEC Increases Scrutiny Of Elon Musk Twitter Deal
With Twitter now suing billionaire Elon Musk in an attempt to force him to complete his once-promised takeover deal, the U.S. Securities and Exchange Commission will be ramping up its analysis of Musk’s tweets surrounding the events. The SEC is already investigating the delayed disclosure of Musk’s 9.2 percent Twitter stake.