Tag:
Cox Automotive
Oakton, VA
Business
Rising Gas Prices Push More Drivers Toward Electric Vehicles
Electric vehicle (EV) interest and sales have surged globally, especially in the US and Europe, as skyrocketing gas prices driven by the Iran conflict push consumers to seek alternatives. Since the war began in late February, demand for EVs has risen significantly, reversing previous declines in electric vehicle adoption. According to CNBC, Octopus Electric Vehicles has reported a 36 percent increase in leasing inquiries, while Autotrader has seen a 28 percent spike in new EV inquiries and a 15 percent jump in used EV inquiries. Similar trends have been observed in Europe, with count…
Macungie-Alburtis-Emmaus, PA
Business
Volvo Slashing Up To 350 Macungie Jobs As Trump's Tariffs, Low Demand Rattle Automakers
Up to 800 workers are being laid off at Volvo plants across the mid-Atlantic as concerns grow about the US auto industry due to President Donald Trump's tariffs. Volvo Group North America will lay off 550 to 800 employees, a company spokesperson confirmed to the Daily Voice on Friday, April 18. The layoffs will happen at plants in Maryland, Pennsylvania, and Virginia. The Swedish automaker cited the need to adjust to worsening economic conditions. "Heavy-duty truck orders continue to be negatively affected by market uncertainty about freight rates and demand, possible regulatory chang…
Arlington, VA
Business
Panic Buying Shrinks US Vehicle Supply As Trump's Tariffs Set Up Summer Price Hikes
The US supply of new and used vehicles is quickly declining after car shoppers rushed to make purchases before President Donald Trump's sweeping tariffs shook the auto industry, setting the stage for a costly summer. New-vehicle stock fell to 2.69 million units by Tuesday, April 1, according to auto data company Cox Automotive. That was down 10.2% from the start of March and 2.4% lower than the same time in 2024. Buyers flooded showrooms in the final week of March, driven by seasonal trends and fears of price hikes tied to Trump's rapidly changing tariffs. "With import tariffs no…
