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Chevy Volt sales surge with 2016 model, Nissan Leaf continues Autumn fall

The Nissan Leaf and Chevy Volt have been locked in sales combat since they arrived within a short distance of each other way back in 2010, and we continue to follow that fight closely. Though both vehicles approach driving efficiency from a different angle, they each have plugs and owners put a surprisingly similar number of electric miles on them. With the launch of its 2016 model, the Bowtie brand now appears to have the upper hand, clocking in a solidly improved performance for the month of October. According to GM's sales charts, the Chevy Volt made it into the loving embrace of 2,035 buyers last month. That's up a whopping 41 percent over the same period in 2014, and more than a 100 percent improvement from the 949-unit result in September. Now, we don't know how many of these were 2015 models and how many were the all-new 2016 edition. Dealers are, no doubt, incentivized to move the old inventory, and the latest and greatest is still only available in a limited number of states. Breaking out the sad trombones, Nissan recorded a mere 1,238 units moved in October. That's down 52.2 percent from the same month in 2014. That's also nine fewer examples than last month. Despite its recent sales travails, the Leaf still leads the calendar-year-to-date figures by a commanding 14,868 to 11,299 tally. We imagine the Japanese manufacturer is counting on an improvement in the situation once the 2016 model, with its larger, optional 30 kWh battery becomes available. You can compare these two stalwarts with the rest of the green-vehicle field in our By The Numbers post due out tomorrow. Green Chevrolet Nissan Electric Hybrid ev sales hybrid sales volt

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.

GM cutting vehicle trim options to save money for electrification

Information continues to filter out about GM's plans based on comments the automaker made during its Capital Markets Day event in February. GM President Mark Reuss said the company's push to save money by rationalizing the number of build combinations will continue in 2020, carrying on the work done in 2019. As GM Authority covers, last year, the carmaker cut 3,500 components across model lines, a 12% drop in the number of parts it needed to stock in its plants. Reuss used the next-generation Chevolet Equinox and GMC Terrain as examples for more cost efficiencies, saying build possibilities — which include international markets and their options — will be cut by more than 50%, and use more shared parts. "We will reduce total trim levels on Equinox and Terrain from eight to six," Reuss said, "reduce engine variants from 11 to 5, reduce build combinations from more than 200 to less than 100 per program, and see significant cost savings of an already paid-for architecture that took the mass out, helping us self-fund electrification programs." GM will plow a large amount of the money it saves into its ambitious EV program. In 2017, the automaker said it intends to have 20 electric vehicles on the market by the end of 2023, some of which could be shared between brands. An automotive analyst at Seeking Alpha and a piece in Automobile attempted to put specifics to what we should expect. As Automobile points out, the first two EVs in the 20-car program are already on sale, being the Ariv Meld and Ariv Merge eBikes available in Belgium and The Netherlands. We've seen the Cruise Origin autonomous rideshare taxi, although we don't know when it will hit the road. The next three, which we should see in the metal shortly, are two Cadillac EVs and the GMC Hummer EV pickup. The Cadillac pair are expected to be sized like the XT4 and XT5, and along with the Hummer, should hit the market starting in late 2021.