June 2024 Fuel Price Trends: Incremental Increases Persist
Gasoline prices in the U.S. are rising as summer progresses, with the average price just below $3.44 per gallon according to the U.S. Energy Information Administration (EIA). Patrick De Haan from GasBuddy noted that while some states see traditional price cycles, the national average has remained steady despite oil prices exceeding $80 per barrel. Prices are down 13 cents from June 2023.
Ford Recalls Over 500,000 F-150 Trucks for Powertrain Control Module Defect
Ford Motor Co. is recalling 552,188 F-150 trucks in the U.S. due to an issue with the powertrain control module that can cause the vehicle to unintentionally downshift into first gear. This recall affects 2014 Ford F-150 models. The malfunction may result in a sudden downshift, leading to loss of vehicle control and an increased risk of a crash, according to the NHTSA. Ford reported two injuries, 300 warranty claims, 96 field reports, and 124 complaints linked to the defect. The company will update the affected powertrain control modules by the third quarter. Before the downshift occurs, the Malfunction Indicator Light may illuminate. Ford has issued 30 recalls this year, impacting about 3.6 million vehicles. Owner notification letters will be sent starting July 1.
VW Group and Rivian Form Joint Venture for EV Software with $5 Billion Commitment from VW
Volkswagen Group and Rivian are forming a joint venture to develop next-generation electrical architectures and software technology. Announced on June 25, the venture will be equally controlled and co-led by CEOs from both companies. VW Group aims to accelerate the rollout of software-defined vehicles through this partnership. VW will invest $1 billion in Rivian through an unsecured convertible note, converting into Rivian common stock upon regulatory approval, and plans an additional $4 billion investment by 2026. This joint venture complements VW's broader software strategy, which includes collaborations with Cariad and Xpeng in China.