Auto Industry News: Goodguys Awards Custom Rides, Cybertruck Finally Arrives, and Lots of Legal Happenings

It’s been a very busy week for the auto industry, with news rolling in from all corners – electric, self-driving, and yes, even good old internal combustion.

Tesla finally built its first Cybertruck and despite the long delay in production, already has an eye-popping 1.9 million pre-orders. The EV maker is also handing out discounts like candy for its Model 3 and Y vehicles, gutting used EV values and, apparently, putting pressure on competitors. Ford announced a $10k price cut on its own F-150 Lightning last week.

Outside the product realm, there’s been big law & order action. Rivian got a green light on its embattled $5 billion EV plant in Georgia; a federal appeals court says the giant Thacker Pass lithium mine can proceed in Nevada; and self-driving vehicles are looking at a smoother path to deployment. On the ICE side, off-roaders can return to Oceano Dunes after a judge said the California Coastal Commission does not have the authority to prohibit motorized access.

The Engine Block has all the dirty details – plus some. But before we dig into the nitty gritty, enjoy a closer look at the two custom beauties that nabbed Goodguys’ Awards for Street Machine and Street Rod of the Year.

Goodguys Names Top Street Machine & Street Rod

Every year, the Goodguys Association recognizes 12 of the nation’s finest show cars and trucks. Known as the “Top 12 Awards,” they’re handed out at a series of events throughout the year.

During the 25th Summit Racing Nationals earlier this month, the association awarded its third and fourth accolades of the car show season – Street Machine of the Year and Street Rod of the Year.

Street Machine of the Year

Joining the Top 12 roster is this 1967 Ford Mustang that happily toes the line of where modern performance meets refined styling. Extensively reworked by the folks at Ironworks Speed & Kustom in Bakersfield, California, the Mustang looks significantly newer than it is. It also drives like it, thanks to a supercharged 5.4L V8 driveline, taken from a late model Ford GT500 Mustang.

Inside, the theme of modern comfort and control continues. CAD-designed, one-off components like door pulls and center console pieces bring a custom flavor, while the bitchin’ red leather and advanced digital gauges make it clear this is an updated take on an old classic.

Street Rod of the Year

For its next addition, Goodguys picked a sleek and low 1927 Track-T Roadster. Like the Mustang above, there’s a custom blend of newness and nostalgia on tap here. Though, we’d argue this end result has a more nuanced flavor.

Owner Jon Hall and builder Greening Auto Company aimed to honor the track-nose Ts of hot rodding’s glory days while also including all the benefits of modern craftsmanship, design and technology. As a result, the heavily-modified roadster wears the body and frame of a ’27 Model-T that’s been customized in almost every conceivable way, along with a new 327c.i. all-aluminum Flathead engine built by Motor City Flatheads and an overhauled interior that we can only describe as “elite minimalism.”

Head over to Fuel Curve for a full run-down on the builds, and keep an eye out for more show car kings and queens. Goodguys will be crowning 8 more vehicles throughout the 2023 season.

Tesla Finally Rolls (One) Cybertruck Off Production Line

‘Better late than never’ seems to be the vibe at Tesla, where the first Cybertruck finally rolled off the assembly line – a full two years past its initially-planned production debut. The news broke via tweet on Saturday, July 15 in a photo showing dozens of Tesla workers, clad in hard hats and gathered round the avant-garde-looking electric pickup truck.

https://twitter.com/Tesla/status/1680121747910148099

No word on when subsequent Cybertrucks will leave the factory or land in customer driveways. Elon Musk has only said production was expected to start this summer, with volume production occurring in 2024.

Unclear targets don’t seem to be phasing Tesla fans, though. An online reservation tracker indicates there are now 1.9 million pre-orders for the Cybertruck. “Demand is so far off the hook, you can’t even see the hook,” Musk said during a July 19 Q2 earnings call.

Pricing is also still a mystery. Back in 2019, Musk said the vehicle would start at a very consumer-friendly $39,900. Thanks to post-COVID supply chains, inflation, interest rates, and “off the hook” demand, we can safely assume the Cybertruck’s price tag will be notably higher.

However, it’s worth pointing out that even if folks weren’t clamoring for the unusual pickup, Tesla has made it clear it’s not afraid to slash prices to attract buyers. The EV maker instituted several price cuts across its vehicle range during the first quarter – some by as much as 20%. Better affordability didn’t just draw consumer attention, it also qualified these rides for new federal electric vehicle tax credits.

The fire sale seems to be working. Tesla’s most popular model – the Model Y hatchback SUV – saw sales jump 79% in Q1.

Price-Cutting Cuts Into Market

As new EVs become more affordable (you can bag a new Model 3 for about $32k if you qualify for the full tax credit), prices on used inventory are collapsing.

“With Tesla cutting prices on new models, its used EV values have tumbled. And because Tesla makes up the bulk of the used EV market, the dramatic drop in Tesla values has impacted the entire category,” iSeeCars executive analyst Karl Brauer said in a recent report on used car pricing. According to the report, June saw used EV prices drop 29.5% from a year earlier. Overall, EV prices are falling at nearly 10 times the rate of the average used vehicle.

Tesla isn’t the only force at play. Gas prices are largely stable right now, and average auto loan interest rates across all credit profiles are now 6.58% for new cars and 11.17% for used cars, according to MarketWatch. Folks are looking to save money wherever they can – even if that means holding onto their existing vehicle for longer.

That said, if you have the money to spend and are curious about EVs, now might be a good time to test out the tech.

Did You Know…?

Ford took a page from Tesla’s pricing playbook. Last Monday, the automaker slashed prices across the full range of its F-150 Lightning electric pickup. Some versions, specifically lower trim levels, will drop as much as $10,000 in price. Ford says the discounts are thanks to “greater plant capacity [and] improving efficiencies,” but industry analysts point to Tesla’s downward pressure on market affordability.

Rivian’s New Plant Gets Court Approval

For over a year now, young EV maker Rivian has been trying to build its second U.S. factory. Billed as the largest economic development project in Georgia’s history, the $5 billion plant was slated to begin construction in summer 2022. Vehement opposition from local residents has made progress difficult.

The story is a familiar one these days – a new company with deep-pocketed investors and a largely-unproven product wants to turn a quaint rural environment into a sprawling production campus.

Lured to the state by ambitious politicians, Rivian is looking at a tasty $1.5 billion in incentives and tax credits. Locals, meanwhile, are left with unanswered questions regarding potentially harmful effects on surrounding wildlife and wetlands, historic areas on the site (including a cemetery), and drinking water quality. There are also allegations of greased palms, poor planning, and an intentional lack of transparency. (Like we said, a tale as old as time.)

Despite the pushback – and a Georgia judge rejecting the tax break agreement in September 2022 – Rivian appears to be back on track. In April, three appellate judges overturned the September ruling and just last week, the Georgia Supreme Court cleared any lingering hurdles for the young company by refusing to hear an appeal. The plant is expected to begin vehicle production in 2026.

To Rivian’s credit, the company has been working hard to instill consumer (and investor) confidence.

Shares surged earlier this month after the EV maker surpassed Wall Street expectations for quarterly vehicle deliveries. Additionally, Rivian is one step closer to wrapping up its exclusivity deal with Amazon, which would open it up to pursuing new customers.

Law & Order: What Else You Need to Know

Rivian’s development wasn’t the only court-related headline making news last week. Here are some other notable rulings, lawsuits, and legislative happenings you should be aware of:

NHTSA Announces New Regulatory Path for Self-Driving Vehicles

According to NHTSA acting administrator Ann Carlson, the government safety agency plans to unveil a new national program in the fall that would help hurry along the deployment of autonomous vehicles. NHTSA will publish new rules on automated driving systems and potentially raise the cap on self-driving vehicles allowed to drive on U.S. roads. In return, the agency wants automakers to share critical operations data to improve its own expertise.

California Bill May Keep People In Self-Driving Trucks

Speaking of self-driving deployment, state legislators in California are one step closer to passing a bill that would require drivers to be in the cab at all times for Level 3, 4, and 5 autonomous trucks. The bill relates to rigs weighing over 10,000 pounds and would last at least six years.

Nevada Lithium Mine Gets Green Light

Rivian wasn’t the only company to receive a legislative Hail Mary last week. A federal appeals court gave the go-ahead for construction to continue on what may become North America’s largest lithium mine at Thacker Pass near the Nevada-Oregon border. The ruling denied last-ditch efforts by Native American tribal leaders and environmental conservationists to stop the development, and allows the mining company to turn 1,300 acres of public land into an open-pit mine and dump site for waste rock.

Off-Roaders Can Return to Oceano Dunes

Late last week, a San Luis Obispo County Superior Court judge ruled that the California Coastal Commission must vacate a 2021 decision banning off-road vehicle access to Oceano Dunes. The ruling found the commission overstepped its authority in trying to prohibit motorized recreational and overnight camping access at Oceano Dunes SVRA – the only off-road park in the state offering direct access to the Pacific Ocean and a premier destination for tourists.

Mahindra Can Keep Selling Jeep-Like ROXOR

In another court decision affecting off-roaders, Indian automaker Mahindra received legal clearance to continue selling its off-road ROXOR vehicle in the U.S. The ROXOR is a non-street legal vehicle similar in size to a side-by-side, and similar in look to a tiny Jeep CJ. Mahindra and Jeep have been in a bitter, long-drawn legal battle since the late 2010s over whether or not the ROXOR infringes Jeep trade dress. This most recent ruling allows the Mumbai-based company to produce, sell, and distribute its redesigned ROXOR, which it did in 2020 after the US International Trade Commission said the original design was too close to Jeep’s.

The Engine Block is your one-stop source for any and all auto industry news. Keep an eye on our weekly round-up of enthusiast coverage, product reviews, vehicle spotlights, auto show/expo features, and more. Be sure to check back on Wednesday for a Tech Corner on throttle body maintenance and troubleshooting. Then, return on Friday for our next Competition Corner round-up, full of can’t-miss August auto events.