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New Ford Mustang Will Debut on Sept. 14 at Detroit Auto Show
New Ford Mustang Will Debut on Sept. 14 at Detroit Auto Show
Hey, remember the Detroit Auto Show? It'll finally return this year. And on Wednesday, Ford CEO Jim Farley confirmed the automaker is bringing a big debut to the event: the brand-new, seventh-generation Mustang.
We first heard about the Mustang's debut thanks to a report from Automotive News. Hours later, Farley took to Twitter to confirm the Sept. 14 debut date.
The Mustang is expected to go into production early next year and will likely use carryover inline-4 and V8 engines. The current Ford Mustang model range is made up of the EcoBoost, GT, Mach 1 and Shelby GT500. (There's also the Mustang Mach-E but that's a whole different animal.) Ford's iconic sports car is built in Flat Rock, Michigan, and the company confirmed the next-gen Mustang will be built there, too, as part of a larger investment into local manufacturing.
As for the Detroit Auto Show, the event hasn't taken place since Jan. 2019, with the 2020 and 2021 events canceled due to the ongoing COVID-19 pandemic. The 2022 Detroit Auto Show is scheduled to run from Sept. 14-25.
Update, 5:45 p.m.: Following our initial report, Ford CEO Jim Farley confirmed the news. This story's text has been updated to reflect this.
This story is part of Plugged In, CNET's hub for all things EV and the future of electrified mobility. From vehicle reviews to helpful hints and the latest industry news, we've got you covered.
A tsunami of electric vehicles is set to arrive on US shores in the next few years. Practically every automaker around the world, from small boutique operations to goliath multinationals is hard at work developing battery-powered cars and trucks. But among America's traditional manufacturers, who's winning the EV race?
The old guard
GM, Ford and Stellantis (Chrysler, if you prefer), Detroit's Big Three automakers, are each spending vast sums of money to design and manufacture next-generation cars and trucks. GM is set to shell out more than $35 billion by 2025 to develop electric and autonomous vehicles. Through 2026 -- the year it expects to produce more than 2 million EVs -- Ford is on track to spend some $50 billion globally on the technology. As for Stellantis, this amalgamated American/French/Italian concern plans to invest around $32.5 billion (30 billion euros) in electrification and software through 2025.
American automakers are practically all-in on EVs, but plenty of their rivals are spending big bucks, too, from BMW and Mercedes-Benz, to Hyundai, Nissan, Volkswagen and Volvo. For the purposes of this article, however, to keep it from dragging on for days, we're focusing primarily on the Detroit Three.
The new Hummer EV Pickup is absolutely massive.
GMC
The Tesla effect
But you can't talk about EVs without mentioning a certain company with an eccentric CEO and cult-like following. "There's no question Tesla's winning the race right now, by a wide margin," said Michelle Krebs, executive analyst at Cox Automotive. This organization keeps track of the most-shopped electric vehicles, and she said this company's products absolutely dominate the list. "It's going to be tough for anyone to catch up with Tesla," admitted Krebs.
Aside from strong sales, this American automotive upstart also leads when it comes to market capitalization -- being worth a record-breaking $1 trillion -- and mindshare. "Tesla, whether you want to give them the credit or not … [created] the modern EV market," said Edward Sanchez, senior analyst at Strategy Analytics. He noted that the Model S "flipped the script" and proved electric cars could be sexy, desirable and luxurious.
But not all is perfect in Musk-land. The company's been dogged by longstanding quality problems, it's facing labor woes at manufacturing plants, and is suffering from a lack of promised new products -- where's the Cybertruck, Roadster and Semi? No new launches are expected in 2022 and likely for part of 2023, so the automaker's lead will likely erode as more and more rival electric vehicles start showing up at dealerships. During the company's recent first-quarter earnings call, Elon Musk promised its robotaxi will be ready by 2024, but forgive us for not believing him.
Tesla is still the one to beat in the electric vehicle space.
Mike Cutler/CNET
A classic rivalry
If Tesla is miles ahead of the competition, who's trundling along in second place? Sanchez said, "It's a very dynamic space," one that's "hard to armchair quarterback" because the situation changes from year to year and even month to month. Still, right now, he sees Ford pulling ahead, something echoed by other analysts.
According to Bob Gritzinger, editor-in-chief of Wards Auto, "Right now, for all appearances, Ford is in the lead. Give it a minute and I think you're going to see GM jump [ahead] in a hurry." The Blue Oval put some distance between itself and other domestic car makers, thanks to hit products like the Mustang Mach-E SUV and F-150 Lightning pickup, both of which are sold out, a happy problem for Ford, if not its customers. Still, the battery-powered E-Transit commercial van shouldn't be forgotten, either. "That's another win, an early win for Ford," said Gritzinger, as is the hot-selling Maverick compact truck, which is not offered as a pure EV but comes standard with a hybrid drivetrain.
Of course, it remains to be seen whether it's as well optimized as pickups built on dedicated EV platforms, but Ford was super smart getting the F-150 Lightning out as soon as possible. All-electric rigs like the Lightning could be absolute gamechangers and the Blue Oval has a huge advantage in this space right now.
The Ford F-150 Lightning is expected to be a game-changing EV.
Nick Miotke/Roadshow
One potential area of weakness for Ford, though, is Lincoln. The luxury brand is aiming for more than half of its global sales to be EVs by the middle of this decade, but almost nothing is known about the vehicles it plans to introduce. Lincoln did, however, just show off its new Star concept, a handsome SUV design study that previews some of the features and styling cues we can expect on the four EVs it plans to introduce by 2026. Fortunately, it sounds like we won't have to wait too much longer to learn about Lincoln's electrification strategy.
"Ford is definitely beating GM on sales and shopping data," said Krebs, leveraging its early-to-market advantage. GM has a lot planned, but it has to execute and avoid having issues like it did with the Chevy Bolt hatchback and its combustible battery pack, something Sanchez said severely humbled the automaker.
"There's no denying Ford's strategic advantage with Mach-E, being an early mover," noted Sanchez, but GM has a torrent of new EVs in the works, an unprecedented onslaught that has only just begun. The GMC Hummer EV Pickup is finally available and the Cadillac Lyriq SUV entered production about a month ago. Beyond those models, an all-electric Chevy Silverado is in the works, as are Blazer and Equinox utility vehicles as well as a Hummer SUV and even a new flagship-caliber electric luxury sedan, the Cadillac Celestiq. "My concern with GM is they're kind of almost going overboard," Sanchez said.
The Cadillac Lyriq SUV is one of many electric vehicles GM plans to introduce.
Cadillac
GM's much-publicized Ultium platform is set to underpin these upcoming vehicles, and many more. A relatively plug-and-play affair, "They're investing in one technology they'll be able to spread across the entire portfolio," explained Paul Waatti, manager of industry analysis at AutoPacific. With shared underpinnings, GM can bring a load of vehicles to market without doing a lot of costly and time-consuming reengineering work. Compared to Ford, Waatti said, "I think GM is a couple years ahead on the technology curve," though Ford is "catching up quick."
Stellantis: The dark horse
While those two automakers duke it out, the other leg of the Detroit Three stool is quietly plugging away in the shadows. "I think the dark horse in all this is Stellantis," said Gritzinger. "They've done a lot of work with hybrids and with their 48-volt system," he added. "I think they will be surprisingly strong once they start putting product out there, in large part because they're a European company and Europe is going 100% EV." Historically, Chrysler has almost always been smaller than its main rivals, but it's scrappy and willing to take risks, something that could give it a leg up in the electric vehicle space.
Sanchez said Stellantis is probably behind its major domestic rivals in EV technology, but this isn't necessarily a bad thing as "they're kind of taking advantage of the early adopters paying the price." As electric vehicles start to gain traction, the cost of batteries and related technologies should come down, which would be great for Stellantis. "Sometimes it's not always the worst thing to be late to the game," said Sanchez.
According to Waatti, AutoPacific forecasts that EVs will capture about 15% market share by 2027, something that leaves a ton of room for other propulsion systems, like plug-in hybrids. "Stellantis is probably taking that strategy, mostly because they're behind on straight-EV technology," he said. Plug-ins, like the new Jeep Grand Cherokee 4xe, give customers the best of both worlds: Silent, emissions-free (from the tailpipe, at least) motoring with the ability to drive cross-country without needing to charge. At least in the near term, this should be a good plan for Stellantis, "[and] from a business standpoint," explained Waatti, "They're making money on these right away."
Ram teased its upcoming electric pickup truck in this shadowy image.
Ram
It may not be as sweeping as Tesla's, but another potential advantage for Stellantis is its passionate fan base. Sanchez said even though the Dodge Charger and Challenger are absolutely ancient, their sales continue to grow. "If they can somehow leverage that enthusiasm for their EV models, they could surprise everyone."
Don't forget the smaller companies
Beyond Tesla and its Detroit rivals, a range of new independent automakers has come out in recent years. This old-school term was used decades ago to describe now-defunct brands like Hudson, Packard, Studebaker and Willys, but it works just as well in the 21st century. Today's independent makes include the likes of Fisker, Lucid and Rivian, companies that are focused solely on building EVs. Bollinger, Lordstown Motors and Nikola are in the same camp, too, though, for various reasons these brands have largely failed.
Whether any startup automakers will succeed remains to be seen. Waatti said they don't have the baggage legacy companies do, plus they're "something new and exciting," which could translate into more sales, though as Krebs noted, it's way too early to tell if any of these brands will take off.
For many reasons, the Lucid Air is a damn good electric sedan.
Lucid
This isn't to say today's EV independents aren't doing some great work. "I think Lucid, from a technological standpoint … I would consider them probably the closet peer to Tesla," said Sanchez. The company's Air sedan is not only beautiful and luxurious, it's loaded with clever features and offers storming performance. "[But] the big thing with Lucid is how quickly they can scale, that's the determining factor," Sanchez added.
Exciting times in the automotive industry
We're living in a transformative period as the car industry shifts from internal combustion to electric powertrains. Right now, Tesla is the undisputed American EV champion, a position it will likely maintain for some time. Waatti predicts, "They're still going to be the powerhouse into the end of the decade." But as more and more electric vehicles come out, Tesla's market share will almost inevitably decline. When GM's EV salvo hits, plus battery-powered offerings from myriad other companies, "All of a sudden, there's a lot of competition in your part of the sandbox," said Gritzinger.
As for the Detroit Three, it seems Ford is leading the electric vehicle race right now, thanks to its speedy introduction of the Mach-E and Lightning, vehicles that proved to be extremely popular. GM, however, probably has a technological advantage and could overtake its rival in the coming years once its flurry of new products launches. Of course, Stellantis is hard at work, too, and it's made some big promises, including the introduction of four dedicated EV platforms, though the finer details of its electrification plan are a little murkier. As Krebs said, aside from Tesla's dominance in the EV space, "The race has only begun."
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Millions can't pay their car loans. Here's what to do if you're one of them
Millions can't pay their car loans. Here's what to do if you're one of them
If you've skipped a car payment or two recently -- or you worry you might have to miss an upcoming one -- you're not alone. Due to the coronavirus recession and record levels of unemployment, over 7% of all car loans in the US are currently in some sort of deferment program, according to recent data released by credit reporting agency TransUnion.
Typically, missing a car payment can damage your credit score or even lead to the bank repossessing your vehicle. However, in the wake of the recent economic turmoil brought on by the coronavirus pandemic, most lenders have streamlined their financial hardship programs and are willing to be a bit forgiving if you just ask for help.
But just like the help available with rent payments and unemployment benefits, you do have to ask. The worst thing you can do is ignore the problem and assume it'll work itself out on its own. (Scroll to the end for what else you should absolutely not do.)
Here's a look at the most current information and resources we could locate to help you deal with your car payment. We'll continue to update this story as new details emerge.
First, see what assistance your lender has to offer
You'll want to know what kinds of programs your bank, credit union or other auto loan provider may have available to you. Also, if there are any state laws that might offer some protections against repossession, you'll want to find out about those, too.
Here are the most comprehensive resources we've been able to turn up to help with both. (If you don't see your lender on any of those lists, try contacting the company directly through its website or app.)
As businesses like this soda and candy shop in Asheville, North Carolina, start to reopen, you can bet repossession companies will be back to work, too.
Sarah Tew/CNET
Most repos occur after two or three months of no payments
If you've fallen behind (or you think you're going to fall behind) on your car payment for 90 days or longer, you may very well be at risk of having your car repossessed. Your lender may be more lenient if you've never missed a payment before, but the more often you've been late in the past, the sooner they might attempt repossession.
One way around this, however, is a deferment or forbearance program.
What are auto loan deferment programs and how do they work?
Under normal circumstances, most lenders will report a late payment to the credit bureaus once it's at least 30 days overdue, and they'll typically come to take your vehicle away after you've missed three or more payments in a row.
A deferment or forbearance allows you to skip between one and three payments with no late fees or penalties. After the deferment period ends, either your monthly payment will either go up slightly or your loan will be extended by about the same amount of time as the deferment.
On the downside, interest will continue to accrue during the months you skip your payment, so you'll end up paying more for your vehicle in the long run. But on the plus side, your missed payments will not show up as negative marks on your credit report, so your credit score shouldn't take a hit.
How to talk to your bank about your options
Most lenders' programs have been streamlined to be pretty simple to apply for. Fill out a form, possibly attach some documentation (termination letter, layoff notice, etc.), send it off to your lender and wait for an approval confirmation. If your bank doesn't have it set up that easy and you have no idea where to begin, the legal services website DoNotPay has a chatbot that can help you draft a letter to your lender.
That said, you can probably handle this on your own. Just be honest and forthcoming about your situation and realistic about how much time you'll need to get back on your feet. Generally speaking, banks would rather work with you and retain you as a customer than leave you stranded without a vehicle.
Ford is currently offering to pay six months' worth of new vehicle payments when you purchase a new car from the company.
Wayne Cunningham/CNET
What normally happens when you miss a car payment?
In most states, a lender, like your bank, can start the repossession process the day after you miss even just one payment, but most companies give their customers a grace period. Often the lender won't even charge a late fee until the payment is at least 10 days late, and most won't report it to the three major credit bureaus until it's over 30 days late.
If you go past 30 days delinquent -- and especially if you miss the next two payments in your loan cycle as well -- that's where you start treading into repossession, or repo, territory.
How repossession works
In most cases, your lender will contract with a third-party agency that specializes in repossessions. That company will use whatever information it can get -- your home and work addresses, for example -- to track down the vehicle and tow it to a secured, usually gated lot. It does not need your car keys to take your car.
The repo company will then charge your bank for towing the vehicle, as well as a daily storage fee, usually around $25 to $75 per day. Unless you happened to have left your keys in the car, the repo company will also contract a locksmith to make a new set of keys -- then charge your bank for that service, too. When all is said and done, you'll owe anywhere from a few hundred to over a thousand dollars in charges, which you'll still be liable for whether you get your car out of repo or not.
If you quit paying your car payment, eventually a vehicle recovery service will come tow your car.
Andrew Hoyle/CNET
Are car repossession companies even open right now?
The auto repossession industry never quite figured out whether repo companies, many of which laid off dozens of employees early on in the pandemic, were even allowed to operate in areas under strict shelter-in-place orders. The Association of Credit and Collection Professionals, a lobbying group for debt collectors, has argued that debt collection is an essential service, but lawmakers have yet to chime in.
However, as most US cities are far along in the process of reopening and orders shuttering nonessential businesses have mostly been lifted, you can probably bet that repo companies will be up and running as soon as they can be.
Your rights vs. the bank's rights
In pretty much every instance your bank does not need a court order to attempt to repossess your car. You can view a list of every state's specific automobile repossession laws here, but generally speaking, your lending institution (or a company it hires) has the right to come onto your property and take the car so long as no one commits a "breach of the peace."
That means its representatives can't break into a locked garage, through a locked gate or otherwise use physical force against you or your property to take possession of your vehicle. They can, however, follow you to work, for example, or the grocery store, and wait until you leave your car unattended.
How to get your car out of repo -- and what happens if you don't
What if it's too late and your car has already been repoed? Many states have laws on the books about how long and under what conditions lenders must allow you the opportunity to get your vehicle back, but the terms aren't exactly favorable, especially if you're in the kind of financial situation that led to repo in the first place.
Generally, the law only compels lenders to release your car if you pay off the loan plus any towing and storage charges that have accrued. In practice, however, most lenders are willing to give your car back if you can at least catch up with your late payments (and, of course, even up with the repo company as well).
One option if you're struggling to pay your car payment is to try and sell your car for cash to pay off the loan, but that won't work if you owe more than the car is worth.
Sarah Tew/CNET
If you leave your vehicle in repo, either because you can't afford to get it out or you just decide it's not worth it, you're still not completely off the hook. The bank will likely auction off your car to the highest bidder, then apply the revenue from that sale to your remaining balance, including repossession charges. If that doesn't cover your entire debt, the bank can come after you for the remainder, including handing your account over to a collection agency and reporting the delinquency to the credit bureaus.
You have a few wild-card options as well
If you're at risk of having your car or truck repossessed, there are other options available besides deferment, but none quite as simple or easy. You could do what's called a "voluntary repossession," where you contact your lender and indicate your desire to turn your vehicle over to it. Your credit will take a hit and you'll be liable for any outstanding debt the bank fails to recoup at auction, but the overall impact to both your credit score and pocketbook will be less than if you wait for the bank to forcibly repo your car.
You can refinance your car for a lengthier loan term with a lower monthly payment, but that will only work if you've already paid off a substantial amount of the principal. If you've only had your car loan for a year or two, you might actually still owe more than it's worth. Also, your credit has to be good enough for a bank to underwrite a new loan for you, which may or may not be the case anymore.
You could also try to sell your car on the open market, or trade it in for something less expensive, but again, with the economy now in a full-blown recession, neither of these options seems very compelling.
What you absolutely should not do
Whatever you do, don't try to hide your car from your bank or the repo company. For one, you're probably not going to beat them at their own game, and the longer it takes to find it (and the more difficult you make it), the more they're going to charge you for their services in the end.
Stop! Don't just sit back and wait until the bank repos your car. Be proactive and ask and your lender may be able to help.
Shara Tibken/CNET
And don't just stop paying your loan and hope for the best. Whether or not lawmakers decide the repo industry performs an "essential" function, or if the repo man has to wait for a treatment or vaccine like the rest of us before getting back to work, eventually your delinquency will catch up with you. With banks demonstrating some compassion right now for those who've suffered financial hardship, you might as well take advantage of one of their relief programs while you can.
Chances are if you're worried about making your car payment, you have other bills keeping you up at night, too. Here's what you need to know about rent relief during the pandemic, as well as what assistance is available if you have a mortgage. For taxes, credit cards and everything else, here's what other financial help is available.
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