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Cathie Wood Warns of ‘Serious Losses’ in Automobile Debt
(Bloomberg) -- Cathie Wood flagged the risk of “serious losses” in the trillion-dollar auto debt market, after statistics showed US used vehicle prices decreased in September.
The Ark Investment Management LLC founder and chief executive officer cited a shift in consumer taste toward electric cars as leading to a drop in the price of gasoline-powered vehicles, according to a tweet that referenced data released by Manheim Auctions, the world’s largest reseller of used vehicles.
That organization’s US Used Vehicle Value Index posted a 3% drop in September from the month before.
$ARK Innovation ETF (ARKK.US)$ $Tradr 2X Short Innovation Daily ETF (SARK.US)$ $Tesla (TSLA.US)$ $Rivian Automotive (RIVN.US)$ $Ford Motor (F.US)$ $NIO Inc (NIO.US)$ $Li Auto (LI.US)$ $Mullen Automotive (MULN.US)$
The Ark Investment Management LLC founder and chief executive officer cited a shift in consumer taste toward electric cars as leading to a drop in the price of gasoline-powered vehicles, according to a tweet that referenced data released by Manheim Auctions, the world’s largest reseller of used vehicles.
That organization’s US Used Vehicle Value Index posted a 3% drop in September from the month before.
$ARK Innovation ETF (ARKK.US)$ $Tradr 2X Short Innovation Daily ETF (SARK.US)$ $Tesla (TSLA.US)$ $Rivian Automotive (RIVN.US)$ $Ford Motor (F.US)$ $NIO Inc (NIO.US)$ $Li Auto (LI.US)$ $Mullen Automotive (MULN.US)$
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PREMOSULTRAA : The problem has been that car prices got out of hand during the pandemic, and financing allows Americans to get loans that are far above the fair value of a car, by extending loan terms and refinancing old loans into purchases. With interest rates rising, it's being exposed as unsustainable.