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Asbury Automotive Group Inc. sold a Lexus dealership, Baxter Auto bought a Toyota dealership and a Puerto Rico dealer bought his first U.S. mainland store.

The safety probe covers 2019-22 Honda Insight hybrid sedans and Honda Passport midsize crossovers.

U.S. electric vehicle startups are turning to cheaper models, slamming the brakes on their production ramp-up plans and laying off employees to navigate a slump in demand due to steep borrowing costs and high repair expenses for the vehicles.

Tesla has told suppliers it wants to start production of a new cheaper, mass market product in mid-2025 as it looks to compete with cheaper gasoline-powered cars and inexpensive EVs from China.

Here’s how EV startups are trying to steer through the demand weakness:

Rivian Automotive

Rivian on Thursday introduced its smaller, less expensive electric R2 and R3 crossovers with plans to start producing the R2 at its existing U.S. factory to hasten deliveries in the first half of 2026.

The move came weeks after the company said it was planning a weeks-long production shut down this year to upgrade its factories and cut costs.

The company expects to produce 57,000 vehicles in 2024, well below the 81,700 estimates and far below the estimated 1.8 million vehicles Tesla delivered in 2023. read more

The few startups and programs still in operation are trying to find the right pricing and logistical models to survive.

The state sees a chance to double down on the EV maker as it plans to launch production of a new vehicle at its factory in Normal, Ill., instead of Georgia.