CBT automotive newscast: April 11, 2022

Inside Automotive:

Auto dealer Gary Barbera gives back to Philadelphia with Free Gas Fridays
Consumers are feeling the impact of rising gas prices across the country and Gary Barbera, Founder of Barbera’s Autoland, and Barbera Cares Division, is doing something about it. Gary joins us now to discuss his current efforts to alleviate the effects of high gas prices, and we’ll also get a glimpse into what his business looks like today. Watch the complete segment here.

Headlines:

Leaders of major automakers, including Ford, Tesla, and General Motors, met virtually with President Biden last week to discuss infrastructure for electric vehicle charging stations, which they agreed should be “interoperable” regardless of what type of cars Americans choose to drive. The auto executives and White House officials discussed a plan to fund 500,000 charging stations across the country as they work towards Biden’s goal of being at least 50% electric or hybrid by 2030. Other topics discussed included supply shortages and the new standards recently set by the environmental protection agency.

Kelly Blue Book reported last week that wholesale used vehicle prices went down for the month of March. While the Manheim Used Vehicle Value Index was still almost 25% higher than it was a year ago, it dropped slightly over 3% from February. Prices across all segments reportedly decreased, but Cox Automotive estimates that a notably low number of Americans have received their tax refunds this year, meaning sales and prices may rise in the coming months once they are distributed.

On Thursday, Chase Bank said it will be partnering with EVgo to install electric vehicle charging stations at fifty of its bank branches throughout the United States within the next year. The first charging station is currently being installed at a branch in Indiana, and the bank said it also has plans to install solar panels at 400 more of its branches in the coming months. The chargers are part of Chase’s effort to shrink its carbon footprint and will be open to all EV owners and not just Chase customers.

After announcing it had chosen North Carolina for its first U.S.-based plant, Vietnamese electric vehicle maker VinFast announced it had officially filed for an initial public offering with the U.S. Securities and Exchange Commission. VinFast did not provide a timeline or financial specifics. Still, sources close to the matter expect the automaker to seek $2 billion through the IPO VinFast has reported it is still looking for a manufacturing facility in Germany but has extremely high hopes for the U.S. market.

News & Opinion:

Economy and job market lead to pay compression in over half of U.S. companies
Research from talent solutions and business consulting firm Robert Half has revealed that a growing number of American companies are experiencing pay compression. Of executives surveyed, 56% say they have seen discrepancies in pay between new hires and existing staff within the preceding 12-month time period. Pay compression, also known as wage compression or salary compression, has become increasingly common in a job market where finding competent and experienced staff is harder to find. New hires are brought on staff for higher pay than staff that has been with the company for a while, and the results can often become toxic in the workplace. Read More

How automotive manufacturers can create resilient supply chains in uncertain times
2022 is off to an unexpected start. While it may have seemed that disruptions in supply chains are lessening as COVID-19 restrictions are relaxed, that hasn’t been the case. Ramifications from the pandemic continue to be felt worldwide and it will be a while yet before things ‘return to normal.’ As a testament to this, the OESA Supplier Barometer index fell to a pandemic low of 33% at the end of 2021 due in large part to auto manufacturers’ concerns about cash management and survival. Read More