Average new car prices, Corvette E-Ray, Tesla invests $770 million in factory expansion

Inside Automotive

NCADA Pres. Robert Glaser on the Ford EV charging program for dealerships
Many dealers are particularly concerned with where the industry is headed. On today’s episode of Inside Automotive, Robert Glaser, President of the North Carolina Automobile Dealers Association, discusses what’s leading his Association’s agenda in this new year. Watch the complete segment here.

Top Stories

The average transaction price (ATP) of a new car in the U.S. reached a record high in December at $49,507, up 4.9% from the previous year’s levels and 1.9% from November. According to data issued by Kelley Blue Book, new-vehicle inventory levels are rising from historic lows earlier in 2022, but prices are still high. The average manufacturer’s suggested retail price (MSRP) has remained higher than new-vehicle average transaction prices for more than a year. Read More

In a video uploaded to Chevrolet’s social media channels, more details about the Corvette E-Ray, set to be unveiled next week, are revealed. The video shows the E-Ray starting and accelerating normally, propelled by its V8. The new stealth mode is then activated, and it begins to move steadily using electricity. The E-Ray is anticipated to have a front axle powered by one or maybe two electric motors and a rear axle powered by the 6.2-liter V8, capable of reaching between 600 and 650 horsepower. Read More

To increase production at its electric vehicle factory in Austin this year, Tesla has registered with the state of Texas to expand the facility. Tesla intends to invest about $770 million in the site to develop battery cell testing, cathode and drive unit manufacturing, and a die shop, among other things, according to January filings with the Texas Department of Licensing and Registration. Currently, some of Tesla’s Model Y vehicles are produced in Austin, and the company later hopes to mass produce its Cybertruck there. Read More

According to Polestar, approximately 21,000 vehicles were delivered to customers in Q4, a new quarterly record. Preliminary estimates put the global volume for the entire year at 51,500, which is about 80% more than it was a year earlier (29,000 in 2021). The company hopes to grow further and sell 80,000 electric vehicles, largely Polestar 2 models, with a minimal amount of the future Polestar 3. Read More

For Dealers

Now is the time to pay more attention to retention
2023 is underway and dealerships are busy crunching the numbers. While normal key performance indicators are under scrutiny, it is more important than ever to evaluate the most critical component of your dealership’s success: retention. Where do you start? The top priority should be evaluating employee retention. It isn’t as simple as asking your staff for feedback. You need a trusted partner to help evaluate employee perception and assist in crafting a measurable strategy. Read More

How to learn any new skill you want in just 20 hours
Josh Kaufman’s 20 hour rule is a beneficial system capable of assisting auto retail professionals in developing their professional skills. In this article, we will review the overall benefits and provide a detailed overview of his system.Kaufman’s 20 hour rule goes a little like this: A person can learn any new skill by dedicating 20 hours of planned practice time to that skill. Breaking down practice sessions into 45 minutes of practice a day can lead you to learn a new skill in as little as a month! Read More

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