Automotive weekly roundup: Nissan targets growth, online sales rise, Hyundai Invests big in EV future

Earlier this week: Nissan plans to boost sales by 1 million units and slash EV costs through its “Arc” strategy by 2027. CarGurus reports a trend toward online car buying and decreased brand loyalty. J.D. Power finds higher satisfaction among EV owners with home charging compared to public stations. Edmunds highlights a gap between consumer expectations and the actual pricing of EVs. Hyundai is investing $51 billion in electrification, aiming to lead in the EV market despite industry hesitations. Here’s a closer look at these top stories and more headlines to stay on top of this week in automotive industry news.

1. Nissan to add 1 million in sales, combat EV headwinds with cost-cutting plan

Nissan’s new “Arc” mid-term growth strategy calls for an additional 1 million units in annual sales and for cutting electric vehicle manufacturing expenses by one-third. The automaker has set ambitious timelines for achieving its objectives, aiming to complete its sales target by fiscal 2027 and lower EV-related production costs by the end of the decade. Nissan also plans to launch 30 new models throughout the next two years, more than half of which will be hybrid or fully electric, and boost operating profit margins over the 6% mark by the end of fiscal 2026. Aside from expanding the company’s market share and improving profitability, the new Arc strategy’s primary goal is to compensate for earlier-than-anticipated headwinds in the electric vehicle sector. Read More

2. CarGurus study shows shift to online car buying, decline in brand loyalty

CarGurus has published its sixth annual U.S. Consumer Insights Report. The report reveals how consumer behavior has changed in the face of a highly competitive automotive market characterized by rising interest rates and costs, a growing selection, and more opportunities for work-from-home options. The study focuses on the reasons and locations behind people’s buying and selling decisions, examining how they prefer to complete some or all of the transaction process online. It is conducted among recent vehicle buyers and/or sellers. The report also comprehensively analyzes attitudes following the car buying transaction. Read More

3. Home charging boosts EV owner satisfaction – J.D. Power

The J.D. Power 2024 U.S. Electric Vehicle Experience (EVX) Home Charging Study found that home charging provides EV owners a more satisfying experience than public charging, despite the growing pains of the public charging infrastructure. Additionally, the study revealed that Level 2 charging options, which 84% of home-charging EV owners prefer, provide faster charging speeds and higher owner satisfaction compared to Level 1 portable chargers.  Even though there has been an improvement in satisfaction with Level 1 chargers, owners still report a significant gap in satisfaction levels between Level 1 chargers and Level 2 permanently mounted stations and portable chargers. Read More

4. What electric vehicle buyers want vs. what the market has to offer

New research has identified a disconnect between the expectations of electric vehicle shoppers and the reality of what the market has to offer, underscoring the need for better consumer education both in and outside the dealership. According to Edmunds‘ latest electric vehicle sentiment survey, consumers tend to hold overly optimistic beliefs concerning multiple aspects of the battery-powered car segment. One of the most noticeable areas where expectations and realities clash is pricing. Nearly half (47%) of research participants said they were looking for a model below $40,000, with 25% searching in the $30,000-$40,000 range and 22% searching for a sub-$30,000 car. However, Edmunds notes that there are no new electric vehicles on the market with an average MSRP of less than $30,000, while only four models retail the $30,000-$40,000 range. Read More

5. Hyundai “doubling down” on electrification with $50 billion investment

Hyundai Motor Group will invest $51 billion to increase the scale of its electric vehicle operations, “doubling down” on the battery-powered car segment even as other manufacturers postpone similar investments due to slower-than-expected sales. The South Korean automaker conglomerate said its new investments would be distributed over the course of three years. Roughly $26 billion will be used to expand infrastructure and manufacturing, while the remainder will fund research and development for new electric vehicles. Hyundai expects to hire an additional 80,000 workers to help it achieve its goals of expanding its new mobility businesses. Read More

6. Why the automotive industry needs more women leaders — Vanessa Delegas | Lovering Auto Group

Welcome to another episode of Women Driving the Industry, a show where leaders from across the automotive landscape discuss their professional experiences and shed light on the challenges women continue to face in their careers. In this edition, host Shyann Malone is joined by Vanessa Delegas, president and CEO of the Lovering Auto Group in New Hampshire. Learn the building blocks to leadership and networking as Delegas shares her experiences entering into the car business from a non-traditional background and climbing the ladder to success. Watch Here

7. How to win in today’s volatile used car market – John Ellis

The used car market is bustling with activity this spring, and car dealers must ensure their pre-owned operational strategies align with current market conditions. Joining us today on CBT Now is John Ellis, automotive industry expert, economist, and serial entrepreneur, to discuss the latest shifts in the used car market, including current trends in sales and inventory. Watch Here

8. What mobile service has to offer for your dealership — Jim Sabino | All American Ford

Mobile service is becoming increasingly essential to meet consumer preferences on the convenience and accessibility of repair or maintenance. While implementing such a model into your dealership operations may seem challenging, the process may not only be easier than you think; it may also be more efficient.

On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Jim Sabino, fixed operations director at All American Ford’s collision center. Sabino has spent the better part of the last three decades leading fixed-ops teams to success despite the automotive industry’s countless transformations. Now, he shares his insights into the benefits of remote fixed-ops and how dealers can integrate mobile service into their business models. Watch Here

9. Jeff Wyler Automotive’s new online car buying experience is an industry first

New vehicle customers have been calling for a 100% online car buying experience in for many years, citing the heightened convenience and speed of digital retail. They may not have to wait much longer.

On this episode of CBT Now, host Jim Fitzpatrick is joined by Kevin Frye, marketing director at the Jeff Wyler Automotive Family, and Paulo da Silva, vice president of operations at Cox Automotive Ecommerce. Earlier this month, Jeff Wyler Automotive oversaw a fully digital new vehicle purchase, making history as the first dealership group to do so. Now, Frye and da Silva discuss the advantages of online car buying and how it could change the face of the industry. Watch Here

10. Leveraging opportunities to boost diversity in the automotive sector — Ashlee Church | Volkswagen of Marion

Success in the automotive sector is often assessed based on numbers alone, meaning whoever has the most sales is considered the best at the game. However, there are many metrics by which we can gauge success in this industry, some of which measure transparency, ethics, inclusivity, and customer service. Taking time to focus on these elements is not only important for running a business in good standing; they are also essential to achieving sales in the long term.

On this episode of Inside Automotive, host Shyann Malone is joined by Ashlee Church, general manager at Volkswagen of Marion, located in Illinois. Leveraging her years of experience in the industry, Chruch explains what it actually takes to improve gender diversity in the automotive sector and how the business will need to change if it hopes to continue growing. Watch Here