CBT automotive newscast: April 14, 2022

Inside Automotive:

2 emerging buyer personas that auto marketers should keep an eye on
The past few years in the retail automotive space have been filled with uncertainty for many dealers, but experts are saying that despite this uncertainty, consumers are still searching and buying. Today on Inside Automotive, we’re pleased to welcome back John Lee, Head of Evangelism for Microsoft Advertising, to discuss what today’s consumer looks like and what they’re searching for. Watch the complete segment here.

Headlines:

Ford CEO Jim Farley has been awarded the title of Newsweek‘s Executive of the Year and landed a spot on the magazine’s list of the “World’s Greatest Auto Disruptors of 2022.” Farley has received praise for various business decisions he has made for Ford, including the spinoff of the automaker’s commercial business into “Ford Pro,” as well as Ford’s strong push towards the electrification of its vehicle lineup. Ford and Farley have also obtained other accolades recently, such as MotorTrend naming Farley as its Person of the Year and Time Magazine giving Ford a spot on its most influential companies list.

Earlier this week, Honda announced that it plans to release 30 electric vehicle models and reach production of over 2 million vehicles annually by the end of the decade. The automaker plans on spending $40 billion on electrification by 2030, which includes advances in robot and outer space technologies. Honda said it will be investing over $60 billion additional into research and development while allocating another $80 million to startups and the formation of alliances. Honda also plans on finding a reliable partner for EV battery production and eventually plans on developing its software platforms and architecture.

Alabama Governor Kay Ivey announced that Hyundai is officially planning on building a hybrid Santa Fe crossover and an electric Genesis SUV at its plant in Montgomery. The automaker will reportedly be investing $300 million into the project, which includes expanding the facility and completing updates to accommodate requirements for electric vehicle production. Hyundai said the move will create around 200 jobs at the plant, and production of both vehicles is expected to start later this year.

Electric vehicle charging solutions firm Wallbox said on Monday that it had broken ground on its new production facility in Arlington, Texas. The facility is Wallbox’s first EV charger production plant in the country. It will initially be making its Pulsar Plus AC home chargers that can charge any model of electric vehicle. The company has invested around $11 million in the plant so far, and hopes to produce more than 250,000 (thousand) chargers at the facility by the end of 2022. Wallbox is expected to open production lines for its other chargers in 2023.

News & Opinion:

How auto dealers can help promote greater financial literacy
Around half of Americans operate day-to-day with a limited understanding of finances. That’s according to the annual Personal Finance (P-Fin) Index study jointly performed by the Teachers Insurance and Annuity Associate of America (TIAA Institute) and the Global Financial Literacy Excellence Center (GLFEC) at the George Washington University School of Business. Their findings show that an individual’s ability to make sound financial decisions and manage personal finances has not measurably improved in the six years they’ve performed the study. Read More

GM, Ford, and Tesla execs meet with Biden to discuss future of electrification
All eyes have been on EV infrastructure since Pete Buttigieg announced new fuel economy standards. Since then, senior officials within the Biden administration have met with the top automotive leaders to discuss charging station infrastructure. So, what happened when the GM, Ford, and Tesla execs met with Biden? Let’s have a deeper look at the discussion and examine what it means for the future of EV travel. Read More