Inside Automotive
Are dealers prepared to change for the customers of tomorrow? – Shawn Vaughan | Vaughan Automotive
Dealers are still enjoying tremendous profits despite the economic headwinds and inventory constraints. But with the changing technological landscape and the evolution of consumer needs, is the industry ready for the car market of tomorrow? On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Shawn Vaughan, owner and CEO of Vaughan Automotive in Texas, to share his insights on developing issues in retail automotive. Watch full segment here.
Top Stories
On April 19, Tesla revealed its quarterly net profit had shrunk 24% from last year. In the automaker’s latest earnings call, CEO Elon Musk explained that the decrease was the result of higher production costs and the “underutilization of new factories.” since January, the company has cut prices six separate times, a tactic which Musk said would build long term volume and demand. Shareholders also learned that the EV brand’s long awaited Cybertruck would receive its own special delivery event later in the year. Read More
Stellantis has picked Natalie Knight as its new Chief Financial Officer, several months before outgoing CFO Richard Palmer is set to retire. Knight currently heads financial operations at Ahold Delhaize, an international food conglomerate, and is a former senior staff member of the Adidas corporation in Germany. In a press release, CEO Carlos Tavares stated, “With her experience and demonstrated business transformation leadership…she is exactly the right leader to continue accelerating Stellantis’ Dare Forward 2030 strategy.” Read More
Jaguar Land Rover is shortening its name to JLR as part of the company’s efforts to rebrand its business model. Along with the new title, the company is also looking to form a “House of Brands,” separating its Jaguar, Range Rover, Discovery and Defender lineups into their own markets. By 2030, the automaker will make electric powertrain options available for all of its models, although it still plans to manufacture internal combustion and hybrid vehicles for the foreseeable future. Read More
Two major automotive brands have revealed which of their electric vehicles will still qualify for tax credits under the Treasury’s new guidance. General Motors announced that its entire EV lineup would still earn the full $7,500 incentive, provided the models fall below MSRP caps. Shortly after, Volkswagen revealed its 2023 ID.4 SUV would also stay eligible for the total amount. Under the nation’s new domestic sourcing policies, VW will be the only foreign automaker to retain its credit-qualifying status. Read More
For Dealers
Automotive disruptors: 5 companies pushing the industry to grow
The automotive industry is transforming with new technologies, products, and brands. Despite setbacks like layoffs, production delays, and broken promises, some disruptors still shine, pushing the industry to grow and evolve. Tesla leads the pack as a disruptor, electric vehicle, and autonomous driving OEM. But initially, many doubted that a non-automotive entrepreneur could succeed. Read More
Weekly roundup: Tesla Q1 earnings, Buick debuts last ICE, revised EV tax credits
Rivian announced the expansion of its Adventure EV charging network, Lincoln debuted its new Nautilus SUV, the Treasury Department’s revised EV tax credits went into effect, and more headlines to stay on top of this week in automotive industry news.During Tesla’s quarterly earnings call, worries over the automaker’s declining profits were confirmed as the company revealed its net income had declined 24% from last year’s $3.32 billion. In total, Tesla’s quarterly net income fell $810 million to $2.51 billion, despite an 18% increase in automotive revenue. Read More
