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GM stops making Chevy Bolt, Hyundai finalizes $5 billion EV plant, Tesla passes global sales milestone

Inside Automotive 

NADA president Mike StantonNADA President Mike Stanton on building bridges between OEMs and dealers
The role dealers play in shaping the future of the car business is more essential than ever, but do manufacturers see it that way? On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Mike Stanton, president and CEO of the National Automobile Dealers Association (NADA), to provide an update on the organization’s work to support and represent automotive retailers and to offer his perspectives on the car market. Watch the full segment here

Top stories

GM 2023 guidanceComing off one of its most successful quarters, General Motors has revised its 2023 guidance to account for greater earnings and revenue than it previously anticipated. The automaker surpassed Q1 expectations by generating nearly $40 billion in revenue, a year-over-year increase of 11.1%, breaking its North American record with $32.9 billion. Read More

Samsung & GM battery cellGeneral Motors and Samsung SDI have announced they are partnering to build a new $3 billion battery cell factory in the U.S. to power GM’s EVs. The official announcement by GM and Samsung highlights the plan to invest more than $3 billion to build a new battery plant, which is anticipated to be operational in 2026. Read More

Tesla global salesAccording to a new global sales analysis, Tesla has completed an important objective on its path to becoming a prominent international brand. The study, conducted by CleanTechnica, a news platform reporting on clean technology and sustainable energy, compared Tesla’s worldwide manufacturing and delivery reports leading up to and including Q1 2023. Read More

Hyundai battery plant
Image Source: WSBTV_ TV Channel 2

To boost Hyundai’s electrification, the company said on April 25, 2023, it finalized a $5 billion EV battery plant in the U.S. In Georgia, a new battery manufacturing facility will be established by Hyundai and its new partner SK On, a battery innovation. In order for car owners to be eligible for up to $7,500 in incentives under the Biden administration’s Inflation Reduction Act (IRA), the action follows the new U.S. EV requirements for components and critical minerals. Read More

For Dealers 

Drive your dealership sales to new heights: The power of ongoing training
Talk with any sales manager, and they’ll say that a dealership’s success is built on the foundation of its sales department. And it’s tough to disagree with that. Often, the salesperson is the first voice of the dealership and will make or break anything that comes after that contact. Read More

Q&A with Toyota dealer Chris Kari: Can daily rentals make fleet programs profit centers?
The cost of courtesy loaner fleets presents a familiar challenge for every dealer: Spend on cars that can win customers and increase some RO values, or save on fleet costs and potentially lose CSI points and service volume? Read More

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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