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Global EV sales, Honda teases mystery EV, Stellantis plans 3,500 employment boyouts

Inside Automotive 

Peter CooperWhy dealer transparency is key to healthy OEM relations — Peter Cooper | Lexus of Lehigh Valley
Tensions between OEMs and retailers have never been more strained, but could both sides benefit from simply taking a step back and re-examining their roles in the conflict? On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Peter Cooper, the president, and CEO at Lexus of Lehigh Valley, to discuss the effect dealers may unknowingly have on OEM and consumer relations. Watch the full segment here

Top stories

IEA's smaller EV SALESIn a report by the International Energy Agency (IEA), EV sales increased to 10 million last year, with China accounting for approximately 60% of the market. Record sale numbers continue the industry’s progressive growth pattern in the IEA’S Global EV Outlook for 2023:  Read More

Honda 2024 Prologue SUV
Image Source: Honda

On April 26, Honda revealed additional details for its upcoming electric vehicle lineup, including the 2024 Prologue and an unnamed model planned for 2025. Honda made the announcements during a Wednesday business meeting in Japan, during which its electrification strategy took center stage. Read More

Stellantis is looking to reduce its hourly workforce by as many as 3,500 employees through buyouts. Last week, Shawn Fain, the recently elected president of the UAW, and Stellantis spoke about their “fractured” relationship regarding Stellantis’ electrification strategy and the subsequent indefinite shutdown of the Belvidere Assembly plant in Illinois back in February, which impacted 1,350 employees. Read More

Penske Automotive CEO
Image Source: Joe Wilssens | Automotive News

Penske Automotive published its first-quarter performance numbers on Wednesday April 26, revealing some disquieting financial results on top of record-breaking revenue. According to the dealership group’s report, quarterly revenue grew 5.2% year-over-year, hitting a record $7.3 billion in March. The company’s automotive retail segment also grew 4% to $6.3 billion, accounting for 85% of its total Q1 earnings. Read More

For Dealers 

5 digital tools every modern dealership needs to drive sales success
Adding new digital tools to your dealership strategy mix can feel overwhelming and time consuming. Things like price constraints, learning curves, and whether or not the software can make a difference can impact your decision. Read More

Why is there still a technician shortage and what are industry leaders doing about it?
The lack of qualified technicians is an ever-present issue for most dealerships. By next year, this shortfall is projected to increase to 642,000 open positions across the automotive industry. That’s a clarion call that wise dealer executives should be listening to. 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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