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GM expands V2H, Tesla qualifies for tax credit, Lucid reports earnings

Inside Automotive

MC Watson joins Inside Automotive to discuss how car dealers can earn more by maintaining relationships with fixed operations clients.Why relationships are crucial to fixed operations growth— MC Watson | automotiveMastermind
Driving more consumers into the service bay is important for car dealers looking to grow their business, especially considering that fixed operations revenue typically comprises roughly half of a dealership’s earnings. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by MC Watson, business development manager at automotiveMastermind, an automated sales and marketing platform, to discuss the importance and value of fueling the service department. Watch full segment here.

Top Stories

General Motors plans to offer bidirectional charging technology on a wider list of upcoming electric vehicles than previously expected.General Motors plans to offer bidirectional charging technology, also known as vehicle-to-home (V2H) charging, on a wider list of upcoming electric vehicles than previously expected, expanding access to a new, helpful feature. Bidirectional charging, allows drivers to store surplus energy from their cars in their homes, provided they have the required utilities installed. Doing so can allow homeowners to lower their electricity bills and can also provide relief for the nation’s grid during periods of high demand. Read More

Tesla tax credit

A significant feature of the Inflation Reduction Act is the tax credit for used electric vehicles. The credit, which has a maximum value of $4,000, is available for used EVs, PHEVs, and FCEVs sold for less than $25,000 on the market. However, there was an issue-  The Internal Revenue Service’s (IRS) list of acceptable vehicles never included used Teslas. CleanTechnica’s Paul Fosse found in a study that used Teslas would not qualify for the tax credit because the automaker had “forgotten” to complete the necessary paperwork to allow used examples to qualify. Read More

Lucid has confirmed it is on track to meet its annual production target of 10,000 electric vehicles, despite missing revenue guidance for Q2.Lucid has confirmed it is on track to meet its annual production target of 10,000 electric vehicles, despite scoring lower-than-expected revenue in the second quarter. In its earnings report, the electric vehicle startup revealed it had made $150.9 million from 1,404 sales of the Lucid Air sedan. The total was roughly $24 million behind analyst forecasts. The company’s net losses were also higher than the year before, hitting $764.2 million compared to $555.3 million. Read More

Chrysler recall

Officials claimed Chrysler is recalling almost 45,000 vehicles because the upper B-pillar inside trim may not be seated entirely, which could prevent airbag deployment. According to the U.S. National Highway Traffic Safety Administration, NHTSA, the Chrysler recall affects 44,708 Jeep Wagoneer and Grand Wagoneer cars from 2022 to 2023. The NHTSA said, “In the case of a crash, a compromised deployment of the airbag (SABIC) can reduce occupant protection, which will increase the risk of injury. Read More

For Dealers

AI artificial intelligenceHow AI is revolutionizing automotive sales and marketing
The auto industry has always been a trailblazer in adopting cutting-edge technology in manufacturing, marketing, and in vehicles. Artificial intelligence (AI) is now driving the sector to even more unprecedented heights. With AI’s integration into auto sales and marketing, dealerships and OEMs alike are discovering new opportunities to engage customers and drive growth. Here’s a closer look at how AI is changing the game. Read More

The complexity of electric vehicle battery technology paints a more nuanced picture of the so-called 'clean energy' revolution.Battery technology: understanding the heart of EVs
Life and the auto industry have taught us many things, and one of the significant teachings is that there’s no free lunch. The push towards electric vehicles (EVs) is a remarkable step towards a cleaner future, but it comes with costs and concerns that must be addressed. Like any individual, what’s on the outside may not be what’s in the heart. So, let’s look at the heart of EVs—the battery. Read More

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CBT News
For over 11 years, CBT News has been informing and helping automotive retail professionals grow their businesses and thrive in their careers through an awarding-winning, on-demand streaming platform. With exclusive interviews featuring the biggest names in the industry, daily newscasts, up-to-date market data, and exclusive articles covering the latest trends, CBT News is your #1 source for auto industry news and content.

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