Inside Automotive:
Dealer Chris Saraceno on business today: ‘We have to focus on what we can control’
Despite rising interest rates, inflation, and concerns about vehicle affordability, nothing seems to shake the confidence of our next guest. We’re pleased to welcome back Chris Saraceno, Vice President and Partner of Kelly Auto Group and the best-selling author of the Theory of 5. Saraceno joins Inside Automotive today to share his opinions on new car inventory, pricing power, and the race to electric cars. Watch the complete segment here.
Headlines:
A former Apple engineer has pled guilty to trade secret theft. According to court documents, U.S. prosecutors have alleged that Xiaolang Zhang stole plans for a circuit board intending to sell them to Chinese electric car maker Xpeng after his departure from Apple in 2018. The Chinese company has said they have no dispute with Apple and was not involved with the case in any way. Zhang had originally pled not guilty but changed his plea after reaching a deal with prosecutors. Sentencing is set for this November. A second former Apple engineer, Jizhong Chen, has pled not guilty to the same crime and is due in court on August 29th. Read More
Crude oil futures climbed on Tuesday while U.S. natural gas prices hit a fresh 14-year high. The rising oil prices come after the announcement on Monday from Saudi Arabian Energy Minister Prince Abdulaziz bin Salman that OPEC+ was considering reducing its oil production. As for natural gas prices, analysts point to the energy crisis in Europe as being a catalyst for rising prices around the globe. Prices in Europe surged on Monday after Russia’s announcement that its natural gas giant Gazprom would halt supplies to Europe for three days starting August 31st. Read More
Ford has begun notifying certain salaried and agency workers of layoffs this week, according to an internal email sent to its employees. Ford has been signaling for weeks they would layoff roughly 3,000 employees as part of a shift to electric vehicles. The email was signed by Executive Chair Bill Ford and CEO Jim Farley and discussed Ford’s need to redeploy resources and embrace new technology. The job cuts will go into effect on September 1st, according to a spokesperson. Read More
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