Dealers' #1 source for auto industry news, content, coaching & analysis

2024 auto industry disruptors, number of dealers selling EVs triples, Cruise lays off 900 workers

Inside Automotive 

Dealer association presidents share their thoughts concerning the Hyundai-Amazon partnership and the White House's electric vehicle push.Dealer association presidents react to Hyundai-Amazon partnership and Biden EV push
The last year has been one of the busiest for dealer associations as the industry grapples with a host of unprecedented events, some of which could permanently change the face of the car business. From shifts in government policy, such as the Biden Administration’s efforts to restrict sales of gas-powered models and boost electric vehicle adoption, to moves that may threaten the franchise system, such as Amazon’s plan to sell Hyundai vehicles online in 2024, state dealer organizations have played a critical role as representatives of the retail automotive community. Watch the full segment here

Top stories

Since 2020, the share of new car dealers selling electric vehicles has risen from 16.5% to 55.1%, defying market headwinds and slow demand.More than half of all car dealers are selling electric vehicles in 2023, according to automotive data platform iSeeCars. Since the onset of the COVID pandemic, the number of non-Tesla dealers selling new electric vehicles has risen more than 200% while their share of the market has risen 800%. Read More

The Edmunds car buying experts predict that 15.7 million new cars will be sold in 2024 due to competing market pressures.The Edmunds car buying experts predict that 15.7 million new cars will be sold in 2024 due to competing market pressures, which should keep new vehicle sales largely stable. The prediction, calculated using Edmunds data, shows a 1% rise over their projected 15.5 million new car sales in 2023. The market share of electric vehicles (EVs) is predicted to increase to 8% of all new car sales in 2024 from 6.9% as of November 2023. Read More

Robotaxi service and General Motors subsidiary Cruise dismissed nine leaders and laid off 900 employees as it grapples with safety inquiries.This week, Robotaxi service and General Motors subsidiary Cruise let go of nine leading team members and revealed it would lay off an additional 900 employees as it faces investigations and government action stemming from an accident in which a pedestrian was dragged by a self-driving vehicle. Read More

Scout Motors has announced its plan to expand its footprint in the U.S. by building a new product design and engineering facility in Michigan
Photo | Michigan Economic Development Corporation

Volkswagen’s electric subsidiary, Scout Motors, has announced its plan to expand its footprint in the U.S. by building a new product design and engineering facility in Novi, Michigan. The new “Innovation Center” will become home to the production of its electric truck, while creating several new jobs in the area. Read More

For Dealers 

Should you trust AI with your digital ad dollars?
Artificial intelligence has a variety of uses in the automotive industry. While many dealerships use artificial intelligence in the marketing and customer service capacity of writing content and offering assistance with chatbots, artificial intelligence can also help you determine the who, what, and where of advertising. We’ll go into more depth about current and future cases of how to use artificial intelligence within automotive advertising.  Read More

Auto industry shifts: New car prices fall, hybrid demand up, Asbury acquires Koons, EV sales grow, UAW actions.Weekly roundup: New car prices fall, hybrid demand rises, Asbury acquisition, UAW labor disputes
Earlier this week: New car prices saw a decline in November, with Tesla being the most affected. Hybrid vehicles are gaining momentum as manufacturers balance the shift to electric vehicles (EVs) with consumer demand and regulatory compliance. Asbury Automotive Group notably expanded its portfolio with a $1.2 billion acquisition of Jim Koons Automotive Companies. Additionally, the number of electric vehicles in dealerships has significantly increased. In labor news, the United Auto Workers union has filed charges against Honda, Hyundai, and Volkswagen for alleged unfair labor practices. Here’s a closer look at these top stories and more headlines to stay on top of this week in automotive industry news.  Read More

Stay up to date on exclusive content from CBT News by following us on Facebook, Twitter, Instagram and LinkedIn.

Don’t miss out! Subscribe to our free newsletter to receive all the latest news, insight and trends impacting the automotive industry.

CBT News is part of the JBF Business Media family.

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.

Related Articles

Latest Articles

From our Publishing Partners