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GMs lithium investment, Our Next Energy’s latest fundraising, Cadillac Lyriq price reductions

Inside Automotive

the franchise systemHow OEM EV programs impact the dealer franchise system — Zach Doran, OADA President
The OEM programs being provided to dealers are a hot topic that keeps raising eyebrows in the industry. While many people have chosen to participate, some state dealer associations around the nation are urging caution. Zach Doran, President of the Ohio Automobile Dealers Association, joins us to discuss his thought on these programs and where his association stands today. Watch the complete segment here.

Top Stories

lithium mineFollowing in the footsteps of other automakers, General Motors has secured EV material production by dedicating $650 million in investments towards the largest lithium mine in the U.S. The funding will go to Lithium Americas Corp. to convert the Thacker Pass lithium mine into a fully functional operation. According to the agreement between the two companies, GM will be the mine’s sole customer. Read More

Our Next Energy, ONEOur Next Energy (ONE), a manufacturer of EV batteries, announced that it raised $300 million in its most recent round of funding, valuing the Novi, Michigan-based business at over $1 billion. The most recent investment, along with economic incentives from the state of Michigan, provides the business with the funding it needs to start production at its first battery cell plant in Van Buren township by the end of the next year. Read More

2024 LyriqAs reported by GM authority, the 2024 Cadillac Lyriq EV will have a revamped entry-level trim. The Lyriq initially had a relatively high price, but it wasn’t significantly more expensive than many competing electric crossovers. However, with a lower cost trim option of $57,195, the Lyriq become marginally more accessible. Read More

Yesterday, Hyundai released its January sales report, offering good news for investors and dealers alike. The company started 2023 off strong by selling 52,001 units in the first month, 4,129, or 9%, more than it did last January. The growth was in part achieved thanks to the proliferation of Hyundai’s electric and hybrid vehicles. The Elantra HEV saw 70% more sales in comparison to 2022, while deliveries of the Kona EV rose 19%. Read More

For Dealers

black auto industry professionals
C.R. Patterson

Celebrating the achievements of black auto industry professionals past, present, and future
From designers and inventors to dealership owners and professional racers, a great number of Black Americans have transformed the automotive industry. In fact, many of our favorite vehicle designs and innovations are thanks to these 17 black pioneers who are forever a part of American history. Read More

Gen Z F&IThe surprising complaint for Gen Z car buyers
The youngest demographic to enter the car buying market is the one that is surprising analysts the most when it comes to what they hate the most about the entire car buying experience. This demographic is widely described as people born between 1997 – 2012. The top end of this group is shopping for a car for the first time and will have their first early experiences with sales and F&I. Read More

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