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Ford sets ambitious targets, GM’s deal with LG Chem, Toyota invests in new SUV

Inside Automotive

Bill Wittenmyer joins Inside Automotive to share the latest news on consumer preferences and how they are influencing the car buying process.How consumer preferences are dictating the car buying process — Bill Wittenmyer
Consumer preferences have rapidly transformed in the retail automotive sector. Knowing how the expectations have changed and how buyer needs will continue to evolve will be essential to long-term dealership success. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Bill Wittenmyer, Chief Sales Officer at DealerOn. Watch full segment here.

Top Stories

Ford recovered from its disappointing performance in 2022 with $4.33 billion in profit, beating analyst expectations despite a late-year loss.Ford posted strong quarterly and full-year revenues on Tuesday, beating analyst expectations—despite reporting a net loss for the October through December period—and announcing ambitious financial targets for 2024. The automaker earned $43.2 billion in automotive revenue for the final quarter of 2023, approximately $3 billion more than forecast and $1.4 billion more than in Q4 2022. Read More

The American automaker GM will receive cathode materials worth up to $19 billion from South Korea's LG Chem in the upcoming years.As part of General Motors’s (GM) long-term goals to become a leader in electric vehicles, the American automaker will receive cathode materials worth up to $19 billion from South Korea’s LG Chem in the upcoming years. The Seoul-based chemical business announced on February 7 that it had signed a ten-year agreement to supply GM with over 500,000 tons of cathode materials, which is around five million EVs’ worth of batteries, starting in 2026. The cathode supply is estimated to be worth at least $18.65 billion. Read More

Toyota plans to build an electric SUV at its Kentucky plants within the next two years, even as other automakers pull back from the EV market.Toyota has announced plans to invest $1.3 billion in its Kentucky facility to build a three-row electric SUV for the U.S. market. The new investments are part of the automaker’s efforts to implement an electric vehicle production line at the Kentucky factory and will allow the company to open a battery assembly line within the plant. Battery components will come from the Toyota Battery Manufacturing North Carolina facility. Read More

Cars.com has recognized the best in terms of innovation, quality, and value and has released a list of the 2024 model-year best vehicles.The year 2024 has already brought a wave of newly redesigned and innovative vehicles that have taken the automobile industry by storm. Cars.com, a leading automotive website, has recognized the best in terms of innovation, quality, and value and has released a list of the top 2024 model-year vehicles. This list aims to help car enthusiasts and potential buyers make informed decisions when purchasing a new vehicle. Read More

For Dealers

Trends in automotive TV advertising—still worth it for dealers?
Television advertisements are a big deal for car manufacturers. Minding our language, and depending on who you ask, it might be fair to say that television ads “used to be” a major part of car manufacturer advertising. We’ll explore some emerging trends within the automotive industry that make some dealers wonder if it’s worth advertising on TV stations anymore. Read More

The high-income club’s grip on auto sales
The automotive sales landscape is undergoing a seismic shift. In April of last year, CBS Detroit reported that Jonathan Smoke, chief economist at Cox Automotive, says new car sales are increasingly becoming the domain of the top 20% of income earners. Ignore the “greatest sales year since the pandemic” news you read today; what drove Smoke to comment hasn’t disappeared. Read More

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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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