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Tesla profits plunge, Ford and Hyundai share updates, UAW endorses Biden

Inside Automotive

In the latest episode of Inside Automotive, Mark Schienberg, President of the GNYADA shares the latest trends and challenges in the marketGNYADA Pres. Mark Schienberg talks future of auto sales and electrification in New York
New York is a city known for its diverse consumer base, significantly impacting the automotive industry. In the latest episode of Inside Automotive, we’re joined by Mark Schienberg, President of the Greater New York Automobile Dealers Association (GNYADA), to learn about the latest trends and challenges in the market and what the Association has planned for the upcoming year. Watch full segment here.

Top Stories

Tesla generated $7.9 billion in net income in the final months of 2023, clouding profitability expectations for the coming months.Electric vehicle brand Tesla reported a steep decline in fourth-quarter profits against a 3.5% increase in revenue over the same period, missing analyst forecasts and raising questions for the new year. From October through December, the automaker earned $25.17 billion from sales of 484,000 vehicles. The number brings its total-year revenue to $96.77 billion, up 19% but slightly behind average analyst forecasts of $97.46 billion. Read More

In accordance with a WARN notice, Sonic Automotive closed all of its Northwest Motorsport store locations and laid off 142 employees.In compliance with a Worker Adjustment and Retraining Notification (WARN) notice submitted to the state Employment Security Department, Sonic Automotive has closed all of its Northwest Motorsport store locations and laid off 142 employees this week. The company operated dealerships in Marysville, Lynnwood, Puyallup, Pasco, and Spokane Valley, Washington. Read More

Ford and Hyundai shared financial with updates with investors amidst a backdrop of uncertainty over the car market's future.Automakers Ford and Hyundai shared financial updates from the fourth quarter, offering new insights into their 2023 performance. Ford announced that a pre-tax remeasurement loss, stemming from employee retirement expenses and falling discount rates, would lower its Q4 profits by roughly $1.3 billion. The automaker noted that the total cost of remeasurement equaled $1.7 billion. Read More

On January 24, the United Auto Workers union backed President Joe Biden, a long-awaited move that significantly boosted the president.

On January 24, the United Auto Workers union backed President Joe Biden, a long-awaited move that significantly boosted the president. The endorsement comes as the Biden campaign entirely shifts its focus to the general election, citing former President Donald Trump’s victory in the New Hampshire Republican primary on January 23 as evidence that he is expected to be named the GOP nominee for president. Read More

For Dealers

Discover key insights into incorporating battery storage for your dealership’s sustainable energy storage. How automotive dealerships can save money with battery energy storage
Automotive dealerships must prioritize upgrading their electric infrastructure to support the anticipated increase in electric vehicle (EV) sales, projected to reach 2.5 million per year in 2028. The U.S. federal government is actively facilitating EV adoption, aiming to simplify the purchasing process for consumers, encourage companies to electrify their fleets, and assist businesses in installing EV charging stations. As dealerships embrace electrification to maintain competitiveness, it’s crucial to also explore the benefits of integrating battery energy storage systems (BESS). Discover key insights into incorporating battery storage for your dealership’s sustainable energy storage. Read More

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CBT News
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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