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CBT automotive newscast: July 26, 2021

Featured Interview:

salesFirst half 2021 automotive sales analysis – Tyson Jominy, VP of Data at J.D. Power
After coming off 18 million-plus SAAR in Q2 of this year, the big question now, is if this momentum will continue through the remainder of 2021. Joining the show today to shed some light on this topic, is Tyson Jominy, Vice President of Data and Analytics for J.D. Power. Watch the complete segment here.

Top Headlines:

As the Biden administration waits on Congressional approval for semiconductor research and manufacturing funding, the President is already laying the foundation for how the proposed $52 billion should be spent. During a recent White House press briefing, Commerce Secretary Gina Raimondo said, “We need to incentivize the manufacturing of chips in America and so we are very focused on putting the pieces in place so that can happen.”

Electric vehicle startup Rivian has confirmed plans for a second assembly plant on U.S. soil. The Amazon-back company announced that the plant will also include battery cell production, Reuters reports. Although a site has yet to be identified, several states are bidding for the project which is being referred to as “Project Tera.” Rivian spokesperson Amy Mast elaborated, saying “We look forward to working with a supportive, technology-forward community in order to create a partnership as strong as the one we have with Normal [illinois].”

Volvo Cars has released its first half earnings ahead of a potential IPO. The automaker reportedly earned 13.24 billion Swedish crowns or $1.52 billion dollars in the first half, which is over double than its profit of 5.52 billion crowns in the same period of 2019. Although Volvo was heavily affected by the outbreak of the Coronavirus and the ongoing global chip shortage, executive leadership is optimistic about its growth trajectory and electric future.

General Motors’ advanced driver assist system, Super Cruise, is getting some major upgrades in 2022 and will be available for a wider range of vehicles. The system will now offer fully automatic lane changes, support for towing, and upgrades to the navigation system. Additionally, for the first time, Super Cruise will be available for the Chevy Silverado and GMC Sierra pickups.

News & Opinion:

pricesAuto retailers poised to handle inflated vehicle prices on rising materials costs
Emptying car lots have been a challenge for dealerships in the hot selling season, but higher profits have been a boon on the backs of incredible demand. There are stories of consumers paying thousands of dollars over MSRP to buy the model and trim level they want, and those inflated prices might be crucial going forward. On top of the chip shortage, raw material prices have been climbing to all-time highs. Read more

serviceWhat do techs want from a service advisor?
When a dealership hires a service advisor, they do well to consider how this person will interact with the customers. However, it’s vital not to overlook what the technicians want from a service advisor too. After all, the service advisor’s salary is higher than the mechanics to ensure the auto technician’s job can be made easier, tasks will be completed quicker, and your customers will be happier. 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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