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Carvana’s debt plan, Ford plant update, Tesla charges Rivian

Inside Automotive

Exclusive: What is the future of electric mobility in automotive? — Peter Leyden
On this edition of Inside Automotive, we’re joined by Peter Leyden, futurist, entrepreneur, and foresight strategist. Leyden is also the former managing editor for WIRED Magazine, founder of media startup Reinvent, and co-author of The Long Boom: A Vision For The Coming Age Of Prosperity. Today he shares his perspective on the changes that might be coming in the next 25 years. Watch full segment here.

Top Stories

debt plan CarvanaLast week, Carvana made some encouraging updates to its financial outlook, causing stocks to shoot up 20% in a single day. Although the company is still searching for effective ways to resolve its debt of $9 billion, it has created a new payment strategy to lower its cash interest expense. The used car retailer also published its first quarter guidance ahead of schedule, forecasting losses between $50 million and $100 million. In comparison, the company reported a far greater early-year loss of $348 million in early 2022. Read More

Ford, Tennessee plantFord has revealed additional details for its new BlueOval City plant, currently under construction in Tennessee. The automaker now expects the facility to manufacture 500,000 electric vehicles a year once it opens in 2025. While the new factory has the capability to build multiple models, only one vehicle, a pickup codenamed T3, is scheduled for production. CEO Jim Farley praised the T3 project, calling it “a once-in-a-lifetime opportunity to revolutionize America’s truck.” By 2026, Ford hopes to make 2 million EVs annually. Read More

navigation SuperchargersRivian has added a feature which allows drivers to locate Tesla charging stations, one month after the competing EV maker expanded access to its supercharger network. Tesla chargers are rated highly for their speed, but were originally built to connect exclusively to its own products. To unlock its stations to other brands, the brand began installing adapters which work with most EVs. While Rivian customers can now find and use Tesla chargers with the adapter, only twelve locations have received the upgrade since the expansion was announced in February. Read More

Hyundai and kiaHyundai and Kia have issued a massive recall for over 571,000 vehicles after discovering a potential fire risk in some models. According to the two automakers, tow hitch harnesses on certain cars can catch fire, even when parked. The recall affects Santa Fe SUVs, Santa Cruz pickups and Carnival minivans built between 2021 and 2023. To prevent a fire from spreading to their property, both brands are urging customers to keep their vehicles parked outside until they can see a technician for repairs. Read More

For Dealers

Price control meets traction control
Demand is a slippery road. Sometimes the wheels spin, but the vehicle doesn’t move. So you lower the price to get some traction. But how much? And to which wheel? Dealers need to think about pricing today. Because right now, without VIN-specific demand control, price can be the most costly tool you have to compensate for shortfalls in demand. Interest rates aren’t helping. Gas prices aren’t making life easier. The whole global macroeconomic thing isn’t ideal. Read More

6 ways your dealership can capitalize on word-of-mouth marketing
The greatest ambassador a dealership or any consumer-facing business has is current customers. People are more likely to consider the outlook of those they trust. According to Nielsen, 82% of Americans say they seek recommendations from friends and family before buying something. When a family member or friend recommends a brand, the business has automatically built trust with the future customer. For this reason, word-of-mouth marketing for dealerships is powerful. Read More

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For over 10 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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