Stellantis and Ford’s Q1, new GM president, battery-swapping Fisker

Inside Automotive

M&A trends: will the economy change the way buyers act? - Erin Kerrigan | Kerrigan AdvisorsM&A trends: will the economy change the way buyers act? – Erin Kerrigan | Kerrigan Advisors
Dealership mergers and acquisitions (M&A) are dynamic and can be affected by economic conditions, consumer preferences, manufacturer requirements, and regulatory changes. Understanding the factors that influence storefront valuations is crucial for buyers and sellers to make informed decisions. On this episode of Inside Automotive, host Jim Fitzpatrick is joined once more by Erin Kerrigan, founder and managing director of Kerrigan Advisors, to provide updates on the state of M&A activity. Watch full segment here.

Top Stories

Stellantis makes progress in Q1, sees easing semiconductor shortage

Global automotive brand Stellantis reported first-quarter revenues of $52 billion, a 14% jump from the prior year. Deliveries and inventories also saw substantial recoveries, which the company attributed to a large procurement of semiconductors in early 2023. EV sales improved 22%, driven by the brand’s expanding lineup of battery-powered cars. The company confirmed it was still on track to meet targets set in the Dare Forward 2030 plan, which would drastically increase profitability and electrification over the next decade. Read More

Ford sees sales, profits increase in Q1, but struggles with EV segmentDuring the first-quarter, Ford saw overall volumes, profits and cash-flow improve, but continued to struggle with its EV segment. The brand’s profits recovered substantially from 2022, hitting $1.8 billion by March 31 thanks to a combined $41.5 billion in revenue. The company’s sales also grew 9.9% year-over-year to a total of 1.1 million units. However, while its total EV deliveries also climbed 40% Ford continued to lose money on the segment, while sales of the Mustang Mach-E plunged by 20%. Despite the decrease the automaker said it was still on pace to meet its goal of selling 600,000 EVs by the end of the year. Read More

Rory HarveyGeneral Motors of North America has chosen a replacement for retiring president Steve Carlisle, who has worked for the company since the 1980’s. Incoming president Rory Harvey currently serves as the vice president of Cadillac, and assumes his new role on June 1st. In a statement, GM Chief Mark Reuss expressed thanks to Carlisle for the leadership and collaboration he provided during his four-decade tenure. The automaker has also selected candidates for several executive roles including Harvey’s replacement at Cadillac, and a new vice president of customer care and aftersales. Read More

Fisker has formed a joint-venture with battery developer Ample to introduce electric vehicles capable of battery-swapping: a time-saving feature rarely used in the U.S. despite its prevalence in China and Europe. The partnership will produce a custom version of the EV brand’s upcoming Ocean SUV capable of working with Ample’s technology, although sales of this model will be initially limited to fleet customers. Drivers will be able to deposit depleted batteries at swap stations around the country and receive a fully-charged replacement in less than ten minutes. Fisker plans to launch the program in mid-2024. Read More

For Dealers

EV prices are dropping but has that made them affordable?
Could you buy an electric vehicle – whether new or used, with the current prices available on the market? How about 6 months from now, or when your current gasoline-powered vehicle gives up? We intend to examine some of the factors that go into the current pricing for electric vehicles, as well as what automakers are doing to reduce the perception that they are expensive. Read More

April U.S. auto sales see solid year-over-year gains
April 2023 is a tale of two stories. One indicates that buyers are continuing to benefit from increased inventory offerings, while the other shows there might be a slowdown approaching the latter half of Q2. Nevertheless, April is a strong start for Q2. According to Cox Automotive’s projections, April is expected to finish with a seasonally adjusted annual rate or SAAR of 15.1 million, a notable jump from last year’s 14.3 million (likely due to the industry’s then lack of available inventory). Read More

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