Fisker cuts production targets, Lucid misses on earnings, Tesla breaks ground on Texas refinery

Inside Automotive 

Roberts leadershipHow to go from being a busy leader, to a productive one — Ed Roberts
Ed Roberts, the Chief Operations Officer at Bozard Ford Lincoln, is set to release his new book, Mile One: A Leadership Journey. Throughout his career, Roberts has gained extensive experience in various leadership positions and has developed a deep understanding of what it takes to inspire and motivate people to achieve their goals. So on today’s Inside Automotive, Roberts will walk us through what readers can expect to take away from the new book. Watch the full segment here.

Top stories

In its quarterly financial report, Fisker announced it was cutting its yearly production goal to a range of 32,000 to 36,000 unitsIn its quarterly financial report, Fisker announced it was cutting its yearly production goal of 42,400 units to a range of 32,000 to 36,000 units, the latest in a series of goalpost shifts from electric vehicle manufacturers in 2023. The EV brand reported a total quarterly loss of $120.6 million and revenue of $198 million. Read More

Iveco & Nikola
Image Source: Car and Driver- NIKOLA

Iveco is set to loosen its ties with U.S. startup Nikola as it purchases the full ownership of their joint venture, which develops battery electric and fuel cell heavy-duty trucks. Iveco and Nikola formed the joint venture in 2019 to help Iveco to catch up with large European rivals. Read More

Lucid has published its quarterly financials, revealing a mixed bag of encouraging growth and ongoing weaknessAmidst growing concerns over brand recognition, electric vehicle manufacturer Lucid has published its quarterly financials, revealing a mixed bag of encouraging growth and ongoing weakness. While the automaker’s year-over-year growth is an encouraging sign, investors are more likely to focus on other less admirable details within the report. Read More

lithium TeslaOn May 8, Tesla’s CEO and Greg Abbott, the Governor of Texas, broke ground at the Corpus Christi location of the company’s new lithium refinery. The facility on the Gulf Coast will help Tesla secure a domestic supply of lithium hydroxide, a crucial component required to create batteries for its electric vehicles and its home- and utility-scale batteries. Read More

For Dealers 

Kinsel Ford dealership in Beaumont, Texas. Image credit: Kinsel Ford

Kinsel Motors sells 4 stores, The Khoury Group acquires Don Elliott Autoworld
Dealership mergers and acquisitions have remained remarkably active so far this year, even in the face of substantial economic challenges that gained steam in the latter half of 2022. Dealers are actively pursuing new paths in droves, whether exiting the market or expanding their operations. This heightened buy/sell activity reflects the industry’s resilience and dealers’ eagerness to embrace fresh opportunities. Here’s a closer look at four notable M&A deals that closed successfully this spring. Read More

Car sales tips: Converting aggressive prospects into paying customers
As an automotive salesperson, you’ve probably had your fair share of interactions with aggressive prospects. These individuals often resort to bullying tactics to get what they want. They can be loud, confrontational, and even hostile. How you handle such prospects can significantly influence your sales performance and the overall reputation of your dealership. This article will explore effective strategies for dealing with aggressive prospects and turning them into satisfied customers. Read More

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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