Inside Automotive:
How New York’s zero-emission vehicle mandate could affect the dealer body
New York is the latest state to mandate zero-emission vehicles in 2035. Today on Inside Automotive we’re pleased to welcome back Mark Schienberg, President of the Greater New York Automobile Dealers Association or GNYADA, to give us his perspective on the mandate and what this may mean for dealers in the state. Watch the complete segment here.
Headlines:
General Motors plans to tell investors that the company expects the EV program to be profitable in 2025. Chief Executive Officer, Mary Barra, is outlining a plan for the company’s Investor Day on November 17 to demonstrate how it can cover investments for battery plants and assembly to grow the Ultium battery program’s margins. Executives also intend to discuss GM’s efforts to transition from selling only approximately 44,000 EVs in the US this year, to being one of the major EV producers in the world. Read More
The Inflation Reduction Act of 2022 for the auto industry largely impacts how EV tax credits will be shaped moving forward. In a Cox Automotive survey of 1,000 customers, participants reflected on their familiarity with the act. 15% of respondents said they were extremely familiar with the law, while 14% said they were not at all familiar. Customers believe the new credits are generally easy to understand, and also indicate that the credits should be applied at the time of purchase. Read More
On Monday, Faraday Future Intelligent Electric signed a deal raising $350 million in hopes of rolling out its FF 91 luxury car. The company said that financing from Yorkville Advisors Global gives the company financial flexibility to help start production and deliver cars to customers. Read More
Porsche is giving the public a sneak peek at its next EV, an SUV that is two years away from production. The Macan electric will be built on a new platform Porsche is calling PPE: Premium Platform Electric. The setup offers several minor but significant improvements- more power, better handling, and a greater charging range. Read More
News & Opinion
Why sales process training is more important than ever
Dealership inventories are well below normal for both new and used vehicles and it’s likely to be another year before it has some semblance of usual business, give, or take. Prices are at record highs and the customers visiting the dealership online and in person are arguably the highest-intent purchasers the auto retail industry has ever seen. Like any sales position, saving time by cutting corners is a constant temptation. It’s true for new hires as much as it is for experienced staff. In some cases, it’s harmless and doesn’t affect the outcome while in other situations will result in a lost sale or upset customer. Read More
Polestar cements its position as a prominent EV competitor
Swedish carmaker Polestar released its third-quarter financial results on Friday, reporting skyrocketing revenue and gross profits as it continues to grow its position in the electric vehicle market. Shares of the electric vehicle company rose 25% in early trading on Friday following the release. The EV maker reported $748 million in revenues in the third quarter of 2021, which grew to $1.477 billion during the same period this year. Gross profit rose from $1 million last year to over $57 million this year. Read More
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