Earlier this week, Tesla CEO Elon Musk revealed the third act of his “Master Plan” during Tesla’s annual Investor Day, Rivian tops the J.D. Power EV ownership study, General Motors unexpectedly announces 500 layoffs, and more headlines to stay on top of this week in automotive industry news.
1. J.D. Power reveals the top awards for the 2023 U.S. EV experience ownership study
The 2023 U.S. electric vehicle experience ownership survey by J.D. Power revealed that, surprisingly, Tesla did not top the list for the best EV ownership experience. According to J.D. Power, a renowned consumer insight firm that delivers data-driven industry analysts, the RIvian R1T pickup truck rates first overall among EVs and exterior appearance. Read Here
2. Musk reveals phase three of “Master Plan” at Tesla Investor Day
Earlier this week, Tesla CEO Elon Musk revealed the third act of his “Master Plan” at the automaker’s annual Investor Day.Speaking to investors at the Tesla Gigafactory in Austin, Texas, Musk discussed Tesla’s next steps over the course of a three hour presentation. Highlighting the importance of sustainability, the entrepreneur revealed that the automaker will be investing heavily in renewable energy, with an anticipated expenditure of $10 trillion. Part of this budget will go towards increasing global energy storage capacity, with a target of 240 terawatt-hours. Each terawatt-hour is equivalent to one trillion watts per hour, with global consumption averaging roughly 63TWh per day in 2019. Read Here
3. Fisker expects to make first deliveries of Ocean EV in spring
In its fourth quarter and full-year financial report, electric vehicle startup Fisker, Inc. announced that the first deliveries of its inaugural vehicle, the Ocean EV, would begin in spring. Despite the brand’s association with luxury, the Fisker Ocean seems to be targeting a wider market, for whom affordability and efficiency are key. If the company’s testing data is to be believed, the electric SUV/Crossover will have over 350 miles in range, well above the industry’s 2021 median of 234 miles. Read Here
General Motors is unexpectedly terminating 500 staff members after concluding a round of performance evaluations. These terminations seemingly conflict with recent statements made by the brand’s leadership. In January, CFO Paul Jacobson detailed a plan to cut costs and save an additional $2 billion, but noted that the brand was “not planning layoffs.” Although small staff reductions were anticipated, he claimed these would be the result of attrition. Read Here
5. Carvana recorded a net loss of $806 million in the fourth quarter
Carvana released its financial statistics for 2022 and disclosed a $1.6 billion net loss overall. Which is more than half of the amount it lost in Q4, when the company disclosed a net loss of $806 million for the period. Despite a 3% decline in sales from 2021, pre-vehicle profit declined by about 33% as a result of falling used car values following increased OEM manufacturing. When speaking to shareholders, CEO Ernie Garcia and CFO Mark Jenkins stated that 2022 “was the first year Carvana stepped back on the key metrics of retail units sold, total GPU, net income margin, and adjusted E.B.I.T.D.A margin.” Read Here
6. 2023 TIME Dealer of the Year Gary Rome on modern retailing, company culture and more
7. S&P Global Mobility acquires Market Scan to boost digital retailing portfolio
Automotive analytics firm S&P Global Mobility recently announced the acquisition of digital retailing platform Market Scan. On this episode of Inside Automotive the Managing Director and Vice President of S&P Global Mobility, David Mondragon and Rusty West, the President and CEO of Market Scan, join host Jim Fitzpatrick to discuss their plans after the merger, and what they envision for dealers in the online car sales space. Watch Now
8. Representation and visibility are key to attract more women to the auto industry — Amy Phillis | Griffin Motors
62% of all new cars sold in the U.S. are bought by women, and they influence more than 85% of all car purchases, according to data from Cars.com. So, why aren’t more women working in the retail automotive industry? To gain some insight into this question, anchor Jim Fitzpatrick spoke with Amy Phillis, Dealer Principal of Griffin Motors out of Pennsylvania. In this episode of Diversity in Automotive, Amy shares her story and her advice for other women considering careers in the automotive industry. Watch Now
9. ‘The days of the boys club are over’ — How the Price Simms Women’s Circle is reimagining dealership culture
We frequently ponder what we can do about the frequent exclusion, hostility, or mistreatment of women in the retail automobile industry. As we’ve previously reported, the Price Simms Women’s Circle was founded by three women from the Price Simms Family Dealerships after they saw the value of discussion and mentoring. On this edition of Inside Automotive, we will receive an update on the 14 stores owned by the Group. Joining us is Savannah Simms, general manager of Volvo Cars Palo Alto, and Diana Kennedy, general manager of Volvo Cars Marin. Watch Now
10. The evolution of auto consumer finances in the wake of economic headwinds
With a possible recession on the horizon for the U.S., it is more important than ever for dealers to understand the status of consumer finances. Melinda Zabritski is the Senior Director of Automotive Financial Solutions for Experian, and recently presented the credit analytics firm’s annual State of the Automotive Finance Market Report. To highlight the major takeaways from the report, Zabritski joins host Jim Fitzpatrick on this episode of Inside Automotive. Watch Now
Anna is the editorial and programming coordinator at CBT News. She graduated with a B.A. in English Composition from Georgia State University. She is an enthusiastic and skilled media professional with high-caliber communication skills, and has five years of experience performing multimedia writing, editing, and publishing for automotive, tech, and small business media.
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