Weekly Roundup:
Earlier this week, J.D. Power released its 2023 U.S. Electric Vehicle Experience Home Charging Study which showed declining satisfaction in level-2 EV home chargers among EV owners, General Motors CMO Deborah Wahl announced her retirement, VW pledged $131 billion investment in EVs, and more headlines to stay on top of this week in automotive industry news.
1. J.D. Power study shows EV home charging experience impacted by rising costs
According to J.D. Power’s 2023 U.S. Electric Vehicle Experience Home Charging Study released on March 16, 2023, the growing EV market has experienced rising electricity rates partly due to the recent inflationary period, which has led to lower satisfaction with home charging. Although more than two-thirds (68%) of EV owners have a permanent level 2 charging station at home, their overall satisfaction decreased by 12 points from last year on a 1,000-point scale, the study found. Read Here
1. J.D. Power study shows EV home charging experience impacted by rising costs
According to J.D. Power’s 2023 U.S. Electric Vehicle Experience Home Charging Study released on March 16, 2023, the growing EV market has experienced rising electricity rates partly due to the recent inflationary period, which has led to lower satisfaction with home charging. Although more than two-thirds (68%) of EV owners have a permanent level 2 charging station at home, their overall satisfaction decreased by 12 points from last year on a 1,000-point scale, the study found. Read Here
2. General Motors’ Deborah Wahl to retire from position as CMO
Deborah Wahl, global chief marketing officer at General Motors, is leaving the company. The information was confirmed by a GM spokesman, who stated that Wahl “decided to retire” and “will be transitioning until March 31, 2023.” Adding “We appreciate Deborah’s accomplishments since joining GM in 2018 and wish her well in her future chapter. We will hire a new Global Chief Marketing Officer through an external process.” Read Here
2. General Motors’ Deborah Wahl to retire from position as CMO
Deborah Wahl, global chief marketing officer at General Motors, is leaving the company. The information was confirmed by a GM spokesman, who stated that Wahl “decided to retire” and “will be transitioning until March 31, 2023.” Adding “We appreciate Deborah’s accomplishments since joining GM in 2018 and wish her well in her future chapter. We will hire a new Global Chief Marketing Officer through an external process.” Read Here
3. VW pledges $131 billion investment in EVs and digital development
During the next five years, the Volkswagen Group has committed to spending $131 billion on electrification and digitalization.At least one new North American EV manufacturing plant will be included in the investment, which was revealed at the company’s annual general meeting on March 14, in Wolfsburg, Germany. The ID.7 and ID.Buzz, which will be sold under the VW brand, will make their North American debut in 2024. Read Here
3. VW pledges $131 billion investment in EVs and digital development
During the next five years, the Volkswagen Group has committed to spending $131 billion on electrification and digitalization.At least one new North American EV manufacturing plant will be included in the investment, which was revealed at the company’s annual general meeting on March 14, in Wolfsburg, Germany. The ID.7 and ID.Buzz, which will be sold under the VW brand, will make their North American debut in 2024. Read Here
4. Rivian seeks to end exclusivity in electric van deal with Amazon
Amazon and Rivian Automotive are currently discussing renegotiating the exclusivity agreement of their electric-van contract after the online retailer’s order for 2023 came in at the low end of a previously promised range. In response, Rivian attempted to get the exclusivity clauses removed so that it could sell its delivery trucks to other clients. They claimed that discussions were still ongoing. Read Here
4. Rivian seeks to end exclusivity in electric van deal with Amazon
Amazon and Rivian Automotive are currently discussing renegotiating the exclusivity agreement of their electric-van contract after the online retailer’s order for 2023 came in at the low end of a previously promised range. In response, Rivian attempted to get the exclusivity clauses removed so that it could sell its delivery trucks to other clients. They claimed that discussions were still ongoing. Read Here
5. GM wants to cut more jobs and save costs through voluntary separation offers
General Motors CEO, Mary Barra, informed staff on March 9 that additional job cuts will be made, but this time it will be voluntary. The announcement came about a week after GM abruptly cut several hundred jobs to help it reduce costs and build a top-tier workforce to help it transition to an all-electric car company. Read Here
5. GM wants to cut more jobs and save costs through voluntary separation offers
General Motors CEO, Mary Barra, informed staff on March 9 that additional job cuts will be made, but this time it will be voluntary. The announcement came about a week after GM abruptly cut several hundred jobs to help it reduce costs and build a top-tier workforce to help it transition to an all-electric car company. Read Here
6. Leading employees through times of change — Scott Mautz
Initiating change can be challenging for everyone, but, as leaders, business owners can find it even more difficult to guide their employees throughout developments in a business’s growth. Scott Mautz is the founder of Profound Performance, a keynote, training, and coaching company, and the author of the best-selling book “Leading from the Middle.” On this episode of Inside Automotive, Mautz joins host Jim Fitzpatrick to discuss how entrepreneurs can plan and execute change as leaders. Watch Now
6. Leading employees through times of change — Scott Mautz
Initiating change can be challenging for everyone, but, as leaders, business owners can find it even more difficult to guide their employees throughout developments in a business’s growth. Scott Mautz is the founder of Profound Performance, a keynote, training, and coaching company, and the author of the best-selling book “Leading from the Middle.” On this episode of Inside Automotive, Mautz joins host Jim Fitzpatrick to discuss how entrepreneurs can plan and execute change as leaders. Watch Now
7. New franchise laws in California could affect entire U.S. car market – Brian Maas
Franchise laws are set to be reformed in several states, including California, revising factory reimbursements for warranty work. Brian Maas is the President of the California New Car Dealers Association (CNCDA), where he keeps careful track of the massive region’s catalytic car market. On this episode of Inside Automotive, Maas joins host Jim Fitzpatrick to discuss these laws and what they could mean for retail automotive at large. Watch Now
7. New franchise laws in California could affect entire U.S. car market – Brian Maas
Franchise laws are set to be reformed in several states, including California, revising factory reimbursements for warranty work. Brian Maas is the President of the California New Car Dealers Association (CNCDA), where he keeps careful track of the massive region’s catalytic car market. On this episode of Inside Automotive, Maas joins host Jim Fitzpatrick to discuss these laws and what they could mean for retail automotive at large. Watch Now
8. How to make your dealership recession proof — Jason Frampton | Ken Garff Auto Group
Ken Garff Automotive Group, ranked ninth on Automotive News’ list of the top 150 dealership groups, continues to invest and grow their operations. On this episode of Inside Automotive, host Jim Fitzpatrick is once again joined by Jason Frampton, Market President of Ken Garff Automotive Group, to discuss how dealers can navigate a changing market and prepare themselves for a possible recession. Watch Now
8. How to make your dealership recession proof — Jason Frampton | Ken Garff Auto Group
Ken Garff Automotive Group, ranked ninth on Automotive News’ list of the top 150 dealership groups, continues to invest and grow their operations. On this episode of Inside Automotive, host Jim Fitzpatrick is once again joined by Jason Frampton, Market President of Ken Garff Automotive Group, to discuss how dealers can navigate a changing market and prepare themselves for a possible recession. Watch Now
9. To buy or not to buy: M&A activity in today’s car market — Alan Haig
As the dust from the COVID pandemic settles on the automotive industry, M&A activity has become more energetic than ever. Dealers are now taking the next steps in their careers, whether this means making an exit or expanding their business, in greater numbers than ever before. Alan Haig is the President and Founder of Haig Partners, an investment bank serving dealers in their M&A efforts. On this episode of Inside Automotive, Haig joins host Jim Fitzpatrick to discuss why so many storeowners are looking for a change of pace, the state of M&A activity, and what buyers should do to navigate the process successfully. Watch Now
9. To buy or not to buy: M&A activity in today’s car market — Alan Haig
As the dust from the COVID pandemic settles on the automotive industry, M&A activity has become more energetic than ever. Dealers are now taking the next steps in their careers, whether this means making an exit or expanding their business, in greater numbers than ever before. Alan Haig is the President and Founder of Haig Partners, an investment bank serving dealers in their M&A efforts. On this episode of Inside Automotive, Haig joins host Jim Fitzpatrick to discuss why so many storeowners are looking for a change of pace, the state of M&A activity, and what buyers should do to navigate the process successfully. Watch Now
10. The era of great sales and high pricing is over — Kevin Tynan | Bloomberg Intelligence
In many cases, it was another winning quarter for the OEMS. On today’s episode of Inside Automotive, Kevin Tynan, senior automotive analyst for Bloomberg Intelligence, joins us to talk about the recap of the earrings and the woe’s Carvana is currently facing. Watch Now
10. The era of great sales and high pricing is over — Kevin Tynan | Bloomberg Intelligence
