Automotive weekly roundup: UAW scores victory, Tesla profits plunge, Toyota breaks sales record

Earlier this week: Workers at Volkswagen’s Tennessee plant vote overwhelmingly to join the United Auto Workers union, scoring a significant victory for the labor rights movement. General Motors posts strong quarterly profits and adjusts full-year earnings forecast. Fisker warns it has 30 days to avoid bankruptcy as it hires a restructuring expert. Tesla promises accelerated timeline for new products as Q1 profits plummet more than 50%. Toyota breaks worldwide annual sales record for fiscal year ending in March on improved supply chain.

1. UAW scores crucial victory as VW workers vote yes to unionization

Workers at Volkswagen’s Tennessee plant voted overwhelmingly in favor of joining the United Auto Workers (UAW) union last week, following months of campaigning at the facility.Roughly 4,000 employees work at the Chattanooga factory, which had refused to join the UAW on two prior occasions before the COVID-19 pandemic. More than 80% of those staff members participated in last week’s vote, of which 73% said yes to unionization. Only 27% of ballots were cast against joining the UAW. Read More

2. General Motors profits rise in Q1, 2024 earnings forecast revised

General Motors beat analyst estimates in its first quarter earnings report, scoring a significant profit boost despite seeing a decline in year-over-year sales. The Detroit automaker reported a net income of $3 billion, up 24.4% from the first quarter of 2023, on revenue of $43 billion, up 7.6%. The latter number comes in slightly ahead of Wall Street estimates of $41.9 billion. Read More

3. Fisker faces bankruptcy unless it secures relief from creditors

On April 23, Fisker, an electric vehicle (EV) startup, released a regulatory filing notifying that it may go bankrupt within 30 days unless it secures relief from creditors and sufficient funds to meet its current debt obligations. It is important to note that Fisker failed to make an $8.4 million interest payment on notes due in 2026 during a 30-day grace period. Read More

4. Tesla profits plummet in Q1, company accelerates new product development

Tesla reported steep declines in first-quarter revenue and profit but rallied shareholders over promises of new products. The electric vehicle manufacturer reported revenue of $21.3 billion, down 9% from the first quarter of 2023. The decline reflects an 8.5% year-over-year drop in sales for the period during which the company delivered 386,810 units. Both deliveries and revenue were lower than analysts had expected after Tesla’s strong growth in the months leading up to 2024. Read More

5. Toyota breaks annual sales record but hits roadblocks in March

Toyota broke its all-time annual sales record during the fiscal year ended in March, sailing past previous records thanks to pent-up demand and a rapidly recovered supply chain. The Japanese automaker reported total global sales of 10.31 million units, up 7.3% year-over-year. This marks the first time that the brand has surpassed the 10 million unit mark, emphasizing the relative resiliency it has shown since the COVID-19 pandemic. Read More

6. Top automotive industry trends to track in Q2 — Kevin Tynan | Bloomberg Intelligence

The automotive industry has already seen significant change in the short time since the start of the year, making it more important than ever for dealers to understand the trends affecting their businesses. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Kevin Tynan, senior analyst at Bloomberg Intelligence. Now, Tynan leverages his economic expertise and understanding of the retail automotive sector to explain where the industry stands as it enters into the second quarter. Watch Here

7. 6 key mental muscles for leaders in the dealership – Scott Mautz

As a leader, it’s no secret that you’re going to face challenges, and you’re going to be truly tested when things get tough. In the latest episode of Inside Automotive, we’re joined by award-winning author, Keynote speaker, and trainer Scott Mautz, who says mental strength can make all the difference. He’s also here to discuss his latest book, The Mentally Strong Leader. Watch Here

8. How e-titling is changing the future of dealership F&I

E-titling is a revolutionary new system that gives dealers control over the registration process while improving both data security and cost efficiency.  On this episode of the Power Lunch, host Jim Fitzpatrick is joined by Dave Spencer, national sales director at digital titling platform Vitu, and Jason Wilson, president of the Kentucky Automobile Dealers Association (KADA), to discuss how e-titling can drive results for your dealership’s F&I business. Watch Here

9. Take back control of your dealership’s auto loan process

On this episode of CBT Now, host Jim Fitzpatrick is joined by Steve Burke, CEO of Agora Data, and Becky Chernek, finance and insurance (F&I) expert, to discuss how innovative processes are radically transforming the auto loan process. Watch More