CBT automotive newscast: February 9, 2022

Featured Show:

What is Google Analytics 4 and why does your car dealership need it?
Google Analytics is critical for auto dealers to measure the effectiveness of their marketing strategies. It can also track where consumers go on your website and what tools they use.  On the latest episode of Auto Marketing Now, host Brian Pasch, founder of PCG Companies and BPE Enterprises, discusses features of the new Google Analytics 4 iteration, and how car dealers can utilize the platform’s functions for better website engagement. Watch the complete segment here.

Headlines:

This week, Nissan announced it was raising its full-year profit due to high widespread demand despite low consumer incentives, but warned that the semiconductor chip shortage will be one of the largest factors influencing future growth. Nissan increased its net profit forecast to $1.82 billion, which is 17% higher than initial projections. Nissan executive Ashwani Gupta said the automaker’s metrics in 2022 will depend on vehicle output instead of sales due to ongoing supply chain constraints. Nissan reported that overall vehicle volume dropped over 16% for the quarter compared to last year.

Volvo announced earlier this week it will be investing over $1 billion into electric vehicle battery development at one of its Sweden-based manufacturing plants. The automaker previously said it will be partnering with battery manufacturer Northvolt, and they have reportedly chosen Volvo’s Gothenburg facility for the project. The project is part of a larger, $3.3 billion investment and is expected to employ around 3,000 people and produce enough batteries to power 500,000 EVs annually. Volvo and Northvolt plan on starting construction at the facility next year, and EV battery development is expected to begin in 2025.

According to reports, Tesla has removed one of the control units in its steering columns on certain vehicles without notifying customers. CNBC reported this week that Tesla engineers have decided the removed component is “redundant,” as there is another one already built into the vehicles, but there is speculation the removal will eliminate the option for a Tesla vehicle to become driverless with a simple over-the-air software update. Some Model 3 and Model Y vehicles sold overseas have been affected by the change, but Tesla has not said if it will also impact vehicles in the United States. Tesla previously removed other components from certain vehicles including lumbar supports to try to alleviate the chip shortage.

The White House has announced that Australia-based Tritium is planning on opening a new electric vehicle charger manufacturing plant in Lebanon, Tennessee. Tritium CEO Jane Hunter said her company made the decision due to the infrastructure legislation passed last year that will allocate $65 billion to updating the United States’ electric grid. She further said that after evaluating several locations throughout the U.S., the ultimate Tennessee decision was made due to factors such as tax incentives and the current labor force in the state. The new facility will be just one part of the Biden administration’s plan of creating a nationwide network of electric vehicle chargers by 2030.

Celebrating Black History Month:

This February, in honor of Black History Month, we want to celebrate and recognize the achievements of black retail automotive professionals past, present, and future. Today, we’d like to highlight George Washington Carver.

Best known for his innovations to agriculture, George Washington Carver was also invited to collaborate on designs and inventions with Henry Ford in Dearborn, Michigan. The two became good friends and developed a synthetic rubber alternative for wartime shortages. The pair continued to have a mutual admiration throughout their lives with Ford financially assisting many of Carver’s experiments.

News & Opinion:

Where does the semiconductor chip shortage stand today?
With modern cars sometimes needing thousands of semiconductor chips to run the various electronics, automakers are still feeling the effects of the shortage. Today’s new cars are being sent off the production line without valuable tech installed, and customers aren’t happy. How long will this tech shortage persist and what can manufacturers do about it. Hyundai might have thought 2022 was going to look better, but it’s not shaping up that way so far. Between COVID-19 disrupting the entire world and the supply chain breakdowns, it’s going to be a long road for automakers. Read More

Showcase top tech in the walk-around to connect to customers
On Tuesday, Kelley Blue Book released a list of automotive technologies for car shoppers highlighting the best features to look for in a vehicle in 2022. Some are convenience options while the majority are features intended to keep drivers safe and secure, no matter when they get behind the wheel. Each of the tech options provides an opportunity for dealers to better connect with their customers. Read more