Earlier this week: Biden withdraws from 2024 race, endorses Harris amid growing demoratic pressure. Stellantis reports a steep decline in the first half profits amid production and market challenges. GM boosts profit forecast amid strong gas truck demand and slower EV transition. Ford reports mixed Q2 2024 results amidst a surge in EV sales. Tesla reported Q2 earnings following a July 2 report on vehicle deliveries. A safety coalition is urging the federal government to proceed with a rule mandating automatic emergency braking systems. CBT News has opened nominations for the 2024 40 under 40 awards.
Here’s a closer look at these top stories and more headlines to stay on top of this week’s automotive industry news.
1. Biden withdraws from 2024 race, endorses Harris amid growing democratic pressure
In a historic reversal, President Joe Biden announced on July 21 that he would not seek reelection, succumbing to weeks of pressure from Democrats eager to improve their chances of preventing Donald Trump’s return to the White House. Read More
2. Stellantis reports a steep decline in first-half profits amid production and market challenges
Auto giant Stellantis reported a significant decline in first-half net profit, attributed to reduced volumes, temporary production gaps, and lower market share in North America. The company, which owns well-known brands such as Jeep, Dodge, Fiat, Chrysler, and Peugeot, saw its net profit for the first half of 2024 fall to $6.07 billion, a 48% drop from the same period in 2023. Read More
3. GM boosts profit forecast amid strong gas truck demand and slower EV transition
General Motors (GM) reported second-quarter profit and revenue today that surpassed Wall Street expectations. It raised its annual profit forecast for the second time this year, driven by robust pricing and demand for gas-powered trucks. The Michigan automaker relies heavily on its gasoline-engine offerings to sustain its profits during a slower-than-anticipated shift to electric vehicles (EVs). Read More
4. Ford reports mixed Q2 2024 results amidst EV sales surge and strategic shifts
Ford released its second-quarter earnings today, revealing a mix of positive revenue growth and missed earnings expectations. Despite revenue climbing 6% to $44.8 billion, surpassing projections, Ford’s Q2 2024 earnings per share (EPS) fell short at $0.47 versus the expected $0.64. The company’s overall revenue, including its finance unit, reached $47.81 billion, while net income was $1.8 billion. Read More
5. Tesla to report Q2 earnings amid decline in deliveries and investor concerns
Tesla will report its second-quarter earnings after the bell today. This follows a July 2 report on vehicle deliveries that, while better than analysts feared, still represented a decline from the previous year. This earnings call will provide investors with crucial insights into what CEO Elon Musk and the company are doing to return to growth after experiencing the largest revenue decline since 2012 during the first quarter. Read More
6. Safety groups urge government to implement automatic emergency braking rule by 2029
A coalition of automotive safety and insurance groups is urging the federal government to proceed with a rule mandating automatic emergency braking (AEB) systems in new cars by late 2029. This call comes despite strong opposition from a top automaker lobbying group recently petitioned to reconsider the rule, labeling it as “practically impossible” to comply with as written. Read More
7. CBT News opens nominations for 40 Under 40 awards
ATLANTA, Georgia (July 25, 2023) — CBT News, the dealer community’s No. 1 resource for in-depth interviews and news coverage, is now accepting nominations for the platform’s 40 Under 40 celebration, recognizing excellence and success in today’s retail automotive professionals. Read More
8. How Mohawk Chevrolet’s ‘Office’ parody videos are revving up social media success
Two digital content creators at Mohawk Chevrolet have taken social media by storm with their hilarious and relatable videos based on the hit show, “The Office,” called “The Dealership.” Joining us on the latest episode of Inside Automotive to tell us all about their videos and the impact they’re having back at the dealership are Grace Kerber and Ben Bushen of Mohawk Chevrolet. Watch the full segment here.
9. Inside the innovative call monitoring and hosted phone system – Eric Glass & Dave Malone
CallRevu’s Intelligent Communication Solution, now featuring a hosted phone system, is a game-changer for your dealership operation. In today’s episode of Driving Solutions, we are privileged to have Eric Glass, Senior Director of Sales Engineering and enablement at CallRevu, and Dave Malone, SVP of Sales at CallRevu, share their wealth of experience and knowledge about this innovative solution, instilling confidence in the comprehensive understanding they provide. Watch the full segment here.
10. How to master F&I by enhancing operations and bridging departments – Adam Marburger
Welcome to Training Camp with Adam Marburger, exclusively on CBT News! Today, we will explore the critical responsibilities of the F&I department and how to bridge the gap between sales and finance to create a unified and profitable dealership environment. Join Marburger, a seasoned F&I professional, as we uncover strategies to enhance communication, secure sales, make profits, serve customers, and ensure compliance within your dealership. Watch the full segment here.
