Weekly roundup: Cadillac Escalade EV coming this year, Tesla’s brand reputation dips, Ford boosts EV goals

Earlier this week: General Motors will release the all-electric Escalade as part of its push to make Cadillac a fully electric brand by 2030. Toyota executives are urging continued development of hybrid and alternative-fueled vehicles, citing concerns about the industry’s rush toward electrification. Ford outlined plans to build millions of EVs while maintaining its financial guidance and securing new lithium supply deals. New car sales in May are expected to increase by 15.6% from the previous year, and more headlines to stay on top of this week in automotive industry news.

1. GM confirms plans to release electric Cadillac Escalade later this year

General Motors has confirmed the release of an all-electric version of its flagship Cadillac Escalade later this year. The Detroit automaker said the new SUV would be called the “Escalade IQ,” which continues the brand’s EV naming strategy. The brand currently includes the Lyriq crossover and the upcoming Celestiq ultra-luxury sedan. With the electric Escalade, the company plans to convert Cadillac into an entire EV brand by 2030. In addition, analysts expect the SUV to go into production and on sale as soon as next year. Read More

2. Toyota warns against full-scale electrification, says hybrids still needed

Toyota executives are urging other automakers to continue developing hybrid and alternative-fueled vehicles, citing concerns that the industry’s rush toward electrification is unsustainable. Ahead of the G7 summit in Japan, Toyota Research Institute CEO, Gill Pratt, remarked that while electric vehicle proliferation remains an essential component of addressing climate change, the world lacked the infrastructure to support a fast-paced EV transition. “Battery materials and renewable charging infrastructure will eventually be plentiful,” he commented, “But it’s going to take decades for battery material mines, renewable power generation, transmission lines and season energy-storage facilities to scale up.” Read More

3. Ford reveals plans to ramp up EV production and boost profits

On May 22, Ford presented its case to Wall Street at an investor event by outlining its plan to build millions of EVs while expanding its traditional operations. Ford’s CEO, Jim Farley, started the day by discussing the company’s growth plans for its gas-powered fleet and electric business units. The automaker claimed it’s maintaining its 2023 guidance of between $9 and $11 billion in adjusted EBIT and roughly $6 billion in adjusted free cash flow. Ford also revealed a series of new deals for the supply of lithium products in support of its plan to ramp up EV production drastically. Read More

4. Tesla’s reputation takes a nosedive, Ford climbs in new Axios poll

Over the last year, CEO Elon Musk has made headlines for a range of controversies. Still, the world’s leading EV maker, Tesla, may be reaping the consequences of Musk’s messy Twitter takeover and unfiltered online persona. According to a new survey ranking of the U.S.’s most reputable brands, Tesla fell 50 spots to number 62 out of 100 companies on the list, putting it in the “good category” on the score guide. Tesla’s drop comes as rival Ford jumped nine spots to land at number 32. Read More

5. U.S. new car sales to surge in May, dealer profitability remains strong

According to a joint auto sales forecast from J.D. Power and LMC Automotive, total new car sales, including retail and non-retail transactions, are expected to reach 1,337,700 units in May, representing a 15.6% increase from May 2022. When adjusted for the number of selling days, sales volume will increase 20.4% year-over-year. New-vehicle retail sales for May are anticipated to reach 1,079,200 units, a 9.6% jump from a year ago. When comparing sales volume without adjusting for the number of selling days, the increase from 2022 is 14.2%. Read More

6. Why your dealership should prioritize these 3 important marketing areas — Colin Carrasquillo

Effective marketing strategies are critical to your bottom line, but in today’s ever-changing environment, you may find it hard to keep up. On this edition of Inside Automotive, we’re joined by the Digital Marketing Manager for Nielsen, Dodge, Chrysler, Jeep, and Ram, Colin Carrasquillo, to tell us what we need to know about marketing today. Read More

7. Dealership valuation trends: Has it become more difficult to sell? — Alan Haig | Haig Partners

Dealership valuations have become challenging to decipher in the post-COVID economy. On this episode of Inside Automotive, CBT News anchor Jim Fitzpatrick is joined by Alan Haig, president and founder of Haig Partners, to discuss the current trends influencing the dealer mergers and acquisitions market. Read More

8. How Northwood University leaders continuously enrich the lives of students

In this episode of Inside Automotive, we’re joined in the studio by Automotive Aftermarket and Management Chair for Northwood University Elgie Bright, and Senior Director of Strategic Planning for vAuto, Patrick Janes. Northwood University is known for creating a curriculum geared toward the automotive industry. The university takes enrolled students and prepares them for every position within the industry. Read More

9. Staying informed: The link between automotive politics and car dealers — Cody Lusk | AIADA

While politics may often appear irrelevant to car dealers, retailers must stay informed on the conversations taking place in Washington, D.C. as even small decisions could have far-reaching effects on the automotive industry. On this episode of Inside Automotive, CBT News anchor Jim Fitzpatrick is joined by Cody Lusk, president and CEO of the American International Automobile Dealers Association, to learn from his birds-eye perspective on the nation’s capital. Read More

10. New opportunities for mobile service in fixed ops and why technicians are scarce

Fixed ops is an essential but often misunderstood department in the dealership, leading many dealers to miss out on the growing opportunities in the service space. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Kara Delaine, vice president and co-host of Fixed Ops Roundtable, and Ted Ings, founder, president and co-host of Fixed Ops Roundtable, and the executive director of the Center for Performance Improvement, to discuss how the field has grown over the last few years. Read More