Weekly roundup: Ford CEO criticizes Tesla Cybertruck, Rivian joins EV charging alliance

Earlier this week: Tesla announced significant discounts to its dual motor and all-wheel drive versions of the Model X and Model S, in a bid to move remaining inventory before the close of Q2. Ford acquires significant DOE loan for EV production. Stellantis teases affordable EV coming in 2024 and more headlines to stay on top of this week in automotive industry news.

1. Ford scores massive $9.2 billion loan for electric vehicle batteries

Ford has secured one of largest automotive industry subsidies in U.S. history to boost electric vehicle production, part of the Biden Administration’s efforts to compete with Chinese manufacturing. The Department of Energy’s Loan Programs Office (LPO) awarded the $9.2 billion conditional loan to Ford on Thursday morning, June 22. BlueOval SK, the automaker’s joint-venture subsidiary formed with South Korean tech manufacturer SK On, will use the subsidy to build three new electric vehicle battery plants located in Kentucky and Tennessee. Read More

2. Morgan Automotive Group makes M&A history with purchase of Al Hendrickson Toyota

This week, Haig Partners served as the exclusive sell-side advisor for the most expensive dealership purchase in history with the sale of Al Hendrickson Toyota to Morgan Automotive Group. Al Hendrickson Toyota, located in Coconut Creek, Florida, is the nation’s second-busiest dealership, with the distinction of selling the most passenger cars among any franchise in 2022. The storefront worked solely with Haig Partners for the transaction, successfully negotiating the highest blue sky value on record. Read More

3. Jim Farley criticizes Tesla’s Cybertruck in the wake of EV charging alliance

When questioned about the Tesla Cybertruck’s impending release in 2024, Ford CEO Jim Farley seemed underwhelmed. He dismissed the concept, saying: “America likes an underdog, and since we are the market leader for electric trucks and vans, we are uniquely positioned to understand these consumers. And it’s okay if Musk develops a Cybertruck for Silicon Valley residents. It resembles a stylish, high-end item parked in front of a hotel. But I don’t produce trucks in that manner. I build trucks for real people who carry out actual labor, and those trucks are distinctive.” Read More

4. In 2024, Stellantis plans to introduce its $27,000 BEV

A $27,000 battery-electric vehicle (BEV) from Stellantis is scheduled to be unveiled in 2024, possibly at the same time as the Volvo EX30 and the Volkswagen ID. Additionally, Stellantis’ BEV is set for sale around the same time as Tesla’s $25,000 vehicle launch. To specifically compete against the Chinese-made Dacia Spring and the Renault 5EV, Stellantis’ Citroen brand intends to launch a city car called the e-C3. The primary goal of e-C3 is to serve the needs of mass-market consumers and divert them from cheap vehicles built in China. Read More

5. Tesla drops Model X, Model S EV prices weeks before end of Q2

Tesla applied new incentives and discounts to its electric vehicle lineup on June 17, lowering the Model X and Model S prices and offering three years of free Supercharging. Dual motor and all-wheel drive versions of the Model X and Model S now cost approximately $8,000 less than they did a week ago, with the latter now retailing for $82,790. Tesla will also give buyers, who purchase one of the two EVs before June 30, free Supercharging for three years. Read More

6. Rivian joins alliance to adopt Tesla’s EV charging standard

Electric vehicle maker Rivian has agreed to adopt Tesla’s charging standard, issuing customers access to the most predominant U.S. charging network and adding momentum to Tesla’s bid to set industry standards. Automaker Hyundai’s president said the company would consider joining the alliance of automakers shifting to Tesla’s standard but that it would have to determine what is in the best interest of its customers. Rivian customers can access. Read More

7. From car salesman to mega-dealer: Cuban-born Mario Murgado’s journey to unparalleled success

In this Executive Profile, we visited Mario Murgado, President and CEO of Murgado Automotive Group, at his brand new, state-of-the-art Cadillac dealership in Miami, Florida. Like many Cuban immigrants seeking political refuge in the 1960s, Mario came to the United States alone just five days before his fourth birthday. In 1981, he entered Miami’s Braman Imports and landed a job selling new Hondas. Over the next 12 years, he became president and managing partner at Braman Imports and Palm Beach Imports. And in 2001, he purchased ailing Honda and Pontiac GMC dealerships in downtown Miami and turned them into top national performers. The rest, as they say, is history. Read More

8. How Bergstrom Automotive is adapting to post-COVID industry trends — Tim Bergstrom

9. OEMs and auto dealers: helping consumers together — Jessica Stafford | Cox Automotive (Premium Content)

Auto dealers and car manufacturers may not always see eye to eye, but the need for cooperation between the two is more important than ever. On this episode of Inside Automotive, CBT News anchor Jim Fitzpatrick is joined by Jessica Stafford, Cox Automotive’s senior vice president of consumer solutions, to discuss how changes in the consumer environment have made it necessary for OEMs and retailers to work together. Read More

10. A closer look at current leasing trends and their long-term effects — Kevin Tynan | Bloomberg Intelligence (Premium Content)

11. Why dealerships must stop ‘cherry-picking’ their auto technicians — Nick Latino | Parkway Toyota (Premium Content)