Earlier this week, over 120 Ford dealers signed on with the automaker to open fleet-focused commercial service centers, Rivian announced that it will issue bonds worth $1.3 billion to raise capital, President Biden announced plans to enter EV tax credit negotiations with the President of the European Commission, Ursula Von Der Leyen, and more headlines to stay on top of this week in automotive industry news.
1. Negotiations between the US and EU will have a status to ease EV trade disputes
After encountering months of international criticism over his administration’s Inflation Reduction Act, President Biden is set to enter negotiations with the President of the European Commission, Ursula Von Der Leyen, to discuss a potential solution. The two leaders are expected to negotiate a free-trade deal between the U.S. and the EU, which would give foreign automakers access to EV-related tax credits in the legislation. Read Here
Image Source: John Brecher/Ford
2. Over 120 Ford dealers agree to open commercial service centers
A report by Automotive News reveals that over 120 Ford dealers have signed on with the automaker’s initiative to open fleet-focused commercial service centers across the nation. Although Ford already works with multiple commercial service centers as part of its Ford Pro network, these are typically fleet-only, and often struggle to meet demand, even with the automaker’s support. The new additions will instead be operated by retailers, who have their own set of rules to follow. Read Here
Image Source: Rivian Austin facility; Aaron E. Martinez/ AmericanStatesman
3. Shares drop as Rivian prepares to sell $1.3 billion in bonds to raise funds
As lackluster demand and high expenses tighten a cash grip around electrical car companies, Rivian Automotive announced on March 6 that it aims to issue bonds worth $1.3 billion. Thirteen days after the bonds are issued, initial investors will have the option to purchase an additional $200 million in bonds for settlement, according to a statement from Rivian. According to a spokeswoman for Rivian, the money raised from this sale will aid in the introduction of the company’s smaller R2 vehicle family. Read Here
Image Source: Justin Sullivan/Getty Images/Omaze
4. Model S and Model X receive more price cuts after Musk calls demand ‘infinite’
Certain versions of Tesla’s Model S and Model X have been discounted by an additional 4% and 9% respectively, following unexpected lineup-wide price cuts in January. The two vehicles are among the most expensive amongst Tesla’s offerings, and with the new price cuts the basic Model S and Model X Plaid variant now cost $89,990 and $109,990 respectively. Before January’s price cuts, the vehicles were $104,990 and $138,990, meaning that the automaker has dropped each car’s price by roughly 14% and 21% over a two month period. Read Here
5. Ford creates Latitude AI to develop the future of its automated driving tech
Ford revealed that it has established a new wholly-owned company named Latitude AI with the goal of developing a hands-free, eyes-off-the-road automated driving system. The automaker intends to grow and expand its automated driving technology, including improvements in Ford BlueCruise, which has already logged more than 50 million miles of hands-free driving, latitude adds a top team of machine learning, robotics, software, sensors, systems engineering, and operations talent for this venture. Read Here
6. Navigating challenges new and old in retail automotive — Jason Frampton, President Ken Garff Auto Group
On this episode of Inside Automotive, Jason Frampton, Market President of Ken Garff Automotive Group, joins host Jim Fitzpatrick to discuss how his dealership is acclimating to a changed market landscape. Since the COVID pandemic, denizens of the automotive retail sector have employed a multitude of strategies to battle economic headwinds, with wildly varying results. While some dealers and automakers barely scraped by, others recorded record growth and profits. Ken Garff Automotive Group was in the latter half, which Frampton attributes to the organization’s excellent sales team. Watcrh Now
7. Jason Stein & George Karolis discuss the changing M&A landscape in 2023
After navigating the car market’s highs and lows throughout 2021 and 2022, dealers are increasingly curious what the future holds for the automotive industry. George Karolis is an expert on mergers and acquisitions in the retail space, and the President of The Presidio Group, while Jason Stein is a well-respected automotive journalist, the former Publisher of Automotive News, and the Host of Full Throttle, a Presidio Podcast. On this episode of Inside Automotive, both Karolis and Stein sit down with host Jim Fitzpatrick to discuss what changes the car business may undergo in 2023 and beyond. Watch Now
8. Automotive educator and entrepreneur Chaya Milchtein is on a mission to make the industry more inclusive
Many obstacles stand in the way of the automotive industry’s efforts to boost sales. But, it’s possible that one of its biggest problems isn’t just what it sells, but also how it sells. Particularly, how it handles a customer base that still feels disregarded and even patronized to, women. Chaya Milchtein, an educator and the founder of Mechanic Shop Femme, joins us on today’s Inside Automotive to discuss her journey and how she is educating and empowering others. Watch Now
9. Matt Easton shares key sales advice: ‘Stop selling and talk about the repercussions of not acting’
When it comes to prospective buyers, salespeople need to ask the right questions. According to Matt Easton, Sales Trainer, Consultant, and Founder of Easton University, asking your buyer questions regarding the repercussions of not taking action, has power. Therefore, Matt Easton joins us on today’s episode of Inside Automotive to further elaborate. Watch Now
10. Why the auto industry is torn over EV infrastructure
Mark LaNeve is the president of Charge Enterprises, a company specializing in EV infrastructure solutions, and a former executive at automakers GM and Ford. He has professional knowledge of the inner workings of automotive corporations and remains an expert on the benefits of EVs and the difficulties they present. One of the chief obstacles to EV adoption is the lack of electric infrastructure in the U.S. Inside Automotive anchor Jim Fitzpatrick sits down with LaNeve to discuss what businesses are doing to combat the issue. Watch Now
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1. Negotiations between the US and EU will have a status to ease EV trade disputes
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