Weekly roundup: Say good-bye to the Chevy Bolt EV, Tesla shareholders unhappy with Musk, California reaches EV milestone

Earlier this week: Production will end for Chevrolet’s most affordable EV, the Chevy Bolt; the International Energy Agency (IEA) released its Global EV Outlook for 2023, California reached its ambitious EV target, and more headlines to stay on top of this week in automotive industry news.

1. GM to stop making Chevy Bolt after increasing 2023 guidance

Despite encouraging Q1 results, analysts may remain cautious in their appraisals of GM’s business operations. Experts will likely focus on the automaker’s net income rather than its revenue, which fell by approximately 18% from January through March, hitting roughly $1.89 billion from last year’s $2.3 billion. Furthermore, the company’s announcement that it will end production of the under $30,000 Chevrolet Bolt, one of the market’s most successful and least expensive electric vehicles to date, could raise some red flags. In its stead, the brand plans to introduce electric models of its Silverado pickup, Blazer SUV and Equinox SUV, all expected to cost over $39,000. Read More

2. Global EV sales expected to climb 35% in 2023, IEA reports

In a report by the International Energy Agency (IEA), EV sales increased to 10 million last year, with China accounting for approximately 60% of the market. Record sale numbers continue the industry’s progressive growth pattern in the IEA’S Global EV Outlook for 2023: By the mid-2020s, the price of smaller EVs in the U.S. and Europe will be competitive with those of combustion engine vehicles. The agency increased its EV sales predictions in part of the U.S. Inflation Reduction Act (IRA), which promotes green industries and offers subsidies to customers purchasing EVs. Read More

3. California reaches 1.5 million EV target two years ahead of schedule

The California Energy Commission says The Golden State hit its previously designed EV sales target of 1.5 million EVs two years ahead of its anticipated 2025 goal. Thanks to the significant popularity of E.V.s in California, it may not come as a surprise, but California is one of many U.S. states with booming E.V. sales. Former California governor Jerry Brown set the 2025 goal in 2012 when the only fully electric car for sale in the state was the Nissan Leaf. It was later that year that Tesla released its Model S vehicle. Read More

4. GM develops new open-source software protocol, urges rivals to use it

General Motors has announced a new open-source software protocol to increase software development and improve customer experiences in connected vehicles. GM’s protocol is a “starting point” for other automakers and developers. The automaker disclosed that the “uProtocol” is a part of the business’s strategy to hasten software development by facilitating the usage of distinctive software across various automotive devices: such as the cloud and mobile devices. GM is also joining the “world’s largest open source software foundation,” Eclipse Foundation, a Brussels-based organization. Read More

5. Tesla shareholders publish open letter calling for directors to reign in Musk

On April 21, shareholders penned an open letter to Tesla’s board of directors, criticizing CEO Elon Musk and urging company leaders to focus their attention on solving several issues “jeopardizing [the company’s] long-term value.” The letter arrives at a time of declining share values and increasing controversy, much of which is centered on Musk’s leadership. Last week, the automaker held its first quarterly earnings call of the year, revealing dwindling profits and income-generating solutions which struggled to win over concerned investors, who have grown increasingly anxious over the company’s price-cutting strategy. Read More

6. NADA President Mike Stanton on building bridges between OEMs and dealers

The role dealers play in shaping the future of the car business is more essential than ever, but do manufacturers see it that way? On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Mike Stanton, president and CEO of the National Automobile Dealers Association (NADA), to provide an update on the organization’s work to support and represent automotive retailers and to offer his perspectives on the car market. Read More

7. Affordability, EVs, and digital retailing: Q1 performance sheds new light on old topics

As the industry adapts to an unfamiliar automotive landscape, what new challenges will dealers need to face? On this episode of Inside Automotive, Brian Finkelmeyer, senior director of new car solutions at Cox Automotive, joins anchor Jim Fitzpatrick to discuss the most important takeaways from the last three months of automotive retail performance and what they signal for the future. Read More

8. VADA President Don Hall talks EVs and warranty service: ‘We can work this out’

Don Hall, president and CEO of the Virginia Automobile Dealers Association, is one of the industry’s most recognized thought leaders, often leading the charge to solve problems affecting retailers and manufacturers. On this episode of Inside Automotive, host Jim Fitzpatrick sits down with Hall to discuss several issues facing the car business today and the movements to prepare for the challenges ahead. Read More

9. Why dealer transparency is key to healthy OEM relations — Peter Cooper | Lexus of Lehigh Valley

Tensions between OEMs and retailers have never been more strained, but could both sides benefit from simply taking a step back and re-examining their roles in the conflict? On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Peter Cooper, the president, and CEO at Lexus of Lehigh Valley, to discuss the effect dealers may unknowingly have on OEM and consumer relations. Read More

10. How Honda is making progress on inventory, EVs and affordability — Bill Feinstein

On this episode of Inside Automotive, CBT News anchor Jim Fitzpatrick is joined by Bill Feinstein, President of Planet Honda in New Hampshire, General Manager of Planet Honda in New Jersey, and the Chairman of the Honda National Dealer Advisory Board. Feinstein notes that Honda was hit especially hard by supply chain disruptions and other manufacturing issues following the COVID outbreak. However, the manufacturer has made significant progress in returning production to pre-pandemic levels. Read More