Weekly roundup: Tesla Q1 earnings, Buick debuts last ICE, revised EV tax credits

Earlier this week: Rivian announced the expansion of its Adventure EV charging network, Lincoln debuted its new Nautilus SUV, the Treasury Department’s revised EV tax credits went into effect, and more headlines to stay on top of this week in automotive industry news.

1. Tesla reveals lower profits, new Cybertruck details during Q1 earnings call

During Tesla’s quarterly earnings call, worries over the automaker’s declining profits were confirmed as the company revealed its net income had declined 24% from last year’s $3.32 billion. In total, Tesla’s quarterly net income fell $810 million to $2.51 billion, despite an 18% increase in automotive revenue. The reason for this year’s tighter margins, according to CEO Elon Musk, is a mixture of increasing production costs and the “underutilization of new factories,” impacting the company’s ability to retain its former profitability. Read More

2. Rivian has big plans to expand its EV charging network

Given the poor status of third-party charging, Rivian is constructing a proprietary fast-charge network quickly and will make it available to the public as early as next year, company executives claimed. In many ways, Rivian is imitating Tesla, which grew its Supercharger network into the most extensive and dependable network of fast charges in the U.S. Tesla started allowing non-Tesla vehicles on its network back in February. According to CEO RJ Scaringe, the Rivian Adventure Network now uses DC chargers at 30 locations, and the EV manufacturer has hundreds more in preparation. These chargers were created and manufactured at the Rivian Adventure Network’s Normal, Illinois, plant. Read More

3. New Nautilus SUV from Lincoln promises a ‘multi-sensory’ driving experience

On April 17, Ford’s luxury brand, Lincoln, unveiled a new version of its Nautilus SUV to be shipped from China to the U.S. starting in 2024. The Nautilus is the premium car maker’s best-selling product, and its latest version adds a suite of new features to attract an even wider audience. Included with the vehicle is “Lincoln Rejuvenate,” an ensemble of lighting, visuals and “digital scenting” elements intended to give drivers a “multi-sensory, in-cabin experience.” The SUV is also equipped with massaging seats and a customizable touchscreen running the entire length of the dashboard. Customers will be able to choose between a 250-horsepower gas version or a hybrid with 310 horsepower. Both variants use eight-speed automatic transmissions. Read More

4. Most EV models likely to earn partial or full tax credit under new revisions

With the Treasury Department’s electric vehicle tax credit revisions set to apply on April 18, new research suggests their effect on automaker sales will be limited. The new guidelines tighten domestic sourcing requirements for EV batteries, effectively splitting the $7,500 credit into halves: 50% based on whether the battery is primarily made from U.S.-supplied minerals and 50% based on whether assembly takes in North America. In practice, this means that models meeting both standards earn the full $7,500; Vehicles meeting only one earn $3,750; and Cars that fail to meet either of these guidelines earn $0. Since the rules were published earlier this month, automakers have warned that the majority of their lineups will no longer qualify for full tax credits. Read More

5. GM unveils Buick’s lastest new gas-powered vehicle—the 2024 Envista

The new Buick Envista was unveiled by General Motors on Monday, April 17, as part of the brand’s shift to an all-electric domestic lineup. The Envista is a small crossover that has the appearance of a sedan but the ride height and storage of a favorable SUV. The brand’s well-liked Wildcat concept car from the previous year served as inspiration for the new component’s smooth, long exterior style. Beginning at $24,495 for a base model and $29,695 for an Avenir variant at the top, the Envista will take the position of the Buick Encore as the brand’s entry-level vehicle. The Encore was no longer manufactured by GM as of last year in favor of a larger “Encore GX” vehicle, which has a starting price between $26,000 and $35,000. Read More

6. The dealership M&A landscape is changing: Is now a good time to sell? – Farid Ahmad | DSMA

With economic headwinds and the return of competitive pricing at the dealership, many store owners want to know if now is a good time to buy or sell. On this edition of Inside Automotive, we are joined once again by Farid Ahmad, the founder and CEO of DSMA, a leading dealership mergers and acquisitions firm, to walk us through his recommendations. Read More

7. How ChatGPT is transforming the way dealers manage everyday tasks

Most of us have become familiar with ChatGPT, the chatbot that has swept through the nation. Well, on today’s Inside Automotive, we’re going to discover how it might affect dealerships in the future. We’re joined by Adam Robinson, CEO and Co-Founder of Hireology, to discuss how ChatGPT is utilized in the hiring process. Read More

8. How solar power could help dealers make money during the EV shift — Mark Mears, Ryan Ferrero

On this edition of Inside Automotive we take a look at the ‘why’ behind an ongoing shift towards solar power and energy independence at dealerships. Host Jim Fitzpatrick is joined by Mark Mears, general manager and partner of Parkway Honda, and Ryan Ferrero, the director of auto industry electrification at Freedom Solar. Read More

9. Better inventory, bigger prices: What Q1 reveals about the 2023 car market — Charlie Chesbrough | Cox Automotive

The car market’s strong first-quarter performance surprised many auto industry analysts who expected demand and production to remain suppressed well into the year. However, dealers still have many questions about what this means for their businesses and whether the positive trends are here to stay. On this episode of Inside Automotive, CBT News anchor Jim Fitzpatrick sits down with Charlie Chesbrough, Senior Economist and Senior Director of Industry Insights at Cox Automotive, to discuss the Q1 results and the implications for the future. 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