Automotive News

CBT automotive newscast: September 12, 2022

Inside Automotive:

CBT automotive newscast: September 12, 20224 success secrets and techniques to assist your auto dealership climate any change — Sean Gardner | JVG
The retail auto trade is present process super shifts in on-line automobile shopping for, electrification, and the financial system, which is inflicting numerous uncertainty amongst franchised sellers. Right here to share 4 secrets and techniques to success that can assist your auto dealership whether or not any change is Sean Gardner, Teacher and Gross sales Coach for the Joe Verde Group. Watch the entire section right here.

Headlines:

Tesla is contemplating constructing a lithium hydroxide refining facility on the gulf coast of Texas. In keeping with a letter despatched to the Texas Comptroller’s Workplace, the plant would give attention to “battery-grade lithium hydroxide” and can be “the primary of its variety in North America.” Tesla founder Elon Musk beforehand acknowledged that the corporate may must spend money on lithium refining as a result of the price of EV battery supplies continues to rise. The worth of lithium is 120% greater this 12 months, and at present, China controls greater than half of the world’s lithium processing and refining, whereas the US controls simply 1%. Tesla additionally stated Texas must present tax breaks for the venture to maneuver ahead. Learn Extra

Subsequent week, the jury in Nikola founder Trevor Milton’s fraud trial will likely be permitted to view a advertising clip that depicts a truck that seems to be shifting ahead by itself whereas truly sliding down a slope. Prosecutors say Milton knew the Nikola One semi-truck prototype didn’t work and deliberately misled traders. Milton’s lawyer stated the video ought to be excluded as proof as a result of it was filmed earlier than the alleged wrongdoing, and Milton acknowledged the truck had not operated beneath its personal energy. The choose sided with the prosecution and likewise barred the protection from utilizing sure firm communications between Nikola’s common counsel and different Nikola staff, saying they’re protected by attorney-client privilege. Learn Extra

Consultants are saying that California’s objective of reaching 100% zero-emission new automobile gross sales by 2035 will likely be troublesome to succeed in and costly for purchasers. California, together with 15 different states, has vowed to part out gas-powered autos, and California Governor Gavin Newsom has stated the $10 billion funding to speed up the transition will make it simpler and cheaper for residents to buy electrical automobiles. Nonetheless, Mark Mills, a Senior Fellow on the Manhattan Institute, says the prediction of cheaper electrical automobiles is unsuitable, and the 2035 timeline just isn’t sensible. Mills stated a lot of the problem pertains to the prices and skill to mine sources wanted for EV batteries. He says that demand will outpace provide, in flip driving up costs. Learn Extra

Throughout a go to to Ford Motor Firm’s Rouge EV Middle, US Treasury Secretary Janet Yellen gave a speech highlighting President Joe Biden’s financial agenda and praising the administration’s efforts to push insurance policies that assist development and equity within the financial system. Yellen touched on supply-chain vulnerabilities and revenue inequality, which she stated have been already present points exacerbated by the pandemic. Earlier than Yellen’s speech, Republican lawmakers blasted the Biden Administration for financial failures, together with historic inflation and the Federal Authorities’s push to maneuver away from fossil fuelsLearn Extra

Information & Opinion

electric vehicles
2008 Tesla Roadster

The highest 10 most influential electrical autos of the final decade
With dozens of latest electrical autos (EVs) on the horizon, the following ten years are anticipated to make up one of the crucial revolutionary a long time within the historical past of the auto trade. Whereas automakers cost forward within the growth of latest EVs, let’s check out the highest 10 EVs of the final decade and the way they’ve advanced through the years. Learn Extra

buy/sell augustSturdy demand saved the purchase/promote market fairly lively in August
In keeping with the just lately launched Blue Sky Report® by Kerrigan Advisors, the auto dealership purchase/promote market continued its record-breaking exercise throughout the second quarter of 2022, up 16% in comparison with 2021, regardless of financial challenges. Within the first half of 2022, 167 dealership purchase/promote transactions have been reported, totaling 406 transactions for the trailing twelve months ending in June 2021, a brand new document. Common dealership blue sky values reached a brand new excessive of $12.1 million within the second quarter of 2022, up $5.7 million from the earlier 12 months, primarily as a result of document dealership earnings. The sturdy M&A exercise we’ve got been seeing continued by way of August, with 4 new acquisitions in Florida, Missouri, California, and Illinois. Read Extra


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