Nissan has lowered its profit forecast for the fiscal year ended in March due to missed global sales targets. The Japanese automaker revealed the adjustment on Thursday, cutting its 2023 net profit estimate from its initial $2.52 billion to $2.39 billion. The new forecast is lower by about 5% compared to the original, driven by a 14.5% reduction in Nissan’s operating profit. The company attributed the sudden change to slow sales, which were driven by a multitude of factors. During a press conference, Nissan CEO Makoto Uchida cited aggressive competition in the U.S., where the car brand has str ..read more

On April 18, Republican attorneys general from 25 states filed a lawsuit against the U.S. Environmental Protection Agency (EPA). They claimed the agency had overstepped its legal jurisdiction to hinder regulations aimed at reducing greenhouse gas emissions from cars and light trucks.  Attorneys general from Kentucky and West Virginia led the lawsuit against the passenger car standards that President Joe Biden’s administration had resolved on March 20. Other states that joined the suit included: Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Louisiana, Mississip ..read more

New vehicle inventory was stable month-over-month in early April due to a sizeable increase in demand but remained far ahead of prior-year levels thanks to the recovery of OEM production. Cox Automotive recorded a total early-April new vehicle supply of 2.77 million units, roughly 1% ahead of March’s volume but 46% greater than last year’s 1.9 million. However, while inventory grew, the average days’ supply shrank compared to the previous month, driven by a higher daily sales rate. Days’ supply dropped from 79 days in March, one of the highest levels recorded in the years since the COVID-19 pa ..read more

Women Driving The Industry Jenell Ross celebrates 50 years at the helm of the nation’s only black woman-owned Buick, GMC, and Mercedes-Benz Dealership The Bob Ross Auto Group, founded by Robert P. Ross Sr. in 1974, is a family-owned business that has accomplished much in the automotive industry. Following Robert’s passing, his wife Norma and their children, Jenell and Robert Jr., continued his legacy, expanding the dealership and receiving awards for business excellence and community service. Today, Jenell Ross, the President of Bob Ross Auto Group, leads the only Buick, GMC, and Mercede ..read more

Welcome back to the latest episode of The Future of Automotive on CBT News, where we put recent automotive and mobility news into the context of the broader themes impacting the industry.   I’m Steve Greenfield from Automotive Ventures, and I’m glad that you could join us. A great article by Keith Naughton at Bloomberg this past week summarized why car insurance keeps getting more expensive.  The cost of auto insurance in the U.S. rose by more than 22% in the 12 months ending in March, which is the largest jump since back in 1976.  So what exactly is going on? Bloomberg highlig ..read more

Earlier this week: A leaked internal memo reveals that Tesla will lay off 10% of its global workforce after quarterly sales declined. New car inventory levels continue surging as the year’s best-value models emerge. General Motors will move from its home of nearly 30 years to the Hudson’s Detroit building. Governors from six southern states issue a statement warning residents against unions as Volkswagen workers vote on whether to join the UAW. Mexico reportedly denies incentives to BYD and other Chinese automakers due to pressure from U.S. officials. 1. Tesla to lay off thousands of employees ..read more

The Bob Ross Auto Group, founded by Robert P. Ross Sr. in 1974, is a family-owned business that has accomplished much in the automotive industry. Following Robert’s passing, his wife Norma and their children, Jenell and Robert Jr., continued his legacy, expanding the dealership and receiving awards for business excellence and community service. Today, Jenell Ross, the President of Bob Ross Auto Group, leads the only Buick, GMC, and Mercedes-Benz dealership owned by an African American woman. In this episode of Women Driving the Industry, we explore Jenell’s personal journey as a leader in the ..read more

Stellantis recently prevented factory closures by paying a supplier $100,000. The supplier, MacLean-Fogg Component Solutions LLC, had threatened to cease shipping pinions and gears to two of Stellantis’ plants in Kokomo, Indiana. These plants produce transmissions for various Stellantis vehicles, including the Ram 1500, Wrangler, Grand Cherokee, Charger, Durango, and Pacifica.  The supplier and Stellantis had been in a cost dispute, which resulted in the supplier stopping the parts supply. This forced Stellantis to shut down its transmission plants, leading to damages of $3.7 million. To ..read more

Used vehicle prices at auction declined again in the first half of April as the average pace of sales slowed following a burst of demand in March. The total month-over-month decline over the first two weeks of April equated to a 1.9% price drop in wholesale used vehicles, although Cox Automotive reports the year-over-year decline was closer to 14%. Car values in the new and preowned markets have trended steadily downward for several months, albeit at a gradual pace, due to conscious efforts among dealers and automakers to keep inventory levels in lockstep with current demand rates. However, wh ..read more

Rivian, the EV startup, is taking drastic measures to boost its profitability. The company is implementing a second round of layoffs this year, which, although it only accounts for a small percentage of the workforce, underscores the severity of the situation. In February, Rivian announced that 10% of its salaried staff would be let go following the release of its fourth-quarter and full-year 2024 earnings. Now, the company plans to reduce employment by a further 1% by the end of the year in an effort to increase profitability.  The company said, “We continue to work to right-size the bus ..read more