New York Auto Forum Highlights Surge in Mergers and Acquisitions in Automotive Industry
The New York Auto Forum, hosted by J.D. Power, NADA, and the New York International Show, featured notable speakers discussing M&A, market conditions, and growth strategies in the automotive industry. Key takeaways include a surge in M&A, shifting market conditions impacting dealership values, and opportunities for strategic growth and expansion through partnerships and investments. Alan Haig highlighted the impact of economic cycles on dealership trades, emphasizing the trend toward larger and more capital-intensive dealership operations.
Biden administration announces new regulations on tailpipe emissions
The Biden administration has announced new regulations on tailpipe emissions, calling for a 56% reduction in fleetwide average carbon emissions by 2032. The new standards are expected to lead to a dramatic increase in EVs, with EVs projected to make up 35% to 56% of sales by 2032. The regulation aims to slash greenhouse gas emissions and toxic pollution, but has been weakened since its initial proposal last spring to align with requests from auto manufacturers and the United Auto Workers.
GM’s Silicon Valley Makeover Disrupted by Departure of Software Czar
General Motors’ efforts to revamp its vehicle software strategy have hit a snag with the departure of former Apple executive Mike Abbott, disrupting the company’s Silicon Valley makeover. GM CEO Mary Barra has placed significant bets on electrification and software, but the automaker has faced challenges in both areas. The departure of Abbott, attributed to health reasons, has prompted a reorganization at GM as the company grapples with the evolution of vehicles into cloud-connected supercomputers on wheels.
HARMAN Automotive Continues Partnership with Scuderia Ferrari for 2024 Formula One Season
HARMAN Automotive continues its partnership with Scuderia Ferrari for the 2024 Formula One season, with Ferrari set to be the first automaker to incorporate HARMAN’s in-cabin monitoring system, HARMAN Ready Care, into its next-generation road cars. The collaboration will feature an integrated marketing campaign focusing on innovation and excellence, with a focus on driver safety through the adoption of eye-gaze tracking technology. President of HARMAN Automotive, Christian Sobottka, emphasized the shared commitment to pushing technological boundaries, marking the continuation of the partnership with Ferrari.
Michigan’s Auto Industry Faces Uncertainty with Shift to Electric Vehicles
Michigan’s economy is facing a new challenge as the shift towards electric vehicles takes center stage, sparking a contentious debate over its impact on job creation and job loss. President Biden’s endorsement of electric vehicles as a means of creating high-paying jobs and reducing emissions has been met with skepticism by autoworkers, who fear a reduction in manufacturing jobs. The endorsement of President Biden by the United Automobile Workers union has added to the complexity of the situation, with members expressing disappointment and concern over the potential impact of the shift towards electric vehicles on American employment.
Majority of Workers at Largest Mercedes-Benz Plant in U.S. Sign Union Cards in Support of Joining UAW
Workers at the largest Mercedes-Benz plant in the U.S. have signed union cards in support of joining the United Auto Workers (UAW), citing grievances such as pay stagnation and unfair two-tier pay scale. The UAW’s campaign to organize auto plants in the Southeast gains momentum, facing opposition from political and business leaders in Alabama.
Adrian Newey Named 2024 World Car Person of the Year
Adrian Newey of Red Bull Racing has been named the 2024 World Car Person of the Year, recognizing his significant contributions to automotive design and engineering. His innovative approach and commitment to excellence have earned him widespread acclaim, setting new benchmarks for car design and performance.
Biden administration to relax tailpipe emission limits
The Biden administration is planning to relax limits on tailpipe emissions to give car manufacturers more time to increase sales of electric vehicles. This decision is a concession to automakers and labor unions, aiming to address concerns about job losses and consumer demand. President Biden faces challenges in addressing climate change while seeking re-election, with former President Donald J. Trump criticizing the administration’s approach to electric vehicles.
General Motors Reports Strong Earnings Despite EV Market Concerns
General Motors (GM) has defied concerns about the electric vehicle (EV) market by reporting stronger-than-expected earnings in the fourth quarter of 2023. The company’s CEO, Mary Barra, emphasized the importance of a ‘level playing field’ following comments made by Tesla…
ECD Automotive Design Revs Up with New Opportunity in Automotive Manufacturing Industry
ECD Automotive Design, Inc. (ECDA) is revving up its engines with a new opportunity in the automotive manufacturing industry. The company, a micro-cap pick, is focusing on the importation, restoration, and modification of vintage automobiles in a new 100,000 square…