Port strike ends for now, consumers unsure of plug-in hybrids, Ford sales inch up in Q3

Hey everyone. In case you missed them, we had two excellent dealer-interview podcast episodes go out this week.

— First, Raul Gomila, General Manager of City Kia aka the “dealership whisperer” explains how to turn around a failing dealership.

— And Bill Cariss, President and CEO of Holman Strategic Ventures discusses investing $9B in the next generation of automotive disruptors.

Catch up here for all of the expert insights.

— CDG

1. Port workers back after brief but tense strike

East and Gulf Coast port workers are back on the job after a three-day strike ended with a tentative deal late Thursday.

The agreement includes a $4 per hour annual wage boost over the next six years, adding up to a 62% pay increase by 2031.

But there’s a catch—the tougher negotiations have been postponed to January, kicking the can down the road on unresolved issues like automation replacing jobs.

While the strike was short, it still caused some serious disruptions, with shipments rerouted to West Coast ports to minimize delays … Read more

2. Automakers bet on plug-in hybrids—but consumers aren’t convinced: study

According to J.D. Power’s latest E-Vision Intelligence Report, consumers just aren’t buying into the hype of plug-in hybrids. Through August, PHEVs only made up 1.9% of total vehicle sales—way behind battery-electric (9.4%) and regular hybrids (10.7%).

So, what’s the holdup? PHEVs come with higher-than-expected ownership costs and their design doesn’t stand out enough from traditional gas models to justify the premium.

Automakers are still betting on plug-in hybrids as a way to boost EV adoption, but with satisfaction scores trailing other EVs, it’s clear the strategy isn’t working as planned … Read more

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3. Ford outpaces industry-wide sales backed by strength of pickups

Driving the news: While most automakers saw demand drop, Ford managed a modest 1% year-over-year gain, outperforming Toyota and GM, who posted declines.

September was a rough patch, though. Fewer selling days led to an 11% drop compared to 2023. Even so, retail sales jumped 4% year-over-year, with hybrid trucks leading the charge.

Ford’s EV sales growth slowed to 12%, down sharply from its 61% increase in Q2. But initiatives like remote services and free home chargers for EV buyers could help the automaker gain traction in the final stretch of 2024 … Read more

Deep dive: Rivian could be the next Tesla – but it has a long ways to go

Rivian’s 2024 has been a wild ride, highlighting the highs and lows of building an EV brand from the ground up. From a $5 billion investment commitment from Volkswagen to major production setbacks, Rivian’s journey reflects the growing pains of the EV industry.

What’s happening: In March, Rivian’s reveal of the R2, R3, and R3X SUVs. The R2 alone racked up 68,000 reservations within 24 hours, giving the company a much-needed boost. But with rising manufacturing costs and quarterly losses exceeding $1 billion, profitability remains a challenge.

To address the headwinds, Rivian is focused on cutting costs and streamlining production. It’s retooling its Illinois plant to reduce material costs by 35% and delaying new plant developments. With VW’s support and a new product lineup on the way, Rivian is working to secure a stronger foothold in the EV market … Read more

• Hyundai and Waymo ink deal to produce autonomous Ioniq 5 EVs at 'significant volume.'

• UAW members rally in Sterling Heights over Stellantis job cut concerns.

• The EU just made Chinese EVs a lot more expensive.

• Toyota delays U.S. electric car plans as sales slow.

• Ford reveals new 2025 Expedition SUV, including off-road and ‘Ultimate’ models.

Thanks for reading everyone.

— CDG