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Is the tide leaning in Tesla's favor? — Karl Brauer | iSeeCars.com
Tesla broke sales records in 2023, but struggled to maintain profits after a series of aggressive price cuts failed to stimulate enough demand. The company's fourth-quarter profit fell 40% year over year, and the brand fell behind other automakers in the electric vehicle space as increasingly controversial CEO Elon Musk expressed uncertainty about the future. In the face of accelerating competition, the situation is becoming increasingly dire. On this episode of Inside Automotive, host Jim Fitzpatrick is joined by Karl Braugher, Executive Analyst at iSeeCars.com.Watch full segment here.
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On February 6, a United Auto Workers (UAW) news release revealed that most employees at Volkswagen AG's plant in Chattanooga, Tennessee, have registered to join the Detroit-based union. did. The announcement comes less than two months after the UAW reported that 30% of VW employees in the United States had signed union recognition cards. read more
Tesla may be preparing for a series of job cuts, according to a recent Bloomberg report. U.S. regulators recently had to conduct a visual assessment of the deputy's role, according to a person familiar with the situation. Some people said Tesla sent out a one-line query for each job after it stopped twice-yearly performance reviews for some employees. read more
Honda has revised its profit forecast upward for the fiscal year ending March 31 after reporting a significant improvement in profitability compared to the third quarter. The automaker currently expects earnings of approximately $8.4. Annual profits amounted to $1 billion, an increase of 4.2% from the previous target of $8 billion. read more
Hyundai is suing in federal court after a nearby dealership complained that the opening of a new store in Danvers, Massachusetts, violated state regulations. The company originally planned to open McGovern Hyundai in mid-January. McGovern Automotive Group operates multiple dealerships in Massachusetts, New York and New Hampshire, including McGovern Hyundai in Brockton, about 80 miles south of Danvers. read more
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Challenges in electric vehicle repair and insurance
Last year, we saw all 10 major U.S. auto insurance companies raise rates by double digits. U.S. auto insurers struggled to adjust in 2023 as rate hikes failed to keep up with a sharp increase in the frequency and severity of claims. A report from S&P Global found that an increase in serious car accidents is driving up litigation claims, while severe weather and a spike in vehicle theft are driving up comprehensive coverage losses. read more
