Rolls-Royce Plans to Launch Electric Car
Rolls-Royce is developing a standalone electric car to prepare for the closing of some city centers to combustion engine cars, reports Automotive News. At least 20 major cities globally have said they plan to ban diesel or gasoline-powered vehicles from their centers by 2030. Rolls-Royce will offer the first full electric Rolls-Royce "within this decade," CEO Torsten Müller-Ötvös told Automotive News Europe in a phone interview. Rolls-Royce is focusing on full-electric cars and will not sell a plug-in hybrid car, he said. Roll-Royce customers appreciate electric power, which "fits perfectly" with the brand, Müller-Ötvös said. "It’s silent and torquey and that is the reason to go directly from combustion to electrification," he said. Rolls-Royce's first EV is currently under development and will be built on the same aluminum spaceframe platform as the automaker's current lineup. The EV could replace the Wraith coupe and Dawn convertible, both of which are coming to the end of their lifecycle, Rolls-Royce executives hinted at a recent launch event for the new Ghost sedan. Rolls-Royce did not officially confirm that. Read more here (Source: Automotive News).
Rick Case, South Florida Auto Dealership Magnate, Dies at 77
Known as a catalyst in the automotive industry, Rick Case, the founder and CEO of The Rick Case Automotive Group, died Monday at age 77. According to the South Florida Sun Sentinel, he died at home surrounded by his family after a short battle with cancer, a spokeswoman said. Case’s auto empire has been in business for 59 years and produces more than a $1 billion in annual sales, employing more than 1,200 people. Case and his wife Rita opened 16 dealerships in Cleveland, Atlanta, and South Florida. Rick and Rita Case were familiar faces in South Florida. They were generous to many charities, including the Boys & Girls Clubs of Broward County. The couple has donated and raised more than $100 million for charitable and educational organizations, including Nova Southeastern University in Davie and Broward County Boys & Girls Clubs, where they have been board members since 1986. They raised more than $50 million for the clubs. In 2012 they were honored with AIADA's David F. Mungenast Sr. Lifetime Achievement Award. Read more here (Source: South Florida Sun Sentinel).
Tesla's Musk Promises Dramatic Cuts in EV Costs
CEO Elon Musk outlined Tesla Inc.'s plans to cut electric vehicle battery design and manufacturing costs so radically that a $25,000 car that drives itself will be possible, but the automaker's shares slipped as Musk forecast the change could take three years. According to Automotive News, Musk acknowledged that Tesla does not have its ambitious new vehicle and battery designs and manufacturing processes fully complete. The company has frequently missed production targets. "Nothing Musk discussed about batteries is a done deal," said Roth Capital Partners analyst Craig Irwin. "There was nothing tangible." Investors had expected two significant announcements at Musk's oft-touted Battery Day on Tuesday: The development of a "million mile" battery good for 10 years or more, and a specific cost reduction target – expressed in dollars per kilowatt-hour – that would finally drop the price of an electric vehicle below that of a gasoline car. Read more here (Source: Automotive News).
Carvana Sees Record Sales Fueled by Shift to Online Buying
Carvana Co., the online car retailer that went public in 2017 and has yet to post a post a quarterly profit, soared in early trading after it forecast record sales and breakeven earnings in the third quarter, reports The Detroit News. Shares of the Phoenix-based company rose 29% to $224.79 as of 11:11 a.m. in New York after it projected record revenue and profit margins. Carvana expects to break even on earnings before interest, taxes, depreciation and amortization, it said in a statement. The company will report financial results for the quarter ending next week on Nov. 6. The pandemic has been a boon to used-car retailers including Carvana and Vroom Inc., which have seen increased traffic on their websites as lockdowns across the country forced shoppers online and more people shun public transportation to avoid infection. Read more here (Source: The Detroit News).
Ford to Build Electric Cars in Canada as Part of Labor Deal
Ford Motor Co. has reached a tentative labor deal with its 5,400 unionized employees in Canada that also secures a nearly $1.5 billion investment in two plants and a commitment to build electric cars in suburban Toronto. According to The Wall Street Journal, the president of Unifor, Canada’s largest private-sector union, revealed the details of the Ford pact covering wages and benefits at a news conference Tuesday. Ford’s Canadian unit issued a brief statement, saying the three-year agreement is still subject to ratification by union members. Until ratification, the company said it wouldn’t comment further. Last week, Ford said it would spend $700 million to expand its largest and oldest factory to make electric pickup trucks in Michigan, which is next door to Ontario, Canada’s most populous province. Read more here (Source: The Wall Street Journal).
Webinar: Maintaining Your Sales Momentum
The last few months have seen some respectable new and used car sales results. Join former dealer and Google for Automotive Team Member Lane Fortinberry on Tuesday, September 29th at 2:00pm EDT for some modern online tips on maintaining the sales momentum, including:
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Driving Digital sales through effective Online Retailing practices
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A look at other "brick and mortar" industries that have leaned in to eCommerce, what can we learn?
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New and cutting edge digital opportunities to increase sales
Around the Web
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Audi R8 Green Hell Edition Will Make U.S. Customers Green with Envy [MotorAuthority]
BMW Gives Its Vaunted M3 and M4 Models a Complete Makeover [The Detroit Bureau]
