Let’s discuss strikes, cuts, taxes, backroads, and bans. It seems like a recipe for a whole country music album waiting to happen, but instead, it’s just the day's news.
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Stellantis had a 10% dip in profits in the second half of 2023, largely resulting from the six-week strike at the big three last year.
2024 has 18 more EVs for the brand and a continuous push toward affordability to stay competitive with Chinese brands.
📈 At the time of writing, Stellantis NV is up 4.84% in the market.
Sometimes the third time’s the charm and sometimes you gotta go back to the drawing board. There is a cliche for every situation. Lucid is cutting prices for the third time in seven months. The base price for its Air Pure EV is now $71,000.
Still too steep? Don't worry. They are also offering up to $1,000 for charging equipment to stimulate demand in a slowing market. That should help, right?
Despite some awards in the sector, they are facing low delivery numbers in the luxury EV market. This is in contrast to the companies targeting the "I just need to go to work, plz" sector, who are taking turns with the top EV sales numbers.
📈 At the time of writing, Lucid Group Inc. is up 3.07% in the market.
As we covered at NADA, the US government is offering on-the-spot EV tax credits, allowing buyers to immediately benefit from the rebate at purchase, with dealers handling the claim process.
More on this from Paul and Kyle.
📈 At the time of writing, Lithia Motors Inc. is up 0.02% in the market
GM is nearly doubling its Super Cruise hands-free driving tech, including rural roads and minor highways. Following the expansions, the feature will be available on about 750K miles of North American roads.
GM says updating the high-precision lidar mapping tech will help vacationers and people towing, despite safety concerns with self-driving.
📈 At the time of writing, General Motors Co. is up 1.50% in the market.
If we told you a city was looking to ban new gas stations, you'd already know which state we're talking about.
Sacramento, CA, has proposed a ban on new gas stations in alignment with its 2040 plan for "future-ready" stations. Ultimately, the push will urge companies to invest more in EV charging than in existing ICE infrastructure.
📈 At the time of writing, Shell PLC is up 0.65%, and 📉 ChargePoint Holdings Inc. is down 3.66% in the market.
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You know us. We’re fans of keeping up to avoid the indignity of catching up.
It looks like Stellantis will be increasing prices to keep up with the value of labor, which usually means increased incentives. Meanwhile, Lucid is cutting prices AND offering incentives. With the other changes swarming around, it feels important to remember that even discounted apples aren't oranges, y’all. 🤠