"Ambition" is the word of the day, friends. Full Q2 reports are dropping, and companies are realigning their dreams with those of the waking world. Unlike us, when multi-billion dollar companies change their minds, they do so in full view of the public, and Wall Street starts moving numbers around. Whew, let's all say a thankful prayer for our anonymity.
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Up first: GM. They beat their Q2 expectations but are pulling back from their EV goals and putting their Cruise driverless wonder on indefinite hold. Here are some more deets:
GM Beats Second-Quarter Expectations, Raises Forecast Again: General Motors surpassed Wall Street's expectations, increasing its annual profit forecast to $13-$15B. Strong demand for gasoline trucks drove a 14% rise in net income to $2.9B. Revenue hit $48B. GM is focusing on a new Chevrolet Bolt for its Cruise unit and received $500M for EV production.
GM Slows EV Plans Again Even as Sales Grow: GM delays its EV plans, postponing the retooling of a U.S. electric truck plant and Buick's first EV launch. Despite this, U.S. EV deliveries rose 40% year-over-year to 21,930 units. GM aims to produce 200,000 to 250,000 EVs this year, focusing on existing battery cell plants.
GM's Cruise Origin Robotaxi Is Officially Dead: GM discontinued the Cruise Origin autonomous vehicle due to regulatory issues, shifting focus to a new Chevrolet Bolt for its Cruise division. The Origin, developed with Honda, halted after losing permits in California. Cruise reported a $1.14B loss but continues testing in Houston, Phoenix, and Dallas.
Porsche Admits Its EV Goals Were Too Ambitious: Porsche is outright saying they were too ambitious and will draw back their 80% EV by 2030 sales goal to better align with customer demand. The company is adjusting its target based on market developments.
Finally, we come to Cadillac's fancy-dancy long yellow ride. If that doesn't scream "Ambitious," wait till you hear about the fridge in the backseat!
Cadillac has unveiled the Sollei, a new convertible EV concept that reimagines its ultra-luxury Celestiq sedan as a 1960s-inspired convertible.
This extravagant vehicle, which debuted at the Cadillac House in Warren, Michigan, boasts luxurious features like pillar-to-pillar infotainment screens, sun-ray pattern designs, and sustainable materials such as biodegradable mushroom-based mycelium.
How does the fridge stay cold when the car isn’t running? Who cares! The model isn’t for sale, so we should just appreciate how odd it is and move along.
Owner of Greensboro Dealership Named to VinFast Advisory Board: Damian Mills, owner of VinFast Triad in Greensboro, has been appointed to VinFast's five-member U.S. Dealer Advisory Board.
Despite delays in opening its $4 billion North Carolina assembly plant, VinFast continues expanding its dealership network.
Mills, a graduate of N.C. A&T and CEO of Mills Automotive Group oversees over 30 dealerships, including the new Fisker dealership in Charlotte.
The VinFast Triad dealership recently opened with a stock of VF 8 all-electric SUVs.