Each week TheDetroitBureau.com reports on the biggest news and events about new vehicles, mobility, technology, trends as well as offering our years of experience and insights in our car reviews. Then we put it all into our weekly the Headlight News podcast.
Automakers reported generally solid earnings second quarter, notes Editor-in-Chief Paul A. Eisenstein with one except: General Motors. The Detroit-based automaker was in the black, but those profits were down nearly 40% compared to year ago figures.
Some of the other stories you need to know about include:
- EV startup Rivian appears set to cut 6% of its workforce as it looks to marshal resources to combat rising costs due to inflation while ensuring it meets its production targets for 2022. The company is looking to produce 25,000 electric pickups and SUVs by the end of the year;
- Several automakers rolled out new vehicles last week, including Chevrolet showing of a redesigned and more powerful Colorado midsize pickup. Ford joined in revealing the F-150 Lightning with a police package while Mini shows off the Aceman electric concept. The Aceman, if it comes to production, should slot in below the Clubman;
- Volkswagen made big news this week as CEO Herbert Diess was forced into retirement after years of battling to keep his job. He’s set to be replaced by Porsche CEO Oliver Blume, a move that is already causing concern among some; and,
- GM is putting its foot down — again — when it comes to dealers and flippers looking to make big bucks off its high-demand vehicles. The company revealed if the Chevy Corvette Z06, Cadillac Escalade-V or GMC Hummer EV is sold by the original buyer inside of one year from the original date of purchase, it will void most the vehicle’s warranty. The move is designed to eliminate dealer mark ups and protect dealers from flippers.
Executive Editor Joe Szczesny notes that while all of the major automakers finished the second quarter in the black, not all of them are looking the same after midyear mark. Stellantis and Mercedes managed to report strong profits, surpassing the previous year’s results despite semiconductor shortages and other issues affecting all automakers. However, not everyone came out ahead, GM and Ford either were well off year-ago results or relatively flat. The tallies suggest that while all the companies are facing similar challenges, not all of them can get the same results.
EV afficionados or even potential buyers still sitting the fence due to range anxiety can take heart that more and more new EVs are going farther and farther on a full charge. EIC Eisenstein says the Mercedes-Benz EQXX concept drives that point home more than most, getting more than 700 miles in real world testing. More importantly, the test vehicle he got to drive featured many of the niceties one expects in a Mercedes despite it being optimized to get those big range numbers. Get more details at TheDetroitBureau.com.
Managing Editor Michael Strong says numbers are going to remain in sharp focus this week as automakers report July earnings on Tuesday. That focus on cars and math continues later in the week as EV makers Fisker and Lucid report their second-quarter results on the same day.
This week in automotive history kicks off with Executive Editor Larry Printz taking us to 1917 and the kick off of Ford’s Model TT pickup — the first volume production model and the forerunner of the bestselling pickup for nearly 50 consecutive years.
Find out more the industry’s history and more by listening to TheDetroitBureau’s latest edition of the Headlight News podcast by clicking here. And look for a new episode every Monday!
