Earlier this week: Tesla CEO Elon Musk was joined by Texas Governor Greg Abbott during a ground-breaking ceremony for a brand new lithium refinery, Ford CEO Jim Farley confirms Apply CarPlay and Android Auto features will stay in vehicles, Group 1 buys three more stores in Texas, and more headlines to stay on top of this week in automotive industry news.
lithium Tesla1. Elon Musk, Texas Gov. Greg Abbott break ground on new Tesla lithium refinery
On May 8, Tesla CEO Elon Musk and Greg Abbott, the Governor of Texas, broke ground at the Corpus Christi location of the company’s new lithium refinery. The facility on the Gulf Coast will help Tesla secure a domestic supply of lithium hydroxide, a crucial component required to create batteries for its electric vehicles and its home- and utility-scale batteries. The company plans to invest $375 million in its construction. Read More
Beck & Masten Buick-GMC2. Group 1 brings three new dealerships on board, expands Texas presence
Group 1 Automotive revealed the acquisition of three dealerships in Texas on May 8, 2023, as it continues to ramp up its growth efforts. In a press release, the auto group indicated the high-volume storefronts would generate an additional $760 million in annual revenue and would push the organization’s acquired earnings to $910 million. The three locations, all Buick-GMC stores operated by Beck & Masten, bring Group 1’s total number of facilities in Texas to 57. This is the second time the retailer has reported a merger in 2023 and follows the March 28 purchase of Estero Bay Chevrolet in Florida. Read More
Ford
- Farley confirms Apple CarPlay, Android Auto will stay in Ford vehicles
CEO Jim Farley reaffirmed Ford’s commitment to continue supporting third-party apps such as Apple CarPlay and Android Auto in its vehicles during a May 4 interview with the Wall Street Journal. While many brands are looking to build proprietary replacements, the Ford chief held that it is no longer possible for automakers to compete with tech companies in the software space. “In terms of content, we kind of last that battle 10 years ago,” commented Farley. “So, like, get real with it because you’re not going to make a ton of money on content inside the vehicle.” Read More
Carvana4. Carvana beats expectations in Q1, narrows losses in bid for profitable future
Used car retailer Carvana has released its first-quarter earnings report and revealed a quarterly loss of $1.51 per share, resulting in an earnings surprise of 19.5% over Wall Street forecasts. Additionally, Carvana narrowed its total first-quarter net loss to $286 million from $806 million in the fourth quarter of 2022, but only sold just under 80,000 units which the company says is the result of delaying growth measures such as pulling back significantly on inventory and advertising spend. Read More
To support local mothers in need, Gentle Love Diaper Pantry is teaming up with Monaco Ford, to host “Blooming Love for Moms” diaper drive
Image Source: Gentle Love Diaper Pantry via Facebook
- Monaco Ford and Gentle Love Diaper Pantry team up for Mother’s Day donation drive
Each year, Mother’s Day serves as an opportunity to honor, love, and highlight the role and contributions of mothers and mother figures in the community. To support local mothers in need, Gentle Love Diaper Pantry, a Manchester-based youth-led nonprofit, is teaming up with Monaco Ford, a fourth-generation family-owned dealership, to host a “Blooming Love for Moms” diaper drive at both of their locations. The drive will run from May 1 to May 13, 2023