On today’s episode of Inside Automotive, Stellantis will provide an update on its dealer diversity initiatives. Eric Wong, Senior Manager of Dealer Market Representation, Diversity, and Technology at Stellantis, and Wadette Bradford, Manager of Dealer Network Diversity and Investments at Stellantis, are here once more to talk about the current situation and their outlook for the future.

When it comes to inclusion initiatives, Wong notes, “it’s a culture that spans throughout the organization.” A multicultural market, the HR supplier, and the diversity of the entire company make up that culture. Wong claims that “the business frequently gathers to share best practices, exchange ideas, and work together to develop the corporate culture.

“I think the most essential thing is to maintain networking with dealers in the area of interest,” Wong advises candidates who are interested in helping with their inclusion initiatives. It is essential to keep a good working relationship with the company and its staff. Additionally, Wong advises anyone considering a career in the new car industry to “sharpen up their skills in fixed operations.”

However, Wong observes that in order to participate in the EV market, all OEMs, suppliers, and infrastructure providers are undergoing a transition. At Stellantis, “we are shifting from an ICE dominate portfolio to an EV brand and have a very aggressive carbon reduction plan.” The board at Stellantis has spoken with the dealers to evaluate their infrastructure and improve dealership readiness. Wong exclaims,  “the preparation may seem far away, but the infrastructure takes a long time. Our message to dealers is, It’s never too early to act on this.”

Visit them online at www.minoritydealers.com if interested. Bradford notes, anyone interested in working with minority dealers, minority current dealers, or anyone who wants to join their network should visit their website. They can fill out an application and submit all of their credentials, giving the network the chance to have a ready database that will send prospects immediately into their funnel of interested people.

According to Bradford, the sky is the limit for any candidate interested in joining the inclusion initiatives with the right opportunity and expertise. For instance, some independent dealers who partnered with Stellantis dealers were highly successful and profitable with their floor plans and fixed operations.

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December’s U.S. retail vehicle sales results are a mixed bag. It signifies an end to 2022 that came with fluctuations experienced throughout the year. According to Cox Automotive, December will likely come in higher than forecasts, but it still represents a new trend: an emerging softening of demand. 

What defined the last month of 2022? Which automakers won out? How does this shape up with the rest of 2022? Take a look at our December auto sales takeaways.

Vehicle sales exceeded expectations, but there are concerns

According to Cox Automotive, the annual sales pace of December is expected to end around 13.2 million units, slightly down from November’s 14.1 million and an uptick from last year’s numbers of 12.7 million. However, December’s higher-than-projected showing wasn’t enough to lift 2022 past the previous year. This year saw an 8% unit sales decrease from 2021 (13.9 million vs. 15.1 million).

However, new car sales did perform slightly better than last year. A recent Bloomberg article reported that retail new car sales likely increased by 4% compared to the previous year, rounding out at 1.27 million units.  

The automotive industry’s issue with lagging inventory toward the beginning of 2022 likely kept the year from being as successful as 2021. Other problems like decreasing vehicle affordability and inflation likely made it harder for potential buyers to afford cars, particularly newer ones.

The average annual percentage rate (APR) also isn’t doing any favors for affordability. According to Bloomberg’s reporting, the APR for new vehicles was 6.5%, a notable increase from 5.7% in the third quarter of this year. 

General Motors regains the top spot

General Motors (GM) unseated Toyota as the top automaker in December 2022. For the entire year, GM’s sales increased 3% to cap out at 2.3 million units sold. However, the story is in the fourth quarter, where their sales shot up by 41% to a little over 623,000 units. Their strategy? General Motors racked up its numbers with high fleet and corporate vehicle sales and prioritized larger SUVs and pickup trucks. They are also making a statement in the EV market with a record 38,000 units sold of their Chevy Bolt and larger Bolt EUVs.

Hyundai and Kia are gaining ground

Both of these Korean automakers had a successful showing in December. For the last month of the year, Hyundai’s vehicle sales increased by 40% to 72,058. While year-to-year sales slightly dropped by 2%, Hyundai has seen exceptional momentum going into 2023.

Additionally, in a recent press release, Kia celebrated its best December sales with over 60,000 units sold, a 25% year-over-year increase. Again, much like GM and other automakers, larger vehicles helped to deliver their success, with cars like Sportage and Telluride representing almost 67% of their sales.

Nissan, Honda, and Stellantis saw drops

Nissan, Honda, and Stellantis saw a lackluster end of the year. Nissan saw a 2% fourth-quarter drop to 191,012 units compared to the prior year, while the company experienced an overall yearly 25% drop to 729,350 units. Honda also faced challenging numbers, with a year-over-year December drop of 32.9% to complete the year at 983,507. Lastly, Stellantis saw a 16% dip in sales for the quarter, and a 13% drop in sales for the year, finishing out at 347,669 units and 1,547,076, respectively. Nissan and Honda had production and supply issues throughout the year, while Stellantis’ popular Jeep brand dropped 12% for the year. 

Another surprising development was Tesla’s lagging performance in the last quarter, which resulted in a noticeably negative end-of-year showing. Their shares dropped 14%, and car deliveries came below estimates (405,278 vs. 420,760 units). 

Final thoughts 

December 2022 was a microcosm of where the automotive industry is currently. There is great news as supply starts to increase and production of vehicles starts to improve. 

Nevertheless, some automakers are still experiencing lagging supply chain issues, especially in regard to cars with emerging technologies like EVs. Affordability continues to be an issue as APRs rise and the average price of new vehicles reaches record numbers (like $46,382). As 2023 begins to unfold, production issues and affordability may continue to be the prominent themes for this year.

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On today’s edition of Inside Automotive, we’re getting an update from Stellantis on their dealer diversity efforts. We’re joined once again by Eric Wong, Stellantis’ Senior Manager of Dealer Market Representation, Diversity, and Technology, and Wadette Bradford, Manager of Dealer Network Diversity and Investments at Stellantis, to discuss where things stand today and their vision going forward. 

Wong claims that the corporations PSA and FCA merged to create Stellantis in 2021. The new company was established with the intent of establishing a more competitive corporation in the market concerning the economy at large in terms of sales volume, technological investments, and future mobility.

In terms of inclusion efforts, Wong notes, “it’s a culture that transcends throughout the enterprise.” The culture involves the HR supplier, a multicultural market, and overall business diversity. According to Wong, “the business meets regularly to exchange ideas, share best practices, and collaborate to ultimately grow the corporate culture. Bradford adds that the Dealer Diversity Program has helped “211 minority dealers, which accounts for 8% of the entire dealer network.”

The guiding principles are crucial, according to Wong, that “our network of retail partners mirror the community in which they operate.” Every dealership offers an opportunity for every individual entrepreneur to find the right opportunity to attain economic freedom. “Our approach to placement is to work directly with individuals and match them with the appropriate opportunity,” he continues. Putting them in the appropriate size, investments, and geography, for example.

The ultimate goal of Stellantis’ diversity and inclusion strategy is to lead the industry in excellence. Bradford asserts that “we aim to break down double-digit percentages for a network operated by ethnic minority dealers.” Stellantis now has 260 minority dealers, with plans to expand. To grow its brand and accomplish its objectives, Bradford says they want to keep collaborating with partners to assist them to find potentially interested viewers.

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This year has seen the most significant pace of brand value growth ever, demonstrating the critical importance company brands play in determining its level of financial success. Over the past few years, the value of the strongest brands in the world has steadily increased, improving customer choice, loyalty, and profitability despite dramatic changes in the markets. In this environment of constant change, the owners of these super brands are aware of how, when, and where to deploy their brand as a resource to meet new client needs.

This year noted some great numbers for auto brands. Two auto brands are in the top ten, four in the top twenty, and fifteen in the top one hundred, including Toyota (6), Mercedes-Benz (8), Tesla (12), BMW (13), Honda (26), Hyundai (35), Audi (46), Volkswagen (48), Ford (50), Porche (53), Nissan (61), Ferrari (75), Kia (87), Land Rover (98), and Mini (99).

Top automotive brand performers

Toyota and Mercedes-Benz have made the top 10 Global brands for three years in a row now. Toyota moved from seventh place in 2020 to sixth place in 2021 and 2022. They are making enormous efforts to create eco-friendly cars that will aid in the transition to a low-carbon society. 

Mercedes-Benz has kept the eighth spot for the last three years. The Daimler Group’s luxury automotive sector is a leader in engineering and mobility and a producer of high-end and commercial vehicles. 

Rita Felder, Director of Mercedes-Benz Brand and Marketing Strategy, said in an interview, “A desirable product is absolutely key for our positioning in the market. But creating a desirable brand around it and making every single touchpoint with that brand an ultimate experience – this is what creates true value. That’s why our brand experience is at the core of our thinking and acting and we put it as the first pillar of our corporate strategy. We build on the emotions of our customers. We’re creating memorable experiences that appeal to their minds but equally as much to their hearts. Because buying a car might be a functionally led purchase. But buying a Mercedes-Benz is more than buying a car, it is fulfilling emotional desires.”

What others are doing to stand out

Hyundai kept the same rank but has a plan on what they can do to approach the new age of mobility. Jaehoon Chang, CEO of Hyundai, said, “Hyundai Motor is rapidly expanding its clean mobility lineup by electrifying ICE models such as NEXO and IONIQ as the automotive industry pivots towards green mobility. We are continuously raising our voice for a better future by providing mobility technology to local governments and collaborating with international development organizations such as UNDP.

On the social front, Hyundai Motor is protecting the rights of employees and supply chain stakeholders alike to generate values grounded in co-existence. Through its Department of Sustainability, Hyundai assesses working conditions, employee safety, and business impact to ensure that they are aligned with the standards of international institutions such as the Universal Declaration of Human Rights and the United Nations. Moreover, due to the nature of the car manufacturing industry, which is grounded in a collaborative network, Hyundai Motor strives to manage the environmental, social, and governance (ESG) status of its supply chain, but also that of partner businesses.

Hyundai Motor achieved recognition for its global sustainability management last year when it was included in the Dow Jones Sustainability Index (DJSI) World Index—an index that represents the top 10% of the largest 2,500 companies in the S&P Global BMI—for the first time.”

Robert Ader, Chief Marketing Officer for Porsche, spoke in an interview about how Porsche will stand up to the challenges and opportunities coming in the new frontier of automotive. “The automotive industry is going through the biggest disruption since its inception. Of course, we respect automotive brands who have used the move to electric mobility to come into the market and create interesting products – Tesla or Rivian, to name just two. We also see a whole new wave of new brands emerging in our largest single market China – they are also targeting our very attractive market segment. And of course, the new digital ecosystems create competition along the whole a value chain. Our ecosystem needs to be competitive with the market standards like Apple or Amazon, and at the same time needs to capitalize on the direct connection to the car and all its data. The big opportunity for me remains to tell a typical Porsche story of heritage and innovation in all these spaces. When we manage to offer state-of-the-art technology but also manage to add the typical feeling of our brand to this, I am very optimistic that we can remain successful.”

While they may not be jumping into EVs in the near future they are focusing on staying up on social issues. “As early indicator, we are monitoring very closely conversation in our channels on social media. Secondly, people expect more than statements, they want tangible action. We take a holistic view of sustainability: ecological, economic, and social. Our response to the crisis in the Ukraine is a good example in my point of view: we were very clear in our stance on social media, but we were also very consequential in stopping our business activities in Russia and donating a substantial amount for refugees.”

All in all, brands are focusing on building stronger relationships beyond transactions and getting more involved in social issues, along with staying innovative in their spheres of influence. These brands will continue to evolve and grow and continue fighting for these top 100 spots.

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The EV maker reported $748 million in revenues in the third quarter of 2021, which grew to $1.477 billion during the same period this year. Gross profit rose from $1 million last year to over $57 million this year.

Through the first nine months of 2022, Polestar managed $1.48 billion in revenues. The company expects to collect $2.4 billion for the entire year, which would be an 80% increase over last year’s results.

A large part of the company’s financial success comes from increased sales of its Polestar 2. Sales of vehicles increased by 108%. Polestar reported sales of $425.3 million for the three months that ended September 30, 2022. Compare that with the $201.87 million in sales during the same period in 2021.

As of the last day of September, the company had cash and cash equivalents of $988.26 million, an increase over the $756.68 million reported at the end of December 2021. The company managed to reduce its operating loss drop by nearly one-third, reporting a loss of $196.4 million for the third quarter, compared with a loss of $292.9 million last year. 

Polestar reaffirmed its goal of delivering 50,000 vehicles this year after delivering 9,215 vehicles in the third quarter. Deliveries for the year’s first nine months increased 100% to about 30,400 cars. 

CEO Thomas Ingenlath said the remaining 20,000 cars needed to meet that target have already been produced.

“We are now in a fairly comfortable position of ‘only’ having to deliver these cars and not worry anymore about the production,” Ingenlath said.

Polestar currently has two vehicles on the market, the Polestar 1 and Polestar 2. This past October, the company announced it had started production of its third offering, Polestar 3, which is expected to begin deliveries early next year. The Polestar 4 will follow with a scheduled launch in 2023.

The company expects rising sales of the Polestar 2 to enable it to break the 100,000 sales mark during the fourth quarter, estimating it will deliver at least 19,500 vehicles. 

Making moves for rapid growth

Polestar is a Swedish electric performance vehicle manufacturer formed as a joint venture between Volvo and Chinese automaker Geely. With a total of six Polestar vehicles either already in production or planned for the future through 2026, the company is positioning itself as a giant in the EV market. 

More: 8 upcoming cars we’re most excited to see in 2023

This past June, Polestar went public through a merger with a special-purpose acquisition company (SPAC), raising $850 million from the deal. The company announced it received an additional $1.6 million in financing and liquidity packages from its major shareholders this month, which will help fund development and acquisition projects throughout 2023. 

Expectations for the future  

Despite nearly doubling revenues and sky-high growth in gross profit, the electric vehicle maker is hesitant about how ongoing supply chain issues will affect progress in the future. Company executives warned that higher material costs are expected to hurt profits later this year.   

Chief Financial Officer Johan Malmqvist commented to Reuters regarding the company’s expectations of facing higher costs in the fourth quarter and the effect of slower-than-expected price increases over the summer.

“The full extent of that will then…partly offset the raw material costs,” Malmqvist said. He mentioned that much of Polestar’s cost base is in China, and the company has experienced unfavorable exchange rates during the third quarter, something he expects to carry over into Q4.

The EV maker also faces difficulties most auto manufacturers are experiencing now – a global semiconductor shortage and ongoing supply chain issues. However, with a strong showing so far this year, record growth, and a sturdy list of electric vehicles ready to hit the market, Polestar is in an excellent position to maintain its rapid growth and cement its EV market share.

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One of CEO Jim Farley’s signature initiatives requires dealers to invest up to $1.2 million on chargers, staff training, and new sales standards to overhaul the retail experience has been the subject of a letter from state officials in Pennsylvania, Virginia, North Carolina, and others asking Ford to make significant changes.

The program “fails to make all vehicle models available to dealers on comparable terms and fails to allocate equitable quantities of EVs to Ford franchised dealers relative to their assigned market areas,” members of the Southern Automotive Trade Association Executives, which represents 12 state dealer associations, said in a resolution.

Virginia “passed laws years ago to make it abundantly clear that if you’re a dealer, then you’re entitled to your fair share of mix and quality as any other dealer is of your size,” said Don Hall, CEO of the Virginia Automobile Dealers Association. “It should be market-driven rather than a mandate.”

Ford pushed back stating, “The Model e Electric Vehicle Program was designed to deliver an unparalleled purchase, service and ownership experience for customers,” a Ford spokesperson said in an email. “Ford engaged with and listened to around 400 dealers in developing the program, which provides flexibility both in terms of enrollment level and timing. Dealers may also choose not to enroll in the voluntary program and specialize in Ford’s industry-leading ICE portfolio of retail and commercial vehicles.”

Dealers will need to invest a minimum of $500,000 and a maximum of $1.2 million to join. However, in theory, those businesses will have the upper hand since they will be the only Ford dealers permitted to offer new electric vehicles from the manufacturer starting in 2024.

Ford unveiled at its annual dealer gathering in Las Vegas last month, that they are giving dealers three options between Jan. 1, 2024, and Dec. 31, 2026. They can decide not to sell EVs. Or they might choose to meet the requirements for the “Certified” and “Certified elite” levels.

The program won’t require dealers to enroll, and if they choose to hold out, they will have another opportunity to do so in 2027. The deadline by which all partners had to select which alternative they would choose, was originally October 31. The carmaker only recently delayed that day to December 2 in order to offer dealers additional time.

“We value our relationship with our dealers and have decided to provide additional time for our dealers who have not decided or asked for more time,” said company spokesperson Marty Gunsberg.

All in all, there is still some back and forth between dealers and Ford. The coming days are sure to bring about more clarity for dealers regarding what the future will look like depending on which avenue they choose to take with Ford.

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The Biden Administration has made another significant step toward ensuring that 50% of all new vehicles are EVs by 2030. One of the primary hurdles for consumers and automakers alike was the high cost of EV batteries and their production.

In addition to addressing healthcare and economic prosperity, the newly signed Inflation Reduction Act promotes clean energy by increasing investment in this country’s battery supply chain. Additionally, it will likely help to establish what is being dubbed the new “EV battery belt.”

What is the EV battery belt?

The Inflation Reduction Act will provide various subsidies and tax incentives for automakers that invest in EV battery production. Overall investment may exceed $40 billion to construct a solid U.S.-based supply chain for EV battery production.

This gesture can result in a large number of financial incentives for automakers. In response to the Administration’s call for more EV battery investment, there has been an effort to create more gigafactories. These locations are facilities responsible for producing EV batteries. The parts of the country where these factories are concentrated are called the EV battery belt.

Where is the EV battery belt?

Right now, around seven gigafactories are operational. They are located primarily in the west and south, with a few in northern states. However, the development of about 15 new gigafactories has been announced. Many of these new factories will have locations in the midwest and south, with several facilities slated to open in Kentucky, Tennessee, and Michigan.

The major players — production company and automaker partnerships

The emergence of these new gigafactories will likely be the result of partnerships between automakers and production companies. For example, in 2021, Ford and SK Innovation announced a joint partnership to develop batteries. Independently, automakers are also making their own investments. Ford and GM plan to spend $50 billion and $35 billion within the next four to five years, respectively, on EV production. Blue Oval SK, SK Innovation, and LGES are just some of the non-automaker companies participating in this EV battery gigafactory expansion and are becoming instrumental in opening multiple facilities across the country.

Why is there such interest in the region?

The interest in this region has a lot to do with location and transportation costs. According to Dallas.org, the high cost of transporting lithium-ion batteries requires these gigafactories to be located near automakers. An example of this is the LG Energy Solution plant located in Michigan near multiple General Motor plants.

As mentioned above, the Administration will likely offer tax subsidies for EV production, making it beneficial for automakers to jump in and seriously begin EV production — specifically battery creation. For example, automakers can benefit from a $35 tax credit per kilowatt hour for each U.S. battery cell produced. In addition to tax credits, automakers may be eligible for loans to help offset the costs.

The implications going forward

The Inflation Reduction Act by the Biden Administration and the planned establishment of gigafactories across the country, offer legitimacy to the push for more EVs. The structure of this investment can help to drive down the cost of EVs overall and make it easier for automakers to produce them.

Additionally, this move, along with other recent efforts, like the CHIPs and Science Act which promote semiconductor investment, can make it easier for automakers to source the materials they need to efficiently produce EV batteries. This can help to add more stability to the supply chain.

As stated above, EV affordability — especially in EV battery production, has been a hurdle for the auto industry to overcome. This move may improve this issue and move closer to the 2030 new EV production goal.

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Toyota is the number one retail automotive franchise that dealers want to have, and consumers want to buy. But the question must be asked, what is the brand doing to advance its diversity and inclusion efforts? Today on Inside Automotive, we’re pleased to welcome Sandra Phillips Rogers, Senior Vice President of Corporate Resources, General Counsel and Chief Diversity Officer of Toyota Motor North America.

Over the last two years, Toyota has faced many challenges, but the company has responded well. The manufacturing team is working hard to build cars and trucks, the dealers deliver excellent customer service, and everyone has pitched in to help in this changing environment.

About half of the cars Toyota sells in the US are made in the US. The company wants to be known as a leader in the industry with innovative products and technologies. Toyota has been working on new products and technologies and is committed to providing excellent customer service.

Toyota is taking measures to address diversity, equity, and inclusion (DEI) in the workplace. One of their principles is “acting for others,” which helps create a more equitable workplace. Toyota also believes that a workplace that mirrors the community can benefit both the workplace and the community as a whole.

Rogers explained, “When team members feel engaged, they can give us their best, driving innovative thinking. By investing in diversity and inclusion in our community and business partners, we create success around a 360 continuum. With recent social justice unrest, we are striving to be a workplace that eliminates violence, prejudice, and racism. We provide forums to help team members share ideas, be educated on topics, or connect with community partners that can help drive development opportunities. This is the approach we want, to be good stewards of our communities.”

Toyota has long been an industry leader in DEI efforts, which are now paying off significantly. The company has been named the No. 1 automaker in the multicultural market, with 26% of the Asian American market, 21% of the Hispanic market, and 15% of the African American market.

“We reflect externally what we drive internally,” said Rogers. “Everyone right now is really grappling with the labor challenges. We think by having a diverse and inclusive workforce that shows we stand for something and that makes us an employer of choice.”

Rogers said that Toyota’s DEI efforts have also positively impacted the company’s bottom line. “By having different views, it allows for networking and collaboration to really create great innovative products for our customers,” she said. “We have partnerships with dealers like the Toyota Lexus Minority Owners Dealers Association that has been going on for 21 years that really help us with our diversity initiatives. They help us engage with the community through scholarships, sponsorships, internships, and we have commitments to increasing minority-owned dealerships every year.”

Diversity Inc. ranks in the top 50 companies for diversity; this year, Toyota ranked number four, up from number seven last year. Toyota has been in the top 50 for the previous 15 years and is committed to continuing to improve. “We know we have not arrived fully, but we are committed and think we are on the right path, and it’s something to be proud of and something to keep going and sustain,” Rogers said.

Toyota’s diversity advisory board is missioned to help foster a more diverse and inclusive workplace and culture to strengthen relationships with business partners, dealers, suppliers, customers, and communities. “We have had this board for about 20 years, and they have given great advice and counsel over the years and have had a crucial role in growing DEI. We also help dealers with their DEI processes as well and provide training and guidance. As we continue to grow, we will keep this commitment and focus,” Rogers concluded.

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Ford Motor Company is taking significant strides to meet its 2020 goal of adding 100 minority dealers within five years. Today on Inside Automotive, we find out more about Ford’s minority dealer growth with both the Executive Director and Chairman of the Ford Minority Dealers Association, A.V. Fleming and Robert Valdes.

“We’re always looking to improve our numbers. The way we are doing that is getting more stores for our dealers. Securing our dealers so we don’t lose anymore and to gain more dealers. One way is through looking at guys who have multiple franchises that meet certain criteria to become dealers,” says Fleming.

Valdes has been a Ford dealer for over a decade. In the past four years, more attention has been placed on minorities and their role in the company. Currently, there are over 200 which puts Ford beyond its minimum goal already. In fact, 300 may be attainable.

When discussing what spurred this program forward, events like the murder of George Floyd and changes within the social climate have certainly had an effect on many companies. Fleming acknowledged that such events certainly did have an influence, however, he also said, “We already had these goals.” This provided an opportunity for the company to accelerate its minority programs with strong backing from its CEO and board members.

Valdes noted, “Ford noticed over the last five to six years that minority dealer numbers are higher than the regular numbers. Minorities aren’t just getting problem dealerships to be anchored with; they are getting major areas and succeeding in those positions.”

Fleming then added, “We went from a dealer development model to a private cap model. That made a significant difference in how you own the store, pay for the store, and those small changes make stronger stores for these dealers to get.

When asked what would people out there who may be candidates already need to know or take away from this and what should they know about these programs? Valdes explained that working alongside Ford and partnering with NADA and XEM provides unique opportunities for minorities coming through the ranks. Years of experience have come together to provide financial training for candidates while also supplying wisdom that increases their rates of success.

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