Daily 5

Thursday, August 8, 2024

Dealers start to push back on inventories; suppliers' many challenges emerge at CAR Management Briefing Seminars

Welcome to today's edition of the Daily 5.
We have rarely heard dealers complain about this since the pandemic, but Sonic Automotive has begun to push back on rising inventories of some auto brands.
Specifically, Stellantis and Nissan.
"Stellantis, Nissan, some of these brands are 100, 200 days' supply of product out there that are just ridiculous, that we're fighting against in terms of managing age, which reduces the front-end" profit per vehicle, Sonic Automotive President Jeff Dyke said in our lead Daily 5 story today.
Meanwhile, two other stories in our report from the 2024 CAR Management Briefing Seminars illustrate the latest supply chain problems stemming from the industry's painful transition to electric vehicles.
Come back here to Automotive News tomorrow morning for a compelling story about exciting new battery chemistries that could impact the EVs of the future.
Until then, have a great rest of your day.

— Philip Nussel, online editor

Sonic executive calls out automakers for inventory pileups

Sonic said its days' supply for some brands is as much as 200 days.

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CDK cyberattacks dampen public dealership groups' Q2 numbers

The June 19 CDK cyberattacks significantly dampened earnings or created noteworthy short-term financial setbacks for five of the six public dealership groups.

Some of the world's largest, most tech-savvy parts producers have hit the brakes on spending in part because of electric vehicle launch delays and a dim outlook for returns on investment.

More should be done to secure critical materials for electric vehicle batteries as the EV supply chain in the U.S. grows in the coming years, executives said at the CAR Management Briefing Seminars.

The lidar supplier said revenue grew 2 percent to $16.5 million.

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Market Close

Winners and losers
Here are the top five winners and losers among 65 automotive companies followed by Automotive News on U.S. stock exchanges today.

Top 5 winners

Company	Open	Close	Change
ACV Auctions	$16.40	$18.05	10.06%
Lyft	$9.21	$10.07	9.34%
Superior Industries International Inc.	$2.75	$2.97	8.00%
Lucid	$2.92	$3.15	7.88%
Chargepoint Holdings	$1.66	$1.77	6.63%

Top 5 losers

Company	Open	Close	Change
Blink Charging Co.	$2.38	$2.13	-10.50%
Vroom Inc.	$7.58	$7.16	-5.54%
Stoneridge	$14.85	$14.31	-3.64%
Cleveland-Cliffs Inc.	$13.51	$13.34	-1.26%
America's Car-Mart	$59.85	$59.29	-0.94%

Quotes from Thu, Aug 8, 2024, 4:18 pm

Automakers
Here are today's stock trading results from 10 vehicle assembly companies trading on U.S. stock exchanges.

Automakers

Company	Open	Close	Change
Ford Motor Co.	$9.80	$10.13	3.37%
General Motors	$41.09	$42.73	3.99%
Honda	$29.65	$29.44	-0.71%
Lucid	$2.92	$3.15	7.88%
Polestar	$0.65	$0.69	5.46%
Rivian	$13.90	$14.72	5.90%
Stellantis	$15.45	$15.52	0.45%
Tesla	$195.70	$198.84	1.60%
Toyota Motor	$169.17	$169.37	0.12%
VinFast Auto Ltd.	$3.61	$3.74	3.60%