Sonic Automotive reported 1st quarter net income of $14.9 million, up from $4.1 million last year. Officials cited strong used-vehicle sales for the jump and also acknowledged parts and service revenue was up.
When assembly of the C-Max Hybrid crossover begins at the Michigan Assembly Plant outside Detroit next year, Ford expects that the cost of the vehicle's hybrid system will be 30 percent lower than that of the previous-generation hybrid system, introduced on the 2010 Ford Fusion Hybrid. Ford's goal is to cut the cost of the next-generation Ford hybrid system another 30 percent but hasn't said when the next-generation hybrid system will be launched.
Automakers know consumers want technology applications that are infotaining, safe, and usable while driving. Electric vehicle makers have a high hurdle to pass over with range anxiety, connectivity, and driver-friendly applications. Third party applications are being considered, but automakers are most concerned with driver safety and not overwhelming consumers.
Lithia Motors recorded first-quarter earnings that nearly quadrupled the year-ago sum, enjoyed a 45-percent spike in new-vehicle revenue and also notched double-digit increases in used, F&I and service/body/parts revenues. Lithia's first-quarter net income from continuing operations came in at $9.1 million, up from $2.3 million in the year-ago period.