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It’s Tuesday and we’re talking about Nissan’s strategic shift in U.S. EV production, the recognition of Hendrick and Zeigler Auto Groups as best-run companies, and Walmart’s unexpected appeal to higher-income shoppers.
Nissan is revising its U.S. electric vehicle production strategy, putting a $500 million investment in its Mississippi factory on hold. The company plans to adjust its EV lineup and production schedule to better align with customer demand.
- As a result, the company is halting production plans for its next-gen EV sedans, delaying a $500M investment in Mississippi.
- In a memo to suppliers dated May 17th, Nissan wrote "Please stop all development activities related to [the EV sedan] project until further notice.” in order to "enhance product competitiveness."
- Nissan plans to introduce a fifth EV model at the Canton plant, a compact crossover codenamed PZL1.
- Now the plan is to have two crossover models that will precede the sedans in the EV lineup.
- Jérémie Papin, Nissan Americas Chairperson said "What matters is making sure that we launch the vehicles that the customer wants, at the time the customer wants it."
This week, two large dealer groups were recognized with prestigious awards for their outstanding performance and leadership as Zeigler Auto Group and Hendrick Automotive Group were selected for Glassdoor’s inaugural list of Best-Led Companies.
- The 50 businesses on the 2024 list were chosen based on CEO approval, senior management ratings, and leadership sentiment.
- Hendrick ranked 13th and Zeigler ranked 30th on the list.
- Zeigler Auto Group has a 4.7-star rating on Glassdoor, with 96% of employees recommending the company to a friend.
- Aaron Zeigler, Zeigler Auto Group CEO: "We are fortunate to have a good group of strong leaders who are innovative and hard-working."
- Hendrick Automotive Group employs nearly 11,000 employees and has a 4.3-star rating on Glassdoor, with 84% of employees recommending the company.
- Christian Sutherland-Wong, Glassdoor CEO: "This award showcases those shining examples of companies where senior leadership is putting work-life and people first."
Walmart's recent financial results show a significant rise in purchases from higher-income shoppers, contributing to the retail giant's sales gains in the first quarter of 2024.
- Walmart CFO John David Rainey reported higher engagement across all income cohorts, with upper-income households contributing the most to sales gains.
- Walmart stratifies customers into three income categories: below $50,000, $50,000-$100,000, and above $100,000, each making up roughly a third of its customer base.
- John Furner, Walmart US CEO, highlighted the focus on value, flexibility, and convenience as key factors appealing across all income segments.
- CEO Doug McMillon emphasized that Walmart is not specifically ta
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