Penske Automotive Group* (NYSE: PAG) today announced that it has acquired Erhard BMW of Bloomfield, located in Bloomfield Hills, Michigan This is the Group’s 48th BMW dealership world-wide. The acquired dealership is expected to generate approximately $100 million in annualized revenue.
Year-to-date, Penske Automotive Group has added ~$1.2 billion in expected annualized revenue through retail automotive and commercial truck dealership acquisitions. It also a way of adding automotive talent in a tight labor market. Whether PAG can retain that talent remains to be demonstrated.
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Toyota – Annual Global Sales of 3.5Mn Battery EVs by 2030
Toyota plans to invest ~$70 billion globally in electrified vehicles.
Toyota President Akio Toyoda announced today in Japan that the company will roll out 30 Battery Electric Vehicles and is anticipating sales of 3.5 million BEVs globally by 2030. The Lexus brand aims to have BEVs account for 100% of total sales in Europe, North America, and China by 2030, which given the current regulatory pace is the price of survival for all major automakers. Toyota Motor overall will offer a full lineup of battery EVs in the passenger and commercial segments. (EU Gets Tougher on Climate Change – Wants All EVs by 2035; Climate Change Car Wars – GM to Reach 100% Renewable Energy in 2025)
This is a sweeping claim, emulating GM’s breakthrough EV announcement in January, is by a giant company that sells more than 100 models of engine-only vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles in more than 170 countries and regions under the Toyota brand. The Lexus brand has more than 30 models of engine-only vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles in more than 90 countries and regions. (Environmental About Face – General Motors Ditching Internal Combustion Engines by 2035. Carbon Neutral by 2040?) Continue reading →