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As we reach the middle of the work week, we’ve got the one and only Jordan Cox in the studio! Today, we’re talking about how GM has raised their 2024 guidance again, how Arkansas could be home to enough lithium to power all the world’s EVs and how the FAA has issued its rules for air taxis.

Show Notes with links:

• General Motors (GM) beat Wall Street's Q3 estimates, with shares surging 8%. Continued strong demand for trucks and SUVs drove the growth, while GM's revised 2024 profit outlook indicates industry resilience despite ongoing economic pressures.
  • Adjusted earnings per share were at $2.96, surpassing the expected $2.43.
  • Revenue hit $48.8 billion, outpacing forecasts of $44.6 billion and GM's stock jumped to a two-and-a-half-year high of $53.25.
  • Strong SUV sales and cost cuts are expected to maintain dealer margins.
  • EV sales are growing, but represent only 4% of U.S. deliveries.
  • "The consumer has held up remarkably well for us," said CFO Paul Jacobson.

• Researchers have found that southern Arkansas’s Smackover Formation may hold up to 19 million tons of lithium, enough to meet global demand for car batteries nine times over by 2030. This discovery could have a significant impact on the EV market.
  • The lithium is estimated to make up 36% to 136% of current U.S. reserves.
  • ExxonMobil aims to start lithium production by 2027, supplying enough for over 1 million EVs annually by 2030.
  • They are using dew direct lithium extraction technology that could be more environmentally friendly but remains largely unproven.
  • Corporations are currently in a legal battle with landowners over mineral rights.
  • Katherine Knierim, a hydrologist and the study’s principal researcher estimates “there is enough dissolved lithium present in that region to replace US imports of lithium and more.”

• The FAA has released long-awaited final regulations for electric vertical takeoff and landing (eVTOL) aircraft, marking a major step toward the future of air travel, including air taxis and cargo delivery.
  • eVTOL aircraft are the first new aircraft category since helicopters in 1940 and the new regulations cover pilot training, safe altitudes, and visibility standards.
  • Pilot training will include single-flight control for powered-lift aircraft, simplifying instruction.
  • Industry players like Joby Aviation and Archer plan to launch air taxi services soon, with Joby’s CEO praising the FAA for delivering the new regulations ahead of schedule.
  • FAA Administrator Mike Whitaker said “This historic rule will pave the way for accommodating wide-scale Advanced Air Mobility operations in the future,”

Join Paul J Daly and Kyle Mountsier every morning for the Automotive State of the Union podcast as they connect the dots across car dealerships, retail trends, emerging tech like AI, and cultural shifts—bringing clarity, speed, and people-first insight to automotive leaders navigating a rapidly changing industry.

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