#488 - ⚖️ What People Want

TOGETHER WITH

They say, “Competition happens at the bottom. The people at the top are collaborating,” and we couldn’t agree more.

We’ll be hanging out at the top. Join us, won’t you?

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

TODAY’S LOT WALK

• Data & Insights: What do car shoppers want? 🙋‍♂️

• Business: Massachusetts passed a law requiring automakers to share repair info with third-party shops. 👩‍⚖️

• Culture: The end of an era? ✌️

Reading time: 4 mins 33 sec

DATA & INSIGHT

What Do Car Shoppers Want?

The age-old question: What do consumers want? A recent surge in EV sales, with growth surpassing 48% from 2022, suggests a direction but not a clear destination.

Nearly 300,000 BEVs were sold in Q2 alone. By 2023, over a million EVs are expected to cruise off lots, fueled by price cuts, wider vehicle variety, and the Inflation Reduction Act's tax credits. Yet, barriers like higher EV prices and charging station concerns persist.

Half of U.S. consumers considered an EV this year, up from 38% in 2021. Still, a balance between gas and electricity is foreseen; the EV market share might reach just below 30%, even with oil price hikes.

EVs aren't replacing ICE anytime soon. Now with record-high monthly payment amounts, it is time to meet customers no matter where they are on the ICE-hybrid-EV-new-used matrix.

What opportunities do analysts see for dealers?

• Have Stock to Sell Stock: With only 18 of 97 EV models qualifying for tax credits, dealers should prioritize stocking these high-demand used models, like the Tesla Model 3 or Chevrolet Bolt.

• Address Concerns: Enhance consumer education on available tax credits and offer guidance on charging solutions.

• Geography Matters: With a whopping 30% of U.S. public charging stations in California, tailoring sales strategies to regional preferences is essential.

The next year, and for years to come, environmental concerns will join fuel efficiency, safety, and price among the top factors for auto shoppers.  

That’s what we found when we Googled, “What do car shoppers want?” What are you hearing around the store, community, and internet? Hit reply and let us know!

TOGETHER WITH VELOCITY AUTOMOTIVE

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AROUND THE ASOTU-VERSE

The Countdown Continues!

BUSINESS

Making Moves: Lucid, Kia, GM, Massachusetts

Lotta news going around. We decided to write fast today, so you’ll need to read fast to keep up! 👀

Lucid Motors Turns Heads

• 🚀 Lucid Air EV Models: Prices slashed, sparking a rise in interest and sales.

• 🗣 CEO Peter Rawlinson: Price cuts were a hit, especially post-2022's inflation challenges.

• 📅 Coming Up: Lucid's Gravity electric SUV will roll out in November.

• 🎉 Promotions: Attractive discounts and leasing deals in the spotlight.

Price cuts were a hit. In other news, fish prefer water to root beer (even Mug Root Beer…we checked).

Kia Ramps Up for EV9 Launch

• 🇺🇸 US Release: All-electric EV9 SUV hitting US roads by Q4 2023.

• 🌎 Global Footprint: Already a favorite in South Korea.

• 🛠 Specs:

  • 4 trim levels

  • 2 battery pack choices

  • Multiple powertrain configurations

• 🏭 Local Production: 2024 EV9 to be birthed in West Point, Georgia. Big news as it's Kia's first locally-produced all-electric car.

• 💰 Tax Benefits?: Possibly eligible for the $7,500 federal tax credit.

How many KiaBoyz will buy the new EV after becoming fans on a joy ride? We’re guessing at least triple digits.

Chemical Spill Alert at GM Plant

• 🔍 OSHA Investigation: A concerning chemical spill at the Ohio-based EV battery plant.

• 🌐 Partnership: This plant is a joint venture between GM and LG Energy Solution from South Korea.

• 🚫 Dangerous Solvent: N-Methylpyrrolidone was spilled, a chemical risky for the nervous system.

• 🚒 Safety First: No injuries were reported, but given the plant's history, OSHA is on high alert.

Based on our rudimentary understanding of watersheds, this plant just spilled battery salsa on your favorite beach vacation spot.

Repair Data Sharing Gets Green Light

• 📜 Massachusetts: A state law now mandates automakers to share car data with independent repair shops.

• 🚫 Initial Resistance: Fears of hacking had regulators concerned.

• 📡 NHTSA Verdict: Short-range wireless tech for data sharing gets a thumbs up. However, there's a caution against using long-range systems.

• 🛠 Consumers choose: Car owners can pick their repair shops beyond dealerships, meaning repair shops could offer incentives to bring business in.

Take your car wherever you want for repairs, but don’t get surprised when you have to pay to repair the “repairs” before you can pay for the repairs. Ya dig?

CULTURE

A Fleeting Mirage

Roll out the tiny red carpet! In a world obsessed with big rides and matching price tags, the Mitsubishi Mirage stands tall(ish) as the last of its kind in a shrinking kingdom. 🤴

While inflation has pushed the national average new car price to $48K (25% up from 3 years ago), the Mirage is still under the $20K mark. It is actually the ONLY new car still rocking that particular part of the pricing chart. 🌵

Of course, with many preferring larger cars, inflation marching on, and inventory levels still not quite right, it seems even the Mirage will eventually pass the unofficial "affordability" line in the sand.  🐫

Quick Hits

• Disney’s “Ahsoka” dropped its first two episodes, and fans seem pleased. 🪐

• Workers combat heat waves with ice-pack vests. ❄️

• Workers sign a deal with UPS, finally putting strike risk to rest. ✍️

History

• 1909: Workers start pouring concrete for the Panama Canal. 👷‍♂️

• 1932: Amelia Earhart becomes the first woman to make a transcontinental flight from Los Angeles to Newark. 🛫

• 1945: Cadillac’s last tank rolls off the line. 🕊