#539 -📈 California's EV Market

TOGETHER WITH

“Service” can mean as many things as there are people to serve.

For the server, it almost never means “convenience.”

Go serve somebody today, friends, even if it isn’t fun.

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

TODAY’S LOT WALK

• Business: Toyota makes moves, Ferrari makes dough, Xpeng makes deliveries, Nikola makes recalls, and Redwood makes batteries out of batteries. 🔋

• MTCM: Ford of West Memphis honors a young boy’s memory. 💗

• Culture: AI Beatles. 🐞

Reading time: 5 mins 9 secs

BUSINESS

Important Stuff

Toyota Vs Tesla, in Thailand, and Hiking Wages

In Q3, California's EV market share soared to 22.3%. Tesla, previously the top-selling brand, was overtaken by Toyota, trailing by about 20,000 vehicles YTD. Even with this, Tesla still leads in model sales.

Toyota is upping its game in response to Chinese EV pressure in Thailand by testing an electric pick-up and amplifying R&D investments.

Moreover, in the U.S., Toyota increased wages for nonunion workers, a move reflecting shifts to match the competitive labor market, especially after recent UAW deals with American manufacturers.

Ferrari's Financial Acceleration 

Ferrari reported a 46% increase in Q3 profit, leading to an upgraded full-year revenue forecast now at €5.9 billion and earnings per share of at least €6.55. This financial uplift is driven by high demand for its customized luxury models, with the order book extending to cover demand until 2025.

Chinese EV Startups Surge 

October was a landmark month for Chinese EV startups, with Xpeng delivering 20,002 vehicles and Li Auto a record 40,422. Nio saw a slight increase to 16,074 vehicles. However, BYD took the lead, selling 165,505 pure electric cars, and a similar figure for hybrids.

Nikola's Setbacks and Strides 

Despite facing a substantial loss from recalling 209 battery-electric trucks at a cost of $61.8 million due to fire risks, Nikola has secured nearly 300 orders for its new hydrogen fuel cell semi-truck. The company also increased its cash reserves, positioning it to resume deliveries in the upcoming quarter.

Redwood's Recycling Milestone

Redwood Materials is recycling a 4MWh battery substation in Hawaii, showcasing the second-life potential of lithium-ion batteries and advancing energy storage circularity. Founder JB Straubel circles back to his Tesla roots with this significant project.

TOGETHER WITH AUTOMOTIVE VENTURES

NAVIcon Cup 2023

Automotive Ventures and its friends are meeting in Scottsdale, Arizona, for another National Auto Venture & Investors Conference (NAVIcon) on the last day of Used Car Week, Nov. 9. 

Gain information, visibility, and first-hand expertise from fireside chats, panels, and the NAVIcon Cup with special judge: ASOTU's Kyle Mountsier. 

Check out the agenda for Automotive Ventures's NAVIcon now! 

/Positivity

If we tried to tell all the wonderful, charitable, and creative stories happening in dealerships across our industry, we would need a bigger email. But we have just enough space in this email for YOUR story. Let us help show the community and world what you have going on in your store!

MORE THAN CARS MOMENTS

Mustangs and Memories

In a heartfelt tribute to a remarkable young spirit, Ford of West Memphis is continuing to honor Eddie DeSylvia, a ten-year-old boy who valiantly battled Diffuse Intrinsic Pontine Glioma (DIPG), a rare and formidable brain cancer.


The dealership's bond with the DeSylvia family, forged during Eddie's fight, turned into an unforgettable act of kindness as they arranged for Eddie to fulfill his dream of riding in a Mustang. Employees at the dealership even got the Mustangs of the Mid-South to participate.

“[Ford of West Memphis] gave us memories that we’ll never forget and gave Eddie one heck of a day,” said Sonja, Eddie’s mother.

Three years after Eddie's passing in September 2020, the dealership remains committed to keeping his memory alive by participating in fundraising efforts aimed at advancing research for DIPG. Their current charity fundraiser will help St. Jude Children's Research Hospital continue to lead the way in treating and defeating childhood illnesses.

TIE CUTTERS

2024 TIME Dealer of the Year Nominee: Daniel Wilson

Daniel Wilson proudly represents North Dakota as a nominee for this year’s prestigious TIME Dealer of the Year award.

Originally an accounting graduate, Wilson transitioned from CPA to the auto industry in 1995, becoming a pivotal figure in Corwin Automotive Group's expansion to 17 locations.

He has leveraged his unique industry perspective for positive community enrichment, championing causes such as the United Way School Supply Drive and the fight against childhood hunger with the Great Plains Food Bank. Wilson also continues his commitment to global water access through Wellspring for the World, aiding in the creation of more than 1,000 wells.

Congratulations to Daniel Wilson on this impressive recognition from the entire ASOTU Team! 👏

AROUND THE ASOTU-VERSE

Coming Soon

• NOVEMBER 16 @ 2:00 pm EST

  ASOTU EDGE 30-Minute Webinar in partnership with Invoca

  “Revolutionizing Phone Call Management: Adapting to the Digital Era.”

  Discover how the automotive industry is revolutionizing phone call management, personalizing marketing through call data, and enhancing customer experiences with cutting-edge tools like Invoca's AI technology. Dive in, decode, and drive success in today's digital age!

  ☎️ Register now ☎️
  

• FEBRUARY 1-4, 2024

  NADA 2024 in Las Vegas

  Lights, camera, actions! Paul and Kyle will be at NADA creating content for exhibitors. Hit us up to let us know what we should see, who we should talk to, and what we should cover while we’re there.

  🎤 Don’t miss a thing 🎤
  

• MAY 14-17, 2024

  ASOTU CON 2024 in Baltimore

  The design team is putting the finishing touches on elements and assets for the event. All participants and collaborators can expect to see the release during the first week of November!

  🗓 Add it to your calendar 🗓

  👋 Word on the street is Paul and Kyle will also be at Used Car Week (next week) and MRC (the following week) — come say ‘hi’! 👋

   

CULTURE

AI Revives and Reunites The Beatles for a Final Song

In a remarkable fusion of classic rock and cutting-edge technology, The Beatles have released a new track titled "Now and Then," their first since 1995.

This latest song was completed using advanced machine learning to navigate the technical challenges of an old John Lennon demo, a project once abandoned in the '90s.

Paul McCartney, Ringo Starr, and producer Giles Martin employed this AI breakthrough to isolate and enhance Lennon's original recordings, allowing them to contribute new parts and complete the track.

This innovation not only signifies what could be The Beatles' last collaborative production but also opens doors to revitalizing a myriad of historical recordings, preserving musical heritage for future generations.

Just think, someday, your friends may be able to beat you at Uno one last time at your own funeral.

Quick Hits

• Disney is set to acquire Hulu in a $8.6B deal with Comcast. 💸

• Tech company HTC is sending VR headsets to astronauts aboard the International Space Station. 🛰️

• YouTube announces it will limit videos related to body weight and social aggression for teen users. 🚫

History

• 1911: Chevrolet officially enters the automobile market in competition with the Ford Model T. 🤼

• 1957: The Soviet Union launches Sputnik 2. On board is the first animal to enter orbit, a dog named Laika. 🐶

• 1969: PBS is founded. 📺