#561 - 🌟🛠️🧠 Innovation and Insight

TOGETHER WITH

November numbers are coming out, and no two companies had the same month.

That's part of trying new things. Sometimes you find your next big idea, and sometimes you find a path you’ll never want to try again.

In hindsight, they’re both progress, but in the moment of turning around, that movement may feel like backtracking.

Keep innovating, keep taking those two steps forward and that one step back, and of course...

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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BUSINESS

To The Point

November Reports

Ford's US Vehicle Sales in November:

• Sales Decline: Ford reported a 0.5% drop in US vehicle sales in November, with a total of 145,559 vehicles sold, slightly down from 146,364 units last year.

• Strike Impact: A recent strike, which ended with a deal with the UAW, halted production, impacting sales.

• Electric Vehicles Growth: Sales of electric vehicles surged by 43.2%, reaching 8,958 units.

• Trucks Sales Dip: Sales of trucks decreased by 2.8%, totaling 78,971 units.

Tesla's Performance in China:

• Sales Drop: Tesla's China-made EV sales fell by 17.8% in November, the most significant decline since December 2022.

• Competition and Market Dynamics: Tesla faces intensifying competition in China, with its EV market share dropping. The company has adjusted prices multiple times amid changing market conditions.

• Musk's Diplomacy: Elon Musk met with Chinese President Xi Jinping, underlining the strategic importance of Tesla's presence in China.

BYD's Record Sales:

• Sales Milestone: BYD hit a new record with 301,378 passenger plug-in car sales in November, a 31% increase year-over-year.

• Dominance in Electric Vehicles: The majority of BYD's sales were all-electric vehicles (BEVs), totaling 170,150 units.

• Global Expansion: While most sales were in China, exports constituted about 10% of the total.

• Year-to-Date Performance: BYD's total sales for the year so far have surpassed 2.6 million units, a 65% increase over the previous year.

Mines and Material. 

EU Automakers' Battery Metal Shortage

• Limited Supply Secured: European automakers have acquired less than 20% of the cobalt, lithium, and nickel needed for their 2030 targets.

• Tesla and BYD Ahead: Tesla and BYD are exceptions, with better raw material strategies but lag in responsible practices.

• Volkswagen and Stellantis Progress: These companies are making headway in securing necessary battery metals.

• BMW and Mercedes Commitment: German automakers are leading in responsible supply practices, including human rights and low-carbon processes.

Rio Tinto's Position in EV Boom

• Copper Demand Surge: The expected global copper demand will nearly double by 2035, which is crucial for EV production.

• Production Challenges: Rio Tinto faces operational difficulties in ramping up production to meet this demand.

Toyota Partners with Redwood Materials:

• New Supply Agreement: Toyota signed a contract with Redwood Materials for battery components, marking a significant shift towards EVs.

• Recycling and Production: Redwood focuses on recycling and domestic component procurement, with Toyota committing to using recycled materials. 

TOGETHER WITH WOCAN

WOCAN Winter Meetup

WOCAN has attracted amazing women from all over the country, and it's time again to deepen the connections at a virtual meetup.

Each participant will rotate through small groups in a "speed dating" style rotation that will maximize the number of WOCAN members each attendee meets.

Participants will
• Expand their network with valuable connections
• Discuss the unique challenges facing women of color in a safe setting.
• Share ideas to help other members succeed and prosper

This event is reserved for WOCAN Women members and allies, and pre-registration is required. Be sure to register by Monday, December 11th.

DATA & INSIGHT

Market Moves

Economic Outlook —

• Improving Confidence: The Conference Board reported a 2.9% increase in consumer confidence in November, driven by a more optimistic future outlook.

• Persistent Inflation Factors: Energy, housing, and core services continue to drive inflation causing consumers to increasingly forego purchases due to the high prices, a significant change from last year's behavior.

• GDP Growth: Q3 saw a substantial increase in real GDP, revised up to a 5.2% annualized increase, surpassing the initial 4.9% estimate.

• Gas Prices: Notably, gas prices have been on a downward trend for about 70 days, according to AAA.

Market Updates —

• Used Car Market: The used car market is experiencing a drop in prices across various segments, with pickup trucks seeing the most significant decline.

• Wholesale Adjustments: The wholesale market is reflecting similar trends, with overall car segment prices declining and specific categories like compact vans and luxury SUVs experiencing a more pronounced drop.

• New Car Market: The market continued to experience significant declines in the last week of November. Work Vans, Full-Size Luxury SUVs, and Compact Car segments experienced the most significant declines, with all three segments depreciating by more than 3% in a single week.

TIE CUTTERS

2024 TIME Dealer of the Year Nominee:
J. Blake Murdock

Selected as one of 49 dealer nominees for the annual TIME Dealer of the Year Award, J. Blake Murdock represents the New Car Dealers of Utah and is a prominent figure in his community.

Beginning his career in 1967, he rose to lead the Murdock Auto Team, representing multiple brands across Utah. Murdock's significant contributions include fundraising for Bountiful Veterans Park and supporting various local initiatives. His commitment to mentoring, industry innovation, and community involvement exemplifies the spirit of the award honoring those who lead with their hearts.

Way to go, J. Blake, and best of luck! 👏

AROUND THE ASOTU-VERSE

Coming Soon

• Wednesday, DECEMBER 13 @ 2:00 PM EST
  ASOTU Edge Webinar with Upstart
  Transforming Car Buying: The Power of Connected Auto Retailing
  Learn how to blend online prowess with in-store digital finesse, alongside top-tier financing and management tools in 30-minutes.
  🧑‍💻 Register now 🧑‍💻

   

• JANUARY + FEBRUARY
  More Than Cars Episodes 3 + 4
  Tired of waiting for new episodes of retail auto’s only docu-series, More Than Cars? Us too. So, we’re dropping new episodes in January and February. Let’s start the new year right!
   👀 Watch episodes 1 and 2 👀

   

• FEBRUARY 1 - 4, 2024
  NADA 2024 in Las Vegas
  Are you going to NADA and itching for some eye-catching media coverage? We're your dream team for content creation.

  🎥 Let’s link up 🎥 
   

• MAY 14 - 17, 2024

  ASOTU CON 2024 in Baltimore

  Next year, we’re elevating the focus on context, connection, and dynamic conversations. Unlike traditional conferences, we’re going beyond a passive listening experience, turning every attendee, speaker, and exhibitor into a crucial part of the larger dialogue.
  🤝 Partner with us 🤝
  🎟️ Secure your ticket 🎟️

CULTURE

Squirrels and Brains

Here's a fun little story from the world of medical science and... zoology. 

A squirrel way up north hibernates for eight months of the year. That's 67% of the year. In that time, the little creature's body temperature lowers to sub-freezing levels, but it still comes back when the time is right. 

Where we see a particularly strange park mouse, scientists see a unique mammal that may teach us more about how to hack our bodies. 

Nasa sees this unique ability to hibernate, called "torpor," as a secret to long-distance space travel. While the body enters the sub-freezing temperatures, it takes only one breath per minute and has a heart rate of just five beats per minute. 

Brain medicine research shows that lowering a body's temperature slows down brain damage. While keeping somebody on ice forever isn't possible, learning about the effects of super-cold on the brain could aid in the production of medications that could mimic the slowing effects of cold on damage. Simultaneously, the ability to come out of such long and physically testing hibernation with a working brain indicates there may be something to learn about strokes and Alzheimer's, according to researchers at the University of Alaska Fairbanks.  

Quick Hits

• Spotify is laying off 17% of its workforce. That’s about 1500 people. 🎵

• Western startups are looking for new refining processes to break material dependencies on China. ⛏

• KISS plays its final in-person show and reveals its live digital avatars, who will continue to perform. 📽

• Bitcoin and Ether are at an 18-month high. 📈

• A heated eye massage may be the headache fix you need. 🤕

• Science and business types are getting excited about Nuclear fusion energy. ⚡️

History

• 1921: The Football Association bans women's football in England from league grounds, a ban that has stayed in place for 50 years. ⚽️

• 1933: Prohibition comes to an end as Utah became the 36th state to ratify the 21st Amendment to the Constitution, repealing the 18th Amendment. 🥂

• 1952: A terrible deathly fog ( "The Great Smog" or "The Big Smoke" ) causes the death of thousands of Londoners. It starts on the 5th and ends on the 9th. The smog had been created by a combination of the cold fog and sulfur pollutants caused by increased coal smoke due to the increased burning of coal fires. 😶‍🌫️