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- #607 - 🪑⚖️😵💫 A Little of Both
#607 - 🪑⚖️😵💫 A Little of Both
GM Poaches, Super Bowl Ads, and Economic Reflection
TOGETHER WITH
There are videos of carpets being pressure-washed on YouTube with millions of views.
Free idea: Make videos of reconditioning work and upload them with “satisfying” or “ASMR” in the title.
You’ll be monetized in no time! (*not financial advice)
Keep Pushing Back
-Paul, Kyle, Chris & Kristi
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BUSINESS
Some News
Giphy/US National Archives
Automakers all over the US are easing off EVs while also increasing their investment in EVs. It seems the market isn’t hitting yet, but they don’t want to miss the party once it starts…if it starts.
We aren’t sure why you shouldn’t sit on fences, but we know for sure a chair would be more comfortable.
. . .
VPs and Gatekeeping
The future is kinda funny. If you gave somebody the "Vice President of Batteries" when we were kids, we'd assume they were in charge of deciding when to take batteries out of the TV remote to make the board game Operation work for a bit.
GM just hired a VP of Batteries to enhance its Ultium EV platform's rollout. The new guy is Kurt Kelty, Tesla's former battery chief. His mission is to develop lower-cost, higher-performing EV platforms and improve battery production. Better and cheaper, huh? At least they didn't ask for "faster" too.
As Chinese companies continue to expand their influence across the global market, automakers, lawmakers, and workers are looking for balance.
The UAW is concerned about current U.S. import tariff structures. Low tariffs may not protect domestic markets from Chinese companies seeking to circumvent U.S. trade barriers through Mexico.
GM is entering a long-term $19B deal with LG Chem for critical EV materials like nickel, cobalt, manganese, and aluminum to support the production of five million EVs.
Pain in the rear. As GM pushed forward to their spot in the EV game, they are stepping back to double-check their cargo — because their tailgates aren't closed. The company recalled 323,000 HD Trucks due to a faulty tailgate latch.
📉 At the time of writing, General Motors Co is down 0.45% in the market.
Hear More
Up and Adapted
Nissan reported a 6.4% rise in operating profits for its December quarter; which sounds cool, but like a spoiled kid on Christmas morning, the market expected more.
The company says it will not change its full-year operating profit forecast despite lowering its sales forecast.
Increased competition (namely in China) where sales dropped 16%, led to the shortfall.
North American performance was up 23% to almost 900K units, which offset the decline.
Turning a new leaf. One of the earliest mass-produced EVs around, the Nissan Leaf, is finally going to get some use out of Tesla's massive charging network. The company isn't changing its standard, but instead selling $1K adapters by Dongguan Longood Technology Co. Along with access to Tesla's network, the adapter will ensure as CHAdeMO chargers dwindle, Leaf owners can get where they are going.
📉 At the time of writing, Nissan Motor Co Ltd is down 4.89% in the market.
Touring the Super Bowl
BMW, has…a new, EV, and a…commercial, you may, enjoy.
Sorry, typing a Christopher Walken impression is even harder than speaking one.
BWM's i5 Touring is its first all-electric luxury wagon. It's got a ~350-mile ranger and two trim options. It is also rocking all kinds of new tech, including adaptive recuperation, a heat pump to boost range, and fast charging capabilities, alongside a suite of digital features like BMW OS 8.5 and cloud-based navigation.
All of which you'll learn about from the brand's Super Bowl commercial from the one and only Christopher Walken.
📈 At the time of writing, Bayerische Motoren Werke AG is up 2.82% in the market.
Bigger and More
Stellantis is showing off its new EV platform. Essentially, it's like all the other EV platforms, just bigger. All that space goes to battery real estate, providing Dodge Charger and Jeep Recon drivers with up to 500 miles of range.
In addition to having more battery capacity, the platform will use less energy for heating and cooling while offering performance that claims to surpass V8 Hellcat engines. We'll see...
📈 At the time of writing, Stellantis NV is up 2.36% in the market.
TOGETHER WITH UPSTART
Survey Says: Webinar
Join us on February 21st at 1 pm EST to hear from our friends at Upstart about the data they collected by surveying 100 dealers from across the U.S.
Hear from dealers on:
What’s been your biggest challenge in 2023?
How advanced is your online and in-store experience?
What’s been the biggest challenge with financing?
And, what’s your outlook for car sales for 2024?
DATA & INSIGHT
A Closer Look at the Market
Giphy/NBC
Healthy Stocks: The S&P 500 and Nasdaq have experienced significant gains early in February, rising by roughly 3% and 4% respectively, and challenging the historical trend of February as a traditionally weak month for stocks.
No Dice: The Fed didn't give the market what it was hoping for this week — interest rate cuts. Instead, Federal Reserve Chair, Jerome Powell, emphasized their plans to ensure inflation will remain on its current downward path before making any chops.
Edward Jones/Fact
Job Surge: January saw a significant job growth rebound, with 353,000 jobs added, far exceeding economists’ expectations.
Steady Unemployment: The unemployment rate remained constant at 3.7%, with labor force participation also steady.
Consumer Confidence Up: The Conference Board Consumer Confidence Index increased by 6.3% in January, and up 8.3% year-over-year.
Wage Growth Accelerates: Average hourly earnings growth increased to 0.6% month-to-month, with a year-to-year rise to 4.5%.
In the Market: The consumer’s view of buying conditions for vehicles increased to the highest level since the summer of 2021 as views of prices and interest rates were less negative. However, plans to purchase a vehicle in the next six months declined to the lowest level since April and was down from a year ago.
Cox Automotive
Market Stability: January's Manheim Used Vehicle Value Index remained steady at 204.0 from December, yet marked a 9.2% decrease year-over-year.
Cold Cuts: The pace of new-vehicle sales decreased in January to its slowest since last March as harsh winter weather disrupted sales.
Price Plunge: Compact cars and EVs faced steep dips in January. Midsize cars and pickups also experienced slightly higher declines, while SUVs matched the industry's average 9.2% drop.
Robust Recovery: Fueled by pent-up demand and improved dealership inventories, U.S. auto sales soared to 15.5M in 2023, marking a 12.4% increase from the previous year.
Pickup Trucks Lead: The Ford F-Series continued its four-decade-long reign as America's best-selling vehicle, making up nearly 40% of Ford's total sales. They were followed closely by the Chevrolet Silverado with a 6.1% increase in sales and the most affordable model priced at around $38K.
Electric and Hybrid Growth: Ford's EV sales grew by 18% and hybrid sales by 25%, while Tesla's Model Y emerged as the top-selling EV.
Visual Capitalist
AROUND THE ASOTU-VERSE
Coming Soon
Will Guidara, best-selling author of Unreasonable Hospitality, will be the keynote speaker for ASOTU CON 2024 in Baltimore this May 14-17th!
Will is a renowned figure in the customer service business, recognized for transforming Eleven Madison Park into the world's top restaurant.
His book Unreasonable Hospitality is an approach rooted in human connection and emphasizes creating extraordinary experiences by giving people more than they expect.
Many of you have already read his book or encountered the ideas, but there is nothing like hearing it straight from the author.
Quick Hits
History
1895” William G. Morgan creates a game called Mintonette, which soon comes to be referred to as volleyball. 🏐
1986: Halley's Comet last appeared in the inner Solar System. ☄️
2001: The 100th Chicago Auto Show opens. 🎪
Thank you for reading, friends. Now, use this information to serve your community, industry, and family.