#625 - 🇺🇸🔌📈 America, Adapters, and All-Time Highs

TOGETHER WITH

Friday is here, which means we got some news, some economic info, and of course: V I B E S.

What’s Friday like in your store? Send us stories, send us pictures, send us vibes.

Let’s do this day right and…

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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BUSINESS

Where is the News?

Some people believe their cell phones are spying on them but still use them to do their banking, dating, and write poetry while waiting in the grocery store line. (Maybe that last one is just me…)

The White House is talking about protecting personal privacy by keeping Chinese-made software-defined vehicles out of the US, while some automakers just don’t want market disruption that cheap EVs would cause.

They also say people don’t want EVs enough for California and the 11 states following her lead to ban EVs. The truth is often in the boring middle of the more dramatic opinions you can find.

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US v. BYD? 

The US is investigating whether Chinese vehicle imports, particularly "connected" and autonomous cars, pose national security risks due to their ability to collect sensitive data and be remotely controlled. The Commerce Department's investigation will determine the impact of these imports and lead to possible bans or regulations. 

BYD says they don't actually want to play with the US anyway. While planning an annual 150K production plant in Mexico, they say they plan to expand into South America. All the same, calls to block low-cost Chinese imports are going around. 

 📈 At the time of writing, BYD Co Ltd is up 0.14% in the market. 

Ban(d) Wagon

Speaking of calls for regulations, with The Alliance for Automotive Innovation, major automakers are challenging California's ambitious plan to cease the sale of gasoline-only vehicles by 2035, adopted by 11 other states, due to doubts about its feasibility given current EV demand levels.  

California Air Resources Board insists that the environmental and health benefits of transitioning to clean vehicles are a priority. The Federal government has set no end date for ICE tech, so the exact results of these bans and pushbacks are yet to be determined. But we will keep letting y'all know what's what. 

Ford Adapts

Ford's adapter for Tesla Superchargers is available for order and free to current Ford customers until June 30, at which point it will cost $230. 

Ford EV drivers in the US and Canada will more than double their access to fast chargers by using Tesla's network once the company ships them in late March following first come, first serve orders. 

In addition to web orders, F-150 Lightning and Mach-E owners can reserve their adapters in Ford's app. 

 📈At the time of writing, Ford Motor Co is up 0.62% in the market, while Tesla Inc is down 1.07%. 📉

Renault Looks to Reconquer (part of) Europe

Renault is bringing back a classic model to revive a bygone era of its larger market share. The all-electric 5 E-Tech is a reinterpretation of the Renault 5, which they produced between 1972 and 1994. 

The supermini was unveiled at the Geneva International Motor Show and used Ampere's B-segment EV platform, AmpR Small. It features a flat floor, an 8.33-foot wheelbase, and weighs just 3,300 lbs. Of course, it will have Vehicle-to-grid abilities. Less obvious is its $27K starting price. Without a doubt, it will be a European model with little chance of reaching Americans. 

 📉At the time of writing, Renault SA is down 0.41% in the market. 

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What do you think? Would $15K EVs with a direct line to Bejing disrupt the US auto market, or do people simply not want EVs regardless of affordability?

TOGETHER WITH VEHICLES FOR CHANGE

Changing Lives Together

Last year, our charity partner for ASOTU CON, Vehicles for Change, joined us for an auction unlike anything else in auto. A custom guitar and pair of shoes met more people’s needs through the ongoing work of the non-profit.

We love More Than Cars Moments like those and want our community to participate in them. Our friends Vehicles for Change help people every day overcome mobility and employment challenges, and this May in Baltimore, MD, at ASOTU CON 2024, they will be giving a car to a local Baltimore family to ensure they don’t let distance keep them from the life they deserve to live.

Keep an eye out for how YOU can participate in sending this deserving family home with more than new wheels but a carload of generosity from our community.

Tickets are available now!

DATA & INSIGHT

Investigating the Market

In a time where finding good news can often feel like looking for a needle in a haystack, the stock market is basically throwing a haystack made of needles at us right now. But like, in a pleasant way.

The trading floor hit an all-time high last week, encapsulating a year-to-date increase of over 6% and a staggering 24% increase since October. The surge was fueled by a series of corporate earnings that not only met but exceeded expectations.

Tax season is underway but off to a slow start. As of February 16th, 25% fewer refunds have been issued as the same time last year. But, taxpayers who have filed are receiving an average refund of $3,207, up 2% from a year ago.

January's inflation numbers are still well below the June 2022 peak of 9% but we still saw a 3.1% increase in consumer prices compared to the same month last year. Despite this, U.S. consumer sentiment ticked up slightly in February to 79.6, marking its highest point since July 2021.

The digital era has fundamentally reshaped the way people scout for their next vehicle, and those online searches can provide a treasure trove of helpful data on brand preferences and regional trends.

According to MarketWatch studies, Toyota and Tesla have emerged as the leaders in the race for online visibility, commanding the highest number of searches in the U.S. It's clear that interest in sustainable driving options is also surging, with California and Washington leading the charge in most EV searches per capita.

🤓 Discover more weekly insights by reading the full article on our website here. 👈

AROUND THE ASOTU-VERSE

ASOTU CON 2024

ASOTU is committed to supporting our industry leaders and workers as they live loving people more than we love cars, so we invited Mike Stanton to ASOTU CON to share his expertise and experience, including 24 years with NADA.

Grab a ticket now and get a good seat to hear what Mike has for our community. (Psst…jk, there are no bad seats.)

Quick Hits

• Everyone’s favorite outlaw owl, Flaco, crossed the rainbow bridge last week after an unfortunate scuffle with a building. 🌈

• Microsoft is working on an AI specifically to assist with financial work. 🧮

• Wendy’s said it wasn’t planning a surge pricing push, but Burger King is clowning on them anyway. 🤡

History

• 1845: President John Tyler signs a bill authorizing the United States to annex the Republic of Texas. 🇺🇸

• 1954: The U.S. tests hydrogen bomb in the Pacific archipelago of Bikini. 👙

• 1998: Titanic becomes the first film to gross over $1B worldwide. 🧊