#633 -🛑🌏📺 Theft, Trailers, and Thrown Towels

TOGETHER WITH

Love is the difference between duty and obligation.

People can tell when you are going through obligatory motions and when you woke up that day dutifully bound to caring well for them and their time.

Maybe we can’t love somebody we’ve never met, but we can make sure the house is tidy and the table is set so it won’t be a big adjustment when they arrive.

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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BUSINESS

Monday News

Like a pocket that jingles when you walk, the U.S. automotive market is full of change. Some of these changes will happen way upstream of the Dealer-to-Community relationship, but some will be in your showroom before you know it.

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Kia Surging and Settling

Kia's January 2024 performance highlights a surging demand for electric vehicles, led by significant sales growth globally and a strong U.S. market presence. Here are the key takeaways:

• Global sales up by 4.2% (244,940 units)

• EV sales jumped 48% globally and 57% in the U.S.

• E-GMP-based models (EV6, EV9, EV5) drive growth, with shipments doubling

• Significant opportunity for U.S. auto dealers

Oh also... The Kia class action settlement addresses theft risks with reimbursements and software upgrades, impacting insurance rates and customer satisfaction. Dealers must balance transparency and trust, guiding vehicle security.

Lucid Listening

Lucid says it wants to listen to its customers more and rely on Saudi backer money less. The luxury EV maker says the 2024 Air, with more focus on battery tech and new models, will aid it on the path away from going broke or leaning too heavily on its current backers for fundraising. 

Rivian's Big Reveal

Rivian Automotive's strategic pause in constructing its Georgia plant is a critical pivot in its business model, focusing on cost efficiency and accelerated production. Here's a quick snapshot:

• Rivian Automotive pauses its $5 billion Georgia plant construction to enhance production efficiency and reduce costs.

• The production of the R2 SUV is being shifted to the existing facility in Normal, Illinois to save about $2.25 billion in capital expenditures.

• Following the announcement, Rivian's stock experienced a 13% increase, indicating investor approval of the company's strategic adjustments.

• Despite slow EV sales in the U.S., Rivian is dedicated to broadening its product range with the introduction of models R2, R3, and R3X.

• This strategic shift challenges Georgia's ambition to become a key player in the EV industry amidst other manufacturers' regional expansion efforts.

China's Cuts and Challenges

In China, the slowdown in EV sales growth amidst intensifying competition and price cuts by leading automakers such as BYD signals a highly competitive market landscape. This dynamic, coupled with the impact of exports as a growth engine, offers valuable insights for U.S. auto dealers monitoring global trends and preparing for consumer preferences and pricing strategy shifts.

GM and Stellantis Buddy Buckles

Lastly, the bankruptcy of Charge Enterprises, a key charging station partner for major automakers including Stellantis and GM, highlights the financial challenges within the EV infrastructure sector. This development underscores the importance of robust and reliable EV charging solutions for dealerships aiming to support the growing number of EV owners.

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That's Monday. Funny how just Friday we reported Rivian's big plans for Georgia and by breakfast they had flipped the script. Tune in tomorrow to see who changes what and why.  

TOGETHER WITH UPSTART

Data-Driven Dynamics

Upstart recently took the lead in a webinar about the future of dealerships and the critical steps needed to bridge the digital divide.

Keishawn Batts, Upstart's Head of Customer Success, and Paul J. Daly dissected trends for 2024, digital transitions within dealerships, and pesky financing challenges (and how to battle them).

A must-listen for anyone looking for powerful insights based on proven data — watch the replay here.

PLUS, you can sign up for part two with Ron Bouchard here. Join us to bridge the online/in-store financing gap!

/MTCM

We talk a lot about “Unreasonable Hospitality” around here, and we are excited to hear more from Will Guidara at ASOTU CON about how we can learn from his experience.

Have you seen any stories of unreasonable hospitality in our industry? We call those More Than Car Moments, and we LOVE telling people about them.

Hit reply or the link below and let us help share your story!

AROUND THE ASOTU-VERSE

ASOTU CON 2024

Real pitches, real companies, and a real panel of industry leaders. ASOTU CON 2024 will have a live session of Pitch Tank. Hear 3-minute pitches from the people partnering with dealers like you to meet the needs of consumers today and into the future.

Winners will compete on the main event stage to decide who is the 2024 Pitch Tank champ!

Grab your ticket to ASOTU CON 2024 here!

CULTURE

Trailer Wagon

Fallout is a video game series that doesn’t have many neutral opinions. Most people around walk over glass to replay them for the first time, while others wish the weapons felt more like COD. To each their own. The show looks like fans of the original content had a creative hand involved so we are pretty excited.

Disney/Pixar is back to once again make us feel like our feelings have feelings, but it feels ok. The new movie features a young teen version of the main character and all the feelings you develop while coming of age: Anxiety, Envy, Embarrassment, and Ennui (boredom). While we also remember a few other feelings kicking around in those days, we respect the choice to leave Infatuation and “I wish I had superpowers” out of the movie.

Ghost of Tsushima is an excellent game that will now come to PC with a director cut. The game follows a mostly-alone Samurai trying to walk the fine line between the code of honorable combat and sneaking up behind invaders to shank them while they ain’t lookin’. Finally, a character we can all identify with.

Another Ghostbusters movie is coming out. This time with Ant-Man and the kid from Stranger Things. Surly people will love it now, right? Right?!

Quick Hits

• Apple brings Fortnite back in the EU, and Fortnite prepares to bring the ancient Greek pantheon into the game. ⚡️

• China is preparing a $27B semiconductor chip to find to counter US regulatory actions. 💰

• Even if they are gummies, Melatonin gummies are not candy. ERs report an uptick in melatonin overdoses among children. 💤

History

• 1961: Barbie Counterpart Ken is launched 👱‍♀️

• 1971: Lamborghini Countach debuts 🏎

• 2009: Toyota announces one-millionth hybrid sale 🏆

Thanks for reading. Hit reply and tell us: Dogs, cats, or both?