#655 - 🚗 Actual Cars

TOGETHER WITH

Friday is a great day to look back, look ahead, and adjust course accordingly.

Didn’t stick the landing on Monday? Don’t think you’ll ever top Wednesday?

Think about why and turn those thoughts into goals before the weekend moves them from short-term to long-term memory.

We aren’t brain scientists, but as owners and operators of brains, we think this is sound advice.

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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BUSINESS

OEM Snapshot

We grabbed a few short business news summaries to share today. Check out the market movement in each, and then have a look at the economic write-up in the second half of the email.

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Ford's Refocus

Ford is delaying production of all-electric SUVs and trucks to focus on hybrid vehicles across its North American lineup by 2030. Despite continuing investment in EVs, Ford has adjusted its strategy amid slower EV adoption and high production costs. This shift is part of a broader industry reevaluation of electric vehicle plans.

📈 At the time of writing, Ford Motor Co. is up 1.8% in the market.

Kia's Expansion

Kia is set to start exporting its all-electric EV5 SUV from China. The company is targeting markets like Thailand and Australia with bold plans to undercut Tesla's pricing. It remains to be seen if the U.S. will be included in its release next year. The EV5's aggressive pricing strategy is a clear indication of Kia's determination to challenge Tesla's dominance, particularly the Model Y.

⚖️ At the time of writing, Kia Corp is unchanged in the market. 

Volvo's Record March

Volvo Cars set a sales record in March, primarily due to its new electric SUV, with a 25% year-over-year increase to 78,970 vehicles. Electric vehicle sales surged by 43%, 23% of global sales. This performance aligns with Volvo's aim for a 15% annual sales growth and a future of exclusively selling electric vehicles by 2030.

📈 At the time of writing, Volvo AB is up 1.89% in the market.

BMW's Q1

BMW's electric vehicle sales in the U.S. rose by 12.7% in Q1 2024, contributing to a total sales increase of 2.4% for the brand. Launching models like the BMW i5 boosted EV sales, while MINI faced a 12.6% decline due to a model changeover. BMW's commitment to sustainable mobility and a diverse lineup underpins its positive start to 2024.

📈 At the time of writing, Bayerische Motoren Werke AG is up 2.55% in the market. 

Toyota's Award

The Toyota Prius has been awarded the 2024 World Car Design of the Year, outshining 70 competitors. Celebrated for its innovative design, the Prius is lauded by Toyota's marketing VP, Mike Tripp, for its reimagined approach. Featuring a 2.0L Toyota Hybrid System, the Prius offers up to 57 MPG and 196 HP, along with advanced technology and safety features.

📈 At the time of writing, Toyota Motor Corp is up 0.64% in the market. 

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We didn’t plan the mostly upward-moving stock-related news. Just happened that way. In truth, we just look for news that could impact the market you’re operating in and add context along the way.

Wall Street may board up the windows tomorrow, but people in your town will still be looking for cars. Actual cars. Not theoretical cars, potential cars, or cars that please some agenda. We just need the ability to bring paychecks, eggs, and families where they need to be.

TOGETHER WITH GUBAGOO

From Click to Key

Ever feel like your digital retailing game is more “whomp-whomp” than “woo-hoo?”

Well, Swickard Automotive Group's very own Abe Samari, aka the Director of Retail Strategy, spills the beans on how they are elevating their online presence using all of the fabulous digital retailing tools from Gubagoo.

“Gubagoo has really been a huge game-changer for us,” he raves. Their “digital experience provides more transparency and leads to higher dollar amounts.”  Why does transparency matter? Because in a world where 90% of customers start their car search online, it’s important that what’s on your website matches what you provide in your showroom. Gubagoo's Virtual Retailing solution is like having a digital concierge, guiding buyers from their first click all the way to the driver's seat.

Abe says that adding Gubagoo into their digital strategy has made his team twice as efficient by lessening their workload. “It really is a no-brainer.”

Check out Abe's full story here and learn how your dealership can benefit from Gubagoo today!

AROUND THE ASOTU-VERSE

ASOTU CON 2024

Checked the agenda by stage yet?

Check out all the thinkers and thoughts coming to Baltimore this May for ASOTU CON, and then grab your ticket.

DATA & INSIGHT

The Thrill of the Market

Here's the scoop on the week’s economic twists and turns:

• The end of last year was a bit better than we thought: real GDP growth got bumped up to 3.4% from an earlier guesstimate of 3.2%, and folks spent a bit more too, with personal consumption up to 3.3%.

• However, income growth hit the brakes in February, only going up by 0.3% compared to January's 1.0% boost. But hey, people didn’t stop opening their wallets—especially on services, where spending rose to 3.4%.

• Even with some ups and downs, the S&P 500 managed to jump 10% in the first quarter. Meanwhile, bond yields went up because the market’s betting that interest rates will stay high for a bit.

Americans are showing cautiously increased optimism about the economy, with the sentiment index rising as positive perceptions gain ground.

• The current economic outlook has brightened a bit, with 30% of U.S. adults viewing conditions as excellent or good, nudging the index up to a -9 score.

• This marks an improvement from the -15 score in March and a significant uptick from -31 back in November.

• Positivity hasn't been this high since June 2021, signaling that consumers have boosted confidence but are still treading lightly.

The EV market has taken a turn this quarter, with both of the biggest players, Tesla and BYD, feeling the slowdown:

• BYD's sales have nosedived by 43% after their headline-grabbing Q4 performance. Tesla's figures also dipped, though less sharply at 20%.

• This downturn has sparked an aggressive price war, with BYD slashing prices in response to Tesla's cuts, making the competition even hotter.

• Price-wise, BYD's offering more bang for your yuan – their Seagull model starts at just 69,800 yuan ($9,700), making it a super accessible EV option compared to Tesla's entry-level Model 3 at 245,900 yuan ($34,000).

👉 Check out the full write-up here. 👀

Quick Hits

• Amazon lays off hundreds of its cloud computing workers. ☁️

• Apple pivots all that Car energy toward home robots. 🤖

• Christian Bale didn’t die as a hero and lived long enough to see himself become a monster (Frankenstein’s Monster to be precise). 🦇

History

• 1614: Pocahontas marries John Rolfe in Virginia. 💍

• 1792: President George Washington exercises his authority to veto a bill, the first time this power is used in the United States. 🇺🇸

• 1987: Fox Broadcasting Company makes its TV debut with its first prime-time shows. 🦊

Thanks for reading, friend. Check out the social links below to tell us how your Friday is going.