🚗 Auto Giants Slash Prices

🚙 EV Affordability, Consumer Spending in September, and Supporting Techs

October 18, 2024

TOGETHER WITH

 

Congratulations, Friend! You made it to Friday. 👏

It’s been a big week for us over here at ASOTU. Between celebrating CMA’s 100 Year Anniversary, beginning pre-production for a brand new episode of More Than Cars, and buttoning up something absolutely game-changing to share with you all soon, we have been having a blast with our community and team.

What were some of your “highs” from this week?

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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Today's Email

⚔️ Stories: Auto Giants Slash EV Prices, Stellantis Halts Production, and Volkswagen Faces Plant Closure

🪖 Auto Giants Fight Back with Affordable EVs

European automakers are rolling out lower-cost EVs to combat slumping demand and reclaim market share from Chinese brands. Stellantis, Renault, and Citroën are slashing prices to stay competitive as emissions regulations tighten. Catching up to China’s pricing, though, remains a massive challenge.

🐼 Stellantis Pauses Panda Production Amid Slumping Sales

Stellantis is hitting the brakes on Fiat Panda production due to weak demand and a 17% drop in European deliveries. This halt is part of broader production issues facing the automaker, with engine factories in Italy also shutting down temporarily.

🔐 Volkswagen’s Brussels Plant Faces Closure

Volkswagen's Brussels EV plant may close, driven by poor sales of the Audi Q8 E-Tron and logistical challenges. Workers are furious, and unions are protesting what they see as management's rush to shut down without exploring viable alternatives.

For more industry updates, read the full digest here. (Read Time: 5 min 54 sec)

Learn, Lead and Succeed

We’re gearing up to join thousands of dealers looking to sharpen their skills at the biggest event in retail automotive—NADA Show 2025. 

January 23-26 in New Orleans, NADA Show is the top destination for dealership education. With 110+ sessions led by industry experts, you’ll get the latest insights to help you stay competitive. 

NADA’s education tracks cover a range of topics, including:

  • Business Essentials & Innovations – Identify opportunities to boost operational efficiency and success.

  • Leadership – Build and lead teams that drive results.

  • Marketing & Digital – Master strategies for maximizing your digital footprint.

Whether you’re focused on hiring smarter, optimizing your inventory, or improving your bottom line, NADA Show 2025 has you covered. From hands-on workshops to mini sessions in the Dealer Learning Lab, there’s something for every learning style.

Don’t miss your chance to learn from the best and stay ahead of the curve — register today and start charting your course for success!

💸 Consumers Still Making it Rain

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Two years into this bull market, and stocks have seen a 60% hike since the lows of October 2022.

While things are still looking solid, we’re heading into a cooler season—literally and figuratively.

  • More Fed Cuts Anticipated: The Fed’s are expected to keep trimming rates by a quarter-point until we hit a comfy 3%-3.5%.

  • Inflation’s Not Dead Yet: Prices are still sticky, so it’s no surprise that consumers are holding onto their wallets a bit tighter, which means car sales could keep feeling pressure.
     

Edward Jones / FactSet

Despite inflation continuing to squeeze spending power, U.S. retail sales for September picked up momentum after a surprisingly strong August.

  • Retail Sales Boost: September saw a 0.4% rise in retail sales, beating the 0.3% expected by economists. Year-over-year, retail sales jumped 1.7%.

  • Consumers Keep Spending: With wages growing and unemployment still low, healthy consumer spending is continuing to boost retailers. With the busiest shopping season on the horizon, now is the time button up your holiday sales and marketing plans.

 

AROUND THE ASOTU-VERSE

🎧 In The Dirt @ Northwood University

Martin Schwartz, President of Vehicles for Change, shares how students can learn automotive service technical skills to earn a higher income, faster.

He shares how automotive service technicians can earn significantly more in their first year compared to the average college graduate.

Vehicles for Change was established in 1999 to gift vehicles to those in need of reliable transportation.

In the time since, Vehicles for Change helps those in prison learn an equitable trade skill as well as creating a program to help high school students learn a technical trade.

🗓️ Coming Soon

🤠 November 5-8th — Opening presenters at the 2024 ATAE PR & Communications Focus Group Meeting in Austin, Texas.

⚜️ January 23-26th, 2025 — NADA Show in New Orleans.

🦀 May 13-16th, 2025 — ASOTU CON in Baltimore, Maryland.

🎬 More Than Cars

Join us for the premiere of our latest episode of More Than Cars on November 13th at 1:00pm EST featuring the incredible team at Mohawk Chevrolet!

🥊 Quick Hits

  • Meta agreed to pay $1.4B to settle a lawsuit with Texas over unauthorized biometric data collection, marking its second-largest settlement involving privacy violations. 🧬 

  • Living Vehicle's $175,000 CyberTrailer for the Tesla Cybertruck offers solar power, self-sustaining features, and luxury interiors. ⛺️ 

  • PepsiCo is reversing shrinkflation by adding 20% more chips to select Tostitos and Ruffles bags after declining snack sales. 🥔 

  • If you haven’t already registered to vote in the November general election, time is quickly running out (and, it may already be too late). 🗳️

🔁 Today in History

  • 1922: The British Broadcasting Company (later Corporation) is founded by a consortium, to establish a nationwide network of radio transmitters to provide a national broadcasting service. 📺️ 

  • 1934: Automatic transmission is patented. ⚙️ 

  • 1939: The Automotive Hall of Fame is founded. 🏆️ 

Thanks for reading, friend! Be good, do great!

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