#673 - 🚗 Backseat Buddy System

TOGETHER WITH

Q1 data is still coming out, Google is delaying its cookie plans, and the economy had another week of economy-ing.

Check out the day’s stories, and then hit us up with your favorite Friday memory.

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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BUSINESS

Enjoy Friday

Sometimes, we talk about cars and the companies that build them. Other times we talk about technology and the companies who control them. Today, we have some of both because there is just no way to grow apples without caring a little bit about dirt.

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Google's Delay of Third-Party Cookie Changes

Google is delaying its phase-out of third-party cookies. 

• Originally planned for Q4 2024, the change will take additional time to address used feedback until comprehensive reviews and tests are completed.

• Industry tests are due by June and will factor into the eventual timeline. 

So, based on current estimations, the phase-out of third-party cookies is now projected to occur in either Q1 or Q2 of 2025. Check out the full timeline and updates here.

Toyota New Sales and Production Heights

Toyota Motor set new records in global sales and production, as detailed in a recent Reuters report. Here's a breakdown of their fiscal year achievements:

• Sales Growth: 7.3%, reaching 10.31M units.

• Production Increase: 9.2%, totaling 9.97M units.

Despite the impressive annual figures, Toyota faced a bit of a downturn in March, particularly in China, and has pushed back the start of U.S. electric vehicle production to 2026, prioritizing product safety and quality amidst recent internal scandals.

Ford's Q1 Earnings: Zoom In

Ford Motor Company's performance in the first quarter has exceeded expectations, particularly driven by its commercial vehicle sector. Here are the highlights from their CNBC coverage:

• Ford Pro Earnings: Up 120%, signaling strong commercial demand.

• EV Division Losses: Reached $1.32B, offset by robust commercial sales.

• Financial Outlook: Adjusted free cash flow is projected to rise, with capital expenditures trimmed down. Ford maintains its EBIT guidance between $10B and $12B for 2024.

Nissan's Backseat Buddy System

Nissan has introduced Iruyo, an animatronic toy designed to monitor a child's sleep status in the car. This "intelligent puppet," co-developed with an advertising agency and a baby product retailer, utilizes technology akin to Nissan's driver-assistance systems to observe whether a child is awake or asleep.

Despite its innovative design aimed at helping parents with rear-facing child seats, its effectiveness in soothing crying babies remains a point of contention.

Hawaii's Electric Vehicle Boom

Hawaii is making significant strides in EV adoption, ranking fifth in the U.S. for EV sales. Key insights from the Electrify News article include:

• EV Growth Rate: A 29.9% year-over-year increase in registered EVs.

• Total EVs Registered: 31,059 as of early 2024.

• Driving Factors: High gasoline prices and smaller geographic areas reduce range anxiety, making EVs an attractive option.

In addition, Hawaii benefits from federal funding for EV charging infrastructure, significantly enhancing the state's EV adoption capabilities and setting a strong example for other regions.

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TOGETHER WITH PLUG

The Power of the Network

Looking for an innovative, fast, and easy way to stock up on EVs?

Our good pals at Plug, the premiere online electric vehicle wholesale auction, are now offering an exciting new Daily Drop email that provides anyone who signs up with access to daily 24-hour auctions.

And, exclusively for licensed dealers — you can apply to become a beta user today and get access to EV wholesale auctions seen on those emails! 

So, what's the offer? Detailed, transparent EV-specific data that helps dealers make informed decisions. Each auction showcases crucial information, such as software-enabled features, battery health, and access to charging networks.

Why it matters: As EVs evolve, the value increasingly lies in software capabilities and battery condition rather than traditional metrics like mileage. Plug's Daily Drop leverages this shift to provide timely and accurate data directly from onboard computers.

How to get involved: Sign up for the Daily Drop email to receive daily auction alerts in your inbox. And if you’re a dealer, apply to join Plug’s beta program!

Interested? Join here!

DATA & INSIGHT

Market Matters

After a 25% six-month surge in the S&P 500, markets have begun to soften, with the S&P 500 and tech-heavy Nasdaq experiencing declines for three and four weeks respectively. Some of the factors influencing this shift include:

• Interest Rates: Expectations have shifted to a "higher for longer" scenario with only one rate cut anticipated in 2024.

• Geopolitical Tensions: Increasing conflicts in the Middle East have escalated oil and commodity prices, heightening market volatility.

• Earnings Season: Though S&P 500 companies are beating earnings forecasts, softer future outlooks and upcoming reports from tech giants like Microsoft, Google, and Meta are being watched closely for signs of weakness.

As inflation relentlessly nibbles away at American budgets, the nation’s collective credit card debt has surged past the $1T mile-marker. Who’s managing to save in this economy?

• Age as an Asset — Perhaps unsurprisingly, a recent survey indicates that older Americans, particularly those aged 60 and above, are most likely to report making a savable income. With their major expenses like mortgages and child-rearing out of the way, they're the group most likely to have cash to spare at the end of each month.

• Schooling Pays Off — Hit the books to bank the bigs bucks. Respondents with at least a bachelor’s degree are reportedly three times more likely to have leftover money each month compared to those who didn’t finish high school.

Cox Automotive provides a nuanced view of the U.S. new vehicle market for April, indicating a mixed but optimistic outlook despite challenges. Let’s look at some of the highlights:

• Sales Outlook: While April's new vehicle sales are expected to dip by 2.2% year-over-year to 1.34M units, the seasonally adjusted annual rate suggests a resilient market. The SAAR is projected to rise to 15.9 million, slightly up from last year's 15.7M and a noticeable increase from March's 15.5M, showing underlying strength.

• Supporting Factors: Enhanced inventory levels, which are up 46% compared to last April, and rising incentives are crucial in driving sales amidst high-interest rates and vehicle prices.

👉 Keep reading here for more of this week’s economic updates and insights. 👀

AROUND THE ASOTU-VERSE

ASOTU CON 2024: 18 Days Away!

Grab your ticket now!

Quick Hits

• The FCC restored net neutrality in a 3-2 vote. 🕸

• Mortgage rates continue to climb, hitting 7.17%. 🏡

• New game: Another Crab’s Treasure offers a souls-like experience with a less serious tone. #GitGud 🦀

History

• 1564: Playwright William Shakespeare is baptized in Stratford-upon-Avon, Warwickshire, England (the exact date of birth is unknown). 🎭

• 1962: NASA's Ranger 4 spacecraft crashes into the Moon. 🚀

• 1977: Nightclub Studio 54 opens in New York City. 🕺

Thanks for reading, friend! It’s Friday, so we won’t waste your time here. Just go have a Friday worth all the hype.