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- #726 - 🚗 Closing the Gap
#726 - 🚗 Closing the Gap
Lucid Jams, New Records, and The Dealership
TOGETHER WITH
Tuesday with just two days until July 4th.
Today, we are talking about the US making moves toward mineral sustainability, the easiest vehicles to insure, and a big pile of automaker hopes, dreams, and hiccups.
What is your team doing on the 4th?
Keep Pushing Back
-Paul, Kyle, Chris & Kristi
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Reading time: 5 mins 23 secs
BUSINESS
One: Minerals, Music, Tesla’s Focus, and BYD’s New Record
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Chances are, on a long enough timeline, we will all travel around the world using a series of Mario World-style tunnels and tubes, but until then, cars rule the world.
So, while there is no shortage of avenues for nations to compete: Tech, economics, influence, and good old-fashioned military might, mobility connects, divides, and represents part of all the rest.
So, let’s keep folks talking about cars. Seems like a great alternative to the other ways nations have asserted their relevance on the world stage.
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US Closing Gap with China in EV Tech
Benchmark Mineral Intelligence highlights significant progress by the U.S. in closing the gap with China in EV battery technology. The Inflation Reduction Act (IRA) has increased U.S. battery production capacity and reduced reliance on foreign supply chains. Continued investment in raw materials and advanced technologies is vital for sustaining this momentum.
Facts:
Legislation Impact: IRA boosts U.S. battery production.
Production Growth: Battery production will rise to 1,250 GWh this year.
Cost Reduction: Battery cell prices dropped to $78/kWh.
Raw Materials: The U.S. holds <1% of global nickel, graphite, and cobalt.
Investment Needs: The plan needs $559 billion through 2030.
Enhanced domestic battery production and reduced foreign dependency will stabilize EV supply for U.S. dealers. Technological advancements and cost reductions will make EVs more affordable, positioning dealers to meet growing consumer demand for sustainable transportation.
Lucid Dreams of Seamless Connectivity
Lucid Motors will add Android Auto and Apple CarPlay to all Lucid Air EVs this fall, enhancing user experience with seamless smartphone integration for apps like Google Maps and Spotify. The announcement marks a significant upgrade in Lucid's in-car technology.
What’s life without music?
Tesla Faces Challenges with Declining Deliveries
Tesla is experiencing a slowdown, with deliveries expected to drop for the second consecutive quarter, down 3.7% in Q2. The decline stems from intensified competition in China and shifting preferences towards cheaper hybrids.
CEO Elon Musk's focus on robotaxis over affordable EV models raises concerns. Tesla's stock has fallen 25% this year despite price cuts and incentives.
BYD Sets New Sales Record Amidst Price Cuts
BYD, China's leading EV maker, achieved record sales driven by aggressive price cuts.
Record Sales: 341,658 new energy vehicles (NEVs) sold in June.
Year-over-Year Growth: 35% increase in NEV sales.
All-Electric Vehicles: 145,179 sold in June.
Low-Priced Models: Seagull EV starts at $9,700 in China.
Overseas Expansion: New models launched in Japan and South Korea.
Competitors: Targeting traditional automakers like Toyota and Hyundai.
BYD is already leading this market, any “record sales” they grab at this point is just distance between them and 2nd place.
TOGETHER WITH TRADEPENDING
Doubling Your Service Revenue with Video?
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77% of customers aren’t receiving any kind of photos or video documentation of their needed repairs. Ouch.
Those 23% that do get something? They purchase nearly twice as much service.
Customers need to see to believe to approve. It's that simple.
Check out the complete picture here and how TradePending does it with Video for Service
BUSINESS CONT’D
Another: Insurance, Affordable EVs, Tech Tutorials, and Bankruptcy Woes
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Most Affordable Vehicles to Insure
Mercury Insurance has identified the most affordable trucks and SUVs to insure for 2024, listed from most to least affordable. These vehicles offer a combination of lower repair costs, safety features, and overall reliability, making them cheaper to insure.
Cheapest Trucks to Insure:
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Cheapest SUVs to Insure:
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But why?
Lower Repair Costs: These models generally have lower repair and replacement costs, which reduces insurance premiums.
Safety Features: Many of these vehicles have advanced safety features that reduce the likelihood of accidents and injuries.
Reliability: High reliability and durability reduce claims frequency, reducing insurance costs.
Popularity and Availability: Widely available parts and established repair networks for these models also help decrease insurance costs.
Ford, Nissan, and Fisker
In the ever-evolving automotive world, something new and exciting is always happening. From Ford's ambitious plans for a budget-friendly EV to Nissan's innovative customer service program and Fisker's financial troubles, here's the latest scoop from the industry.
Ford Promises Profitable $30,000 EV by 2026
Ford's Future Focus: CEO Jim Farley announced a $30,000 all-electric vehicle launching in two and a half years. This strategic move targets profitability by pushing smaller, affordable EVs to compete with Chinese automakers and Tesla's entry-level models, aiming to reshape the market dynamics.
Nissan Techs Make House Calls for Car Tech Tutorials
Nissan's Personalized Service: Nissan introduces the "Second Delivery" program, where tech experts visit new owners to explain vehicle features. Initially, for the Ariya model, this follow-up service ensures customers fully understand their car's technology, enhancing satisfaction and user experience.
Fisker's Bankruptcy Woes Leave Owners in Limbo
Fisker's Financial Troubles: Fisker's bankruptcy has left 6,400 owners worried about software updates and repairs. The Fisker Owners Association advocates for their interests, but experts warn of potential insurance rate hikes and decreased resale values. Despite challenges, owners remain hopeful for solutions.
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All things considered, where should dealers be putting their attention? |
MORE THAN CARS MOMENTS
Mohawk Chevrolet's Hit Parody
Who hasn't had a moment that made them think, "Wow, my workplace would make a great TV show..." before? Well, most of the time, that thought is an insane delusion, but the talented marketing team at Mohawk Chevrolet has really made it work!
A 6-part parody of The Office, called "The Dealership," follows the team with a mocumentary style that not only pays homage to the original show and showcases the inventory, but also keeps you entertained with its humor.
Part 5 actually caught on and went viral on TikTok, which is a sign that it's reaching folks far beyond any ASMR Glovebox Walkaround video to date.
Check it out, get inspired, and create something unique with your team!
/More Than Cars Moments
We want to help you show the world who dealers really are.
Share your stories of your team going above and beyond for your customers, serving your community, or achieving the success of your people, and we will share your stories here.
Encourage the community while shining more light on the good things happening in dealerships every day!
AROUND THE ASOTU-VERSE
In The Dirt w/ ASOTU
Join Jordan on-site with the team at Rohrman Toyota in Lafayette, IN, to chat with GM Zac Kinch and Austin Conroy, the Director of Fixed Ops.
"Don't say no. I mean, the best ideas we've had have literally come from other people." - Zac Kinch advising dealerships to be open-minded and collaborative.
Quick Hits
History
1964: The Civil Rights Act of 1964 is signed into law by President Johnson. 🇺🇸
1992: The one-millionth Corvette is produced. 🥂
2002: Steve Fossett becomes the first person to fly solo around the world nonstop in a balloon. 🎈
Thanks, as always, for reading. It means a lot that we get to start the conversation each day in a spirit of information, encouragement, honor, and community. Hit reply, and tell us what’s on your mind. This thing works both ways.
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