#746 - 🚗 Continue to Climb

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TOGETHER WITH

Time for Thursday, Friend!

Today we grabbed some used car price data, then looked at Tesla’s earning report, and news from Rivian, Lucid, and Genesis.

Check it out, and be sure to chime in on our question about your questions.

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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BUSINESS

Used Car Prices Continue to Climb

As the average new car price nears $50K, buyers are increasingly turning to the used market, causing a surge in prices.

Some Data and Details:

• 60% Increase: The average price of a 10-year-old car has risen from $7,583 in 2014 to $12,194 in 2024.

• Market Share Growth: Older used cars now account for 22.7% of sales, up from 15.1% in early 2020.

• COVID-19 Impact: The pandemic accelerated the trend, with average prices jumping from $9,135 in 2020 to $12,549 by 2022.

• Sedans in Demand: Despite the popularity of SUVs, sedans, hatchbacks, and wagons have seen significant market share increases, with the Hyundai Sonata leading at a staggering 484.3% rise.

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BUSINESS COND’T

Tesla’s Q2, Rivian’s Day in Court, Lucid’s Million, and Genesis First Place

New quarters always have fun news. Even when nothing changes, consistency is something to talk about. Wall Street is obsessed with movement, up and down, left and right. But sometimes, we just move forward in time.

Tesla, however, moved down while they moved forward. Let’s take a look and guess wildly what will happen next.

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Tesla

Tesla's Q2 2024 earnings report showed a significant drop in net income despite a slight increase in revenue. The company reported $1.48B in net income on $25.5B in revenue, marking a 45% decrease compared to the previous year, although revenue increased by 2%. Gross margins slightly improved to 18% from the last quarter but remained at their lowest in six years due to price cuts and cooling demand. Tesla highlighted that global EV penetration is growing, attributing this to improved consumer sentiment.

But, don't worry about them; if you look past the car stuff and present reality, there are lots of imagined things to be excited about:

• AI and Autonomy: Musk hyped investments in AI, claiming self-driving Teslas without human supervision by next year.

• Optimus Humanoid Robot: Started performing tasks autonomously in Tesla facilities.

• xAI Startup: Proposed a $5 billion investment in his AI startup, xAI, and sought public opinion on the investment.

• Energy Storage: Highlighted advancements in energy storage solutions.

• Robotaxi Event: Delayed to October, with expectations for a 2025 launch.

• Price Cuts and Incentives: Addressed aggressive price cuts and incentives to boost demand amid rising competition.

Rivian

Speaking of possible Tesla Wins... Electric car maker Rivian will go on trial over allegations of encouraging employees who defected from Tesla to steal trade secrets.

Meanwhile, Rivian CEO RJ Scaringe announced that the R3X subcompact SUV will launch before the regular R3, aiming to produce it "as soon as we possibly can." Rivian continues to expand its lineup without adopting Apple CarPlay or Android Auto, maintaining tight control over its software.

Lucid

Lucid CEO Peter Rawlinson, speaking at the 2024 Goodwood Festival of Speed, expressed his bold vision for Lucid Motors, aiming to sell a million EVs annually.

Dreams are for sleeping people, Peter; how will you make any of this real?

Current Offerings:

• Lucid Air sedan priced from $69,900.

• Plans to introduce a $48,000 midsize model to increase sales volume.

Advanced Technology:

• 900-volt architecture, the highest in any production EV.

• Air Pure model achieves over 400 miles on a single charge.

• Class-leading efficiency with an average of 5 miles per kilowatt-hour consumed.

Future Plans:

• Launch of the Lucid Gravity SUV, expected to outperform competitors like Rivian's R1S.

• Emphasis on product excellence as a key driver for Lucid's market success.

AROUND THE ASOTU-VERSE

Question Time

If you could talk with a man who wholesales over 52k cars a year...

What would you ask?

Hit reply and let us know, or come over to our LinkedIn post and drop a comment.

Genesis

Hyundai's stand-alone Luxury EV brand, Genesis, is no schlub, but it also doesn't make many headlines.

Recently, the Genesis GV60 Magma Concept won the 4-seater production car category and placed 16th overall at the Goodwood Festival of Speed.

The vehicle boasts aerodynamic enhancements and a luxurious interior with premium bucket seats.

European production for the GV60 Magma begins in 2025, and it features a powerful electric motor estimated at 600 horsepower. Plans for entry into the US market have not been disclosed yet.

This victory underscores Genesis's commitment to high-performance electric vehicles and advanced automotive technology.

TECHNOLOGY

New Tech, New Problems

The ELF electric bike-car, a pioneering three-wheeled EV, is making a comeback. Nearly a thousand units were sold between 2013 and 2019 before bankruptcy halted production. Original inventor Rob Cotter has repurchased the rights and aims to revive production under the new company, Environmental Transit Authority, with plans to price the new models between $7,500 and $12,000.

This resurgence of the ELF fits into a broader trend of increasing e-bike and e-scooter usage. New research shows e-bike injuries in the U.S. doubled annually from 751 in 2017 to 23,493 in 2022. E-scooter injuries rose 45% in the same period. Older riders, riskier behaviors, and inadequate infrastructure are key factors. As these climate-friendly vehicles become more popular, experts call for enhanced safety measures and updated regulations to address the rising injury rates.

Quick Hits

• Alphabet invested another $5B in it’s robotaxi company, Waymo. 🤖 

• Salt Lake City has been confirmed to host the 2034 Olympic games. 🥇 

• Monday broke the record for the hottest recorded day on earth (stealing the record from the day before. 🥵 

History

• 306: Constantine I is proclaimed Roman emperor by his troops. Years later, he converted the Roman Empire to Christianity. 🏛️

• 1945: Kaiser-Frazer is founded. 🚗 

• 1978: Lesley Brown gave birth to the world's first test tube baby (in-vitro fertilization) delivered by cesarean section in Oldham, England. 🧪 

Thanks for reading! Keep in mind that failure is a mind-set. In reality, you either win, or you learn — that’s it. So, keep winning and keep learning, friends. It’s the only true path to success.