#704 - 🚗 Pretty Good May

May Flowers, Feasting with Friends, and 80 Years Ago Today

TOGETHER WITH

Nobody ever asks their friend, “So, how was your May?” but companies always release monthly reports to keep us up to date.

We’re grateful for the business insight, but would also love to know: How was your May, friend?

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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BUSINESS

News: Pretty Good May

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Reports from May are showing mostly good things for automakers and the market. We will keep the data coming as we find it. May flowers and all of that.

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Ford's EV and Hybrid Sales Surge in May

Ford enjoyed an electrifying May, and its sales really surged. Maybe EVs and Hybrids are BOLTING to the top of its market share (did you know their electric truck is called the Lightning?!).

  • Overall Sales Growth: Ford's U.S. vehicle sales rose 11.2% in May.

  • EV and Hybrid Boom: Sales of hybrid and electric models soared by 65%, reaching 26,600 units.

  • Market Share: EVs and hybrids now constitute 14% of Ford's 190K total sales.

  • Model Performance:

    • F-150 Lightning: Sales nearly doubled.

    • Mustang Mach-E: Sales increased by 46% year-over-year.

  • Future Plans: Ford aims to offer hybrid options across North America by 2030.

  • Year-to-Date Sales: Total sales reached 877,685 units, with a 10% rise in SUV sales.

The fully electric division is losing money, but Ford is pumping up the more profitable hybrid division to increase revenue. It's like selling lemonade to buy more lemons because when life gives you lemons, you make lemonade to sell and buy more lemons (no, wait, that can't be right).

📉 At the time of writing, Ford Motor Co. is down 0.58% in the market.

Nio's Impressive May Deliveries and New Factory Approval

Nio crushed May deliveries with a 233.8% increase and a new factory, ready to rival Tesla in China. Despite stock challenges, Nio's strategic expansions and innovations position the company for significant growth.

  • May Deliveries: 20,544 vehicles were delivered in May 2024, a 233.8% increase year-over-year.

  • Vehicle Breakdown:

    • Premium Electric SUVs: 12,164 units

    • Electric Sedans: 8,380 units

  • Cumulative Deliveries: A total of 515,811 vehicles delivered.

Expansion and Innovations:

  • New Factory: Nio approved to build a third factory in Huainan, China, boosting capacity to 1M cars annually, close to Tesla's Shanghai output.

  • New Brand: The Huainan facility will primarily produce vehicles for Nio's affordable Onvo brand.

  • Autonomous Driving: Received approval for autonomous driving tests in China, enhancing its competitive edge in the EV market.

Maybe you aren't worried about Chinese automakers coming to the U.S. and selling $15K EVs to your community. That's okay. However, if Tesla ever gives up on competing in the Chinese market, a lot more of its attention will be invested in selling $50K EVs to people in your community, so we keep our eyes open.

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

Volvo's Electric Push Boosts May Sales and Unveils EX90 SUV

Volvo's May sales are up 13%, and this is led by the new EX90 SUV. The company's commitment to electrification is evident in its sales growth and the introduction of the high-tech EX90 SUV, setting the stage for a sustainable future.

Sales Performance:

  • Overall Sales Increase: 13% rise in May, reaching 68,034 vehicles.

  • Electric and Hybrid Surge: 37% increase, with these models now making up 48% of total sales.

Product Launch:

Volvo

  • EX90 Electric SUV:

    • Manufactured in: South Carolina

    • Notable Features: Advanced tech, safety, and a 300-mile range

    • Price Range: $76,695 to $86,545

    • Capabilities: Spacious interior, fast charging, and up to 4,850 lbs towing capacity

Strategic Goals:

  • Sales Target: Aiming for 50% EV sales by mid-decade and full electrification by 2030.

  • Market Adjustments: Despite sales drops in the U.S. (5%) and China (1%), Volvo remains committed to its electric future.

We don't play favorites, but there is something to notice about Volvo hardly popping up in the headlines. Each time they do, it's to say, "Our plan is working," and then they dip again.

📈 At the time of writing, Volvo AB is up 2.73% in the market. 

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Projections are about the future, data is about the past, and news is about as close to the present as we can get. So, forgive us when we say “News” about data reports coming out. Words are wonderfully complicated sometimes.

TOGETHER WITH PAVE

Picture This

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Picture this: Your dealership, powered by PAVE, venturing beyond local limits to source vehicles online with unmatched confidence.

Imagine a world where VIN-level appraisals are conducted remotely, yet with such precision that every decision is made with complete assurance. That's not just imagination—it's reality with PAVE.

Dealers who've embraced their platform report not only an uptick but a tripling in lead quality and conversion rates. And the cherry on top? Rich condition reports that redefine vehicle merchandising.

Ready to broaden your horizons? Let PAVE guide the way.

/MTCM

You’ve got stories, and we want to tell them.

This community proves that the car business is about much more than cars. Communities are supported, associates are elevated, teams are formed, and customers are served.

We love it all! Hit the button and share some of your More Than Cars vibes with us.

MORE THAN CARS MOMENTS

Defeating Hunger

West Herr Auto Group

Our friends at West Herr are celebrating a massive $48K donation to FeedMore WNY.

The Subaru of Orchard Park store raised the money as part of their Subaru Share the Love initiative.

The $48K brings the total raised over the years to over $400K to fight hunger in West New York.

AROUND THE ASOTU-VERSE

ASOTU EDGE

Join us on June 26th for "Reawakening Your Dealership: Overcoming Industry Challenges from the Covid Coma." Discover strategies to rebuild trust, adapt to new consumer behaviors, and enhance customer loyalty.

Don’t miss out – sign up now!

CULTURE

80 Years Ago: D-Day

LSTs with barrage balloons deployed, unloading supplies on Omaha Beach for the breakout from Normandy.

On June 6, 1944, the world witnessed the commencement of Operation Overlord, famously known as D-Day.

This pivotal day marks the largest seaborne invasion in history, as nearly 160,000 Allied troops crossed the English Channel to invade Normandy, France.

Operation Neptune, the assault phase, involved about 5,000 landing and assault craft, 289 escort vessels, and 277 minesweepers.

By the end of the day, Allied forces had secured five beachheads and began their advance inland, marking a significant turning point in World War II.

Especially in France, but all over the Western world, D-Day is honored as a singular reminder of the courage and sacrifice it took to stop the spread of the Third Reich's war machine and free Europe from the Nazi party. 

Quick Hits

  • Ford’s BlueCruise has passed 200M miles traveled by customers using the hands-free feature. 🤖 

  • The FDA cleared a device that can detect traumatic brain injustices within 15 minutes using a drop of blood. 🩸 

  • “Alien: Romulus” has an official trailer, and it looks exactly like you are imagining. 😨 

History

  • 1844: The Young Men's Christian Association (YMCA) is founded in London. 👮 🤠 👷 

  • 1925: Chrysler is founded 🥂 

  • 1933: The first Drive-In movie theater opened in Camden, New Jersey. 🎞️ 

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