🚗 Q2 EVs Climb 11%

TOGETHER WITH

Welp, Friend, it is finally Friday,

For some of us, it is the end of a work week, for others, the beginning of a powerful weekend, and for a third, harder-to-understand group, it is somewhere in the middle. Weeks are weird. Days aren’t even in alphabetical order.

In Today’s Email:
- Ford Shifts (Again)
- EV Sales Are Up
- The Fed MAY Cut Rates Soon.
- Weekly Economic Update
- And This Year’s Diversity Volume Leadership (DVL) Awards

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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BUSINESS

Ford’s Hybrid Pivot Amid a Competitive EV Market

Ford

Ford is making strategic shifts in its electric vehicle (EV) plans, delaying the launch of its first affordable electric pickup to 2027 from the original 2025 date.

The reason? Ford is waiting for cheaper battery technology. In the meantime, they've canceled plans for an all-electric three-row SUV and are doubling down on hybrid SUVs, aiming to capture customers who aren't ready to go fully electric.

EV Sales Hit Record

This pivot comes as the U.S. EV market hits a record high, with Q2 2024 sales up 11% year-over-year. However, Tesla’s market share dipped below 50% for the first time, as 18 new models, like Toyota's bZ4X and Kia's EV9, entered the market with strong sales.

Rate Cut?

On the financial front, optimism is growing with potential Federal Reserve interest rate cuts in September. Ford’s focus on hybrids seems well-aligned with this positive market sentiment, reflecting the industry's balance between innovation and market readiness in a rapidly evolving landscape.

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Check out more on these stories in today’s Business Digest, then read up on some automotive tech news, or check out what we found in the global automotive conversation.

TOGETHER WITH NADA

NADA Show 2024 @ NOLA

Get ready for the automotive event of the year!

The NADA Show 2025 is set to take place in New Orleans from January 23-26. This four-day event promises outstanding education, insights into emerging trends, and unparalleled networking opportunities for everyone in your dealership.

From best-selling author and executive coach Ryan Leak to WWE superstar John Cena, the main stage speakers are lined up to inspire and energize. Whether you're in sales, service, or management, NADA Show 2025 has something for you.

Don’t miss your chance to be part of this premier industry event! Register today!

DATA & INSIGHT

Cheers to Charts

Markets have bounced back with a vengeance over the past week, with the S&P 500 up more than 6.5% and the Nasdaq soaring over 8% since the August 5th dip.

What’s behind the rally? Two things: inflation is cooling down, and the economy is holding its own, making everyone feel they can breathe a bit easier.

Retail sales also grew by 1% — more than doubling the expected 0.4% — with autos leading the charge.

In other good news, auto loan rates have also dipped slightly in Q1 2024, with new vehicle loans averaging 6.73% and used vehicle loans at 11.91%.

Rates by Credit Score:

• Super prime borrowers (781-850) enjoy rates as low as 5.38% for new cars and 6.80% for used.

• Deep subprime borrowers (300-500) face much higher rates, averaging 15.62% for new cars and 21.57% for used.

Rates by State:

Check out the full market update on LinkedIn for more info!

MORE THAN CARS MOMENTS

The DVL Awards

The 2024 Diversity Volume Leadership (DVL) Awards, held during the NAMAD Annual Membership Meeting, celebrated the automotive industry's progress in diversity and inclusion.

With minorities projected to become the U.S. majority by 2045, these awards highlight the crucial role of inclusive marketing in driving success. Industry leaders like Toyota/Lexus, who earned 16 awards, set the standard by consistently focusing on diversity.

The event emphasized that resilience, even amid challenges like supply chain disruptions, is key to maintaining strong sales among diverse consumers.

The DVL Awards not only honored current achievements but also provided a roadmap for the future, underscoring the importance of embracing diversity to build a more inclusive, resilient, and innovative automotive industry.

Read more here.

AROUND THE ASOTU-VERSE

See You There

🌴 August 20-24th — NAMAD Conference in Miami, FL.

🍎 September 16th — The Welcome Conference in NYC.

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

Quick Hits

• Home sales increased in July for the first time in 5 months. 🏘️ 

• Snap is set to unveil its fifth-generation AR Spectacles next month, but they will be limited to select developers, highlighting the industry's ongoing challenges in bringing AR glasses to mainstream consumers. 🥸 

• Adam Sandler is making Happy Gilmore 2! This is not a grill. (It’s a nailgun) 👷‍♂️ 

History

• 1966: The Lunar Orbiter 1 takes the first photograph of Earth from an orbit around the Moon. 🌕️ 

• 1979: The AMC Eagle debuts. 🦅 

• 1991: The World Wide Web is opened to the public. 🌐 

Thanks for reading, friend! It’s always nice starting our day with you. Hit us up today and let us know what you’ve been reading, learning, or accomplishing.