Where Is The Rest Of February?

TOGETHER WITH

Today is the 40th anniversary of CDs hitting the US market.

Some people were sure they would be a passing fad, while others insisted cassettes and records were destined for the dustbin of history.

Neither of those things was true.

What did we learn? The loudest opinions were not necessarily the most truthful. Technological advancement is not a light switch. And vinyl really does just SOUND better. Keep pushing back,-Paul, Kyle, & Chris

AUTOMOTIVE

The EV Scene

📫+⚡️=🔥

The US Postal Service is ditching their clunky old mail trucks for shiny new Ford EVs. The USPS announced plans on Tuesday to purchase more than 9K BEVs from the automaker by the end of the year. They also awarded contracts for 14k charging stations totaling $260M to Blink Charging, Siemens, and Rexel USA.

Stamp of disapproval. Though environmentalists applauded the agency's move towards EVs, they were equally disappointed by USPS’ decision to purchase an equivalent number of ICE vehicles from Stellantis.

🛞x💪=🦾🚛

Goodyear unveiled a new tire that’s specifically engineered for higher-weight EV commercial fleets. The RangeMax RSD is designed to support the weight and torque requirements necessary to mobilize EV trucks hauling hefty payloads (in addition to all the extra weight typically associated with EVs). The company says the wheels utilize ultra-low rolling resistance technology to maximize efficiency and Treadlock Technology to encourage even wear and get more miles out of each tire.

(🚙-🪫)+(🔋- ⏳)=🎉

The US start-up Ample secured a $15M grant from the California Energy Commission (CEC) to build more battery-swapping stations in California. The quick swap shop offers a solution for EV drivers who don't have the time or patience for a lengthy recharge by replacing an EV's low battery with a fresh one. The modular technology allows EV batteries to be swapped out in about 10 minutes.

Battery-swapping is trending. Last week, we learned that Chinese EV maker NIO also has plans to build 1K battery-swapping stations in China this year, bringing their overall total to 2300 locations.

🔌x🍎=🪄

Tesla has been teasing their new "Magic Dock" for a while, but it has finally arrived! About ten stations are now available to the public (primarily in New York), with more rolling out rapidly as part of the company's larger initiative to integrate CSS chargers into its Supercharger network nationwide.

TL; DR: USPS is upgrading their fleet, Goodyear's new EV tires are meant to hold up to the pressure, start-ups are swapping range anxiety for range confidence, and Tesla has a magic trick to show EV owners.

AROUND THE ASOTU-VERSE

Pitch Tank By Auto Genius

Congratulations to the winner of the February Pitch Tank Tournament, Onboardian!Join us next when we start a new tournament with three new companies pitching three new great products! Have a product you'd like to pitch? Apply now!

AUTOMOTIVE

February New Vehicles Sales

Total new vehicle sales for February 2023 were up 7.2% from last year.

One contributing factor to the rise is a 54% increase in fleet sales. Manufacturers have increased production for the segment, while retail availability remains low.

Prices maintain historically high levels with new vehicle prices up 4.8% year over year with an average of $46,229.

While all the above is happening, average interest rates have climbed around 2.5% from last year up to 6.78%.

Telling it like it is - It is a little surprising anything got sold at all last month since February feels less like a month and more like a few weekends in a trench coat. #HowIsItAlreadyMarch?

TOGETHER WITH FULLPATH

On The Right Path

AutoLeadStar has rebranded to Fullpath!

With the rebrand, the company fully reflects its mission to help forward-thinking dealers create lifelong customers by leveraging first-party data to provide an exceptional experience for every customer!

Fullpath unlocks infinite possibilities for first-party data! With the right technology, dealers can drive customer loyalty and develop resilient business.

Check out Fullpath's launch event video here, and join them on the path to building the future dealers, partners, and customers deserve!

AUTOMOTIVE

Soapbox and Soundtrack: Rivian’s Earnings, Ford’s Batteries, and GM’s Layoffs

Rivian's earnings report is out; they did not hit the jackpot. In Q4, the company lost $1.7B after earning $663M in revenue, resulting from 8,054 deliveries. The company lost $6.8B for the full year, but will begin delivering 400-mile Max Pack EVs soon, which should translate to a revenue lift in 2023.

You’re the best… around! While the year’s financials were unsurprisingly humble, Rivian did recently top industry leader, Tesla, in JD Power’s EV satisfaction survey. Since a lot of the EV game revolves around beating Tesla, it seems Rivian still has some dawn in them yet.

Ford's battery saga continues. The supplier related to the recent battery fire incident says it was not caused by a defect that may appear in multiple batteries, but was a rare one-time occurrence. The South Korean supplier is working with Ford to find the root cause, but both companies agree that customers in possession of a Lightning EV should not worry.

Bring it on home. A patent application last week shows Ford working to automate repossessions. The process first lets customers know of late payments that if ignored, will deactivate functions or lock the vehicle completely. The system could then automatically move the vehicle somewhere convenient for a tow truck to retrieve it. Of course in case of a medical emergency, the automated system could also take somebody to the hospital or to an EMS meeting point.

General Motors is cutting 500 salaried positions. A month after telling investors no layoffs were planned, the company is following the trend of protecting profit by tightening headcount costs. Cuts will affect multiple departments and be based on performance.

Stand by your brand. No brand is perfect, but some loyal customers see past the flaws. Studies show GM and Tesla are on top of the S&P Global mobility report on customer loyalty for 2022. GM won best performance for multiple brands, while Tesla took Ford’s 12 year spot as number one for specific brands.

TL: DR - Rivian’s Q4 was down, Ford’s battery fire is not a defect, and GM is cutting jobs.

CULTURE

Eli Lilly Makes Covid Era Insulin Price Caps Permanent

Drugmaker Eli Lilly has capped the monthly out-of-pocket cost of insulin at $35. The change takes effect immediately and pressures other pharmaceutical companies to follow.

The decision follows the Inflation Reduction Act's $35 cap for seniors enrolled in Medicare and applies to millions of insured or uninsured Americans.

The company first started the $35 cap in 2020 due to the pandemic, so the announcement opens an existing opportunity to all people with need for any of Eli Lilly’s insulin products.

Telling it like it is - 34.2M or 10.4% of Americans live with diabetes, some of them pay more than $200 a month for insulin to survive. This will save lives.

Quick Hits

• Let’s-a go! The new Super Mario Bros movie is premiering two days early (April 5th).

• If you’ve ever felt like soccer could use a lot more speed and peril, motoball could be the sport for you.

• A new study suggests that 11 minutes of moderate physical activity a day is sufficient to lower the risk of disease. Yet another good reason to take that lot walk every day!

History

• 1966: The first Mustang is traded in for the 1,000,000th.

• 1965: "The Sound of Music" Movie has its world premiere.

• 1983: Compact discs and players, previously available only in Japan, are released for the first time in the United States and other markets.