#702 - 🚗 What's Going On?

TOGETHER WITH

What you do today will move the whole industry and community in a direction, and if you are taking the time to open this email, we can trust that direction is informed, exciting, and servent-minded.

We’re looking forward to seeing where we go together next, Friend.

Have a great day, and…

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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BUSINESS

Some Info For Your Tuesday

Open enough news sites, and the headlines will start to form a theme of their own. Today’s theme was “What’s going on, Japan??” So, we kicked some headlines around to get some facts formed into an answer.

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Scandals and Slowdowns

• Toyota Motor Corp: Chairman Akio Toyoda apologized for cheating on certification tests for seven vehicle models, halting three models’ production. The affected models include the Corolla Fielder, Axio, and Yaris Cross. The company is investigating for usage of outdated or inadequate data in various tests.

• Mazda Motor Corp: Suspended Roadster RF and Mazda2 shipments after discovering irregularities in engine control software and crash tests. Nearly all impacted cars have been delivered, with Mazda currently rewriting the software to align with production models.

• Honda Motor Co Ltd: Found improper noise and output tests over eight years on various models no longer in production. The safety of these vehicles remains unaffected.

• Nissan Motor Co Ltd: Ceased investment in new gasoline and diesel engines, focusing entirely on electric vehicles (EVs) with their e-Power technology, where the combustion engine charges the battery rather than driving the wheels.

US EV Sales Data: Q1

Despite a slowdown in overall EV sales growth to 2.6% in Q1 2024 from 46.4% in Q1 2023, according to KBB data, some automakers showcased remarkable performance.

Company-By-Company Deets:
Ford: The highest Q1 sales growth was at 86.1%.
GM: Sales dropped by 20.5% due to Bolt discontinuation and Ultium rollout issues.
Nissan: Modest 1.3% growth, discontinuing Leaf in 2025.
Hyundai: 56.1% increase, $51 billion investment plan.
Rivian: 58.8% sales increase, 100,000th EV milestone.
Mercedes: 66.9% increase, diverse EQ lineup.
BMW: 57.8% rise, expanding i4 lineup.
Toyota: 85.9% growth, $1.4 billion BEV investment.
Kia: 127% increase, record-breaking 7,197 sales, local EV9 production.

Meanwhile, China's BYD posted its second-highest sales in May, driven by aggressive price cuts and strong demand for its NEVs.

Of course, EV prices and limited charging infrastructure in the US still keep some potential buyers out of the market.

Ford's Tech Center Train Station

Ford Motor Co. has transformed Detroit's Michigan Central Station into a $950 million technology campus to boost talent acquisition. The restoration preserved original features, showcasing Ford's commitment to innovation and heritage.

A tale of two cities, but they're both Detroit. CEO Jim Farley emphasizes hybrids as crucial for the future, aiming to quadruple hybrid sales while pulling back on some EV investments. In contrast, GM CEO Mary Barra focuses on electric vehicles, viewing hybrids as temporary. Both companies recognize the need for cost efficiency and competitiveness, particularly against Chinese manufacturers, blending legacy and forward-thinking in their strategies. 

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TOGETHER WITH TRADEPENDING

The Curious Case of Benjamin Misleading Buttons

If the power button on your TV remote changed the volume instead, you'd be confused, right?

If your car horn rolled down your windows, that'd be a surprise, yeah?

Yet, your website's call-to-action buttons frequently mislead your customers about what's going to happen next after they click it.

Here's how it all started and how to fix it, courtesy of TradePending.

/MTCM

If we tried to tell all the wonderful, charitable, and creative stories happening in dealerships across our industry, we would need a bigger email. But we have just enough space in this email for YOUR story.

Let us help show the community and world what you have going on in your store! 🕊️

DATA & INSIGHT

Dealers Demand Action

Car dealers are hitting a major snag with the clean vehicle tax credit program and struggling to get reimbursed for the advanced payments on EV sales due to a myriad of issues with the IRS. Tight deadlines, technical issues, and a lack of support are creating a real headache and significant financial strain.

Last week, the National Automobile Dealers Association’s Senior Vice President of Regulatory Affairs, Daniel E. Ingber, decided to formally ask the Treasury and IRS for immediate relief. Without a fix, many dealers could face huge losses and might even drop out of the program.

With a key reporting deadline approaching and ongoing portal problems, the future of these tax credits is uncertain, and many dealers are on edge waiting for a solution soon. Want to dive deeper into the details and what’s being done?

👉 Keep reading here! 👀

Quick Hits

• Spotify is raising prices again. Let’s see if the artists get any of the revenue. 🎸 

• The 1x robot has nearly fully autonomous working abilities, with voice commands and task-chaining improvements. 📦️ 

• Ticketmaster can’t catch a break (And may not deserve one), but unfortunately, their newest plight may affect 560 million users. A hacker group trapped the company’s user data and wants $500M to return it. 💰️ 

History

• 1896: Henry Ford drives the Quadricycle for the first time. 🥇 

• 1919: The 19th Amendment, giving women the right to vote, is added to the U.S. Constitution. 🥳 

• 1924: The ten millionth Ford is produced. 🛻 

• 1984: Bruce Springsteen releases his album, Born In The USA. 🇺🇸 

Thanks for reading, friend! Hit reply and let us know what you liked, didn’t like, or wish we would have included. Positive feedback is like the sunshine, constructive criticism is like the rain. We need both to grow this garden, y’all.