#745 - 🚗 Wish List Granted

TOGETHER WITH

Welcome to Wednesday, Friend!

Today we have some ambitious news from GM, Porsche, and VinFast. But first, check out the story from our friend at Anderson Auto Group and tell us — how are you going to support your team, community, family, and world today?

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

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MORE THAN CARS MOMENTS

Dealers, Teachers, and Students

It gets thrown around and meme’d a lot, but y'all, children really ARE our future.

So, helping teachers equip them for the challenges with are sure to face along the way is a win for everybody in our country.

Our friends at Anderson Auto Group in St. Joseph are meeting teachers where their needs are, specifically on their Amazon wish list.

Each year, American teachers spend about $800 of their own money on supplies. The team at Anderson Auto Group is helping cover these costs as part of their "Because People Matter" program — a program and name we can really get behind! 😉

The dealerships invited teachers in St. Joseph or within 40 miles of the dealership to comment on a Facebook post to have their wishlist added to the consideration process starting today, Wednesday, July 24th.

Rachael Miner, the dealership's Marketing Coordinator, pointed out how typical back-to-school drives focus on students, but her team decided to include teachers in the effort. "I think everybody knows teachers spend a lot of their time and money making their classrooms welcoming, so we wanted to give back to our community, and the teachers seemed like a perfect way to do it," Miner said.

TOGETHER WITH UPSTART

High Speed, High Stakes

Every dealer knows that time kills deals — so are holding costs eating into your dealership’s profits?

Holding costs are expenses from having cars on the lot for long periods of time, and in today’s tightened lending environment, holding costs are becoming more of a challenge.

Many lenders focus heavily on collateral and LTV criteria rather than the actual ability of a borrower to repay, leading to more turndowns and unfavorable deals for all involved.

But what if dealers shifted to individual, risk-based approval?

Find out if your dealership is leaving money on the table and how you can ultimately reduce holding costs in the latest blog from Upstart.

AROUND THE ASOTU-VERSE

Happy Easter?

Who doesn’t love a good Easter Egg? From the chocolate kind, to the “Did you know Sid from Toy Story 1 is the trash man from Toy Story 3?” kind, we love them all.

Knowing that, our friends at West Herr Automotive Group showed off some stunning camera work and nudged us to see if we recognized anybody.

We did! But really, we just think you should check out the fantastic work of West Herr’s awesome videographer, Jason Belous.

Thanks for the shout, Jason!

BUSINESS

Ambition: GM, Porsche, Cadillac, and VinFast

"Ambition" is the word of the day, friends. Full Q2 reports are dropping, and companies are realigning their dreams with those of the waking world. Unlike us, when multi-billion dollar companies change their minds, they do so in full view of the public, and Wall Street starts moving numbers around. Whew, let's all say a thankful prayer for our anonymity.

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GM

Up first: GM. They beat their Q2 expectations but are pulling back from their EV goals and putting their Cruise driverless wonder on indefinite hold. Here are some more deets:

GM Beats Second-Quarter Expectations, Raises Forecast Again: General Motors surpassed Wall Street's expectations, increasing its annual profit forecast to $13-$15B. Strong demand for gasoline trucks drove a 14% rise in net income to $2.9B. Revenue hit $48B. GM is focusing on a new Chevrolet Bolt for its Cruise unit and received $500M for EV production.

GM Slows EV Plans Again Even as Sales Grow: GM delays its EV plans, postponing the retooling of a U.S. electric truck plant and Buick's first EV launch. Despite this, U.S. EV deliveries rose 40% year-over-year to 21,930 units. GM aims to produce 200,000 to 250,000 EVs this year, focusing on existing battery cell plants.

GM's Cruise Origin Robotaxi Is Officially Dead: GM discontinued the Cruise Origin autonomous vehicle due to regulatory issues, shifting focus to a new Chevrolet Bolt for its Cruise division. The Origin, developed with Honda, halted after losing permits in California. Cruise reported a $1.14B loss but continues testing in Houston, Phoenix, and Dallas.

Porsche

Porsche Admits Its EV Goals Were Too Ambitious: Porsche is outright saying they were too ambitious and will draw back their 80% EV by 2030 sales goal to better align with customer demand. The company is adjusting its target based on market developments.

• Porsche aimed for 80% EV sales by 2030, but this is uncertain due to slower market adoption.

• Gas-engine models like the 718 Boxster and Cayman will phase out by 2025, with EV replacements like the electric Macan and fourth-generation Cayenne.

• Despite a 51% drop in EV sales in the first half of 2024, Porsche remains optimistic with new models like the 2025 Taycan and electric Macan.

• CEO Oliver Blume sees a "V-shaped" sales cycle with new EVs boosting future sales but acknowledges the challenge of meeting the 2030 goal.

Cadillac

Finally, we come to Cadillac's fancy-dancy long yellow ride. If that doesn't scream "Ambitious," wait till you hear about the fridge in the backseat!

Cadillac has unveiled the Sollei, a new convertible EV concept that reimagines its ultra-luxury Celestiq sedan as a 1960s-inspired convertible.

This extravagant vehicle, which debuted at the Cadillac House in Warren, Michigan, boasts luxurious features like pillar-to-pillar infotainment screens, sun-ray pattern designs, and sustainable materials such as biodegradable mushroom-based mycelium.

How does the fridge stay cold when the car isn’t running? Who cares! The model isn’t for sale, so we should just appreciate how odd it is and move along.

Vinfast

Owner of Greensboro Dealership Named to VinFast Advisory Board: Damian Mills, owner of VinFast Triad in Greensboro, has been appointed to VinFast's five-member U.S. Dealer Advisory Board.

Despite delays in opening its $4 billion North Carolina assembly plant, VinFast continues expanding its dealership network.

Mills, a graduate of N.C. A&T and CEO of Mills Automotive Group oversees over 30 dealerships, including the new Fisker dealership in Charlotte.

The VinFast Triad dealership recently opened with a stock of VF 8 all-electric SUVs.

Quick Hits

• Robot dogs are getting more complex. A recent development turned a police robot into a walking wifi network jammer. Coupled with its ability to take multiple gunshots and keep going, it could be a big advancement in policing. 🐕️ 

• Home sales slump in June. Buyers market takes effect. 🏘️ 

• The new Joker movie has an official trailer. 🤡 

History

• 1866: Tennessee becomes the first U.S. state to be readmitted to Congress following the American Civil War. 🇺🇸 

• 1910: Anonima Lombarda Fabbrica Automobili was founded in Milan, Italy. By 1920, the company would be officially known as Alfa Romeo. 🇮🇹 

• 1935: The Dust Bowl heat wave reaches its peak, sending temperatures to 109 °F in Chicago and 104 °F in Milwaukee. 🥵 

Thanks for reading, friend. Plenty of work and plenty of rest await — let’s get to it!