Cold Facts and Hot Takes
Hyundai partners with Amazon, Fisker stock dives, embracing EVs, and the used car market shifts.
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Hyundai announces new partnership with Amazon:
U.S. Boosts Domestic EV Battery Production $3.5 billion in federal funding for U.S. battery manufacturing. Redwood Materials and Toyota: Deal for recycled battery materials. Japan's Sumitomo Metal Mining: Exploring U.S. cathode production. Aims to reduce dependency on China and advance sustainability. The U.S. government's finally putting money where its "Not Friends with China anymore" mouth is by funding battery production. You know, like they were gonna break out the nation's dependency on foreign oil once upon a time. Fisker's Stock Plummets 22% decline following a disappointing earnings report. Q3 results: Loss of 27 cents per share on $72 million in sales. Reduced full-year production forecast reflecting broader EV market challenges. Competition with Tesla and high interest rates impact. Down 22%? Is this what happens when you dream of the stars but fuel your rocket with hype? Mercedes-Benz and Porsche Embrace EVs Mercedes-Benz: First 400kW EV charging station in Atlanta. $1 billion global plan for 2,000 charging hubs. Porsche: €250 million investment in Zuffenhausen factory. Focus on electric versions of 718 Boxster and Macan EV components. It's like electrification is a bus everybody is trying to get a seat on, but like, nobody is sure where it is going. Also, we imagine Elon Musk in a conductor's hat as the driver for some reason. China's Evolving Role in EV Market Chinese EVs: Competitive pricing and global presence. Restrictions in the U.S. market due to political tensions. But for how long? BYD outperforms Tesla in vehicle deliveries. Tesla's development is supported by China's President Xi Jinping. What's gonna happen in China? Who knows. What's gonna happen in America? No clue. What's gonna happen in your dealership today? Up to you. Changing Dynamics in the Used Car Market Prices dropped 5.5% last year. The average cost is still higher than pre-pandemic levels. High interest rates on auto loans. Strategies for dealers and consumers: Price comparison and different vehicle options. Pre-approval for auto loans. Maximizing trade-in values. Exploring certified pre-owned options. Used car prices taking a dive? Time for dealers to get creative – the game's changing, but that's where the real players shine.