Groovin’ With The News

Ferrari and China.
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Groovin’ With The News

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When we the last time you had a friend make you a mix tape?


Ferrari's High-Voltage Dreams: "More Than A Feeling?"

Ferrari's first electric car, set to launch next year, will cost over €500,000 ($535,000). The luxury automaker's new plant in Maranello, Italy, will produce this model, potentially boosting production by a third.

The price reflects Ferrari's confidence in the ultra-wealthy market despite rivals reducing EV prices.

The plant will open on Friday, produce hybrids, and increase Ferrari's capacity to 20,000 cars annually. Ferrari is already developing a second EV model, so we guess they expect this one to do well among the “my 2nd house is an EV” consumer base.

Ferrari Says "Maps" Are So Yesterday


Speaking of Ferrari…

The company is eliminating in-car navigation from some models, including the new Purosangue and 12Cilindri, acknowledging that smartphones provide superior mapping. Emanuele Carando, Ferrari's head of product marketing, emphasized that customers prefer phone-mirroring systems like Apple CarPlay and Android Auto.

It’s like grandma used to say: “If you make dope cars, don’t waste your time trying to launch GPS rockets to provide consumers with a continual real-time feed of their location on a little digital map.” Grandma was full of sayings like that.

This move aligns with a broader trend, as a McKinsey & Co. survey reveals that one-third of shoppers won't buy a vehicle without these smartphone applications.

  • Survey Highlights:
    • 30,000 consumers in 15 countries surveyed
    • 30% of EV shoppers and 35% of internal combustion engine (ICE) owners consider app compatibility essential
    • In the U.S., 25% of EV buyers and 38% of ICE shoppers share this sentiment

Surprisingly enough, the survey suggests that people who won't go to the restroom without their phone, also want it involved with their driving.

"Should I Stay or Should I Go?" – BofA Analyst Tells Detroit to Exit China

Opinions aren’t news, but sometimes an opinion is based on enough data that we call it an "insight." Words are weird.

Bank of America's top automotive analyst, John Murphy, advises General Motors, Ford Motor, and Stellantis to exit China due to intense competition from local automakers like BYD and Geely.

How has GM's market share changed?
GM's market share in China has dropped from 15% in 2015 to 8.6% last year.

What additional challenges do they face?
President Biden's quadrupled tariffs on China-made electric vehicles add to the geopolitical risks.

What is Murphy's strategic recommendation?
Murphy suggests focusing on core products and profitable regions instead.

How is Tesla different?
Tesla has a $17,000 cost advantage in EV components.

China’s "Electric Avenue" vs. US and EU Glass Ceiling

The global electric vehicle market is expanding, but like pronouncing “caramel", growth varies by region.

  • China:
    • 31% year-over-year increase from January to May
    • 36% increase in May alone
    • Holds over 50% of the global plug-in market share
  • Europe:
    • 4% year-over-year increase
    • 9% decrease in May
    • New tariffs on Chinese EVs up to 38.1%
  • North America:
    • 5% year-over-year increase
    • 3% decrease in May
    • Quadrupled tariffs on Chinese EVs to 100%
    • Imported EVs no longer qualify for $7,500 federal tax credit

Tariffs and economic challenges are affecting growth in Europe and North America, while China continues to lead in EV expansion.

For real tho, is it Care-a-mel, Car-Mull, Kar-ah-mal. Send help.


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