Investments reveal priorities. For instance, Mercedes prioritizes its long-time faithful customers by investing in their preferred powertrains, Rimac prioritizes engaging in business with public transportation users rather than just hyper-car enthusiasts, and little ol’ China prioritizes global relevance by ensuring that no matter where somebody lives, their paycheck is at least a LITTTLE bit Chinese.
Be sure to listen along to the three new songs Chris added to The Daily Push Back Spotify Playlist here.
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Apparently, China has been looking for friendship all along. One of the nation's leaders says that continued investment in the EU's auto industry will ease trade tensions, while Zeekr is making bank selling EVs in Russia.
China's EV Architect Suggests European Investment Amid Trade Tensions Wan Gang, president of the China Association for Science and Technology, proposed Chinese investment in Europe's EV industry to ease trade tensions. While alliances are powerful in wartime, jobs speak loudly to the average citizen all the time. So, China's plan is to boost trade, create jobs, and invest in collaboration despite the tariffs.
Zeekr's Dominance in the Russian EV Market
Zeekr, a Chinese EV manufacturer owned by Geely, has captured significant market share in Russia, with over 8,000 units sold in the past year. Despite infrastructural challenges, China is growing its global market share in Russia, while everybody else is setting the country's auto industry out due to Putin's invasion of Ukraine.
Rimac, known for its luxury hyper-cars, has unveiled its first robo-taxi, the Verne.
Wow, it's like they peeked into our nightmares: hyper-car speed + no wheel or brake. What's next, a clown in the back seat?
Despite a global shift towards electric vehicles, Mercedes-Benz is heavily investing in combustion engines, allocating $15B this year.
CEO Ola Kaellenius stated that the company is enhancing hybrid drivetrains and extending the lifecycle of combustion engines to stay competitive.
"Coming Soon." While preparing for a future with 50% electric and hybrid sales by 2030, Mercedes continues to meet market demand for advanced traditional engines, ensuring they remain at the highest technological level. Of course, according to their website, the NACS is "coming soon."
Second: CDK VS. June, Consumers VS. AVG Monthly Payments, and Volvo’s VS. Tariffs
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The continued CDK outage, increased average payments, and dealerships changing hands—there is always something to talk about in the car business. Enjoy some data.
June U.S. Auto Sales Hit by CDK Outage
Higher Car Payments Stretch Consumer Budgets
Dealer Buy/Sell Market Hits Record High
What happened? Volvo has postponed the U.S. debut of its compact electric SUV, the EX30, to 2025.
Why was it delayed? The delay is due to new U.S. tariffs on Chinese-built electric vehicles, prompting Volvo to shift production from China to Belgium.
When was the EX30 originally set to release? The EX30 was initially scheduled for release in the U.S. in 2024.
Where will the EX30 now be produced? Instead of being produced in China, it will be produced in Ghent, Belgium.
Because of who? The delay is primarily because of the Biden administration's tariffs on Chinese-built electric vehicles, which have forced Volvo to relocate production to maintain competitive pricing.
How does this impact customers? Customers who pre-ordered the EX30 will be affected by the delay, but Volvo is offering alternative vehicles in the interim to accommodate them.
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You really can’t call it a comeback since ICE hasn’t gone anywhere, but there is a renewed sense of investment and interest with shoppers lately, and we wonder how wide that shift will reach.