We got some news cooked up for the day.
The gist is that May should be good for dealers. GM is looking to cut EV costs by recycling old EVs, Nissan is delaying some EV production, Kia is bringing a new (cheaper) EV to the US, and some cats in Paris want to let people drive your car over Facetime.
Can’t make this stuff up. And if I could, why would I?
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The difference between a guess and a projection is data and knowing how to really read them. This is also the difference between a fortune cookie and a palm reader if you ask palm readers. (Don't do that)
New vehicle sales in the US are projected to see a 2.9% increase in May 2024, driven by demand for crossover SUVs and pickup trucks. JD Power and GlobalData forecast total sales to reach 1,446,800 units, with average transaction prices around $45,033.
Despite a 48.1% increase in incentives, retailer profit per unit is expected to drop by 31.5%. Interest in electric vehicles has decreased, with only 24% of shoppers likely to consider an EV, down from 26% last year due to concerns about charging infrastructure and costs.
Following some humbling sales numbers in Q1, Nissan has postponed plans to produce new electric vehicles at its Canton, Mississippi factory due to slower-than-expected EV sales growth.
Despite the delay, Nissan remains committed to its goal of offering 19 global EV models by 2030 and maintains its $500 million investment in the Canton facility.
Remember when they told us recycling would save the planet? It was right around the time they told us to be on the lookout for quicksand. Coincidence?
General Motors has teamed up with Redwood Materials, the startup founded by former Tesla CTO JB Straubel, to recycle all scrap from its Ultium Cells LLC battery facilities in Warren, Ohio, and Spring Hill, Tennessee.
Kia
Kia's subcompact EV3 electric SUV is set to arrive in the US, potentially debuting as early as 2025.
With affordability playing an increasingly significant role in buyer preference, the new Kia could see people compromise brand, style, and powertrain loyalty. "Could."
Peugeot announced at the Viva Technology trade fair in Paris that it is joining forces with German startup Vay to explore "teledriving" technology. This involves cars driven remotely by human operators through live video feeds, setting it apart from traditional self-driving vehicles. "Teledriving" I guess "Dial-a-Chauffeur" was taken?
Currently, the tech will focus on last-mile delivery for B2B customers who mostly use Peugeot's electric SUVs and vans.
Tech like this could remove human idle time from the delivery industry by letting one driver quickly flip to new vehicles each time they park one for delivery. While the tech will mostly function within the fleet business for now, it is no stretch to imagine an Uber-style personal application for private vehicles as connectivity and tech continue to develop. It's like owning your own access to the convenience of ride-sharing.
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Big day, we visited with some optimistic data, read about GM and recycling for what felt like the 200th time, and added “Teledriving” to our dictionary. We’ve earned a water break.