Suggested listening: “Life Has Its Little Ups and Downs” by Charlie Rich
Sometimes, the news is up; sometimes, it is down. But, no matter what it is, it it’s never “set.”
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The ZeroSum State of the Dealer report highlighted a 4% month-over-month decline in used vehicle inventories, dropping below 1.9M units for the first time since October 2023, despite a 17% increase in sales in March.
This surge is expected to decrease slightly in April, though it remains high.
Meanwhile, new vehicle inventories rose by 3%, and the average marketed price of used vehicles increased for the first time since May 2023, indicating a potentially sustained upward trend in the market.
Rolls-Royce Spectre: $1988.25 per mile. In a recent Edmunds test, the $558,700 2024 Rolls-Royce Spectre surprised everyone by reaching a 281-mile range on a single charge, surpassing its initial 260-mile estimate. Other notes:
Ferrari is taking a different approach. The renowned carmaker has established the E-Cells Lab in collaboration with Bologna University and NXP Semiconductors. This initiative is a testament to Ferrari's commitment to deepening its understanding of battery cells, a crucial step on its electrification path.
Since 2019, it has been selling hybrids; it plans to introduce a fully electric vehicle next year. However, CEO Benedetto Vigna has made it clear that they have no intention of manufacturing their own cells. Instead, they are focusing on understanding battery cells, a crucial aspect of their electrification plans.
Imagine opening a spaghetti laboratory with some Italian friends and then telling people you have no interest in opening a spaghetti restaurant. Kinda sus.
Also, “Spaghetti Laboratory” is a good band name if you need one.
From March 27th to April 7th, the Bangkok International Motor Show sparked a 27.5% surge in automotive orders in the Thai market.
Over in the U.S., Toyota's journey into the electric market has been more cautious. The company's EV sales increased by 9% in the first quarter of 2024, but with just 1,897 electric vehicles sold, they represent only a tiny fraction of Toyota's total sales in the country.
Same Market, Different Brand(s). Hyundai and Kia are making significant inroads in the EV market, with both companies reporting robust sales and an aggressive push towards electrification.
The company's U.S. CEO, Randy Parker, is challenging competitors and committing fully to electric vehicles.
With nearly 40,000 EVs sold last year in the U.S., Hyundai has overtaken traditional automotive giants like Ford and GM, positioning itself as the second-leading EV brand behind Tesla.
The push comes as rivals scale back on EV development due to slower demand, highlighting Hyundai's commitment to leading in the electric market with affordable models and plenty of inventory.
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Last week, we saw some ICE plans get dusted off, some hybrid plans fill in where EV plans backed off, and all around, some recalibration of meeting consumer wants and needs. This week, Hyundai said, “more EV market for me.”