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It’s Thursday in the car business, and we’re feeling fine as we talk about Tesla’s somewhat surprising earnings call yesterday, as well as EV maker VinFast’s fortitude with their new plant. We also talk about some really unique AR glasses from Toyota.
- Yesterday’s earnings call with Tesla was a bit of a wild ride as results regarding the effects of the company’s recent price cuts as well as a surprise announcement about a forming partnership with a traditional OEM.
- As we know, Tesla has been discounting pricing to increase volume and CEO Elon Musk indicated that the discounts will likely continue and possibly deepen.
- New vehicle deliveries rose 83% April - June
- Sales were up 20% and gross profits were 18.2%, down from 19.3% last Qtr and 25% a year earlier
- Musk also made an announcement that they are in talks with another OEM to license their self-driving technology. He said, "We are already in early discussions with a major OEM about using Tesla FSD. We're not trying to keep this to ourselves. We're more than happy to license it to others."
- After being criticized for continually predicting FSD is close to ready, he doubled down and said FSD should be ready to safely operate by the end of this year
- Despite a poor sales record of just 128 units of its EV crossover in the first five months in the US, Vietnamese electric vehicle maker VinFast announced they are forging ahead with plans to construct its own factory in North Carolina. The plant is expected to have an initial production capacity of 150,000 vehicles annually and create over 7,000 jobs.
- Chief Executive Officer, Le Thi Thu Thuy said in a statement, “When it begins operations, the factory will be VinFast’s primary supplier of electric vehicles to the North American market.”
- From the Jalopnik article: “Bloomberg reports that VinFast plans to list in the U.S. by merging with special purpose acquisition company Black Spade Acquisition Co. in the second half of this year. The deal would apparently give VinFast an equity value of about $23 billion. That works out to about $180,000,000 per vehicle registered in the U.S. “
- Toyota is working on obtaining a patent for augmented reality glasses that are intended to supersede traditional car head-up displays. The glasses aim to enhance road safety by providing enhanced visibility under all conditions.
- They use electrochromic glass to adjust external light, cameras for eye tracking, and speakers to deliver crucial information to drivers. The glasses can also display media and phone notifications, with a built-in timer to maintain driver attention.
- Passengers aren't left out – they can enjoy different media content. Although safety concerns exist, benefits for drivers and the potential to replace physical displays are strong sel
Join Paul J Daly and Kyle Mountsier every morning for the Automotive State of the Union podcast as they connect the dots across car dealerships, retail trends, emerging tech like AI, and cultural shifts—bringing clarity, speed, and people-first insight to automotive leaders navigating a rapidly changing industry.
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