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Tuesday is already flying by as we talk about Tesla’s terrible start to 2024. We also review a developing partnership between Kia and Uber, as well as a new-school retail product from and old-school hip-hop artist.
Show Notes with links:
- Tesla's market cap has plunged over $94 billion in early 2024, its worst start since going public, driven by factors like Hertz's EV strategy shift and price cuts in China.
- Rising labor costs and aggressive price cuts to stimulate demand are eroding Tesla's once robust profit margins and additional operational disruptions, such as rerouting shipments and suspending Berlin plant production, add to Tesla's woes.
- Despite outperforming in the S&P 500 last year, Tesla now faces investor skepticism over its valuation and future growth prospects.
- Meanwhile, CEO Elon Musk is looking to increase his voting control in Tesla to at least 25%, arguing he needs more influence to lead the company's AI and robotics ventures, nearly doubling his current stake.
- Musk expressed on social media that without this increased control, he would prefer developing products outside of Tesla, while still maintaining a balance of influence without absolute power.
- This comes after a video of the new version of the company’s Optimus humanoid robot was shared in which the robot displays the impressive dexterity needed to fold a shirt
- Kia and Uber are joining forces, with a Memorandum of Understanding that marks a collaboration for developing PBVs, aligning with Uber's 2040 zero-emission ambition and showcasing Kia's advanced mobility tech.
- The Kia Concept PV5, previewed at CES 2024,morphs from a micro-car to a full-sized van, all set to roll out in a three-phase launch starting 2025.
- This partnership aims to ease the shift to electric vehicles for Uber drivers, offering comprehensive packages that include EV options, insurance, and maintenance through Kia's Flex program.
- Expect high-tech touches like interactive infotainment, advanced safety features, and personalized riding environments, enhancing the experience for both drivers and passengers.
- Hip-hop legend Darryl “D.M.C.” McDaniels, from the iconic Run-DMC, launches a unique cookie brand, "Darryl Makes Cookies," blending sweet treats with a powerful social message. This venture aims to bring generations together, inspired by Darryl's commitment to family, community, and positive change.
- Darryl McDaniels says he’s tapping into his passion for family and community, launching a cookie brand that's more than just a treat—it's a medium to unite generations and spread smiles.
- “There's no such thing as a generation gap. It’s an information gap.”
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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