14 min
Ford Pumps The Brakes, Dealers Pump The Brakes, Teens Don’t The Automotive Troublemaker w/ Paul J Daly and Kyle Mountsier
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- Business
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It’s Tuesday and today we’re talking about Ford's reduced F-150 Lightning production and dealers' struggles with slow EV sales. We also take a look at a recent study on the popularity and usage habits of social media platforms among U.S. teens.
Ford is slashing its F-150 Lightning production in half for 2024 as market demands and the EV narrative are rapidly shifting
The new target is around 1,600 vehicles per week at the Rouge Electric Vehicle Center in Michigan according to a supplier memo obtained by Automotive NewsFord has delayed about $12 billion in EV investments and adjusted production targets, even as November sales of the Lightning hit a record high.Meanwhile, Production of gasoline-powered F-150s in Michigan and Missouri remains stable"The narrative has taken over that EVs aren't growing; they're growing," CFO John Lawler said in October while announcing Ford's third-quarter earnings. "It's just growing at a slower pace than the industry and, quite frankly, we expected."
Let’s hear what the Dealers have to say about what EV adoption looks like from the front lines as told in this WSJ article from today.
“We thought we could build a million of them and sell them,” said LaRochelle, a vice president at Sheehy Auto Stores, which sells vehicles from a dozen brands in Virginia, Maryland and Washington, D.C.Their EV days supply is 6-12 months currentlyLaRochelle continued: “We have a steady number of clients that have attempted to or flat out returned their car,” said Sheehy’s LaRochelle. “I’m not hearing the consumer confidence in the technology,” said Mary Rice, dealer principal at Toyota of Greensboro in North Carolina. “People aren’t beating down the door to buy these things, and they all have a different excuse why they aren’t buying one.”Rice continued, “I start to think, you know maybe we should just all pump the brakes a little bit,” This final quote is from GM CEO Mary Barra “Although the rate of growth has slowed recently, EV demand is clearly moving in the right direction,” Barra said on a recent conference call with analysts. A combination of more affordable model options and better charging infrastructure would help encourage more people to buy electric vehicles, she said.
According to a new Pew Research study, teens prefer YouTube to Tiktok as a growing number say they are on the platforms ‘almost constantly’.
Approximately 90% of teens use YouTube, making it the most popular platform in the Pew Research Center survey with TikTok (63%), Snapchat (60%), and Instagram (59%) are also widely used by teens,Teen usage of Facebook has dropped significantly, from 71% in 2014-2015 to 33% today. Twitter, recently renamed X, also sees a decline.Nearly 1 in 5 teens report using YouTube and TikTok 'almost constantly'Hosts: Paul J Daly and Kyle Mountsier
Get the Daily Push Back email at https://www.asotu.com/
JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/
Read our most recent email at: https://www.asotu.com/media/push-back-email
Shoot us a Text.
It’s Tuesday and today we’re talking about Ford's reduced F-150 Lightning production and dealers' struggles with slow EV sales. We also take a look at a recent study on the popularity and usage habits of social media platforms among U.S. teens.
Ford is slashing its F-150 Lightning production in half for 2024 as market demands and the EV narrative are rapidly shifting
The new target is around 1,600 vehicles per week at the Rouge Electric Vehicle Center in Michigan according to a supplier memo obtained by Automotive NewsFord has delayed about $12 billion in EV investments and adjusted production targets, even as November sales of the Lightning hit a record high.Meanwhile, Production of gasoline-powered F-150s in Michigan and Missouri remains stable"The narrative has taken over that EVs aren't growing; they're growing," CFO John Lawler said in October while announcing Ford's third-quarter earnings. "It's just growing at a slower pace than the industry and, quite frankly, we expected."
Let’s hear what the Dealers have to say about what EV adoption looks like from the front lines as told in this WSJ article from today.
“We thought we could build a million of them and sell them,” said LaRochelle, a vice president at Sheehy Auto Stores, which sells vehicles from a dozen brands in Virginia, Maryland and Washington, D.C.Their EV days supply is 6-12 months currentlyLaRochelle continued: “We have a steady number of clients that have attempted to or flat out returned their car,” said Sheehy’s LaRochelle. “I’m not hearing the consumer confidence in the technology,” said Mary Rice, dealer principal at Toyota of Greensboro in North Carolina. “People aren’t beating down the door to buy these things, and they all have a different excuse why they aren’t buying one.”Rice continued, “I start to think, you know maybe we should just all pump the brakes a little bit,” This final quote is from GM CEO Mary Barra “Although the rate of growth has slowed recently, EV demand is clearly moving in the right direction,” Barra said on a recent conference call with analysts. A combination of more affordable model options and better charging infrastructure would help encourage more people to buy electric vehicles, she said.
According to a new Pew Research study, teens prefer YouTube to Tiktok as a growing number say they are on the platforms ‘almost constantly’.
Approximately 90% of teens use YouTube, making it the most popular platform in the Pew Research Center survey with TikTok (63%), Snapchat (60%), and Instagram (59%) are also widely used by teens,Teen usage of Facebook has dropped significantly, from 71% in 2014-2015 to 33% today. Twitter, recently renamed X, also sees a decline.Nearly 1 in 5 teens report using YouTube and TikTok 'almost constantly'Hosts: Paul J Daly and Kyle Mountsier
Get the Daily Push Back email at https://www.asotu.com/
JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/
Read our most recent email at: https://www.asotu.com/media/push-back-email
14 min