Tesla's Pivot, VinFast Expansion, Dealership's Kind Deed

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We’re mid-week and talking about Tesla's strategic shift amid falling profits.. We also cover VinFast's aggressive U.S. dealership expansion and the heartwarming story of a Dealership serving a single mother in South Dakota.

• Sandwiched between GMs stellar financial results yesterday and Ford’s upcoming earnings later today, Tesla's Q1 earnings were released yesterday and show a 55% decline in net income, falling to $1.1 billion, amid a backdrop of global demand challenges 
  • Despite setbacks, Tesla plans to fast-track the introduction of new vehicles, utilizing both current and next-gen platforms, aiming for production on existing lines for efficiency.
  • The company's shift in strategy includes a focus on developing autonomous vehicles and a robotaxi service, anticipated to transform the future of mobility including a new app that is set to be an Uber/Lyft competitor
  • When speaking about the much anticipated lower cost Tesla’s Musk said, “In terms of a new product roadmap, there’s been a lot of talk. We’ve updated our future vehicle lineup to accelerate the launch of new models.” Musk said we might see the vehicles in early 2025, if not later this year. He also stressed that new vehicles would be made on existing, functioning production lines.
  • Amidst speculations of the canceled low-cost vehicle project, Tesla remains committed to its autonomous driving ambitions, with plans for a "robotaxi unveil" set for August.
  • Tesla stock was up 11% in after hours trading but is still significantly down this year
    
    
• On to another EV maker who is leveraging the dealership model as its path to success, Vietnamese manufacturer, VinFast is rapidly growing its U.S. footprint, announcing 12 new franchised dealerships across several states
  • VinFast now boasts 18 dealerships across seven states, complementing its direct sales in California with a stronger dealership network including new sites in Florida, Texas, Kentucky, and Connecticut.
  • The Vietnamese automaker looks to enhance its market position, despite initial slow sales, expecting a significant contribution from these dealers in the latter half of the year.
  • With a major factory underway in North Carolina, VinFast plans to meet U.S. production criteria to leverage a $7,500 federal EV incentive for its models like the VF 8 and upcoming VF 9 crossovers.
  • Amid expanding global operations, the company is reporting a 400% increase in global vehicle deliveries compared to the same quarter last year.
    
    
• One South Dakota Dealership, Vern Eide Motors,  restores both hope and a 2008 Chevy Impala for free after its owner, a victim of a repair scam, shared her ordeal publicly.

Hosts: Paul J Daly and Kyle Mountsier

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