It Wasn’t Amazon Who Bought that 244k Cybertruck

The Automotive Troublemaker w/ Paul J Daly and Kyle Mountsier

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It’s the first day of March and we’re talking about Dealer concern over the growing Amazon-Hyundai partnership. We’re also discussing new entrant EV makers Fisker and Polestar’s current state, as well as getting to the bottom of who paid 244k for a used Cybertruck.
U.S. auto dealers are torn over Hyundai's partnership with Amazon, fearing a shift towards a Tesla-like direct sales model. A majority in a recent survey view the venture with skepticism, questioning its impact on the traditional car-buying experience.

• Over half of the surveyed dealers in the recent Automotive News 2024 Dealer Outlook Survey view the online retailing program negatively, predicting a move away from traditional dealership roles.
• Amazon aims to redefine car buying with a click-to-buy experience, yet dealers worry about impacts on customer service and profit margins especially regarding F&I income
• "Many dealers believe what Hyundai and Amazon are co-developing will lead to more of a direct-to-consumer sales model," captures the industry's apprehension towards changing retail landscapes.

Fisker's recent warning about its future viability is underscoring the rocky journey of EV startups as it transitions to a dealership model and misses production targets has impacted its sales and financial stability, leading to a concerning "going concern" warning.

• Despite ambitious production goals, Fisker built just over 10,000 vehicles in 2023, delivering only 4,900 to customers, far below its 13,000-unit target.
• The company's stock took a significant hit, plummeting 34% after-hours to under 50 cents a share, reflecting investor skepticism.
• Henrik Fisker admits, "We recognize that the EV industry is going through a turbulent period," highlighting the challenges facing the electric vehicle market amidst cooling demand and heightened competition
• Meanwhile, EV competitor Polestar has secured funding of $1B from 12 global banks backing its journey towards innovation and expansion. Chinese EV maker Geely, remains a strategic partner and direct shareholder, reaffirms its commitment to Polestar's success, promising continued operational and financial support.

Who bought the Tesla Cybertruck recently auctioned for $244,000 on Cox Automotive’s Manheim auction platform for over double its retail price?

• Despite Tesla's efforts to prevent resale profit-seeking, a Cybertruck fetched $244,000 at the industry auction
• The big reveal was Porsche Orlando acquired the Cybertruck, but why? Dealership display? Do they have a buyer?

Hosts: Paul J Daly and Kyle Mountsier
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