AUTOMOTIVE
Apollo Rescues Carvana Adesa Deal
Online auto retailer Carvana faced financial setbacks after its February announcement to purchase the auto auction company, Adesa. Longtime Carvana investor, Apollo, has increased its contribution toward the Adesa acquisition from $600M to $1.6B.
Apollo's contribution will account for half the total price of the deal and comes with proposed changes to the structure of the agreement.
Telling it like it is — Apollo also got Carvana’s cat out of a tree and helped them put sunscreen on that spot between their shoulder blades.
|
|
|
|
AUTOMOTIVE
US To Boost Battery Production
The Biden Administration has started a $3.1B plan to boost domestic battery manufacturing. Funding will support grants to build, retool, or expand battery and battery component production facilities. The push is part of a $1T bipartisan infrastructure law that includes $7B for battery supply chain improvements.
Telling it like it is — Consumers are interested in EVs. OEMs are interested in EVs. The government is interested in EVs. If anybody is hoping this would just disappear, it ain't!
|
|
|
|
AUTOMOTIVE
Stellantis Invests $2.8B in Canada
Stellantis is retooling two plants in Canada in a push toward electrification. The company is also adding 2 R&D centers as part of the $2.8B investment. The Canadian government will contribute $398M to the project.
Moose country. The Windsor and Brampton plants will receive similar upgrades, but specific future production plans have not been made known.
Telling it like it is — Truth be told, it's a little weird Canada isn’t already packed full of electric Jeeps. They just seem right for one another.
|
|
|
|
CLUBHOUSE
Pitch Tank By Auto Genius
Weekly vendors pitching dealers, GMs, decision-makers, and tech experts. Vendors present their product or service then get questioned about their value and product. The winner is announced at the end! Email pitchtank@asotu.com for vendor pitch info and join us live on Clubhouse tomorrow morning.
|
|
|
|
TOGETHER WITH YOUR FRIENDS
The More the Merrier
This part of our newsletter tells you about a product or service we think could help you or your team have a better, easier, or more effective day.
*Looks right, looks left*
Oh! It's us! Each day the ASOTU team works hard to comb the murky depth of the internet and world news to bring you practical, encouraging, and pertinent information. If you've learned (or laughed ) with us since signing up, send your referral link to a friend who may find this newsletter a valuable addition to their day. The swag we will send you for referring friends is just a bonus. 😉
|
|
|
|
TECH
Google Offers $100K in Training to US Businesses
Tech giant Google is expanding its Google Career Certificates program. Google launched the program in 2018 to boost the knowledge and resume of workers the world over. It typically costs users $40 a month and takes three to six months to complete.
Let me Google that... Google will offer free training to up to 500 employees, an estimated $100K value, to any US business. Data shows users are more likely to complete courses when they have paid, but they believe the offer is worthwhile to bolster digital fluency in companies.
Telling it like it is — A lot of sons-in-law (AKA family IT guys) just breathed a sigh of relief.
|
|
|
|
CULTURE
Universal to Release Movies to Streaming Service
Universal is sending three new movies directly to the Peacock streaming service to boost subscriptions. The 2023 releases include a LeBron James biopic, a remake of John Woo's "The Killer," and a music competition feature.
Ok, but where do we get that popcorn? Donna Langley, head of Universal's Motion Picture Entertainment Group, says the studio remains committed to theaters, which the studio backs up with 25 theater releases planned for 2022.
Telling it like it is — The movie theater industry is figuring out in-person vs online as a business model. If only there were another industry where we've seen great strides in that regard... 🤔
|
|
|
|
QUICK HITS
- Central African Republic becomes the second country to adopt bitcoin as its national currency.
- Porsche and Audi enter Formula 1 in 2026
- Chip crunch hits Nintendo. Sales expected to decline.
|
|
|
|