High Speed Market Summary, Apple Lambo, $200 Pool Chair Rental

The Automotive Troublemaker w/ Paul J Daly and Kyle Mountsier

There is so much to talk about regarding the markets, we couldn’t possibly focus on just one story so we’re giving you a high speed summary. We’re also talking about Apple's recent poach from Lamborghini, as well as a growing trend of resorts charging big bucks for pool chair rentals.

• With so much reporting going on, here are the bullet points
  • The Fed increased rates by .75 percent as expected yesterday. Although they said future rates may still need to go up, they did say it would be appropriate to ease at some point, making investors happy
    • Note: Fed Chair Jerome Powell stated again he does not believe we are in a recession.
  • Ford revenue jumped 50% and net income was up 19% from YOY
    • CEO Farley said the company is moving forward with purpose into the largest growth period the company has ever seen
    • Number of vehicles awaiting chips is 18k down from 53k last quarter
  • Penske Auto Group records most profitable quarter ever as net income jumps 10%
  • Group 1 reported highest revenue and gross profit largely due to acquisitions. Same store revenue was down 4.1%
  • Reported deal between Senators Chuck Schumer and Joe Manchin revives 4.5k EV credit to be available to all EV sales and not limited to cap, giving Toyota and Tesla a more level playing field
  • Take Away: Keep your head up and feet nimble
• Apple hires exec from Lamborghini to join the AppleCar team
  • 21 year Lambo veteran, Luigi Taraborrelli left the company in May according to LinkedIn from a position leading the development of chassis and vehicle dynamics
  • Taraborrelli worked on Lamborghini’s Urus SUV, Huracan Coupé, Performante and Aventador Coupé, and others
  • AppleCar project Titan has been around since 2014 and has seen ups and downs only to be gaining steam in current years
  • Take Away: This is a further indicator of car culture and pop culture being synonymous
• Major resorts now charging up to $200 for that WFH poolside lounge chair
  • Due to high travel demand and willingness of guests to reserve preferred experiences, many resorts are presenting guests with the option to reserved not-so-luxurious chairs by the pool
  • Bellagio $200, Excalibur $125, JW Marriott Desert Ridge Resort & Spa in Phoenix $150, for combinations of standard chairs to plush. Additional amenities include premium water selections and snacks
  • Using ‘open-table like’ software to manage reservations
  • Take Away: This is another indicator of how consumers are prioritizing their spending post pandemic

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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