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Good morning, it is Monday, August 10th. This is the Automotive State of the Union. I'm Paul Jay Daly. That's Kyle Mounts here. Today we're going to read, uh, Steve Greenfield's reason for optimism.
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We're also gonna talk about VW getting a truck and, uh,s EV lease hangover. The people really wanna know who I is- We have a little bit of a- They stop and stare when they see me. If it's a- I don't know.
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We were, we were rocking- On a V watch you fall to your feet- -and rolling this weekend- Take my hat, but it's time for the- -on the More Than Car side Really want- Paul and I don't drink, but we're dealing with a little bit of a hangover.
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It's been a- Just so you know [laughs] Not a ton of sleep. You know, there's two, two early wakeups combined with a day out in a- I- -very hot and humid Columbus. [laughs] I was drinking my coffee this morning- Yeah...
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and I looked at my wife and I was like, "Why do I feel right now?" [laughs] And she was like, "Well, I don't know. You were on your feet for eight hours on Saturday and drove for 14 hours this weekend."
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[laughs] Nice beat. Ah. [laughs] In, in- Okay... in drenched- Got it... hot, humid weather. Yeah. Yeah, we work, working the, working the deals. Yeah.
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We had so much fun at the Concert for a Cause with the Ohio Auto Dealer Association on Saturday. We have so much coming from you, like some footage, some recaps.
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Um, I'm actually gonna post a little, little social media behind the scenes recap. It's gonna be a lot of fun, but- Nice... boy, did people show up. That place was packed.
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We met a bunch of dealers that, you know, we maybe didn't know deeply or we didn't know at all. Uh, we got together with a couple charities. Uh, K9s for a Cause, those dogs, I wanted to take them home with me. Oh.
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[laughs] It was such a- You had a car- That, that was- You could've... Yeah, I- Okay. I hesitate to say that was the best part because there was also $100,000 worth of checks given to local charities.
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But petting some big dogs that were just happy go lucky- They were so sweet... to see you is just the best. Yeah. You know? K9, K9, good doggies. You throw dogs in and you're good. I know. All, all is well.
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But, uh, just thousands of people showed up. Zach Doran and the team just crushed it on behalf of- They crushed... Ohio Auto Dealers, but I feel like auto dealers across the country, so. Just in general.
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We, we owe them a lot for doing that. Um- We had... Look, we had so many people come up to us and be like, "Can we get the love people more than you love cars shirts?"
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I think it is such a, it's like a visceral thing that people feel immediately. And- Yeah- Whether it was a dealer-... not related to the industry. Yeah, not related to the industry.
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Just like random people that came up and were like, "Love the shirt. Can I get it?"
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And I think, you know, that's where, like, r- retail and consumer coming close can have this common understanding and, uh, and so it's really odd. Yeah. No, people, people were like, "Can we buy the shirt?
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We didn't bring any shirts. Can we have that shirt? We'll get you like a tour shirt." We're like, "No, we can't do that either." [laughs] Can't do that.
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Uh, but, but actually the, the, uh, one of, one of the women that asked where she could get a shirt, or she loved the shirt. We're like, "My..." [laughs] Kyle's like, "Shop.asotu.com."
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And like five minutes later it showed up, like Shopify, cha-ching. So- Yeah... we got one going to a non-auto person, which is, uh- There you go... maybe the first of thousands.
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Uh, this week, we're wheels up to NAMAD annual conference or meeting, an- NAMAD annual meeting. It's the NAMAD conference everybody kind of calls it that. Yeah.
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Um, our friends at CarRX, uh, were so good to be our media partner for this event. So we're gonna be on the ground covering the show, covering the things that we always have been doing for the last four or five years.
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And, uh, brought to you by our friends at CarRX. Thank you so much for making everything possible, and we can't wait to bring you interviews and coverage into behind the scenes of what's going on at the NAMAD in Miami.
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Is it hot in Miami in the summertime, Kyle? It's hot in Miami. Uh, but if you haven't been, it is the coolest conference. Like, it is just, it's just cool. It's just cool. You know? It is.
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I mean- I, uh, it, it's, it's different than Asotu Con. It's different than every other one. Yeah. You gotta be- It's got its own vibe. It's got its own vibe.
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And M- Michael Cirillo's on, uh, uh, in the air to, uh, Reynolds Amplify. On the West Coast. He's speaking there. Yes. On, uh, I mean, uh, just people moving everywhere, c- coming together, being together.
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It's the way to be. More Than Car's mindset getting pushed down deeper. Um- Yes. [laughs] Speaking of the More Than Car's mindset- Stop. That's right Segway time... segway to the first story. What a way to start a week.
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That's right.
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Uh, if you don't know who he is, Steve Greenfield, uh, the general partner and founder of Automotive Ventures, uh, a tech, a mobility venture firm, a good friend, friend of ours for a long time, he has an email every week, which is unbelievable.
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You should get it at automotiveventures.com. But this morning- Yes... the int- he wrote an introduction letter. He usually covers a bunch of stuff going on in mobility with some commentary.
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This day, he started it all off by writing a letter at the very beginning. And it was so impactful- I love it...
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that we're like, we're gonna read this letter because more people need to hear and feel this first thing on a Monday morning in August. So here's Steve's letter from his email this morning.
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He says, "As I prepared this week's edition, I was reminded of the proverb, 'May you live in interesting times,' a saying ofing have- often having less positive implications. Contrary- Hm...
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to what you might be frequently be reading in the press, we at Automotive Ventures believe that humans are much better off than they were even just 20 years ago by almost any objective measure." Wow.
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"We're a team of technology optimists and believe the future is bright, although changing at a faster pace than ever in the history of humankind.
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We are all living through an era of dramatic progress in technology in general, and AI specifically, the side effect of which is causing a lot of uncertainty, leading to tension and anxiety across many segments of the population.
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We believe that there's rapid change. Uh, where there's rapid change, as we're experiencing, there will be opportunities to invest in entrepreneurs uniquely positioned to build businesses that benefit from it.
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And we believe that the entrepreneur is the lifeblood of capitalism in a country's economic engine." Let's go. "No company would exist without the initial spark and effort of an entrepreneur.
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Small businesses and their founders are vital to the global economy, and the best way to simultaneously benefit the economy and generate wealth is to identify and financially back truly talented early-stage innovators.
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As you digest the content of this week's newsletter, let's appreciate that we're all living through the most exhilarating period in history.
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Enjoy the rapid pace at which society is making progress and prepare for an even more amazing future ahead of us. I'm thankful we're all on this journey together. Steve Greenfield, general partner, Automotive Ventures."
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I- Wow... one, I, like, Steve is just, he's so resolved-... in his thinking and, and he's so clear in the way that he communicates.
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I've been thinking so much about this, the rapid pace of innovation and the rapid pace at which we are rediscovering the human at the exact same time.
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It is forcing us to have this question around, like, where do we be uniquely human? Because technology is advancing at such a rapid pace, and AI is creating so much net new.
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And I think that it is, that it is a pivotal point in, in humanity, it's a pivotal point in entrepreneurism, um, and, and it allows us to deeply think about both how technology integrates and how the human accelerates.
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Um- And it's, it- And, and, and he's, he's put it so beautifully And it's a pivotal point in the automotive industry because we are- Yeah...
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at the crux of the human experience and human needs and what people need to get through and operate in daily life, and this emergence and convergence of technology.
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And we are in a unique position to be front runners in this industry like we were- We are It's easy to forget, right? Like DMS, CRMs, like we were one of the first industries to adopt that. Yep.
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It's easy to think now 'cause like, oh, some of them, you know, are like struggling to keep up with the new tech, but like this is our moment to innovate again.
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Here's, here's what I think we have to remember is like, yes, automotive's big and it's hard to move from a data perspective, but we're also the fastest pivoters on the planet because- Yes... of our 30-day cycle.
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So, like we understand how to pivot quickly as an industry. We can use that as momentum builder and, and as Steve and others, you know, AutoTech VC, Home Adventures- Right...
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uh, so many of these people that we know so well are pouring dollars into- Presidio... entrepreneurs. Yeah. Got a bunch of others. It is, is just an incredible, uh, in- incredible moment for us. It is.
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So thank you, Steve, for being such a faithful, uh, champion of the industry and, like, thanks for sowing some optimism because all the fear out there is easy to, to ramp up and we need more optimists out there rallying one another and telling people like, "Oh, yeah, there's been stuff to worry about for a long time, but we have more opportunity than ever.
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Let's, let's focus on the opportunity. Let's work together to get there and invest in those things." Speaking of opportunity. Oh. Segway. Time. [upbeat music] Interesting development.
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Volkswagen looking to make a much bigger dent in, uh, its American market and apparently, the answer is very American. We're gonna- That's it... build a pickup truck.
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Oh, good damn method Former Audi sales chief, Marco... I don't know if anyone at Audi talks like that, or VW.
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[laughs] Former Audi sales chief, Marco Schubert, is expected to take over VW's [laughs] US osp- operations, replacing, uh, Kjell Gruner as the automotive, uh, automaker's rethinking its approach to a market that holds just 4% share right now.
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VW brand chief Thomas Schafer sees opportunity in pickups and large SUVs. High margin segments for VW currently has little presence. Pickups alone represented nearly 20% of all US vehicle sales last year.
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VW wants its first new US-focused pickup on sale before the end of the decade. Well, it didn't say 2030, but- Okay... it's 2030. It's 2030. With plans to build it stateside. Building it in this country.
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VW hasn't decided whether to go alone or find a partner. Ford is an obvious possibility. The companies already share EV tech while VW's Amarok pickup shares its platform with the Ford Ranger.
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I have an idea, but you probably have an idea too. [laughs] They just can't say it. [laughs] Everybody's thinking it, they just can't say it. I think you kinda got a little pickup truck.
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[laughs] Who's got a pickup truck that we have- Who's got a pickup truck... a connection with? That we're really trying hard- That we could maybe- To tell everyone we have no connection with.
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[laughs] Drop in the laps of the VW dealers that want that pickup truck so bad. Um- And we'll call it Vvivian. Vvivian. Vvivian. Something like that. Yeah. [laughs] Yeah. Or, or, or, yeah, so- I mean- So many others.
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I mean, this is- This just feels like VW saying out loud what dealers have been asking for and advising them on for decades. Yeah. "Give us a pickup truck. We need a pickup truck. We need a larger EV."
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Says every brand that doesn't have a pickup truck because that's the, that's the missing link.
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Any, any 4% market share brand right now, I would say Volkswagen, Mazda, all these that kind of live in that like 3 to 5% market share are probably yearning for a pickup truck and would do so well to do so.
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It's hard to break into. Honda has, has, uh, you know, brought out, uh, things like the Ridgeline.
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It's, they've never really garnished a bunch of market share, so it's not like a, it's not like a one and done- Yeah, no, but they- they-... type scenario. You have to understand that... it, it rounds it out. Yeah.
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Right? Yep. It rounds out the pipeline. Now, I think VW, I'm, if I'm a VW dealer right now, and I obviously am really up in arms, understandably so, over the whole Rivian thing, don't you think- Over the Scout thing.
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Scout thing. I'm, I'm sorry. I, I'm sorry. Scout. Rivian. [sighs] This whole time I was saying Rivian. I mean Scout. You mean Scout. [laughs] I, I got- Yes... us off on the wrong... It's Scout.
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See, now all of those beautiful clips that we were gonna have from that part we can't even use. We can't even use. Oh, man. Never mind.
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Well, you, you can, you actually can because they do have a $5.8 billion joint venture. Joint venture with Rivian. With- Yeah... with the shared architecture- Um-... and software stack. That's right.
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Because- So they, they just have to work through- That was the first one... the rest of the development... with Rivian. They're almost identical vehicles, so you know, it's- Listen- It's all in the family...
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wel- welcome to Monday, where we're learning about the industry together apparently. [laughs] Um, [laughs]
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so, but I, I really do think with all of this stuff happening, especially now I'm thinking about Scout and all of the conflict and the dealers and the company at war with itself kind of, or dealers and,
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like delivering a great pickup truck as fast as possible with some of this shared technology and shared aesthetic and things that everybody likes is an amazing way to get everybody to just, like, the temperature to drop a little bit.
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Now they're saying this. How fast can they execute it? I mean, we're at the end of 2026. Can they build, develop, and have on dealer lots that in three years? I don't know. Yeah.
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I mean, with, with the, with the Scout, you definitely can. They have this truck overseas. This is similar to Mazda. They have a s- mid-size pickup truck. That's the Amarok that they were talking about. Yep.
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It's already developed with Ford, uh, with the Ford Ranger. So it's possible.
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It's just, you know, bringing the, the, the regulations up to spec and everything that needs to be in the US side is, is always a dynamic and, and whether or not they can put the marketing dollars behind it.
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Um, but, um- Definitely be easier- Dealers would love it... if there's no emissions, if it's an EV only. Yeah. But that seems like a risky venture, too. Yeah, that's a risky venture. Yeah. Speaking of EV risky ventures.
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Stop. Segway. Time. I said it.
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[upbeat music] EV leases, as we know it, were once the ultimate why not deal with tax credits and aggressive incentives, putting price- b- pricey battery-powered cars into a surprisingly affordable monthly payment.
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Now, as those leases mature, returning customers are discovering a very different market. Edmunds says the average EV lease payments bottomed at $538 back in July of 2025.
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Uh, but now, uh, and some deals could be found for under $100 a month. We ran a couple of stories about that. Now, June 2026, and average lease payments have climbed to $707- Ooh. [laughs]... versus $607 for non-EVs.
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JD Power found 96% of EV owners would consider another EV, but affordability- Mm-hmm... and available models are increasingly determining whether or not they actually do.
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In California, hybrids, we talked about this in g- uh, with the Q1 recap, captured 22% of new car sales in the first half of 2026, uh, versus 15.9 for EVs. So hybrids up.
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U- used EVs are another option, although prices, especially below $20,000, are beginning to rise. Mm-hmm. Edmunds analyst Ivan Drury said there's defection from the EV market.
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It is a mental hurdle to say, "Man, I used to, uh, be paying $200 a month. Now you guys want 500?" [laughs] Yeah. I mean, I feel- I love the way he stated that. And now you want- It's so perfect.
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Well, it's so true, and, like, there was, there's one story in here about people having, uh, they, they bought an IONIQ 6, and they bragged to all their friends that they were getting this IONIQ 6 for, like, $349 a month- Oh-...
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or something like that... yeah, those are low.
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And then as they're, as they're looking for another car, they love the, they actually love the vehicle, and they love- they ended up on a Civic hybrid, so they're like, "Now that's in the garage, and there's nothing to plug into that battery thing that we installed that's just sitting there right now."
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Oh, it's just sitting there. I mean, I feel like buying your car off lease is really the only option to keep your payments similar, 'cause if that... Oh, no, that $7,500 applied to the lease payment. Yes.
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So I wonder if the residual- Yep... is still, like- And the residuals were pretty high- Yeah...
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as far as that goes, and so then- So the payment's probably gonna go up if you keep it, so everyone's just planning on ditching it anyway. Yeah. A complex thing for sure. Uh, shouldn't really be surprising.
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Hybrids are gonna win. Did we say it? Mm-hmm. Where's the receipts? [laughs] See, I would love to see the plug-in hybrid game. Like, I feel like the plug-in hybrid, like, is the next step- Well, that's the walk...
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of- Right? That's the walk... is the next step of the transition, right? Oh, a hybrid. No, it's a plug-in hybrid. So we can still use that battery charger. You know what I'm saying? Yeah.
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And a lot of people, like, let's plug-in hybrids. You got 50 miles of range. That's cool. That's all you need. I don't use that in a day, right? That's all I ever need. That engine's barely gonna turn on anyway.
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Regardless, look, it's Monday. We have obviously a lot to be optimistic about, a lot to be thankful for, and a lot of work to do. Whatever it is you're out to do in there, make sure you're paying attention to the people.
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We'll be wheels up on our way to NAMAD thanks to our friends at Car RX. [upbeat music] Keep running. Keep running. Keep running. And lead the way. Keep running. Keep running. Keep running. And lead the way.
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Good morning, it is Monday, August 10th. This is the Automotive State of the Union. I'm Paul Jay Daly. That's Kyle Mounts here. Today we're going to read, uh, Steve Greenfield's reason for optimism.
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We're also gonna talk about VW getting a truck and, uh,s EV lease hangover. The people really wanna know who I is- We have a little bit of a- They stop and stare when they see me. If it's a- I don't know.
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We were, we were rocking- On a V watch you fall to your feet- -and rolling this weekend- Take my hat, but it's time for the- -on the More Than Car side Really want- Paul and I don't drink, but we're dealing with a little bit of a hangover.
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It's been a- Just so you know [laughs] Not a ton of sleep. You know, there's two, two early wakeups combined with a day out in a- I- -very hot and humid Columbus. [laughs] I was drinking my coffee this morning- Yeah...
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and I looked at my wife and I was like, "Why do I feel right now?" [laughs] And she was like, "Well, I don't know. You were on your feet for eight hours on Saturday and drove for 14 hours this weekend."
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[laughs] Nice beat. Ah. [laughs] In, in- Okay... in drenched- Got it... hot, humid weather. Yeah. Yeah, we work, working the, working the deals. Yeah.
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We had so much fun at the Concert for a Cause with the Ohio Auto Dealer Association on Saturday. We have so much coming from you, like some footage, some recaps.
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Um, I'm actually gonna post a little, little social media behind the scenes recap. It's gonna be a lot of fun, but- Nice... boy, did people show up. That place was packed.
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We met a bunch of dealers that, you know, we maybe didn't know deeply or we didn't know at all. Uh, we got together with a couple charities. Uh, K9s for a Cause, those dogs, I wanted to take them home with me. Oh.
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[laughs] It was such a- You had a car- That, that was- You could've... Yeah, I- Okay. I hesitate to say that was the best part because there was also $100,000 worth of checks given to local charities.
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But petting some big dogs that were just happy go lucky- They were so sweet... to see you is just the best. Yeah. You know? K9, K9, good doggies. You throw dogs in and you're good. I know. All, all is well.
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But, uh, just thousands of people showed up. Zach Doran and the team just crushed it on behalf of- They crushed... Ohio Auto Dealers, but I feel like auto dealers across the country, so. Just in general.
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We, we owe them a lot for doing that. Um- We had... Look, we had so many people come up to us and be like, "Can we get the love people more than you love cars shirts?"
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I think it is such a, it's like a visceral thing that people feel immediately. And- Yeah- Whether it was a dealer-... not related to the industry. Yeah, not related to the industry.
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Just like random people that came up and were like, "Love the shirt. Can I get it?"
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And I think, you know, that's where, like, r- retail and consumer coming close can have this common understanding and, uh, and so it's really odd. Yeah. No, people, people were like, "Can we buy the shirt?
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We didn't bring any shirts. Can we have that shirt? We'll get you like a tour shirt." We're like, "No, we can't do that either." [laughs] Can't do that.
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Uh, but, but actually the, the, uh, one of, one of the women that asked where she could get a shirt, or she loved the shirt. We're like, "My..." [laughs] Kyle's like, "Shop.asotu.com."
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And like five minutes later it showed up, like Shopify, cha-ching. So- Yeah... we got one going to a non-auto person, which is, uh- There you go... maybe the first of thousands.
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Uh, this week, we're wheels up to NAMAD annual conference or meeting, an- NAMAD annual meeting. It's the NAMAD conference everybody kind of calls it that. Yeah.
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Um, our friends at CarRX, uh, were so good to be our media partner for this event. So we're gonna be on the ground covering the show, covering the things that we always have been doing for the last four or five years.
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And, uh, brought to you by our friends at CarRX. Thank you so much for making everything possible, and we can't wait to bring you interviews and coverage into behind the scenes of what's going on at the NAMAD in Miami.
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Is it hot in Miami in the summertime, Kyle? It's hot in Miami. Uh, but if you haven't been, it is the coolest conference. Like, it is just, it's just cool. It's just cool. You know? It is.
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I mean- I, uh, it, it's, it's different than Asotu Con. It's different than every other one. Yeah. You gotta be- It's got its own vibe. It's got its own vibe.
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And M- Michael Cirillo's on, uh, uh, in the air to, uh, Reynolds Amplify. On the West Coast. He's speaking there. Yes. On, uh, I mean, uh, just people moving everywhere, c- coming together, being together.
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It's the way to be. More Than Car's mindset getting pushed down deeper. Um- Yes. [laughs] Speaking of the More Than Car's mindset- Stop. That's right Segway time... segway to the first story. What a way to start a week.
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That's right.
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Uh, if you don't know who he is, Steve Greenfield, uh, the general partner and founder of Automotive Ventures, uh, a tech, a mobility venture firm, a good friend, friend of ours for a long time, he has an email every week, which is unbelievable.
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You should get it at automotiveventures.com. But this morning- Yes... the int- he wrote an introduction letter. He usually covers a bunch of stuff going on in mobility with some commentary.
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This day, he started it all off by writing a letter at the very beginning. And it was so impactful- I love it...
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that we're like, we're gonna read this letter because more people need to hear and feel this first thing on a Monday morning in August. So here's Steve's letter from his email this morning.
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He says, "As I prepared this week's edition, I was reminded of the proverb, 'May you live in interesting times,' a saying ofing have- often having less positive implications. Contrary- Hm...
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to what you might be frequently be reading in the press, we at Automotive Ventures believe that humans are much better off than they were even just 20 years ago by almost any objective measure." Wow.
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"We're a team of technology optimists and believe the future is bright, although changing at a faster pace than ever in the history of humankind.
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We are all living through an era of dramatic progress in technology in general, and AI specifically, the side effect of which is causing a lot of uncertainty, leading to tension and anxiety across many segments of the population.
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We believe that there's rapid change. Uh, where there's rapid change, as we're experiencing, there will be opportunities to invest in entrepreneurs uniquely positioned to build businesses that benefit from it.
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And we believe that the entrepreneur is the lifeblood of capitalism in a country's economic engine." Let's go. "No company would exist without the initial spark and effort of an entrepreneur.
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Small businesses and their founders are vital to the global economy, and the best way to simultaneously benefit the economy and generate wealth is to identify and financially back truly talented early-stage innovators.
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As you digest the content of this week's newsletter, let's appreciate that we're all living through the most exhilarating period in history.
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Enjoy the rapid pace at which society is making progress and prepare for an even more amazing future ahead of us. I'm thankful we're all on this journey together. Steve Greenfield, general partner, Automotive Ventures."
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I- Wow... one, I, like, Steve is just, he's so resolved-... in his thinking and, and he's so clear in the way that he communicates.
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I've been thinking so much about this, the rapid pace of innovation and the rapid pace at which we are rediscovering the human at the exact same time.
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It is forcing us to have this question around, like, where do we be uniquely human? Because technology is advancing at such a rapid pace, and AI is creating so much net new.
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And I think that it is, that it is a pivotal point in, in humanity, it's a pivotal point in entrepreneurism, um, and, and it allows us to deeply think about both how technology integrates and how the human accelerates.
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Um- And it's, it- And, and, and he's, he's put it so beautifully And it's a pivotal point in the automotive industry because we are- Yeah...
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at the crux of the human experience and human needs and what people need to get through and operate in daily life, and this emergence and convergence of technology.
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And we are in a unique position to be front runners in this industry like we were- We are It's easy to forget, right? Like DMS, CRMs, like we were one of the first industries to adopt that. Yep.
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It's easy to think now 'cause like, oh, some of them, you know, are like struggling to keep up with the new tech, but like this is our moment to innovate again.
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Here's, here's what I think we have to remember is like, yes, automotive's big and it's hard to move from a data perspective, but we're also the fastest pivoters on the planet because- Yes... of our 30-day cycle.
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So, like we understand how to pivot quickly as an industry. We can use that as momentum builder and, and as Steve and others, you know, AutoTech VC, Home Adventures- Right...
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uh, so many of these people that we know so well are pouring dollars into- Presidio... entrepreneurs. Yeah. Got a bunch of others. It is, is just an incredible, uh, in- incredible moment for us. It is.
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So thank you, Steve, for being such a faithful, uh, champion of the industry and, like, thanks for sowing some optimism because all the fear out there is easy to, to ramp up and we need more optimists out there rallying one another and telling people like, "Oh, yeah, there's been stuff to worry about for a long time, but we have more opportunity than ever.
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Let's, let's focus on the opportunity. Let's work together to get there and invest in those things." Speaking of opportunity. Oh. Segway. Time. [upbeat music] Interesting development.
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Volkswagen looking to make a much bigger dent in, uh, its American market and apparently, the answer is very American. We're gonna- That's it... build a pickup truck.
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Oh, good damn method Former Audi sales chief, Marco... I don't know if anyone at Audi talks like that, or VW.
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[laughs] Former Audi sales chief, Marco Schubert, is expected to take over VW's [laughs] US osp- operations, replacing, uh, Kjell Gruner as the automotive, uh, automaker's rethinking its approach to a market that holds just 4% share right now.
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VW brand chief Thomas Schafer sees opportunity in pickups and large SUVs. High margin segments for VW currently has little presence. Pickups alone represented nearly 20% of all US vehicle sales last year.
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VW wants its first new US-focused pickup on sale before the end of the decade. Well, it didn't say 2030, but- Okay... it's 2030. It's 2030. With plans to build it stateside. Building it in this country.
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VW hasn't decided whether to go alone or find a partner. Ford is an obvious possibility. The companies already share EV tech while VW's Amarok pickup shares its platform with the Ford Ranger.
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I have an idea, but you probably have an idea too. [laughs] They just can't say it. [laughs] Everybody's thinking it, they just can't say it. I think you kinda got a little pickup truck.
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[laughs] Who's got a pickup truck that we have- Who's got a pickup truck... a connection with? That we're really trying hard- That we could maybe- To tell everyone we have no connection with.
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[laughs] Drop in the laps of the VW dealers that want that pickup truck so bad. Um- And we'll call it Vvivian. Vvivian. Vvivian. Something like that. Yeah. [laughs] Yeah. Or, or, or, yeah, so- I mean- So many others.
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I mean, this is- This just feels like VW saying out loud what dealers have been asking for and advising them on for decades. Yeah. "Give us a pickup truck. We need a pickup truck. We need a larger EV."
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Says every brand that doesn't have a pickup truck because that's the, that's the missing link.
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Any, any 4% market share brand right now, I would say Volkswagen, Mazda, all these that kind of live in that like 3 to 5% market share are probably yearning for a pickup truck and would do so well to do so.
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It's hard to break into. Honda has, has, uh, you know, brought out, uh, things like the Ridgeline.
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It's, they've never really garnished a bunch of market share, so it's not like a, it's not like a one and done- Yeah, no, but they- they-... type scenario. You have to understand that... it, it rounds it out. Yeah.
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Right? Yep. It rounds out the pipeline. Now, I think VW, I'm, if I'm a VW dealer right now, and I obviously am really up in arms, understandably so, over the whole Rivian thing, don't you think- Over the Scout thing.
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Scout thing. I'm, I'm sorry. I, I'm sorry. Scout. Rivian. [sighs] This whole time I was saying Rivian. I mean Scout. You mean Scout. [laughs] I, I got- Yes... us off on the wrong... It's Scout.
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See, now all of those beautiful clips that we were gonna have from that part we can't even use. We can't even use. Oh, man. Never mind.
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Well, you, you can, you actually can because they do have a $5.8 billion joint venture. Joint venture with Rivian. With- Yeah... with the shared architecture- Um-... and software stack. That's right.
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Because- So they, they just have to work through- That was the first one... the rest of the development... with Rivian. They're almost identical vehicles, so you know, it's- Listen- It's all in the family...
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wel- welcome to Monday, where we're learning about the industry together apparently. [laughs] Um, [laughs]
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so, but I, I really do think with all of this stuff happening, especially now I'm thinking about Scout and all of the conflict and the dealers and the company at war with itself kind of, or dealers and,
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like delivering a great pickup truck as fast as possible with some of this shared technology and shared aesthetic and things that everybody likes is an amazing way to get everybody to just, like, the temperature to drop a little bit.
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Now they're saying this. How fast can they execute it? I mean, we're at the end of 2026. Can they build, develop, and have on dealer lots that in three years? I don't know. Yeah.
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I mean, with, with the, with the Scout, you definitely can. They have this truck overseas. This is similar to Mazda. They have a s- mid-size pickup truck. That's the Amarok that they were talking about. Yep.
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It's already developed with Ford, uh, with the Ford Ranger. So it's possible.
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It's just, you know, bringing the, the, the regulations up to spec and everything that needs to be in the US side is, is always a dynamic and, and whether or not they can put the marketing dollars behind it.
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Um, but, um- Definitely be easier- Dealers would love it... if there's no emissions, if it's an EV only. Yeah. But that seems like a risky venture, too. Yeah, that's a risky venture. Yeah. Speaking of EV risky ventures.
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Stop. Segway. Time. I said it.
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[upbeat music] EV leases, as we know it, were once the ultimate why not deal with tax credits and aggressive incentives, putting price- b- pricey battery-powered cars into a surprisingly affordable monthly payment.
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Now, as those leases mature, returning customers are discovering a very different market. Edmunds says the average EV lease payments bottomed at $538 back in July of 2025.
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Uh, but now, uh, and some deals could be found for under $100 a month. We ran a couple of stories about that. Now, June 2026, and average lease payments have climbed to $707- Ooh. [laughs]... versus $607 for non-EVs.
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JD Power found 96% of EV owners would consider another EV, but affordability- Mm-hmm... and available models are increasingly determining whether or not they actually do.
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In California, hybrids, we talked about this in g- uh, with the Q1 recap, captured 22% of new car sales in the first half of 2026, uh, versus 15.9 for EVs. So hybrids up.
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U- used EVs are another option, although prices, especially below $20,000, are beginning to rise. Mm-hmm. Edmunds analyst Ivan Drury said there's defection from the EV market.
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It is a mental hurdle to say, "Man, I used to, uh, be paying $200 a month. Now you guys want 500?" [laughs] Yeah. I mean, I feel- I love the way he stated that. And now you want- It's so perfect.
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Well, it's so true, and, like, there was, there's one story in here about people having, uh, they, they bought an IONIQ 6, and they bragged to all their friends that they were getting this IONIQ 6 for, like, $349 a month- Oh-...
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or something like that... yeah, those are low.
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And then as they're, as they're looking for another car, they love the, they actually love the vehicle, and they love- they ended up on a Civic hybrid, so they're like, "Now that's in the garage, and there's nothing to plug into that battery thing that we installed that's just sitting there right now."
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Oh, it's just sitting there. I mean, I feel like buying your car off lease is really the only option to keep your payments similar, 'cause if that... Oh, no, that $7,500 applied to the lease payment. Yes.
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So I wonder if the residual- Yep... is still, like- And the residuals were pretty high- Yeah...
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as far as that goes, and so then- So the payment's probably gonna go up if you keep it, so everyone's just planning on ditching it anyway. Yeah. A complex thing for sure. Uh, shouldn't really be surprising.
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Hybrids are gonna win. Did we say it? Mm-hmm. Where's the receipts? [laughs] See, I would love to see the plug-in hybrid game. Like, I feel like the plug-in hybrid, like, is the next step- Well, that's the walk...
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of- Right? That's the walk... is the next step of the transition, right? Oh, a hybrid. No, it's a plug-in hybrid. So we can still use that battery charger. You know what I'm saying? Yeah.
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And a lot of people, like, let's plug-in hybrids. You got 50 miles of range. That's cool. That's all you need. I don't use that in a day, right? That's all I ever need. That engine's barely gonna turn on anyway.
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Regardless, look, it's Monday. We have obviously a lot to be optimistic about, a lot to be thankful for, and a lot of work to do. Whatever it is you're out to do in there, make sure you're paying attention to the people.
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We'll be wheels up on our way to NAMAD thanks to our friends at Car RX. [upbeat music] Keep running. Keep running. Keep running. And lead the way. Keep running. Keep running. Keep running. And lead the way.
