Money Talks: Is the car industry running out of gas?
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 11 May 2023
⏱️ 41 minutes
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Summary
Buying a car used to be about two things: style and performance. But as motorists trade in their petrol or diesel cars for electric vehicles, manufacturers are increasingly focusing on experience by adding features like karaoke machines and mood lighting. Those drivers also have a lot more choices. The ditching of internal combustion engines in favour of battery-power has allowed new car makers to enter the market. But rather than thinking like BMW or Ford, they are looking to firms like Apple for their inspiration.
On this week’s podcast, hosts Mike Bird, Alice Fulwood and Tom Lee-Devlin examine the remaking of the auto industry. The Economist’s Simon Wright explains that software, rather than hardware, will define car brands in the future. Henrik Fisker, the founder of one of those new brands, tells them that a history of making petrol-powered cars doesn’t necessarily qualify established car makers to make electric vehicles. And advisor Tu Le explains why Western car makers are worried about competition from China.
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Transcript
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| 0:00.0 | Finance doesn't need to be disrupted. |
| 0:03.0 | It means people who see the potential for progress, |
| 0:06.0 | like faster payments, more transparency, and new ways to meet compliance, |
| 0:11.0 | so that finance can move at the speed of business. |
| 0:15.0 | This is what our blockchain solutions deliver for financial institutions, |
| 0:19.0 | enterprises and central banks around the world. |
| 0:22.0 | Progress is a choice, and it's one you can make right now. |
| 0:26.0 | Ripple, crypto, means business. |
| 0:34.0 | Buying a car used to be about two things. |
| 0:38.0 | One was style. |
| 0:40.0 | Luxuriously appointed inside and out. |
| 0:43.0 | The Futuramic Oldmobile brings truly modern post-war design to the automotive field. |
| 0:49.0 | And the other was performance. |
| 0:52.0 | Ford's new 130hp wide lock V8 or 115hp mileage maker 6. |
| 0:58.0 | Both high compression low friction engines that give you new responsiveness in performance. |
| 1:04.0 | But that was when petrol heads ruled the roads and Detroit dominated the global car industry. |
| 1:10.0 | Now fewer than 10% of drivers say they like driving for the sake of driving. |
| 1:16.0 | And China is on course to overtake Japan as the world's biggest car exporter. |
| 1:22.0 | As motorists trade in their old petrol and diesel cars for battery-powered replacements, |
| 1:27.0 | they're less focused on hardware and more interested in software. |
| 1:31.0 | Tesla is updating its software that includes a karaoke feature. |
| 1:35.0 | They're also rolling out a self-driving package in general. |
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