Morning Brew Daily - Ford Overhauls Assembly Line for EVs & UFC is Ditching Pay-Per-View

Episode Date: August 12, 2025

Episode 646: Neal and Toby discuss Ford ditching its legendary assembly line model for a new ‘universal EV platform’ to build budget models. Then, Nvidia gets the green light to sell its chips to China…but only if they pay 15% of its revenue to the US government. Also, Paramount and the UFC strike a major deal that could move the sport away from pay-per-view. Meanwhile, golf carts are taking over suburbia, but not everyone is happy about it.  00:00 - Trivia night is back! 03:00 - Nvidia pays US toll 8:30 - Ford scraps the assembly line 12:30 - UFC ditches pay-per-view 17:20 - Toby’s Trends: Golf carts 21:00 - Sprint Finish! LinkedIn will even give you a $100 credit on your next campaign so you can try it yourself. Check out LinkedIn.com/mbd for more. Submit your MBD Password Answer here: https://docs.google.com/forms/d/1Yzrl1BJY2FAFwXBYtb0CEp8XQB2Y6mLdHkbq9Kb2Sz8/viewform?edit_requested=true  Sign up for MBD trivia night here: https://mbd-trivianight-august19.splashthat.com/  Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠ Watch Morning Brew Daily Here:⁠ ⁠⁠https://www.youtube.com/@MorningBrewDailyShow⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

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pwc.com slash US slash brew AI. That's pwc.com slash us slash brew AI. Good morning Brew Daily show. I'm Neil Fryman. And I'm Toby Howell. Today Ford is giving up its family heirloom, the assembly line.

Then Nvidia and AMD can resume exporting their AI chips to China with a catch. It's Tuesday, August 12th. Let's ride. You know what we haven't done in a minute, Toby? Eat a vegetable. Bar trivia, which is why we are bringing it back. Toast to the.

end of the summer with MBD Trivia night next Tuesday, August 19th, where you'll be able to meet us, talk to fellow listeners, and if you've got a crack squad of a team, win a morning brew daily mug. It'll take place in downtown Manhattan. Sorry out of towners. We will get to you at some

point, I promise. But Toby, what are the other details people need to know? Ah, the details. To sign up, it's free. Just head to the link in the show description and bring your friends. You are allowed to add a plus one when you sign up, but I also recommend toss the link in your group chat, the smart friend group chat, that is, to roll up with a squad.

If you have no smart friends, bring your dumb ones for the vibes. But yes, can't wait to see you all there. Our third MBD Trivy Night in New York City, next Tuesday, sign up at the link in the show description. And now word from our sponsor, LinkedIn ads. Neil, I've been getting the wildest ads online lately. I'm getting email after email about a procedure to lengthen your arms. Are you going to do it?

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See Visible.com for plan features and network management details. Everyone knows that President Trump loves to make a deal, but the one he struck with chipmakers, Nvidia and AMD, might be his most controversial yet. Nvidia and AMD both agreed to send 15% of the revenues from AI chip sales in China back to the U.S. government in exchange for earning the licenses to let them sell there in the first place. The agreement covers sales from each company's scale-down versions of their most powerful AI chips, the H20 for Nvidia, and the MI 308 for AMD. It is an unusual quid pro quo agreement, so unusual, in fact, that it's never been done before.

The Financial Times talked to export control experts and came to the conclusion that no U.S. company has ever agreed to pay part of their revenues in order to obtain export licenses. Still, it fits a pattern under the Trump administration where the president often uses penalties like the imposition of a tariff in order to make companies do certain things like beef up domestic investments. Critics of the policy point to the fact that this is playing right into China's hands if companies can earn the right to export sensitive tech in exchange for a fee. then where does that slippery slope end? What's next?

Letting Lockheed Martin sell F-35s to China for a 15% commission, a former National Security Control Advisor, Liz Tobin, told the financial times. But the likes of Nvidia and AMD are happy to make the deal because it grants them access to the lucrative Chinese market again, which Bernstein analysts estimate would have been worth around $23 billion in additional revenue for Nvidia this year. Neil saw a lot of uses of the word unprecedented thrown out when describing this pack. was certainly an outcry by national security experts who worry that we are sending China

the ability to compete with us in AI where the U.S. has the lead, but it is dwindling by the day as one business executive posted on X. If the chips are a national security concern, we shouldn't export them at all. If they are not, then we shouldn't be charging U.S. businesses for making money like some Banana Republic. That kind of encapsulates a lot of the criticism of this particular deal. But it is a huge win for NVIDIA CEO Jensen Huang, who's been on this charm offensive on both sides of the Pacific. He's been at the White House a bunch of times. He's been in Beijing a bunch of times in order to persuade both of these governments to allow them to send chips to China, whether they're scaled down or not, because at one point,

it represented 20% of their sales. So Jensen Huang is, you know, looking in the mirror and saying, like, I did a pretty good job here. Yeah, remember, Nvidia made the H20 specifically, for the Chinese market after Biden actually imposed these very tough export controls. But then in April, Trump administration said that they would ban those very same chips made for China and then reverse course after Jensen Huang had a meeting with him in June. But then no export licenses were forthcoming after that initial agreement. So he went back to the White House, struck this deal. And so it was actually around the same time that Tim Cook was in the White House as well.

So there was a lot of wheeling and dealing going on there. So now we are in this world where not only are imports getting tax, exports are suddenly getting tax, which is kind of uncharted territory. It's uncharted territory. And legal experts are wondering whether it is constitutional, because the Constitution expressly forbids taxing exports. So there might be legal challenges coming as there have been with tariffs. Now, in Vidiya's case, this is how Jensen Huang persuaded Trump.

He said, we need to treat these. or other AI infrastructure like the U.S. dollar. We need to export it around the world so we get Chinese AI companies on an American tech stack. And Commerce Secretary Howard Ludnik agreed. He said, we want other countries addicted to American technology. Apparently that persuaded the president, along with the potential for billions of dollars in new revenue.

And then ironically, after all of this Hubbablew came out yesterday, China issued a notice to a lot of companies saying, avoid you. using NVIDIA H20 processors. We do not want you using them, especially for government-related processes. So China is almost kind of backing up that viewpoint by saying, hey, we don't actually want you to get addicted to an American tech stack. So that complicates everything further. Everyone thought, oh, wow, NVIDIAMD, they just unlock these new revenue streams, not so if you are a Chinese official. Big picture here. Some economic commentators like the Wall Street Journal's Greg Ip are saying that what we've been seeing over the past few months in the

the Trump administration is a move toward a, quote, state capitalism model that is a severe break from the way free markets have typically operated in the United States where President Trump has come in and really imposed his will on the private markets in a way that we just haven't seen in the U.S. economy. Some recent examples, he demanded that Intel's CEO resigned. He got this golden share when Nippon Steel took over U.S. steel. He told Coke to change its formula. He told Walmart to eat the tariffs.

He has accrued $1.5 trillion of promise for an investment that he will direct himself. Economists generally do not like this because when the government picks winners and losers, it's not necessarily an efficient market. Just look at what happened with Intel. The Chips Act from the Biden era gave them $8.5 billion. And Intel has mostly squandered it. So there's an example of when the government intervenes too much in the private markets, you get a lot of inefficiencies and waste.

The company that popularized the assembly line is moving on. Ford, whose founder Henry, implemented the first moving assembly line in 1913, announced yesterday sweeping changes to its manufacturing methods as part of a drastic overhaul to its electric vehicle strategy. In what execs called a Model T moment for the company, Ford will invest $5 billion to produce a new family of affordable electric vehicles, beginning with a mid-sized pickup truck debuting in 2027 that costs $30,000, $10,000 less than the average price of a new car in the United States. But to make cheaper cars, you need a cheaper production process. And after years of tinkering in a skunk's works lab, Ford thinks it's found a worthy successor to the assembly line,

three assembly lines. Ford said it will scrap the traditional single conveyor line into a three-branched assembly tree in which teams of employees can make the front, rear, and middle parts of the car separately before hitching them together at the end. Combined with a lighter cutting-edge battery design, you get an EV that contains 20% fewer parts and can be produced 15% faster. This universal EV platform, as Ford calls it, will be introduced at its Louisville plant, which will receive a $2 billion makeover to create Ford's cars of the future. Will it work? Not even CEO Jim Farley is sure. There are no guarantees with this project, he said, we're doing so many new things. I can't tell you with 100% uncertainty that this will all go just right.

It is a bet. There is a risk, but it is a risk Ford needs to take. Yeah, Ford's EV division has been suffering of late. Over the last two and a half years, it's lost $12 billion. It's already lost $2.2 billion in the first half of this year. And it's not heading in the right direction. Sales of its electric models have started, have completely stalled out. They fell 12% in the first six months of the year.

It's top two EVs, the Ford F-150 Lightning and the Mustang mock. are both falling as well. So this was something that they thought was an existential threat to their business. They need to compete globally with the car companies producing cheap EVs out of China. So they literally went down to the drawing board, rethought their entire process. How do we move away from the single assembly line? Somehow tripling it makes it more efficient. But it is fascinating where they found these efficiency gains. Yeah, they're going to give each worker group a kit, kind of like an IKEA thing that you unpack, and they say this will be a profound change in terms of storage and production layout. It will result in 84% less reaching over the fender,

which I guess takes a lot of time, can be dangerous, and 63% less sitting in the vehicle installing parts. And then an interesting aspect of this is what does the United Auto Workers think this is the powerful Auto Union in the United States? Because this factory, Ford has said, will require less workers. Usually that's something that prompts protest from the United Auto Workers, but instead, they have been bought in from the very beginning because one of the big things it does is change the ergonomics of doing this work. Remember, it is hard work making a car. You've got to reach in. These are heavy parts. And so there's less twisting, less turning, and hopefully a more safe environment. So even though this is actually reducing the amount of workers,

UAW people are on board with it because it makes it safer. And it just makes your body under less pressure. And Ford is saying that if this goes well and we sell more cars and we'll open up new plants and create more jobs. And I also final note, I thought this was interesting about the competition, the competitive landscape that Ford thinks it's dealing with. It says its rivals isn't GM or Tesla or in any other American or European car. They specifically pointed out China and these low-cost Chinese affordable cars that Ford CEO Jim Farley is absolutely worried about. he can't sleep at night. He said he went to China previously and called it the most humbling experience of his career. Their cost, their quality of their vehicles is far superior to what

I see in the West. So China, Ford is coming for you. Days after getting sold to Skydance Media, Paramount is looking for a fight and it may have just found one. Yesterday, the media company announced a deal to stream combat sports giant UFC in the U.S. for seven years beginning in 26. It won't come cheap. The deal is worth $7.7 billion in total, or an average of $1.1 billion per year, but it's a sign that under new ownership, Paramount is willing to spend big to aggressively make up ground in the streaming octagon. The UFC deal means that 43 events will stream on Paramount plus 30 fight nights and 13 marquee lineups, some of which will be simulcast on CBS. And here's the part that's got UFC fans really excited. No more pay-per-view. ESPN, which currently has the UFC

rights, put up a double paywall for certain premium matchups, meaning you had to pay for the streaming service and the specific fight on top of that. As the president of TKO group, UFC's parent company put it, the pay-per-view model is a thing of the past. What's on pay-per-view anymore? Boxing, movies on DirecTV, it's an outdated, antiquated model, so it was paramount to us, forgive the pun, where it's one-stop shopping, especially for our younger fans in flyover states. Speaking of TKO Group, they're on a heater as streamers pay up the nose for live sports rights. Its other property, the wrestling promotion, WWE, just inked to deal with ESPN worth $1.6 billion

to air WrestleMania and other big events. Its stock was up 9% yesterday. Toby, thoughts on this mixed martial art of the deal. I think that there is a scarcity of sports properties available right now because Formula One rights are going to get snapped up by Apple. Major League Baseballs don't come up until 2028. So there's not that many top-shelf sporting properties available in Paramount thought that they had to jump.

David Ellison, who leads the Paramount Skydance merger at this point, said that UFC is a unicorn asset that comes up about once a decade. He himself described himself as a UFC fan. So they spent a lot of money on this. I mean, before this deal closed, Paramount's entire market cap was six. half billion dollars. This UFC deal is worth 7.7 billion dollars. So the literal deal itself is worth more than the entire combined entity. So it's a good immediate property, though. One of the reasons why UFC events are pretty desirable for streamers is because they take place year round. There is

no off season when it comes to fighting their 43 live events annually. So that's a pretty desirable property that, and that's why you saw them spend so much money to go after it. And David Ellison, who's the CEO of this new company has said, he's also the son of Larry Ellison, Oracle founder. He said, you can't cut to grow and has pledged that Paramount will invest meaningfully in content to grow its platforms. We've just talked about two weeks ago that it inked a deal with South Park. That was worth $1.5 billion.

It has about 78 million subscribers at the end of June. This is Paramount Plus, which is smaller than most of its rivals, Netflix's way ahead with over. over 300 million, but it is spending to try to get people to sign up for Paramount Plus and not have them cancel. Hey, if you can spend $13 a month to get UFC all year round, that is perhaps a compelling proposition for those fans. Up next, let's talk about Toby's trends. Own it all. Pay off your home, travel for life, drive a Ferrari. In celebration of the world premiere of the Monopoly Big Board Buckslot machine by Aristocrat Gaming, Yamava Resort and Casino

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wheeled menaces taking over America's public roads. I'm not talking about anything futuristic like Waymo or Robo taxis. I'm talking about the humble golf cart. According to the Wall Street Journal, suburban dwelling families, far from manicured fairways, are opting to hop into golf carts to run a quick errand or go for an evening cruise instead of their minivan or SUVs. Twins love them too for the freedom they provide. But the rise of the golf cart cavalry has brought with it backlash.

Drivers of normal cars say they clogged traffic with their slow driving. Reckless teenage drivers make operating a cart on roads an unsafe affair, and laws vary across states when it comes to public road access, max speeds, and leaving home without a license plate. Some states have just said, screw it, opting to let municipalities set their own rules. Still, it has done little to slow golf carts roll. Carts that can handle the open road instead of just fairways have seen their sales jump in recent years. One sales exec from the cartmaker club cart, said that,

U.S. market for that type of beefed up cart is now worth $5 billion up from one billion before the pandemic. Neil, I was talking with you before the show. Suburban golf cart culture was a foreign concept to you, but it's reaching all corners of America. If you weren't whipping a golf cart around as a kid, what the heck were you doing? The New England mind can't comprehend this, I have to say, but then I went down to your neck of the woods in western Florida to this one beach town, and everyone is rocking their golf carts. What was it like described? to me what having a golf cart culture was like in a town. It really was more like the suburbia. One kid would have a golf cart. Everyone piled on. I totally get why people are kind of mad at

them because, you know, we weren't the most responsible of drivers. You're a teenager. Of course, you're doing some dumb stuff. But also, these are not your grandma's golf cart anymore. These things are street ready. Some of them come with seatbelts. They have headlights. They have turn signals. They can cost up to $25,000. And some owners tricked them out. One person at the Wall Street journal article, talked to you. It had a turquoise frame, white seats, orange rims, four-wheel drive in case it snowed. He lives in Gaffney, South Carolina. And then also a dashboard that has a built-in refrigerator, sound system with 24 speakers that can light up and pulse with the rhythm of the music. So again, if you're thinking just puttering around, these things are basically

cars at this point. And you can kind of trick them out so they go above the max speed. Like, that's not really a huge issue. So if you go to a town hall meeting in your local municipality anytime soon. You know, there's a probably good chance that some resolution around whether we should allow golf carts are coming up. It was just rejected in Norwalk, Connecticut last year and in Elburn, Illinois, a petition to get golf carts on the roads also was rejected. But in so many other municipalities, they are being allowed. People are saying it's way more social. It's much easier for us to get around. So, you know, that is the next frontier, I guess, in town fights. There is certainly backlash, though. If you just go on a TikTok and you search up golf carts,

There was this one video, a guy in Florida posted where he filmed golf carts clogging a road in both directions. And he says, we hate you, get your golf cart off the road and drive a regular car. So there is certainly, obviously there's the danger aspect because if you have kids driving these around, like it is a little unsafe. But then also if you are taking up road space from actual cars, people are going to get a little frustrated. So the golf carts are coming for your community. Whether you accept them, that's up to you. Now let's sprint to the finish with some final headlines. President Trump nominated a new commissioner of the Bureau of Labor Statistics yesterday.

The economist E.J. Anthony will replace Erica McIntarfer, who Trump fired at the beginning of the month after a dismal July jobs report, accusing her of manipulating the data. Anthony is the chief economist at the Conservative Leaning Heritage Foundation. He was also a contributor to Project 2025, the policy blueprint designed to set goals for Trump's second term. Anthony has been an outspoken critic of the BLS, namely the large revisions to jobs data seen recently. He posted on X last week that there are better ways to collect, process, and disseminate data. That is the task for the next BLS commissioner. But economists across the political spectrum have pushed back on the nomination,

saying that introducing partisanship to the BLS could hurt the integrity of the agency's data moving forward. Neil Antony is certainly a controversial pick, but one thing is certain, he enters, a job market that is slowing after two sharp downward revisions of May and June job gains. Yeah, even if he doesn't want to acknowledge it, Jessica Rydell, who's the former economist at the Heritage Foundation, which is a conservative think tank that Antony is now the chief economist of posted on X last night. The articles and tweets I've seen him publish are probably the most error filled of any think tank economist right now. I hope we see better at BLS. He still has to get confirmed by the Senate where he'll certainly be under fire for his

credentials, whereas McIntyrefer had 1,300 citations with her papers that she's published. Antony is just five years out of grad school. He appears to have published one article and one citation. So his experience appears to be lacking compared to previous commissioners at this particular post. And he is a very much advocate of the MAGO worldview and is not a nonpartisan technocrat, which economists and businesses and investors want because they want to ensure the integrity of this data and we'll get the first test in a few hours. The BLS will release the CPI, the Consumer Price Index report, which will tell us the inflation numbers for July. Cannabis stocks jumped yesterday after President Trump said he's considering downgrading marijuana

to a less dangerous drug classification. Companies who are linked to the cannabis industries like Tilleray, canopy, Aurora, and more. Southern share price go nuts after Trump gave this sagging industry a much-needed boost. Cannabis is currently classified as a Schedule 1 drug that puts it next to substances like heroin and LSD, but the reclassification floated by the Trump administration would put it on the same level as Adderall, which gave the sector hope that it could lead to better access to capital from banks and bolster medical research going forward, opening up a broader market in the process. Now, this isn't federal legalization. That's a totally separate issue, but still, one of the first positive pieces of news for a sector that is still trading well below

the peak at reached in 2021. These companies did go nuts. Tillray was up 42 percent. Kronos Group was up 16 percent. Canopy growth up 26 percent. And these stocks are, you know, trading in the one to two dollar range. So they are pretty volatile. But you can see that the potential rollback that Trump is floating has boosted their share

prices because it would allow them to access things like tax breaks or the banking system. or other incentives that they're just cut out from right now because of federal regulations. What does Trump think about cannabis? Well, he seems to be a little wishy-washy. He told reporters yesterday, you know, for pain in various things, I've heard some pretty good things, but for other things, I've heard some pretty bad things. And both sides of the pro-legalization movement and the anti-legalization movement have gotten in his ear with millions of dollars in lobbying. they just held a $1 million per plate fundraiser at his New Jersey golf course just a few months ago where there were a bunch of CEOs from cannabis companies making their case.

The world is a scary place, but apparently not scary enough because horror movies are having a record year at the box office. Last weekend, the horror mystery weapons raked in a spine-chilling $42.5 million at North American theaters, adding to the genre's historic hall this year. As of Monday, the share of ticket sales for horror movies in the U.S., this year was 14.4% up from 9.8% last year and the highest percentage in history. People have flocked to theaters for sinners 28 years later, final destination bloodlines, and now weapons, but I am not people because I enjoy sleeping at night. Still, even without my patronage, six horror movies this

year have grossed more than $50 million at the global box office. Toby, these stats are terrifying. To me, this is kind of like young people in spicy food. People just want to feel something. It is fascinating, though, to see the original horror movies kind of pick up steam here because sinners, that is an original movie. Actually, that was the highest grossing original movie of the 2020s so far. But then you have some sequels like 28 years later, Final Destination Bloodlines, but then you have something like weapons again, which is a completely original story. So it looks like audiences are dipping their toes into these original horror flicks.

The last time the U.S. had a really big horror year was 2021. and that was, again, mostly dominated by franchise follow-ups. Again, I haven't seen a single one of these movies, though, because I'm like you. I watched Jurassic Park, the newest one in theaters. Objectively, not a scary movie whatsoever. Full eyes covered, ears covered. I just can't do the tension in a theater setting.

So I am not contributing to these record box office numbers for sure. Finally, you probably have missed hearing her name on this podcast, but Taylor Swift announced a new album in her typically calculated way At 12, 12 a.m. this morning, August 12th, Swift unveiled her 12th studio album called The Life of a Showgirl. It'll be her first record since the tortured poets department, which came out last year and was indeed torturously long, and the first since she bought back her masters from private equity firm Shamrock Capital. If you want more details, you won't have to wait long. Swift was also revealed as the surprise guest on the New Heights podcast, hosted by her boyfriend,

Travis Kelsey, and his brother, Jason. The full episode will premiere on. Wednesday night at 7 p.m. Welcome to the podcasting club, Taylor. So the Instagram clip kind of teasing this launch has 55 million views already as of 545 this morning. It was posted at midnight. So this is probably going to be one of the most downloaded podcast episodes ever. Also, Neil, I'm already engaged, so you need to find a global pop star to date so she can come on to announce her album on our show to boost downloads. Dula Lipa just got married so she's out. So maybe Sabrina Carpenter just floating it out there, just putting it out there.

I think that is all the time we have. Okay, thanks so much for starting your morning with us. Have a wonderful Tuesday. If you have any thoughts or feedback on today's show, send a note to Morning Brew Daily at Morningbrew.com. Toby, what is today's password clue? Today's clue is the password's middle two letters form a U.S. state abbreviation. The password's middle two letters form a U.S. state abbreviation.

If you miss yesterday's clue, go back and listen to Monday's. episode. And to submit your answer, remember, you only get one answer. Go to the Google link in our show notes or on Instagram. And while you're down there, sign up for trivia. Why don't you? Let's roll the credits. Emily Milliron is our executive producer. Raymond Lute is our producer. Our associate producers are Olivia Graham and Olivia Lake. Hair and makeup is doing donuts and a golf cart. Devin Emery is our president and our show is a production of Morning Brew. Great. Show, Danielle. Let's run it back tomorrow.