WEBVTT - Hot Pursuit! 24 Hours of Le Mans

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Coming up. It's the Davos of the automotive world.

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<v Speaker 3>I don't think there's a better way to promote your

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<v Speaker 3>brand to win here.

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<v Speaker 4>I think it's bigger.

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<v Speaker 5>One would before.

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<v Speaker 2>Bloomberg's Hot Pursuit goes inside the action, giving you exclusive

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<v Speaker 2>access to the world's most grueling endurance race. Welcome to

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<v Speaker 2>the twenty four Hours of Lamont.

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<v Speaker 6>Welcome to a special edition of Hot Pursuit. I'm Matt

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<v Speaker 6>Miller along with Hannah Elliott.

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<v Speaker 1>We're in Lamon, France for the legendary twenty four Hours

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<v Speaker 1>of Lamon, one of the most prestigious, challenging, and historically

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<v Speaker 1>significant races in motorsports.

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<v Speaker 6>Leamon isn't just about speed, It's about Survivalour.

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<v Speaker 2>Hours of Lamon is part of the Automotive Triple Crown,

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<v Speaker 2>alongside the Monaco Graham Prix and the Indianapolis five hundred.

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<v Speaker 2>It's a grueling endurance test that has attracted top level

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<v Speaker 2>executives and business titans as a destination for networking and

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<v Speaker 2>deal making. Those pilots who survived across the Finnic line

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<v Speaker 2>when sporting glory and a permanent place in the history books.

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<v Speaker 1>For over a century, Laman has been the ultimate proven

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<v Speaker 1>ground for what cars and car companies are made of.

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<v Speaker 6>We sat down with Ford CEO Jim Farley and Aston

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<v Speaker 6>Martin CEO Adrian Hallmark to talk about the ROI of motorsport.

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<v Speaker 3>For us, the biggest is off road market. You know,

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<v Speaker 3>we have you know, almost twenty percent of a global

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<v Speaker 3>profit coming from our enthusiast off road products, and we

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<v Speaker 3>race it to car. We said Baja, we have said

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<v Speaker 3>King and the Hammers. That's a big thing.

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<v Speaker 5>You know.

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<v Speaker 4>I don't think there's a better way to promote your brand.

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<v Speaker 3>Look what Ford winning in sixty six at Lama did

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<v Speaker 3>for Ford Motor Company. It made us a global company.

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<v Speaker 3>We're an American company, but that moment changed us completely, and

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<v Speaker 3>that's why we're going back in twenty seven to take

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<v Speaker 3>on Ferrari and take on Porsche. We think we have

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<v Speaker 3>the technology but also the tech transfer software, battery, tech, aerodynamics.

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<v Speaker 3>It's different than the seventies, but the tech transfer over

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<v Speaker 3>to our road cars is immediate. You'll see hundreds of

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<v Speaker 3>Ford engineers here who will be working on Monday on

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<v Speaker 3>our road cars. And it's really important tech transfer, but

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<v Speaker 3>we do it I think as smart as we can,

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<v Speaker 3>and maybe as a racer, I'm more sensitive about wasting

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<v Speaker 3>money on racing, and we challenge ourselves to be really smart.

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<v Speaker 4>I think we've done a great job with.

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<v Speaker 3>The off road, the raptors, the tremors, all the broncos.

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<v Speaker 3>I think that's been, frankly, some of the smartest investment

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<v Speaker 3>we had in racing.

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<v Speaker 6>You say you're an American company, and you've outed yourself

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<v Speaker 6>as literally the most American car maker. Eighty percent of

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<v Speaker 6>the cars that you sell in America are made there.

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<v Speaker 6>Donald Trump was saying maybe he's going to go after

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<v Speaker 6>even higher auto tariffs. While you've said in the past

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<v Speaker 6>that causes costs and chaos, does it also kind of

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<v Speaker 6>help you because no one else makes as many cars

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<v Speaker 6>as you do in America.

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<v Speaker 4>Well, for Ford, this is a moment for us.

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<v Speaker 3>You know, we we have employee pricing out there. We

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<v Speaker 3>gained a couple points to share year over year. A

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<v Speaker 3>lot of Americans are shopping forward because now they're starting

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<v Speaker 3>to think, hey, half the cars in the US are imported,

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<v Speaker 3>and if all the car companies were like Ford, there'd

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<v Speaker 3>be fifteen new factories in the US, a million new jobs.

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<v Speaker 3>You know, I think a lot of Americans are starting

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<v Speaker 3>to pay attention to where these where these cars come from.

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<v Speaker 3>And for US, yes, I think Donald Trump's policies, especially

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<v Speaker 3>around the Asian countries where you know they've supported with

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<v Speaker 3>substities direct or indirect for their automobile industry.

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<v Speaker 4>You know, this is a great thing.

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<v Speaker 3>We have to sort out this Mexico Canada thing because

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<v Speaker 3>we need to keep the vehicles affordable in the US

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<v Speaker 3>and there's actually a lot of parts we can't even

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<v Speaker 3>make in the US, and so we have to kind

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<v Speaker 3>of sort out what it rolled does Mexico and Canada

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<v Speaker 3>have in our North America market from supply chain.

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<v Speaker 4>And manufacturing keep the vehicles.

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<v Speaker 3>Affordable, and that's something that we're talking to administration. We

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<v Speaker 3>found the administration to be very positive to work with.

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<v Speaker 3>They want to help companies like Ford that did the

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<v Speaker 3>right thing for Americans.

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<v Speaker 4>But we have more work to do in.

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<v Speaker 6>Terms of what the administration has been trying to do

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<v Speaker 6>with China. Are you satisfied with the rare earth minerals

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<v Speaker 6>that you have access to. I know that you had

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<v Speaker 6>to slow down production in the past. Have you been

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<v Speaker 6>able to secure the amount of magnets that you need.

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<v Speaker 3>It's day to day. It's day to day. These high

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<v Speaker 3>patron magnets. The raw materials for them only come from

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<v Speaker 3>certain places in the world. They're all processed in China,

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<v Speaker 3>and they go in your speakers and your autosystem. They

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<v Speaker 3>go in your motors, for your wipers and your seats.

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<v Speaker 3>They're all over our f one fifty for example. We

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<v Speaker 3>have applications in them offcom. They're getting approved one at

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<v Speaker 3>a time. You know, we're educating the administration, we're educating

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<v Speaker 3>the Chinese leadership about how important these jobs in the

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<v Speaker 3>Midwest are.

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<v Speaker 4>They are dependent. We have had to shut down factories.

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<v Speaker 4>It's hand to mouth right now.

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<v Speaker 6>The electric business, though, I would imagine, also is dependent

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<v Speaker 6>on in some sense higher gas prices.

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<v Speaker 4>I drove your Lightning. It was fantastic, spent a week

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<v Speaker 4>in it.

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<v Speaker 6>I've driven the Machi for a couple of weeks, and

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<v Speaker 6>one of the great pleasures is you don't ever have

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<v Speaker 6>to go to a gas station. Right How are those

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<v Speaker 6>businesses doing right now because you've taken such big losses

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<v Speaker 6>there and maybe slowed down in terms of your progress

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<v Speaker 6>into evs.

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<v Speaker 3>Yeah, we've really changed because we're thankful we've been number

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<v Speaker 3>two to Tesla for three years in the US because

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<v Speaker 3>we spent our capital like five six years ago and

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<v Speaker 3>all that product's been out for four years that you mentioned.

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<v Speaker 3>So we've learned a ton now. We've changed our capital

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<v Speaker 3>allocation for evs. We've reduced suspending, changed the battery chemistry

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<v Speaker 3>a lot to focus on more profitability. We've gone down

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<v Speaker 3>market and mostly in commercial. Those are the only markets

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<v Speaker 3>where we think in the US, you know, an age

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<v Speaker 3>seven percent of the industry is going to make sense

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<v Speaker 3>for EV where you can actually make money. And the

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<v Speaker 3>EPA requirements have a big impact on the EV investments

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<v Speaker 3>by OEMs. During the last several years, you know, we

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<v Speaker 3>had to kind of sell like fifteen to twenty percent

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<v Speaker 3>of our mix to be evs, both for the ZEV

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<v Speaker 3>states California, Colorado, New York, but also you know, to

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<v Speaker 3>meet the national tailpipe emissions.

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<v Speaker 4>And so what's happened.

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<v Speaker 3>Interestingly, the total number of evs in the US has grown,

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<v Speaker 3>but the total revenue has not changed in three years

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<v Speaker 3>because the prices have come down equal to the volume

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<v Speaker 3>going up. So the EV market has not been going

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<v Speaker 3>for three years. If you look at total revenue. Everyone

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<v Speaker 3>looks at unit volume. Don't look at that, look at

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<v Speaker 3>the price and the volume, and I think we now

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<v Speaker 3>have a good strategy going forward. A lot of our

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<v Speaker 3>competitors are just investing for the first time, and good

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<v Speaker 3>luck if you're selling eighty thousand dollars SUV electric vehicle.

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<v Speaker 3>We've invested a lot in hybrid. We are really successful

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<v Speaker 3>with our truck. Hybrid's the best selling vehicle in the

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<v Speaker 3>US for forty seven years, been in the F one fifty.

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<v Speaker 3>Twenty five percent of those customers now by hybrid, and.

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<v Speaker 4>A lot of it is exportable power.

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<v Speaker 3>You can run your house for six days within F

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<v Speaker 3>one fifty hybrid now, and the others don't.

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<v Speaker 4>Offer that at all.

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<v Speaker 6>Aston Martins CEO Adrian Hallmark.

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<v Speaker 1>Talk a little bit about what the brand gets out

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<v Speaker 1>of the race. Obviously this is an iconic race. What

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<v Speaker 1>do you get from it as a company?

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<v Speaker 7>I think if you compare it with that Formula one activity,

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<v Speaker 7>the media coverage is a fraction of the pure global

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<v Speaker 7>awareness that F one gets, But if you look at

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<v Speaker 7>people that are interested in high performance.

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<v Speaker 5>Vehicles, it's much more relevant.

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<v Speaker 7>So it's a smaller audience, but it's almost self selecting

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<v Speaker 7>because most people buy supercalls hypercast sports cause they love

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<v Speaker 7>endurance racing. Why I've used this that we all have

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<v Speaker 7>before until Formula One got a lot bigger in terms

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<v Speaker 7>of number of races per year when it was only

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<v Speaker 7>sixteen races.

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<v Speaker 5>Rough that's exactly the same as a twenty four hour race.

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<v Speaker 7>So Lamont is the same as a full season of

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<v Speaker 7>Formula One back ten years ago and faster. So from

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<v Speaker 7>a technical challenge point of view, a people challenge point

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<v Speaker 7>of view, it's got to be the most demanding, incredible

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<v Speaker 7>sport in motorsport.

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<v Speaker 1>Talk to us a little bit about sustainability at Aston Martin.

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<v Speaker 1>Where are you guys with the sustainable power trade and

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<v Speaker 1>where are you taking from the racing that we might

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<v Speaker 1>see in the cars in the future.

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<v Speaker 7>So I think from a Lamont point of view, it's

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<v Speaker 7>probably the furthest away from our sustainability strategy.

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<v Speaker 5>Why we have no hybrid.

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<v Speaker 7>We've gone for a naturally aspirated twelve cylinder engine, which

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<v Speaker 7>is what makes the Valkyrie Lamon cars so incredible. There's

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<v Speaker 7>nothing else on the track like it. But if you

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<v Speaker 7>go to the road cars, we've just launched Valhalla. It's

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<v Speaker 7>a hypercar. It's two point six seconds to sixty two

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<v Speaker 7>miles per hour, over one thousand horsepower carbon fiber tub

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<v Speaker 7>hybrid system front electric axle, high power V eight engine

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<v Speaker 7>and a motor in the gearbox to combination well.

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<v Speaker 5>Over one thousand horsepower.

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<v Speaker 7>That's our first plug in hybrid for the road as

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<v Speaker 7>a regular car. Over the next five years, all of

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<v Speaker 7>our cars will be hybridized, and then within the ten

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<v Speaker 7>year window we'll have launched one or maybe two electric vehicles.

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<v Speaker 7>But we certainly see for the next ten years until

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<v Speaker 7>twenty thirty five, let's say, the majority of our business

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<v Speaker 7>now will be electrified combustion engine systems that massively reduced

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<v Speaker 7>real world emissions but also give more importantly, way more

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<v Speaker 7>horsepower than the current products.

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<v Speaker 5>And that's the direction that we've taken.

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<v Speaker 6>I sat down with Laurence Stroller at Q or whatever

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<v Speaker 6>you call your Aston Martin shop in New York on

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<v Speaker 6>fifty seven the Park, and he was doing with me

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<v Speaker 6>the back of the napkin math of what Aston Martin

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<v Speaker 6>could be if it got even half of a Ferrari valuation.

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<v Speaker 6>I'm sure that's the goal that you're aiming for as well.

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<v Speaker 6>What are your plans to get there and what do

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<v Speaker 6>you have to do to get investors to attribute that

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<v Speaker 6>kind of valuation to Aston Martin.

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<v Speaker 5>One word perform.

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<v Speaker 7>You know, as a company, we've been around for one

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<v Speaker 7>hundred and twelve years and it's been a rocky journey

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<v Speaker 7>for that one hundred and twelve years. The brand has endured,

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<v Speaker 7>it's got a fantastic reputation. The response that you get

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<v Speaker 7>in an Aston Martin is unlike anything I've experienced, and

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<v Speaker 7>you know, I've been with great German brands and another

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<v Speaker 7>great British brand for combined twenty five years of my life.

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<v Speaker 7>You can't stop at a gas station or at a

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<v Speaker 7>hotel without somebody taking a picture of you or asking

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<v Speaker 7>you a question about the car.

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<v Speaker 5>It's phenomenal power is there.

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<v Speaker 7>What we need is a consistent approach to product development,

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<v Speaker 7>which under Lawrence and that new investment approach has.

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<v Speaker 5>Begun the first five years.

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<v Speaker 7>If you look at what we've refreshed and what we've delivered,

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<v Speaker 7>Vanquish has knocked it out the park. We're beating the

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<v Speaker 7>Italian competitor in road test hands down. That's never happened before.

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<v Speaker 7>We've been accredited being better looking in certain products, but

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<v Speaker 7>never on a track in absolute extreme conditions. The asten's

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<v Speaker 7>the best. So we build cars at work. They look fantastic.

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<v Speaker 7>But we've really got to now with this transition between

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<v Speaker 7>the current product range, the hybrid range and electric. We've

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<v Speaker 7>got a whole strategy which I can't talk about in

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<v Speaker 7>detail today, which will rely on less volume growth, more

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<v Speaker 7>quality of margin, quality of business, operational excellence, all the

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<v Speaker 7>quite boring stuff that makes great companies even greater. We've

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<v Speaker 7>all done it before and that's what we intend to

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<v Speaker 7>do here. So we've got the brand, we've got the performance,

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<v Speaker 7>we've got the design. We've now going to make the

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<v Speaker 7>business as beautiful as the cars.

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<v Speaker 1>Up next, we'll go one on one with racers behind

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<v Speaker 1>the wheel. Welcome back to a special edition of Hot Pursuit.

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<v Speaker 1>I'm Hannah Elliott along with Matt Miller.

0:12:21.400 --> 0:12:24.680
<v Speaker 6>For Racers Lemon Is where legends are made. We caught

0:12:24.720 --> 0:12:27.839
<v Speaker 6>up with Formula one world champion Jensen Button as well

0:12:27.880 --> 0:12:30.920
<v Speaker 6>as Michelle Gatting, a member of the Iron Dames all

0:12:30.960 --> 0:12:32.480
<v Speaker 6>female auto racing team.

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<v Speaker 1>We talked about what makes this race so different than

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<v Speaker 1>any other. Tell us a little bit about the difference

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<v Speaker 1>of between what it takes to be a great endurance driver,

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<v Speaker 1>versus F one driver. I know it's a slightly different

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<v Speaker 1>skill set.

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<v Speaker 8>F one driver it's the most selfish role possible in sport,

0:12:53.559 --> 0:12:57.160
<v Speaker 8>say more, because it's all about you. You know, you

0:12:57.200 --> 0:13:00.360
<v Speaker 8>know that the team will say, you're racing for this team.

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<v Speaker 8>You know you've got to put the team first. But

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<v Speaker 8>we all know that the driver is racing for themselves

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<v Speaker 8>because you win a championship and you know your main

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<v Speaker 8>competitor is your teammate who is in the same car

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<v Speaker 8>as you, and he's the person that you have to

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<v Speaker 8>be He's the one you get judged against. So you

0:13:16.040 --> 0:13:19.760
<v Speaker 8>have to be selfish. And that mentality was very difficult

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<v Speaker 8>for me when I when I got married and I

0:13:21.880 --> 0:13:25.440
<v Speaker 8>had kids and suddenly you're the least most important person

0:13:25.440 --> 0:13:29.160
<v Speaker 8>in the household. So getting over that selfishness was quite

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<v Speaker 8>difficult for me, and it took It did take a moment.

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<v Speaker 8>Insurance racing is very different because you have to work

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<v Speaker 8>with your teammates. You've got to work with your team

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<v Speaker 8>to develop the car and compromise. You know, compromising is

0:13:42.000 --> 0:13:43.600
<v Speaker 8>something that you're not very good at doing. As an

0:13:43.720 --> 0:13:46.880
<v Speaker 8>fun driver endurance driver. It's all about compromise, it's about

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<v Speaker 8>getting your teammates at your level or even higher than

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<v Speaker 8>where you are, because then you know, even if you're

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<v Speaker 8>the slowest guy in the car, you know you're quick.

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<v Speaker 6>You must work on maximizing your strength for those for

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<v Speaker 6>those forty five minutes or whatever. And here, like you

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<v Speaker 6>have to wake up at three in the morning and

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<v Speaker 6>get back in the car. What is it like driving

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<v Speaker 6>at night? Driving or tired? What is it like seeing

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<v Speaker 6>the sun rise as you're you know, doing you know,

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<v Speaker 6>one hundred and eighty five miles an hour down a

0:14:16.800 --> 0:14:18.000
<v Speaker 6>straight at Lamar.

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<v Speaker 8>You are always jet liked, basically, you know, that's the

0:14:21.320 --> 0:14:23.520
<v Speaker 8>feeling that you have when you're driving the car.

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<v Speaker 4>You're jet like.

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<v Speaker 8>You know that you're slightly off, always slightly off. If

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<v Speaker 8>you're lucky enough to get into the start of the race,

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<v Speaker 8>that's probably the only time that feels normal. The love

0:14:35.560 --> 0:14:40.160
<v Speaker 8>of this race for me is is sunrise sunset. You know,

0:14:40.240 --> 0:14:46.160
<v Speaker 8>that just blows my mind. When the sun drops and

0:14:46.320 --> 0:14:51.040
<v Speaker 8>darkness falls, the circuit comes alive, it becomes quicker, the

0:14:51.080 --> 0:14:53.320
<v Speaker 8>wind drops, the cars are a bit easier to drive,

0:14:53.720 --> 0:14:56.640
<v Speaker 8>but you have to get used to that change in light,

0:14:56.840 --> 0:14:58.880
<v Speaker 8>which is also very difficult. And I don't know, if

0:14:58.920 --> 0:15:01.160
<v Speaker 8>you've noticed, there's a lot of buz here at the moment,

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<v Speaker 8>so we've got yeah there. So like after two laps

0:15:06.640 --> 0:15:09.600
<v Speaker 8>you have a covered wind screen and trying to look

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<v Speaker 8>through that when the sun's in your eyes it's not easy.

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<v Speaker 8>So sunset's great. Sunrise. The best moment of the race,

0:15:17.960 --> 0:15:20.200
<v Speaker 8>you know, really is when the sunrises, you see.

0:15:19.960 --> 0:15:23.040
<v Speaker 4>How dirty the cars are. You know you've come through

0:15:23.040 --> 0:15:23.360
<v Speaker 4>the night.

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<v Speaker 8>You kind of feel like you're at the end already,

0:15:25.720 --> 0:15:28.240
<v Speaker 8>even though you have another ten hours to go. So

0:15:28.360 --> 0:15:30.800
<v Speaker 8>that moment is a very special moment and you've got

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<v Speaker 8>through the night. If you've not had issues, you're still

0:15:33.560 --> 0:15:34.960
<v Speaker 8>in with a chance of a win.

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<v Speaker 6>The shell Gatting a member of the Iron Dames all

0:15:39.320 --> 0:15:41.359
<v Speaker 6>female auto racing team.

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<v Speaker 9>The Iron Dames were born in twenty eighteen. It's an

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<v Speaker 9>all female project that is supporting women in motorsport not

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<v Speaker 9>only as drivers, but as engineers, mechanics on the marketing

0:15:51.040 --> 0:15:55.280
<v Speaker 9>side because the sport is it's huge and it needs

0:15:55.320 --> 0:15:58.800
<v Speaker 9>people like women as well. And the project is special

0:15:58.840 --> 0:16:01.080
<v Speaker 9>because we are an all female end up sharing a car,

0:16:01.560 --> 0:16:04.320
<v Speaker 9>three women racing against all the others, and the end

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<v Speaker 9>of the day, like we always say, we when we.

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<v Speaker 1>Put the helmets on.

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<v Speaker 9>We have race drivers like anybody else, but we definitely

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<v Speaker 9>want to give female drivers a chance to be seen

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<v Speaker 9>out there, because that's what's been missing over the years.

0:16:15.680 --> 0:16:17.680
<v Speaker 9>And I think what the project has been doing since

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<v Speaker 9>the very beginning in twenty eighteen has really been showcasing

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<v Speaker 9>that women can compete on the same level as men

0:16:24.000 --> 0:16:26.920
<v Speaker 9>in the highest level of endurance racing. We have won

0:16:27.040 --> 0:16:29.720
<v Speaker 9>races in the World Championship, in the European Championship, and

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<v Speaker 9>we are proving that we can race alongside the men

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<v Speaker 9>and we can beat them.

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<v Speaker 10>I just want to ask, because I have a couple

0:16:36.400 --> 0:16:39.360
<v Speaker 10>of daughters at home, four and one. They're watching racing

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<v Speaker 10>with me every weekend, what do I do to get

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<v Speaker 10>Edna and Lola into this sport, to get them prepared

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<v Speaker 10>and hopefully to a higher level.

0:16:48.480 --> 0:16:50.120
<v Speaker 9>Well, the first thing you should do is bring them

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<v Speaker 9>to a race, bring them down to the Iron Name's

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<v Speaker 9>garage and show them that there are three ladies there.

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<v Speaker 9>Who is proving to your girls that is possible. Because

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<v Speaker 9>we had a dream we were their age. You know,

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<v Speaker 9>back then, when I was very young, it was difficult

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<v Speaker 9>to have somebody to look up to. In terms of

0:17:08.800 --> 0:17:12.360
<v Speaker 9>female drivers, because there was not really any. Now hopefully

0:17:12.400 --> 0:17:15.040
<v Speaker 9>we are the drivers that your two daughters can look

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<v Speaker 9>up to and say, yeah, but they are doing it

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<v Speaker 9>because with hard work, dedication, and passion and commitment, you

0:17:21.359 --> 0:17:23.760
<v Speaker 9>can do whatever you want in life. And this is

0:17:23.760 --> 0:17:26.080
<v Speaker 9>what we want to showcase with the Iron Dames Project.

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<v Speaker 1>That's it for this edition of Hot Pursuit. Thanks for

0:17:30.440 --> 0:17:31.000
<v Speaker 1>joining us.

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<v Speaker 6>Tune in to see more of Hannah and me on

0:17:33.160 --> 0:17:37.800
<v Speaker 6>our Hot Pursuit podcast. Wherever you get your podcasts, this

0:17:38.160 --> 0:17:38.879
<v Speaker 6>is Bloomberg