Welcome back to the latest episode of The Future of Automotive on CBT News, where we put recent automotive and mobility news into the context of the broader themes impacting the industry. I’m Steve Greenfield from Automotive Ventures, and I’m glad that you could join us. This week, I’d like to talk about vehicle subscriptions. Not subscribing instead of owning a car, but the unbundling of vehicle features and options and charging the consumer a monthly fee to activate them. If you remember during Covid, when buzz around the “Connected Car” was at it’s peak, automakers like GM, Ford and Stellantis, each said that they expected to generate upwards of $30 billion annually, by the end of this decade, from unbundling vehicle options and features and selling them to consumers on a monthly subscription basis. This was the era of Software-as-a-Service (or SaaS) companies selling at 15-times forward annual revenue. (as a point of reference, they’ve since fallen to about 20% of those sky high valuations). Back then, the more that an automaker could make its’ revenue look and feel like recurring software, the better it would be for their stock market valuations. Needless to say, the stock markets rewarded automakers with increased share prices when they announced this strategic shift. At least in the short term. Well, fast forward to today, and we’re seeing some evidence, albeit tempered, of these strategies playing out. Ford, in their commercial vehicle FordPro division, is now generating over 900k paid subscriptions, usually priced at about $20 per vehicle per month, which contribute upwards of 20% of FordPro’s earnings. This week, we have news from GM about their success in generating new, recurring subscription revenues. And it turns out, according to plan, these new software revenues are very, very profitable. General Motors says its