it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. the idea that we have saved five million people's lives, it's overwhelming. it's everything. katie: welcome to "bloomberg surveillance," i'm katie greifeld. midday in the session, we are looking at a down day on the s&p 500, off by 6/10 of 1%. you keep going down the list and you can see the nasdaq 100 is also off for tenths of 1%. your big underperformer on the day. you don't see this often but the philadelphia semiconductor index

chipmaker stocks are off, and all the while you are seeing a bit of a lift when it comes to bond yields. the two-year treasury yield currently higher by one basis point. on the midday movers when it comes to the equity side, conocophillips agrees to higher marathon oil in an all stock deal. this deal of course adds to a wave of recent energy as producers seek drilling sites on the bet that oil and gas will remain strong. american airlines revising a profit outlook downward, adding to uncertainty. the airline disclosed that their chief commercial officer is departing. china's leading ride-hailing provider, dd global, net loss for the quarter despite the rise in sales. the company is also losing money on a stake in electric

carmakers. here in the u.s., electric vehicle inventories are being isolated to just a few states. abigail doolittle is standing by with the details. abigail: before we take a look at geography, let's look at the broader trends with slowing growth specifically for 2024. growth is expected to slow to 20 percent this year down from 40%. that's a pretty significant drop. some of it has to do with that concentration of geography or by state, as you were talking about, we will take a look at that in a minute, but not surprising that the cause of the trends, the saturation of those who want electric vehicles or fears around the infrastructure being limited in certain areas, or maybe even all areas, some of the automakers have cut back, like ford in january making the announcement that they will be repairing their f-150 based on

lighter demand. putting it together, tesla, the dominant ev maker, along with ford and general motors, they are doing the best over the last year, up 27%, whereas ford and tesla in the last year are down 10%. as for that? fee, take a look at this map, it's a neat picture here. the brighter the green, this is where we have more ev's in the dealerships. wyoming, 60. north dakota, 138. maine, 296. one main thought is the drive on the adoption into other states could be a new pool of demand for electric vehicles. katie: thank you so much. for more on the auto outlook, we have the north american global ceo and coo, as well as matt miller, our resident car guy.

let's kick off the conversation with what is going on your georgia plant. hyundai, as reported in april, will be spending more to produce 100 vehicles. are you still betting that it will be the full battery ev's that will dominate? >> good afternoon. thank you for having me. good to see you, matt. we are still confident, visiting our plant in savannah last week, i'm happy to report that we will be able to produce three months ahead of schedule, by october of this year, when we start producing our very popular ionic five. i think that's great. we are very confident. as i have said many times, we continue to double down on our verification. you questioned the hybrid. we have also seen the evolution of the industry, maybe not as

fast as some industries expected . we have seen also that a number of consumers are betting for maybe alternatives, fuel types beyond the ice, like hybrids and plug-in hybrids. that is why we have decided that in our plants in savannah, we will produce high rates of vehicles. this will be an increase on investment. we are very happy to see the reaction of our dealers and stakeholders as we announce that. matt: the ionic 5 -- by the way, great to see you as well, jose -- the ionic five, hitting the market, wowing a lot of people with the ice emulation with sporty performance. is that thing sold out already? what are the orders looking like for that? jose: it's unbelievable.

a few journalists like you know what the car can do. it's more than 640 horsepower. it just made it to the performance calendar of the year in a work hard event that took lace in new york in april. this is only after two years. that's when the ionic five became part of the work of the year. i think that this is one of the few cars that could raise you in one of two motorcycles. leaving it to matt: an opportunity in the future. matt:i look forward to it. listen, the price tag continues to get higher as the cars gain popularity with consumers. ionic has done well. i think this one costs north of $65,000. the genesis product is doing so well, you are able to take more price there. do you see the power increasing as it is falling your competitors?

jose: we see the power increasing. we think the future is going to be electric. it's not a matter of if, but when. through europe there's a 20% mix. going to other areas, we are stable in the united states by 8%. in our case we continue to do well. your to date we have increased our sale of ev's by more than 50%. last year we doubled our sales. if anything, those vehicles are helping the company to position themselves in a better place. in fact, in the united states as a group, we are number three and retail sales. in others we are number two behind tesla. we are confident. to your point about affordability, what we have seen is the prices two years ago, by comparison it has gone down, $15,000 on average. some of it, like in our case

taking the lead, we bring in new high-performance versions that the consumers like. we are working also on trying to bring the prices down so that it is not only a matter of performance, but affordability and convenience. that is where we are" we want to do. abigail: talking more about your -- katie: talking more about your genesis brand, full disclosure i drive on, but i'm seeing more and more on the roads in the highways and i'm curious who you are positioned against. are you going against receive these bmw, for example? jose: first and foremost, we have done quite well. in the last nine years in the market, we have more than increased our volume eight x, right? we continue to grow, outpacing the market. the market is about flat, growing more than 3%, driven by our suvs, mainly.

the g-v 70 that we use in the united states, including ev, they are the ones doing the best job for us. also, you know, there is what we bring to the market. we have exclusive dealers, 35 so far. we want to have 100 and about four years or so. right now we are about to launch the g-v 80 coop. we have seen the sales grow strongly. and we are creating the brand. our main competitors, in the ev fields of course you have tesla. in the old technologies, the german three, the audi are a reference. we are working hard.

the way we made it today, it's remained faster. matt: i have spoken to analysts who say that part of the key to your success is your strong relationship with the dealer network. at domestic automakers when they talk about adm's and talking about selling directly to consumers, but dealers are very happy to sell hyundai, kia, genesis. how do you keep the relationship strong and the bad times? jose: we praise the dealers and the members of the dealer advisory board, genesis and hyundai. they have been with the brand for many years now. they have seen the evolution of the brand. at this moment they are supportive of the strategy that our executive chair established for the global operations.

generally we have a good intention. as results have been better, we were able to with dealers happier than before, making more money, investing. the retail advisory board, telling me recently that it's not a matter of the different surveys or what they can tell you. when you see that they are putting their money in your brand, investing in facilities that are exclusive, this is when you know you are doing something right. i could say the same thing about the chairman of the advisory board for hyundai, one of our best dealers, investing, etc., and cetera, where we continue to have a dialogue with them and work together as a team. katie: unfortunately, jose, we

have to leave it there. hope to speak to you again soon. our thanks again to jose, the global ceo and coo of hyundai, and to our car guy, matt miller. coming up next, new offerings from a fast casual chain and their outlook. that conversation, next. this is bloomberg. ♪ so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants?

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to collaborate with quality, trust poly and it orchestration by cdw. people who get it. katie: this is "bloomberg surveillance," i'm katie greifeld. time for the stock of the hour, shares of kava making a u-turn. the stock is now higher. it was lower this morning after reported results were used to the annual sales outlook with a decline input customer traffic.

we are joined now by the cava brett schulman ceo brett schulman,, as well as romaine bostick. let's talk about the decline in foot traffic. i see a 1.2 percent decrease when it comes to the first quarter. what do you stock that up to? we are really nitpicking, overall it was a beaten race quarter. brett: thinking about it in terms of same restaurant sales, we were cycling to a pretty exceptional same restaurant sales from q1 228%. on a two-year basis, it was 37.7 percent. thinking about it a quarter to quarter basis, we were traffic accelerated from 13% in q4 to 17% in q1. we have seen strengthening trends over the course of the year that gave us the confidence to raise the full year outlook on the same year restaurant sales guidance.

excited about the momentum we have seen in the business. romaine: are you seeing uptake in terms of new customers? customers that might have gone to your competitors or those fast food restaurants like mcdonald's? brett: we are seeing increased awareness across the country as we have been able to expand and people become more aware of the benefits of eating mediterranean cuisine. we have seen that in the greater frequency of existing at attracting new guests. both from casual guiding -- dining trading down and fast food trading up. anything about the effects on the other seida the pandemic with the high inflationary period we all lived through, consumers are gravitating towards the proposition. it's been struggling to deliver that proposition to the modern consumer and as prices increased in traditional fast food, it has

improved the relative value proposition of healthy mediterranean cuisine. we saw a survey where 78% of respondents agreed with the idea that fast food has become a luxury and to expensive. so, people are looking and saying that for one dollar or more, i can have a fresh mediterranean cuisine. romaine: the price gap has narrowed as the prices at fast food places have gone up. your prices have gone up as well. i'm curious if you intend to raise prices any further this year, 2024. brett: we took 3% in january, we have no plans to go further on increases and historically, since 2019, we have taken much less price with cpi growing through the end of last year. we have only increased in price through 12%. we have to reinvest in our team members to create the long-term

share value and we did that in california. ab 1228, the legislation increased minimum wage significantly, many of our peers took price increases to offset that. we did not pass along any expense to our guests. we leaned into those wages. romaine: how do you make up for that? if you don't compensate for that, it could hit your bottom-line, right? brett: we've been great at operations and investing in the robust infrastructure over the course of our history. the one we opened in verona back in q1, we made all of our friendship spreads, so think about that fresh dill, the fresh cucumber, it allows us to do it from a quality consistency stamp when at scale, but very cost-effectively, taking that capacity out of the restaurant so that we can pass the savings to our guests. katie: talking about expansion

plans when it comes to the time of day, it's safe to say that most people think of cava as a lunch spot. what opportunity do you see in expanding to dinner and how do you get there? brett: 46% of revenue comes from the dinner occasion and that will continue to row over time. it's not just a place for you can get lunch or dinner. it has traded down from casual dining and we want to lean into that. a couple of things that we are doing to take advantage of the opportunity, one of them is called project sol, warming the interiors. adding plants, bolstering and livening it up for dinner guests already coming in, they feel the desire to come in even more frequently with a great dinner occasion to connect personally. from a culinary standpoint, the culinary team has been working on our first one that we will launch in a while, steak, grilled steak, next week we

lunch on june 3. another hearty item that can really address that dinner occasion and that guests need at that dinner date. katie: all right, steak is coming to cava next week. romaine: what about the pita chips? katie: will have to do that next quarter. brett, thank you for brett schulman your time. thanks of course to and our own -- thank you for your time. thanks of course to brett schulman and romaine bostick. private credit, more of that next in your wall street beat. this is bloomber ♪ i can't believe you corporate types are still calling each other rock stars. you're a rock star. we're all rock stars. oooo look look at my data driven insights, i'm a rock star. great job putting finance and hr

on one platform with workday. thank you! guys, can you keep it down. i'm working. you people are (guitar noises). hand over the air guitar. i've got another one.

katie: this is "bloomberg surveillance," i'm katie greifeld. time now for wall street beat. today we look at how goldman is building up a $21 billion war chest for private equipment wages. joining us now with the scoop,

our correspondent. seems like they got tired of private credit eating their lunch at goldman? >> unlike most of their major competitors, goldman is a veteran in the niche of prime credit. $100 billion in assets. remember, their goal right now is to really turbocharge the asset and wealth management. it is undoubtedly the busiest and busiest set of asset classes. katie: seems like if we go into jpmorgan chase, wednesday there will be hell to pay. what did he mean by that? >> don't you love it?

a few hours later jp morgan, one of the top rivals came out and said that there will be hell to pay. he's talking about the delusion into the asset class. you are getting into asset classes with individual companies and you are not a part of a broadly syndicated group. small tickets in a number of launches. when it is a single company, a bad situation and adverse situations and adverse market situations, you can trust veterans are able to find good deals when there is a problem to figure out. figuring out how to get out of that sticky situation. for some of the newer entrants, we are not sure if they are well-equipped to tackle it. when the credit cycle turns, a lot more players are in the

private reddit that has existed for a few decades but has really grown in the last few years. it could because for alarm and that is what jamie dimon is talking about. katie: i only have one minute left here but something you touched on when it comes to private credit, is there enough opportunity out there to deploy all of this money? >> historically when we think about investments across asset classes, which they discussed in the earnings call, thinking about this idea of 50% in public equities, 20% in alternatives, all of the growth you have seen in the alternative space has been from that 20% bucket. what it looks like, with fewer and fewer public companies out there, there definitely is a sense out there that the asset class will continue to grow. yes there will be more investors jumping into the space. jumping into what feels like a growing market, so the sentiment right now is that there is money

to be made. katie: so, the sentiment is there. always great to speak with you. that doesn't work "bloomberg surveillance." this is bloomberg. ♪

>> from the world of politics to the world of business, this is "balance of power."

live from washington, d.c. joe: the jury now has the case. welcome to the fastest show in politics. deliberations are now under little dozen underway in the donald trump criminal to -- criminal hush money trial in new york. we have arrived. joe mathieu alongside kailey leinz, back with us today in washington and the fastest show in politics. a verdict could come at any time. katie: it is about 1.5 hours into deliberations. it begins before 11:30 this morning after extensive instructions were read to the members of the jury who will be discreet -- deciding that fate of donald trump, guilty or innocent of any of the number of 34 felony charges he