Interesting Car/Truck Manufacturer News

Chevrolet is going big on electrics. Slightly bigger that is.


(Chevrolet)

The 2022 Bolt EUV revealed Sunday is a larger version of the Bolt EV subcompact that offers more passenger room and added tech.


The Bolt EV has been restyled for 2022. (Chevrolet)

The all-electric subcompact SUV is six inches longer than the Bolt EV and gets three inches of additional rear legroom, but has nearly exactly the same cargo carrying capacity. It’s larger than a Hyundai Kona EV, but smaller than the VW ID.4 and Ford Mustang Mach-E.


(Chevrolet)

The Bolt EUV shares a 200 hp motor with the restyled 2022 Bolt EV along with its 65-kilowatt-hour battery pack, which provides 250 miles of range in the Bolt EUV and 259 miles in the smaller Bolt EV. DC fast charging capability is standard and can refill the Bolt EUV's battery with 95 miles worth of electricity in 30 minutes.


(Chevrolet)

The Bolt EUV will be the first Chevy model offered with GM’s Super Cruise highway driving aid, which allows for hands-free driving within a lane on over 200,000 miles of pre-mapped roads. However, it will not be getting the latest version of the system launched in the 2021 Cadillac Escalade that includes the ability to change lanes and take highway interchanges without any driver input and can be upgraded with additional functionality when it becomes available.

Pricing for the Bolt EUV starts at $33,995 and Bolt EV at $31,995. Both include free installation of a 240-volt home charging system. GM’s electric vehicles no longer qualify for a federal tax credit because it has sold enough vehicles to exhaust its allotment, but green car incentives are available in many states.

The Bolt EUV will be the last electric Chevy introduced with this electric vehicle technology before the brand adopts GM's next-generation Ultium platform, which launches later this year with the GMC HUMMER EV and will be used for a Chevy pickup at a later date.

GM unveils Chevy Bolt EUV and redesigned Bolt EV

• As it drives toward a zero-emissions future, General Motors (NYSE:GM) last night unveiled a new Chevy Bolt Electric Utility Vehicle, or EUV, alongside its newly redesigned Chevy Bolt Electric Vehicle.
• The 2022 Chevy Bolt EUV, which starts at $33,995, is about 6 inches longer than the Bolt EV and has a "modern, muscular design and a roomier interior and ample rear legroom." The vehicle features a "distinctive front-end with a sculpted grille," standard LED headlamps and an upscaled interior. It has a range of 250 miles on a full charge.
• The 2022 Bolt EV, a five-door hatchback that starts at $31,995, includes a number of new design updates. GM also lowered the starting price for the new Bolt EV by more than $5,000 lower from the 2021 model, which starts at under $37,000, due to declining costs of battery technology. It has a range of 259 miles on a full charge.
• Both vehicles will go into production in the late spring and are due in showrooms by early summer. They include GM's Super Cruise semi-autonomous highway driver-assist system, which has never been offered on a Chevy. The system is limited to more than 200,000 miles of limited-access freeways in the U.S. and Canada that have been LIDAR-mapped to assist the on-board system of cameras, radars and sensors.
• "Since 2017, we have sold more than 100,000 Bolt EVs globally, and our owners have accumulated more than 1.2B miles of EV travel," said Steven Majoros, Chevy vice president of marketing. "Bolt EV has helped make Chevrolet the number two selling EV brand and current Bolt EV sales were up 26% in 2020."
• The two vehicles are part of GM's plan to launch 30 new EVs globally under a $27B investment in electric and autonomous vehicles from 2020 through 2025. GM also plans to switch completely from traditional gas-powered cars to electric vehicles by 2035.

Tata Motors unit JLR going all electric, appoints Marc Llistosella as CEO

• Tata Motors (NYSE:TTM) wholly owned subsidiary Jaguar Land Rover aims to become a net zero carbon business by 2039.
• Land Rover to produce six pure electric variants in the next five years, with the first all-electric variant to arrive in 2024.
• Jaguar Land Rover is on a path towards double-digit EBIT margin and positive cash flow, with an aim to achieve positive cash net-of-debt by 2025 with a value creation approach delivering quality and profit over-volume.
• Jaguar and Land Rover will offer pure electric power, nameplate by nameplate, by 2030. In addition to 100% of Jaguar sales, it is anticipated that around 60% of Land Rovers sold will be equipped with zero tailpipe powertrains.
• Annual commitments of circa £2.5B will include investments in electrification technologies and the development of connected services to enhance the journey and experiences of customers, alongside data-centric technologies that will further improve their ownership ecosystem.

Blink Charging inks cooperation with Bisimoto Engineering

• Blink Charging (BLNK +2.1%) announced its cooperation with Bisimoto Engineering for promoting it as their charging solution of choice and to support electric vehicle adoption nationwide.
• The California-based automotive creators, designers, and modifiers focus on converting gas-powered vehicles to electric powertrains that become masterpieces to drive and charge.
• Bisimoto's first EV creation is the Porsche K3V while next electric project it is completing is the Porsche Moby-X.
• "As the automotive industry shifts to electric power, Bisimoto Engineering has quickly become one of the most highly regarded EV conversion specialists in the high-performance space nationwide," VP, Marketing Rebecca Gutierrez commented.

Ford goes 'all-in' on electric vehicles in Europe

• The switch to electric vehicles is happening fast as consumers increasingly accept the industry shift and governments across the globe announce plans for regulation on diesel and gasoline vehicles. Ford (NYSE:F) is the latest to announce its entire passenger vehicle range in Europe would be "zero-emissions capable, all-electric or plug-in hybrid" by 2024, with a "completely all-electric" offering by 2030. In fact, Ford will invest $1B on an EV production facility in Cologne, Germany, retooling an existing assembly plant to produce its next-generation lineup. F +1.6% premarket.
• Quote: "Our announcement today to transform our Cologne facility, the home of our operations in Germany for 90 years, is one of the most significant Ford has made in over a generation," said Stuart Rowley, President of Ford Europe. "It underlines our commitment to Europe and a modern future with electric vehicles at the heart of our strategy for growth."
• 
• Ford currently rules the U.S. and European market for gasoline-powered commercial vehicles with shares of 40% and nearly 15%, respectively. Earlier this month, the automaker said it would "double down" on connected electric vehicles, investing $22B in electrification through 2025, nearly twice what it had previously committed to the EV dream.
• Go deeper: Last month, General Motors (NYSE:GM) said it would aim for an entirely zero-emission lineup by 2035, while Volkswagen (OTCPK:VWAGY) announced a €35B investment in battery electric vehicles (with roughly 70 all-electric models by 2030). South Korean carmaker Kia (OTCPK:KIMTF) is also launching its first dedicated electric vehicle this year, while Jaguar Land Rover (NYSE:TTM) said its luxury Jaguar brand would be entirely electric by 2025 and the rest of its lineup by 2030.

Volkswagen stock rallies in Frankfurt on reports of possible Porsche IPO


Volkswagen (OTCPK:VWAGY) rose some 3% Thursday on the Frankfurt Stock Exchange on a report that the German automaker is considering spinning off Porsche in the medium term through an initial public offering potentially worth up to $30.2B.

German publication Manager Magazin cited unnamed “Volkswagen insiders” as saying the company could list as much as 25% of Porsche on markets as a separate company, valuing the stake at 20B euros to 25B euros ($24.2B to $30.2B).

However, the publication also quoted an unnamed top VW manager as saying “at least it won’t be anything” this year. Similar reports surfaced in 2018 that the automaker planned to spin off Porsche through an IPO, but the company denied the speculation at the time and nothing ever came of it.

Still, Manager Magazin said that VW is under pressure to raise money to convert its gas-powered offerings to electric power instead. The publication said company chief Herbert Diess is dissatisfied with VW’s roughly $109B market cap compared to a $766B valuation for all-electric rival Tesla (NASDAQ:TSLA).

One analyst told the magazine that VW needs electric vehicles to make up 70% of its offerings by 2030, but that the company has only talked of getting to the 50% mark.

Volkswagen operates the Porsche brand under an agreement with a separate company called Porsche Automobil Holding (OTCPKOAHY), which owns a majority VW stake in exchange. POAHY also owns some auto-technology companies.

As for VW, the stock has performed well recently, rising some 10% in recent weeks even before Thursday's news. (See chart below.)

Electric truck maker Xos to go public through a SPAC NextGen Acquisition at $2B valuation

• Xos, a maker of electric commercial vehicles, to go public through a merger with a SPAC NextGen Acquisition (NASDAQ:NGAC) at $2B valuation -Bloomberg.
• NextGen to raise $220M funding through a private investment in public equity (PIPE) from investors including Janus Henderson Group Plc and a group of truck dealers led by Thompson Truck Centers.
• Deal will provide $575M in gross proceeds, which will be used to be used to build vehicle assembly and battery manufacturing capacity and to continue to work on next-generation battery systems and other technologies.
• NGAC +4% premarket.

Goodyear to acquire Cooper Tire at ~$2.8B valuation

• The Goodyear Tire & Rubber Company (NASDAQ:GT) to acquire Cooper Tire (NYSE:CTB) for $41.75/share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock per Cooper share for a total equity value of ~$2.8B, the implied cash and stock consideration to be received by Cooper shareholders is $54.36/share.
• The acquisition will expand Goodyear's product offering by combining two portfolios of complementary brands and will also create a stronger U.S.-based manufacturer with increased presence in distribution and retail channels while combining both companies' strengths in the highly profitable light truck and SUV product segments.
• Upon closing of the transaction, Goodyear shareholders will own ~84% of the combined company, and Cooper shareholders will own ~16%.
• The transaction is immediately accretive to earnings per share and expected to achieve ~$165M in run-rate cost synergies within two years after closing.
• Richard J. Kramer, Goodyear chairman, chief executive officer and president. "The addition of Cooper's complementary tire product portfolio and highly capable manufacturing assets, coupled with Goodyear's technology and industry leading distribution, provides the combined company with opportunities for improved cost efficiency and a broader offering for both companies' retailer networks. We are confident this combination will enable us to provide enhanced service for our customers and consumers while delivering value for shareholders."
• CTB shares up 12% and GT shares down 3% premarket.

Tesla has discontinued a low-priced version of its Model Y SUV that was only added to the lineup in early January.

Tesla mysteriously discontinues cheapest Model Y after six weeks

The Model Y Standard Range has been removed from the automaker’s website over the weekend without explanation. Just last week Tesla had reduced the price by $2,000 to $39,990.

Tesla does not have a functioning PR department in the U.S. to field requests for information, but a retail sales associate confirmed that the model is no longer offered for order. However, several remain in existing inventory at the $39,990 price.

Last July, Tesla CEO Elon Musk said he wasn’t going to introduce the vehicle at all because its range per charge would be "unnacceptibly low (< 250 mile EPA)."

The official rating turned out to be 244 miles, which is less than the similarly sized Volkswagen ID.4 that can go 250 miles per charge and starts at $39,995, but is eligible for a $7,500 federal tax credit.

The Tesla Model Y has been facing new competition in recent months with the introduction of the ID.4, Ford Mustang Mach-E and last week's unveiling of the smaller Chevrolet Bolt EUV, which has a 250 miles rating and starts at $33,995.

The lowest-priced Model Y now available for custom order is the Dual Motor All-Wheel Drive Long Range, which can go 326 miles per charge and starts at $48,990.

@Weather Man You may want to follow Autoline Daily for Industry news. They post a lot of great stuff

Rants - Autoextremist.com ~ the bare-knuckled, unvarnished, high-electron truth... too

Mercedes-Benz beefs up C-Class battery capabilities

• Mercedes-Benz (OTCPKDAIF) is adding models to its C-Class lineup with more powerful batteries to make them more competitive against SUV models.
• As part of the battery push. Mercedes sales chief Britta Seeger says the range of the plug-in hybrid versions is being increased to 100 kilometers (62 miles) to appeal to a broader customer group. The mid-size cars will go on sale this summer.
• Mercedes generates more sales of the C-Class in China than any other market.
• The C-Class will play is expected to play a very big part in the brand doubling the share of plug-in hybrids and fully electric cars sold this year.
• The corporate split by Daimler into Mercedes-Benz and Daimler Trucks is expected to gibve both new companies traction.

Nikola stock falls as CFRA points to execution risk in bearish initiation

• CFRA starts off coverage on Nikola (NKLA -8.2%) with a Sell rating.
• Analyst Garrett Nelson: "With no revenue and no profitability in sight, but with a growing backlog, NKLA has its work cut out to justify its current valuation of ~$20 billion and is presently more of a business plan than a revenue-generating business. We see significant execution risk, but recognize its considerable market potential and the corporate appetite for carbon footprint reduction. Furthermore, we believe Tesla has established a significant first-mover advantage in electric vehicles, and following the launch of its semi truck later this year, it will become a preferred supplier to the Class 8 commercial truck market that NKLA intends to target."
• Nelson and team view NKLA's targeted gross profit range of 20% to25% as ambitious and not reflecting the high fixed cost nature of vehicle manufacturing for smaller, niche OEMs in particular. A string of losses are projected with Nikola forecast to see EPS of -$0.70 for 2020, -$1.45 for 2021, -$1.40 for 2022, -$1.15 for 2023 and -$0.90 for 2024. The firm's price target on Nikola is $15.
• Earlier today, Nikola updated on its fuel-cell commercial truck program.

Weather Man said:

Goodyear to acquire Cooper Tire at ~$2.8B valuation

• The Goodyear Tire & Rubber Company (NASDAQ:GT) to acquire Cooper Tire (NYSE:CTB) for $41.75/share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock per Cooper share for a total equity value of ~$2.8B, the implied cash and stock consideration to be received by Cooper shareholders is $54.36/share.
• The acquisition will expand Goodyear's product offering by combining two portfolios of complementary brands and will also create a stronger U.S.-based manufacturer with increased presence in distribution and retail channels while combining both companies' strengths in the highly profitable light truck and SUV product segments.
• Upon closing of the transaction, Goodyear shareholders will own ~84% of the combined company, and Cooper shareholders will own ~16%.
• The transaction is immediately accretive to earnings per share and expected to achieve ~$165M in run-rate cost synergies within two years after closing.
• Richard J. Kramer, Goodyear chairman, chief executive officer and president. "The addition of Cooper's complementary tire product portfolio and highly capable manufacturing assets, coupled with Goodyear's technology and industry leading distribution, provides the combined company with opportunities for improved cost efficiency and a broader offering for both companies' retailer networks. We are confident this combination will enable us to provide enhanced service for our customers and consumers while delivering value for shareholders."
• CTB shares up 12% and GT shares down 3% premarket.

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****.... well, it was good while it lasted Mickey Thompson. I dont see any good for MT out of this. Every Goodyear I've owned or serviced was junk. Unless there is a mandate to leave the drag line of tires alone, I dont think Goodyear can stop itself from dicking with the product stack.

Fisker called an electric vehicle standout by CFRA

• CFRA Research launches coverage on Fisker (NYSE:FSR) with a Buy rating.
• Analyst Garrett Nelson: "With sales of its first electric vehicle model expected late next year (the Ocean premium midsize SUV), we think Fisker is one of a handful of EV market newcomers that stand out for the following reasons: (1) the experience and credibility of its management team; (2) the strength of its balance sheet ($1.0B of net cash); (3) its strategic manufacturing agreement with auto parts giant Magna International; and (4) the specs and overall attractiveness of their initial vehicle models, as the Ocean's starting MSRP is $37,499-$69,900 with 250-350 miles of range."
• Nelson and team say they have concerns about U.S. EV market oversaturation in light of the number of new EV models expected over the next few years, but think Fisker will succeed from a sales perspective with a tax benefit and eventually achieve profitability.
• CFRA assigns a 12-month price target on Fisker of $25, which is above the average Wall Street PT of $21.50.

GreenPower Motor stock rallies after new order update

• GreenPower Motor Company (NASDAQ:GP) says it landed an order from Zeem Solutions for 30 GreenPower EV Stars.
• Zeem Solutions is described as providing e-mobility logistics solutions for small, medium and large fleet operators across the U.S.
• Zeem's order will consist of five different seating layouts, including wheelchair accessible units and also cargo configurations. The EV Stars sold to Zeem were previously on lease to Green Commuter.
• Source: Press Release
• Shares of GreenPower are up 4.85% premarket in a recovery from yesterday's broad EV sector selling pressure.

Fisker and Foxconn to partner in electric vehicle shocker
Feb. 24, 2021 7:21 AM ETFisker Inc. (FSR)By: Clark Schultz, SA News Editor27 Comments

• Fisker (NYSE:FSR) announces that it has entered into a memorandum of understanding with Hon Hai Technology Group (Foxconn) to support a project to develop a breakthrough electric vehicle.
• The companies plan to jointly develop a breakthrough new segment vehicle.
• Foxconn is expected to manufacture the vehicle at projected annual volumes of more than 250K with a global market scope. The projected start of production is Q4 of 2023 on what will be the second vehicle introduced by the Fisker brand following the launch of the Ocean SUV in Q4 of 2022.
• "The Fisker and Foxconn partnership brings together two global leaders in innovation that will join forces to unlock the potential of the electric vehicle industry," says Foxconn Technology Group Chairman Young-way Liu.

Oshkosh soars, Workhorse sinks after USPS contract announcement
Feb. 23, 2021 3:19 PM ETOshkosh Corporation (OSK)By: Clark Schultz, SA News Editor148 Comments

• Oshkosh (OSK +7.5%) pops after the USPS awards a 10-year contract to the company to manufacture a new generation of U.S.-built postal delivery vehicles as part of a dramatic modernization of the USPS fleet.
• Under the contract's initial $482M investment, Oshkosh Defense will finalize the production design of the Next Generation Delivery Vehicle, which is a purpose-built, right-hand-drive vehicle for mail and package delivery. Oshkosh is tasked with assembling 50K to 165K of the vehicles over 10 years.
• The next-gen vehicles will be equipped with either fuel-efficient internal combustion engines or battery electric powertrains and can be retrofitted to keep pace with advances in electric vehicle technologies.
• The initial investment includes plant tooling and build-out for the U.S. manufacturing facility where final vehicle assembly will occur. The contract is the first part of a multi-billion-dollar 10-year effort to replace the Postal Service's delivery vehicle fleet.
• Source: Press Release

Tesla temporarily halts production at Model 3 line in California - Bloomberg

• Tesla (NASDAQ:TSLA) -1.6% premarket, has told workers it will temporarily halt some production on a Model 3 production line at its car assembly plant in California.
• Production line would be down from Feb. 22 until March 7.
• Production line outages usually cost the company revenue.
• Source

Electric truck maker Workhorse falls in the spotlight with earnings on tap

• Workhorse (NASDAQ:WKHS) was already a bit of battleground stock before a volatile week of trading in response to the loss of a USPS contract on next-gen vehicles raised the stakes even further.
• ARK Invest commented on the latest Workhorse development, saying that it finds it odd that the USPS is not committing to a fully electric platform. Cathie Wood's firm maintains EVs will dominate truck production and sales in the next ten years.
• That raises the question if the USPS contract will become a political issue, especially after a House Democrat indicated support in trying to overrule the huge Oshkosh (NYSE:OSK) contract.
• While the ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) added 660,500 shares of Workhorse after the sell-off, other firms are sounding more cautious on the short-term implications for Workhorse from the unexpected USPS news.
• "The conversation around the contest, whether Workhorse was selected as the supplier months back, and how similar the Oshkosh truck looks to the Workhorse solution will all dominate now," warns Capital Partners analyst Craig Irwin.
• Meanwhile, RF Lafferty says the firm will be looking at potential orders from new and existing customers that will increase Workhorse's backlog and evaluating the WKHS cash burn rate.
• Workhorse closed on Friday at $16.17 vs. the 52-week trading range of $1.31 to $42.96.
• WKHS was on Seeking Alpha's Catalyst Watch for the week with the company's earning report and conference call on Monday of high interest.

Hyzon Motors to build largest fuel cell material production facility in the U.S.

• Hyzon Motors plans to build the largest fuel cell membrane electrode assembly (MEA) production line for commercial vehicles in the United States.
• As announced earlier, Hyzon Motors plans to go public through a merger with Decarbonization Plus Acquisition Corporation (DCRB +6.6%) for which closing is expected in 2Q21.
• The MEA is the critical component of a fuel cell and accounts for about 70% of the cost of a fuel cell stack. MEAs are currently produced in Canada, Europe, Japan, Korea and China at commercial scale. Smaller scale MEA production in the United States has so far been a supply and cost bottleneck for US fuel cell vehicle production.
• Craig Knight, Chief Executive Officer and Co-Founder of Hyzon, said, "We are excited about our plans to open the first high-volume MEA production line for hydrogen fuel cells in the US, which we anticipate will enable us to rapidly scale up the production of our fuel cells and deliver up to 12,000 Hyzon zero-emission heavy vehicles each year. We see a substantial uptake in Europe already, and anticipate North America will soon follow suit on this decarbonization journey for heavy transport."