Interesting Car/Truck Manufacturer News

[Weather Man]

So where is the dealer network to service the multitude of new EV cars and trucks equipped with mini super computers? Owning a EV out of warranty is gonna suck.

Nio partners with Nvidia on next-gen electric vehicle tech
Jan. 09, 2021 9:49 AM ETNVIDIA Corporation (NVDA)By: Clark Schultz, SA News Editor51 Comments

• NIO (NYSE:NIO) says it will use Nvidia's (NASDAQ:NVDA) DRIVE Orin system-on-a-chip for its new generation of electric and autonomous vehicles
• At the company's NIO Day event, the company revealed its ET7 sedan and the NVIDIA DRIVE Orin-powered supercomputer, dubbed Adam, which will first appear in the vehicle that will ship in China starting in 2022.
• NVIDIA Orin is called the world's highest-performance AV and robotics processor. The scalable supercomputer-on-a-chip family delivers an unprecedented 254 trillions of operations per second while also being able to scale down to entry-level ADAS/Level 2 use cases (10 TOPS/5 watts).
• “Autonomy and electrification are the key forces transforming the automotive industry," says Nvidia CEO Jensen Huang.
• NIO and NVIDIA aim to accelerate the development of autonomous driving on smart vehicles.
• "As the first of NIO’s EVs to feature Orin, the flagship ET7 is a high-performance vehicle that accelerates from zero to 100km in only 3.9 seconds. It also features a new 150kw battery for extended mileage range."
• Despite delivering only 43,728 vehicles last year, Nio has a market cap over $92B vs. the $61B market cap for General Motors. Nvidia's cap is a cool $329B.

 

[CobraBob]

That's quite some news about Nvidia partnering with China's Nio.

So did Nio recover from their near bankruptcy in late 2019? I read that China was phasing out subsidies for new energy vehicles after 2020.

 

[Weather Man]

That's quite some news about Nvidia partnering with China's Nio.

So did Nio recover from their near bankruptcy in late 2019? I read that China was phasing out subsidies for new energy vehicles after 2020.

Keeping track of all the Chinese EV companies is damn near impossible. Watch Biden allow them to flood our market with $10,000 per vehicle subsidy to kill off competition and eliminate ICE.

 

[Weather Man]

The Shyft's Utilimaster receives 3K+ velocity vehicles orders
Jan. 11, 2021 9:25 AM ETThe Shyft Group, Inc. (SHYF)By: Khyathi Dalal, SA News Editor

• The Shyft's (NASDAQ:SHYF) Utilimaster go-to-market brand received orders totaling 3K+ units for its recently launched Velocity-F2 purpose-built WIV delivery vehicle from parcel delivery customers responding to upward trends in ecommerce.
• Production is scheduled to ramp up in February, with customers taking delivery beginning in March.
• "Our parcel delivery customers continue to operate at near capacity, based on expanding consumer interest in ecommerce shopping and delivered goods and services. We designed the Velocity to meet an unprecedented demand for last mile delivery and are pleased to provide an innovative solution that meets our customers immediate and future needs," president & CEO Daryl Adams commented.

• See all stocks on the move »

 

[Weather Man]

Lordstown Motors jumps 6% after racking up 100K pre-orders
Jan. 11, 2021 7:57 AM ETLordstown Motors Corp. (RIDE)By: Clark Schultz, SA News Editor7 Comments

• Electrifying news out of Ohio as Lordstown Motors (NASDAQ:RIDE) says it received more than 100K non-binding production reservations from commercial fleets for its Lordstown Endurance all-electric pickup truck.
• The company says the average order size was nearly 600 vehicles per fleet.
• "Adding in the interest we have from federal, state, municipal and military fleets on top of that, I think you can see why we feel that we are about to revolutionize the pickup truck industry," notes Lordstown CEO Steve Burns.
• The Lordstown Endurance is a full-size, all-electric pickup that has a range of 250 miles, the equivalent of 600 horsepower and can tow up to 7.5K lbs. After successful prototype and Alpha builds, Lordstown is now building the first Beta Endurance vehicles and is on track for start of production in September of this year.
• Source: Press Release

 

[Weather Man]

It is almost like the early 1900's with all the new car manufacturers. Pick the winners boys!

EV startup Faraday seeking to go public via SPAC Merger
Jan. 11, 2021 7:54 AM ETProperty Solutions Acquisition Corp. Units (PSACU)By: Yoel Minkoff, SA News Editor

• Faraday & Future, founded in 2014, is in talks to go public through a merger with Property Solutions Acquisition Corp. (NASDAQ:PSACU), according to Bloomberg. Word of an impending deal sent shares of the blank-check firm up 18.8% in premarket trade to $12/share.
• Property Solutions Acquisition is seeking to raise more than $400M in equity to support the transaction, which is slated to value the combined entity at around $3B. Several other EV names including Nikola and Fisker also went public last year by merging with SPACs.
• Investors were gripped by a EV mania in 2020, boosting shares of Tesla by nearly 700% and Nio's valuation above those of General Motors and Ford. Nio is also up 10% in premarket trade after highlighting its EV vision at a weekend event.

 

[Weather Man]

Canoo bid up on electric vehicle partnership upside
Jan. 11, 2021 10:21 AM ETCanoo Holdings Ltd. (GOEV)By: Clark Schultz, SA News Editor7 Comments

• Shares of Canoo (NASDAQ:GOEV) are up 10.01% on a day that many electric vehicle stocks are trading lower.
• Canoo has traded as high as $16.90 vs. the 52-week trading range of $9.21 to $24.90.
• Reports over the weekend indicate that Canoo is in talks with Magna International (MGA -1.6%) over a manufacturing partnership. The recent news of Apple-Hyundai and Baidu-Geely partnerships has increased the spotlight on Canoo as a potential collaboration target.

 

[Weather Man]

Someone needs to create a scorecard or something.

Electric vehicle buzz: Lucid Motors and Churchill Capital in talks over SPAC deal
Jan. 11, 2021 1:26 PM ETChurchill Capital Corp IV (CCIV)By: Clark Schultz, SA News Editor2 Comments

• Churchill Capital Corp IV (NYSE:CCIV) skyrockets on reports that electric vehicle startup Lucid Motors (LUCIDM) is planning to go public in a SPAC deal with the company.
• Shares of CCIV are up 16.85% after coming off a trading halt for volatility and traded as high as $13.96 (new 52-week top).
• Underpinning the excitement is the strong track record of electric vehicle SPACs over the last six months. Lucid Motors is looking to begin producing the Lucid Air this year and introduced a cheaper version of the upcoming EV sedan in October.

 

[Weather Man]

Ford to stop making cars in Brazil as part of South American restructuring
Jan. 11, 2021 2:34 PM ETFord Motor Company (F)By: Clark Schultz, SA News Editor7 Comments

• In an anticipated move, Ford (F +3.1%) plans to end vehicle production and close three plants in Brazil under a restructuring of the automaker's South American operations.
• The actions are expected to result in $4.1B in pretax charges. The automaker said it will record about $2.5B in cash charges for employee separation, termination, settlement and other payments, as well as post about $1.6B in non-cash write-offs for tax receivables and accelerated depreciation and amortization.
• Production will end immediately at Ford's Camacari and Taubate plants in Brazil, while another plant in Horizonte will continue to operate until Q4.
• Ford CEO Jim Farley: "With more than a century in South America and Brazil, we know these are very difficult, but necessary, actions to create a healthy and sustainable business... We are moving to a lean, asset-light business model by ceasing production in Brazil and serving customers with some of the best and most exciting vehicles in our global portfolio. We will also accelerate bringing our customers the benefits of connectivity, electrification and autonomous technologies to efficiently address the need for cleaner and safer vehicles well into the future."

 

[Weather Man]

The Shyft Group seeks additional hiring in Michigan to ramp up production
Jan. 12, 2021 8:09 AM ETThe Shyft Group, Inc. (SHYF)By: Niloofer Shaikh, SA News Editor

• The Shyft Group (NASDAQ:SHYF) seeks to hire new manufacturing employees at its Charlotte, Michigan as it receives new vehicle orders and ramps towards production of its all new Velocity F2 walk-in van, which is set to begin delivering to customers in March.
• "The Shyft Group has a long-standing history in Charlotte as it has served as our home base for more than 40 years," said Daryl Adams, President and Chief Executive Officer of The Shyft Group. "Today, we have plants all over the country in which we build last mile delivery vehicles. We choose to reinvest in Charlotte as a declaration of our commitment to our existing campus, this region, and our highly skilled workforce."
• Utilimaster introduced the Velocity F2 in October, its latest production-ready, purpose-built delivery vehicle.

 

[Weather Man]

Ford lands higher estimates from JPMorgan after South America restructuring
Jan. 12, 2021 7:52 AM ETFord Motor Company (F)By: Clark Schultz, SA News Editor2 Comments

• JPMorgan updates on Ford's (NYSE:F) plan to restructure South American operations.
• "We expect the move to quickly reduce losses in its South American operations, for which we now model a breakeven result in 2020 vs. a loss of -$300 mn prior," updates analyst Ryan Brinkman.
• Brinkman says the announcement amounts to radical change and includes the details necessary for a path forward to profitability which investors complained had earlier been lacking. He notes that the company took the difficult decision to close three plants, including a large and relatively modern flagship facility in Bahia state, ending a 100-year history of producing vehicles in the country and impacting 5K employees.
• JPMorgan boosts its 2022 EPS estimate to $1.35 from $1.30 prior which, along with an increase in its target multiple to 2.75X from 2.25X, leads to a higher price target of $11. A Neutral rating is kept in place.
• Shares of Ford are up 0.22% premarket.

 

[Weather Man]

Tata Motors' Q3 passenger vehicles global wholesales up 4%
Jan. 12, 2021 6:10 AM ETTata Motors Limited (TTM)By: Niloofer Shaikh, SA News Editor

• Tata Motors (NYSE:TTM) +2.8% premarket, reports global wholesales including Jaguar Land Rover +1% Y/Y to 278,915 units in 3Q21.
• Global wholesales of commercial vehicles and Tata Daewoo range declined 4% Y/Y to 90,365 units.
• Global wholesales of all passenger vehicles grew 4% Y/Y to 1,88,550 units.
• Global wholesales for Jaguar Land Rover were 1,19,658 vehicles. Jaguar wholesales for the quarter were 22,466 vehicles, while Land Rover wholesales were 97,192 vehicles.

 

[Weather Man]

What could go wrong?

Fiat Chrysler collaborates with electric 'flying car' start-up Archer
Jan. 12, 2021 10:18 AM ETFiat Chrysler Automobiles N.V. (FCAU)By: Niloofer Shaikh, SA News Editor

• Fiat Chrysler (FCAU +0.0%) collaborates with air mobility company Archer to help reduce purchasing costs and accelerate the launch of an electric “flying car,” more formally known as a vertical take-off and landing (eVTOL) aircraft - CNBC.
• Archer’s aircraft is expected to carry passengers for 60 miles at speeds of up to 150 mph while producing minimal noise.
• “Electrification within the transportation sector whether on roads or in the air is the future and with any new and rapidly developing technology, scale is important,” Doug Ostermann, Fiat Chrysler’s head of global business development, said in a statement. “Our partnership with Archer has mutual benefits and will enable innovative, environmentally friendly transportation solutions to be brought to market at an accelerated pace.”
• Hyundai Motor also previously announced plans to develop electric air taxis with Uber, which sold its flying taxi division to Joby last month.

 

[Weather Man]

GM makes hard push into electric delivery vans business
Jan. 12, 2021 9:53 AM ETGeneral Motors Company (GM)By: Clark Schultz, SA News Editor11 Comments

• General Motors (GM +3.5%) is looking to make a big splash at CES this year with a couple of announcement out already.
• Due to the strong demand in the market for battery-powered delivery vehicles, the company is forming a new business unit. The first product for the new venture called BrightDrop will be an electric-powered wheeled pallet that will take goods from the warehouse to trucks and from trucks to destinations. GM also plans to roll out an all-electric delivery van called the EV600. The first 500 EV600 vans are slated to go to FedEx this year.
• Underlying GM's big push into delivery vehicles and services, the company estimates that the combined market opportunity for parcel, food delivery and reverse logistics in the U.S. will be over $850B by 2025.

 

[CobraBob]

Ford's 'Brazilian Bronco' discontinued, but the factory is for sale
FoxNews

Ford has announced plans to end manufacturing in Brazil, which means one of the coolest vehicles it builds will soon be discontinued. The Troller T4 is a Bronco-style off-roader based on the international version of the Ford Ranger that went on sale in 2014. Troller was founded as an independent automaker in the 1990s and sold a T4 of its own design when it was acquired by Ford’s Brazilian division in 2007, which engineered the all-new model.

The T4 isn't a huge seller and has never been offered in the United States but has a cult following in South America thanks to its status as a homegrown competitor to the Jeep Wrangler. It rides on a pair of solid axles, is powered by a 200 hp 3.2-liter five-cylinder turbodiesel engine and has a starting price equivalent to $32,000.

Production of the T4 is set to wrap up at the end of 2021, but there is hope. Ford said it will entertain offers to take over its production facilities in the country, potentially opening the door to keep the T4 alive. Brazilian off-roaders won’t be left in the dust, however, as Ford plans to bring the new Bronco in the country soon.

 

[CobraBob]

GMC HUMMER EV will rock with electric guitar sounds
FoxNews 1/13/21

One thing all electric cars have in common is that they're quiet. Too quiet for some. So how do you bring the noise?

GMC revealed during a CES presentation that is working with Bose to create a soundtrack for its upcoming HUMMER EV, which offers a Watts to Freedom, or WTF, mode that unlocks its full 1,000 horsepower and the ability to accelerate to 60 mph in a supercar-quick three seconds.

HUMMER EV lead development engineer Aaron Pfau said the Bose Electric Vehicle Sound Enhancement technology mixes guitar riffs, high-frequency feedback and sounds inspired by the Formula E electric racing series to create an "immersive sensory experience" when you slam on the gas...uh, accelerator pedal.

Pfau said GMC isn't ready to share an audio clip just yet, but did explain what happens when you engage Watts to Freedom mode by pressing the traction control button twice. First, the vehicle lowers on its standard air suspension system, then it optimizes the battery temperature for full power delivery and asks you to apply the brake as the seat and subwoofer vibrate the vehicle as the system completes its preparations. The driver is then asked to floor the accelerator, release the brake pedal and the truck is off.

GMC isn't the only electric automaker going this enhanced audio route. The new Ford Mustang Mach-E has an Unbridled mode that cranks up a digital version of a V8 engine, as ironic as that sounds.

The top of the line HUMMER EV goes on sale this fall at a starting price of $112,595, but cheaper models will be added to the lineup in the next few years.

 

[Weather Man]

Meet Stellantis: The world's fourth largest automaker
Jan. 16, 2021 8:58 AM ETFiat Chrysler Automobiles N.V. (FCAU)By: Clark Schultz, SA News Editor

• The merger between Fiat Chrysler Automobiles (NYSE:FCAU) and Peugeot S.A. (OTCPKUGOY) to create Stellantis N.V. (STLA) officially closed.
• Stellantis will begin trading on Euronext in Paris and the Mercato Telematico Azionario in Milan on January 18 and on the New York Stock Exchange on January 19.
• Stellantis NV is the fourth-largest automaker in the world by volume and is expected to have the scale and capital to stay competitive in the coming age of autonomy and electrification.
• Brands housed under Stellantis include Peugeot, Citroën, DS, Opel, Vauxhall, Alfa Romeo, Fiat, Lancia, Maserati, Dodge, Jeep, Chrysler, RAM and Abarth.
• The new entity expects to save $5.9B through combined platforms, increased purchasing power, supply-chain scale and other merger benefits.
• The splashy entrance for Stellantis comes at a busy time for the automobile industry with GM making a huge electric vehicle push and Tesla forecast to deliver 1M vehicles in 2022.

 

[Weather Man]

BMW targets big year for electric vehicle sales
Jan. 16, 2021 8:41 AM ETBayerische Motoren Werke Aktiengesellschaft (BMWYY)By: Clark Schultz, SA News Editor

• BMW (OTCPK:BMWYY) aims to double its sales of fully-electric vehicles this year as the German automaker looks to keep up with rivals.
• BMW currently produces 13 electrified models (fully electric or plug-in hybrid) and sold 193K electrified vehicles across 74 markets last year. The automaker's global EV sales increased 31.8% last year to account for 15% of sales in Europe. BMW met its European Union emissions targets.
• On the other side of the Atlantic, GM is making a huge electric vehicle push and Tesla is forecast to deliver 1M vehicles in 2022.

 

[Weather Man]

U.S.Xpress invests in TuSimple, autonomous trucking technology
Jan. 21, 2021 3:56 PM ETU.S. Xpress Enterprises, Inc. (USX)By: Khyathi Dalal, SA News Editor

• U.S. Xpress Enterprises (NYSE:USX) announced an investment in TuSimple, a self-driving technology company bringing to market an autonomous solution for long-haul freight transportation.
• President & CEO, Eric Fuller has joined TuSimple's Executive Advisory Board.
• Also, the company is actively testing the technology on select shipping lanes.
• Autonomous trucks will give U.S. Xpress additional options for its shippers and fold into a robust portfolio of solutions.
• In its 2021 economic forecast yesterday, U.S. Xpress said that 2021 will be a story of contending tailwinds and headwinds but will end on a positive note.

 

[Weather Man]

Nio named China's EV 'heir apparent' by Nomura; stock gets Buy rating
Jan. 22, 2021 7:58 AM ETNIO Limited (NIO)By: Kim Khan, SA News Editor2 Comments

• Calling Nio (NYSE:NIO) the "epitome" of a Chinese luxury brand and noting battery-as-a-service will be a "game changer," Nomura starts coverage on EV stock Nio with a Buy rating.
• Nomura gives the stock a price target of $80.30/share, an upside of more than 37% from its current level.
• The target is based on a 25% discount from Tesla's (NASDAQ:TSLA) P/S ratio of 26x.
• "We like NIO Inc. for the company’s Tesla-like top-down approach in launching its EV pipeline – starting with its luxury flagship model ES8, followed by more consumer friendly models and variants (i.e., ES6, EC6)," Nomura says. "We believe NIO has successfully established itself as a premium auto brand given car buyers are willing to pay a price similar to those for entry-level models of major European luxury original-equipment-manufacturers (OEMs)."
• In BaaS, as a first mover Nio "should benefit from the price advantage over other OEMs" and that by "improving swapping time to only three minutes without human-labor, and with plans to add mini-hotspots (around the size of three parking spaces) covering most parts of the major cities in China, NIO hopes to redefine the whole user experience of owning an EV," it adds.
• Nomura also notes China's aim to boost EVs to account for 20% of total annual PV sales by FY25.