Interesting Car/Truck Manufacturer News

[Weather Man]

Online car retailer Cazoo considering deal with Dan Och's SPAC Ajax I

• Online car retailer Cazoo is considering a deal to go public through hedge fund investor Dan Och's Ajax I (NYSE:AJAX) SPAC, according to a SKY News report.
• Cazoo, which may be valued at more than $8b in a deal, has been holdings talks with Ajax I for several weeks, but there's no certainty a deal will happen, the report said. Ajax I was among a number of possible SPAC partners for Cazoo as it looks to go public.
• Cazoo, which is backed by investors including BlackRock (NYSE:BLK), was was weighing plans for an IPO in London, according to a Bloomberg report last month.
• Recall Oct. 28, Och-Ziff founder's SPAC Ajax I prices $750M IPO.

 

[Weather Man]

Cummins introduces havy-duty powertrain for natural gas customers

• The ISX12N+Endurant HD N powertrain from Cummins' (CMI +1.9%) Integrated power portfolio is now available for heavy-duty customers.
• The combination of the ISX12N near zero natural gas engine and the Endurant HD N 12-speed automated transmission from Eaton Cummins Automated Transmission Technologies is well suited for heavy-duty regional haul fleets looking to lower emissions and improve their sustainability profile.
• When paired with the Endurant HD N automated transmission, the ISX12N natural gas engine is available with a rating of 400 horsepower and 1,450 lb-ft torque and can operate with 100% compressed natural gas, liquid natural gas or renewable natural gas.
• This reduces smog-forming NOx emissions by 90% compared to the current EPA standard. When operated using RNG, the system is credited with a neutral to negative carbon index, resulting in net greenhouse gas emissions at or below zero.
• The new Endurant HD N automated transmission was optimized for integration with the ISX12N natural gas engine and features new software functionality and calibrations, and a new diaphragm spring clutch designed to meet the load requirements of the natural gas engine while protecting the engine for optimal performance.
• Last week, Jefferies outlined a bullish case for Cummins due to China's truck and construction markets.

 

[Weather Man]

House Democrats to push electric vehicle legislation

• A group of 17 U.S. House Democrats are introducing legislation as early as today that would award $6B to the U.S. Postal Service to buy tens of thousands of additional electric delivery vehicles.
• The bill would require at least 75% of the new USPS fleet be electric or zero-emission vehicles, according to Reuters. The legislation's backers include Representative Peter DeFazio, who chairs the Transportation and Infrastructure Committee, and Representative Carolyn Maloney, who chairs the Oversight and Reform committee that oversees USPS.
• The bill would also require no less than 50% of medium and heavy-duty vehicle purchases be electric or zero-emission through 2029 and all new USPS vehicles be zero-emission after January 2040.
• Legislation covering electric vehicles has been widely anticipated since Joe Biden won the U.S. presidency and control of the Senate flipped to the U.S. Senate. Most analysts expect the major green push to arrive after COVID-19 stimulus is disbursed and funding for ramped up vaccinations is set.
• The development is seen as positive for Workhorse Group (WKHS +8.7%) and Oshkosh (OSK +0.2%).
• EV watch: Lordstown Motors (RIDE +0.8%), GreenPower Motor (GP +1.5%), Nikola (NKLA +0.5%), FuelCell Energy (FCEL +0.9%), Plug Power (PLUG +1.1%), Tesla (TSLA -2.3%), Fisker (FSR +2.2%), Hyliion Holdings (HYLN +1.2%) and XL Fleet (XL -1.4%).
• Interestingly, both Ford (F +3.8%) and General Motors (GM +3.3%) are strong on the day as investors weigh electric upside for the Detroit legacy players.
• A question for investors is how much of the EV legislation potential is already baked into some of the high valuations in the EV sector?

 

[Weather Man]

Maverick Might Be Cheaper Than Expected – Could Start Under $20,000
by Gabriel Vega on March 3, 2021


As prices for full-size pickup trucks continue to shoot up to the stratosphere, the idea of a smaller and cheaper truck becomes quite appealing. This is where the upcoming Ford Maverick comes in with its smaller footprint.

A new report published by Ford Authority indicates that this new truck will start under $20,000.

The 2022 Ford Maverick Might Be Cheaper Than Expected – Could Start Under $20,000 (motorbiscuit.com)

 

[CobraBob]

Elon Musk’s fortune reportedly loses $27B as Tesla stock plunges
Silicon Valley company's stock has dropped about 15 percent so far this year, report says
By Noah ManskarNew York Post

Tesla chief Elon Musk’s fortune reportedly shrank by $27 billion last week as the electric-car maker’s staggering stock rally was thrown into reverse.

Ticker Security.....Last.....Change.....Change %
TSLA TESLA, INC....563.00 ..-34.95 ......-5.84%

Musk suffered the hefty paper loss between Monday and Friday as a selloff in big tech stocks drove Tesla’s share price down nearly 17 percent in four days, according to Bloomberg’s calculations.

The Silicon Valley giant’s stock has slid about 15 percent so far this year and ended last week at $597.95, marking its lowest level since early December. Tesla fell another 2.3 percent in early trading Monday before recently climbing about 2.7 percent to $614.17.

Despite the recent plunge, Musk, 49, still ranks as the world’s second-richest person on the Bloomberg Billionaires Index with a net worth of some $157 billion, of which $102 billion is in Tesla stock.

But Musk is now about $20 billion behind Amazon boss Jeff Bezos, from whom he had taken the No. 1 spot as recently as late February, Bloomberg said.

Tesla chief Elon Musk’s fortune reportedly shrank by $27 billion last week as the electric-car maker’s staggering stock rally was thrown into reverse.

Musk’s wealth exploded last year as Tesla posted six straight profitable quarters, delivered nearly 500,000 cars and joined the benchmark S&P 500 stock index. The growth helped fuel a meteoric rise in the pioneering automaker’s share price.

But Tesla shares have suffered sharp losses in recent weeks amid concerns about its staggering valuation and increased competition from startups like China’s Nio as well as larger rivals such as General Motors. The company is also grappling with a global computer chip shortage that has reportedly affected automakers around the world.

Tesla has also faced questions about its $1.5 billion investment in bitcoin, which Musk has called a “less dumb form of liquidity than cash” despite musing that the cryptocurrency’s price appeared too high.

But Tesla is still the dominant player in an electric-vehicle industry that could account for 20 percent of the world’s auto sales by 2030, Wedbush Securities analyst Dan Ives argued.

“Despite the white knuckles today we believe Tesla will hit a trillion-dollar market cap in 2021 given the bullish EV secular thesis set to play out over the coming years,” Ives said in a Monday research note.

 

[Weather Man]

Elon Musk’s fortune reportedly loses $27B as Tesla stock plunges
Silicon Valley company's stock has dropped about 15 percent so far this year, report says
By Noah ManskarNew York Post

Tesla chief Elon Musk’s fortune reportedly shrank by $27 billion last week as the electric-car maker’s staggering stock rally was thrown into reverse.

Ticker Security.....Last.....Change.....Change %
TSLA TESLA, INC....563.00 ..-34.95 ......-5.84%

Musk suffered the hefty paper loss between Monday and Friday as a selloff in big tech stocks drove Tesla’s share price down nearly 17 percent in four days, according to Bloomberg’s calculations.

The Silicon Valley giant’s stock has slid about 15 percent so far this year and ended last week at $597.95, marking its lowest level since early December. Tesla fell another 2.3 percent in early trading Monday before recently climbing about 2.7 percent to $614.17.

Despite the recent plunge, Musk, 49, still ranks as the world’s second-richest person on the Bloomberg Billionaires Index with a net worth of some $157 billion, of which $102 billion is in Tesla stock.

But Musk is now about $20 billion behind Amazon boss Jeff Bezos, from whom he had taken the No. 1 spot as recently as late February, Bloomberg said.

Tesla chief Elon Musk’s fortune reportedly shrank by $27 billion last week as the electric-car maker’s staggering stock rally was thrown into reverse.

Musk’s wealth exploded last year as Tesla posted six straight profitable quarters, delivered nearly 500,000 cars and joined the benchmark S&P 500 stock index. The growth helped fuel a meteoric rise in the pioneering automaker’s share price.

But Tesla shares have suffered sharp losses in recent weeks amid concerns about its staggering valuation and increased competition from startups like China’s Nio as well as larger rivals such as General Motors. The company is also grappling with a global computer chip shortage that has reportedly affected automakers around the world.

Tesla has also faced questions about its $1.5 billion investment in bitcoin, which Musk has called a “less dumb form of liquidity than cash” despite musing that the cryptocurrency’s price appeared too high.

But Tesla is still the dominant player in an electric-vehicle industry that could account for 20 percent of the world’s auto sales by 2030, Wedbush Securities analyst Dan Ives argued.

“Despite the white knuckles today we believe Tesla will hit a trillion-dollar market cap in 2021 given the bullish EV secular thesis set to play out over the coming years,” Ives said in a Monday research note.

That is what you call a pump up fluff piece. When all the majors get their EV rolling, like the EU now, Tesla will be a bit player.

 

[CobraBob]

I expected a response from you. Showing your hate for Tesla again.

 

[CobraBob]

The electric Jeep Magneto on its way to Moab
Electric Jeep is hitting the rocks
By Gary Gastelu | Fox News

Max Eisenhardt can fly, but if he ever wants to experience off-roading like us non-mutants, Jeep has just the thing.

Jeep will be bringing a new Magneto model to the upcoming Moab Easter Jeep Safari event, which it uses to show off new concept trucks to its biggest fans every year.

The brand has released a teaser image of a Wrangler wearing the name it shares with The X-Men's archenemy, which it recently trademarked and will almost certainly be appearing on the all-electric Wrangler that it previously announced would be debuting in Utah.

Details have not been revealed, but previous renderings suggest it is basically a current Wrangler with its engine replaced by an electric motor that sends power to the wheels through a conventional transmission and 4x4 system. One thing it likely won't have is an actual magneto, which is a type of generator more commonly used to run the spark plugs on gas-powered lawnmowers.

No word yet if the Magneto is destined for production, but it and other concepts should be revealed before the safari begins on March 27.

There is an electrified Jeep Wrangler on the way to showrooms this year, however. The Wrangler 4xe plug-in hybrid, which can cover approximately 25 miles in all-electric mode, goes on sale this spring at a starting price of $49,490.

 

[Weather Man]

I expected a response from you. Showing your hate for Tesla again.

No hate, hatred of the system of mandates. Tesla's success was paid for by us through increased costs passed through to all ICE buyers. If Tesla made money with no subsidies, I would root for them. I do root for the stock buyers who made money off of the stock, Murica.

 

[Weather Man]

The electric Jeep Magneto on its way to Moab
Electric Jeep is hitting the rocks
By Gary Gastelu | Fox News

Max Eisenhardt can fly, but if he ever wants to experience off-roading like us non-mutants, Jeep has just the thing.

Jeep will be bringing a new Magneto model to the upcoming Moab Easter Jeep Safari event, which it uses to show off new concept trucks to its biggest fans every year.

The brand has released a teaser image of a Wrangler wearing the name it shares with The X-Men's archenemy, which it recently trademarked and will almost certainly be appearing on the all-electric Wrangler that it previously announced would be debuting in Utah.

Details have not been revealed, but previous renderings suggest it is basically a current Wrangler with its engine replaced by an electric motor that sends power to the wheels through a conventional transmission and 4x4 system. One thing it likely won't have is an actual magneto, which is a type of generator more commonly used to run the spark plugs on gas-powered lawnmowers.

No word yet if the Magneto is destined for production, but it and other concepts should be revealed before the safari begins on March 27.

There is an electrified Jeep Wrangler on the way to showrooms this year, however. The Wrangler 4xe plug-in hybrid, which can cover approximately 25 miles in all-electric mode, goes on sale this spring at a starting price of $49,490.

I wonder how far away the electrified Maverick pickup is?

 

[Weather Man]

Lucid Motors said to have plant commitment in Saudi Arabia

• Electric vehicle startup Lucid Motors (LUCIDM) has an undisclosed commitment to build an assembly plant in Saudi Arabia, according to The Wall Street Journal.
• The report indicates that the "potentially costly promise" was made as part of the company accepting more than $1B in financing from the Saudi Public Investment Fund in 2018.
• Lucid hasn't discussed the Saudi car plant plans publicly, but at least one institutional investor was informed
• A Lucid Motors spokesperson said it "expects to establish manufacturing facilities in multiple geographies, including Asia-Pacific, the Middle East and potentially Europe in the coming years."
• Lucid SPAC acquirer Churchill Capital IV (NYSE:CCIV) is down 0.25% premarket after a double-digit gain yesterday amid a strong EV rally.

Fisker called catalyst-rich in bullish Citi take

• Citi says it has gained confidence in the long-term thesis around Fisker (NYSE:FSR) as it continues to see a number of product, brand and business development catalysts set up for the year.
• "What's encouraging is that recent events/milestones have been accompanied by an acceleration in retail reservations, including through the first week in March. Seeing that there are a number of major milestones slated for 2021 (production Ocean unveil, launch configurator, App refresh), the recent reservation momentum gives us added confidence."
• The firm also notes that Fisker's efforts to secure fleet orders appear to be progressing as well.
• Citi keeps a Buy rating on Fisker and bumps up the price target to $31 from $26. The new PT works out to 2.1X the 2024 revenue estimate off 100K units,
• Shares of Fisker are up 3.97% premarket to $23.06.
• The EV sector is looking for a second straight day of gains.

 

[SID297]

Cummins introduces havy-duty powertrain for natural gas customers

• The ISX12N+Endurant HD N powertrain from Cummins' (CMI +1.9%) Integrated power portfolio is now available for heavy-duty customers.
• The combination of the ISX12N near zero natural gas engine and the Endurant HD N 12-speed automated transmission from Eaton Cummins Automated Transmission Technologies is well suited for heavy-duty regional haul fleets looking to lower emissions and improve their sustainability profile.
• When paired with the Endurant HD N automated transmission, the ISX12N natural gas engine is available with a rating of 400 horsepower and 1,450 lb-ft torque and can operate with 100% compressed natural gas, liquid natural gas or renewable natural gas.
• This reduces smog-forming NOx emissions by 90% compared to the current EPA standard. When operated using RNG, the system is credited with a neutral to negative carbon index, resulting in net greenhouse gas emissions at or below zero.
• The new Endurant HD N automated transmission was optimized for integration with the ISX12N natural gas engine and features new software functionality and calibrations, and a new diaphragm spring clutch designed to meet the load requirements of the natural gas engine while protecting the engine for optimal performance.
• Last week, Jefferies outlined a bullish case for Cummins due to China's truck and construction markets.

A lot of garbage truck fleets have adopted Nat gas engines from Cummins. The landfill gases are essentially free fuel for them.

 

[Weather Man]

Harley-Davidson names first chief electric vehicle officer

• Harley-Davidson (HOG) appoints Ryan Morrissey as chief electric vehicle officer, effective April 1.
• He will join with over two decades of experience in disruptive technologies and the development of new business ventures.
• “Ryan has extensive experience with leading OEMs, working on building businesses to develop, commercialize and support electric vehicles. I'm excited to have him join the team to help us lead in electric. As we announced in February as part of The Hardwire, we’ll be talking more about our electric strategy later in the year.” said Jochen Zeitz, chairman, president and CEO.

 

[Weather Man]

Here's why the new Wagoneer and Grand Wagoneer aren't called Jeeps | Fox Business

The automaker is positioning the rebooted full-size SUVs as a "premium extension" of the Jeep brand, the name of which does not appear on either vehicle.

It's similar to how Land Rover treats its Range Rover models and is meant to give the trucks a more upscale image.

The Wagoneer and Grand Wagoneer are mechanically similar, but their model designations denote two tiers of trim that are roughly equivalent to the Ford Expedition and Lincoln Navigator.

Starting prices range from $59,995 to $74,995 for the Wagoneer and $88,995 to $105,995 for the Grand Wagoneer, which joins the Navigator and Cadillac Escalade in the $100G club.

Jeep has also set up a dedicated Wagoneer.com website, where reservations are currently being accepted with a $500 deposit.

 

[CobraBob]

Cute and powerful Canoo electric pickup is the antithesis of Tesla's Cybertruck (Startup is heading down a different road)
By Gary Gastelu | Fox News

Add one more entry to the expanding electric pickup segment.

California-based startup Canoo has released images of a cute and curvaceous compact pickup it plans to have in production by 2023.

The trucklet is built on the same platform as the company’s upcoming line of electric vans and is about the same length as a Toyota Rav4. Maximum power for an all-wheel-drive version is quoted at 600 hp and 550 lb-ft of torque, which would make it one of the most powerful pickups on the market today. Canoo hasn’t released a tow rating, but said it can carry a payload up to 1,800 pounds.

The snub-nosed extended cab is the antithesis of Tesla’s edgy Cybertruck and features a six-foot bed that can be stretched to eight feet with a floor extension and barn door style tailgate. Additional clever features include bedsides that can fold open into tables, pop-out side steps that double as lockable storage drawers and a front trunk with a door that doubles as a shelf.

Canoo will also offer a slide-in camper pod and roof basket with off-road lighting for adventuring. Just don’t expect to go too far into the wilderness as the pickup has an estimated range of 200 miles per charge.

Pricing hasn’t been announced, but the similarly sized commercial van Canoo plans to start selling next year starts at $33,000.

By the time the pickup enters production at a "microfactory" somewhere in the U.S., it will have plenty of competition from the Lordstown Endurance, Rivian R1T, GMC HUMMER EV, Tesla Cybertruck and electric Ford F-150, which are all scheduled to go on sale by 2022.

 

[Weather Man]

Lordstown Motors slides after Hindenburg accuses it of 'fake orders'

• Hindenburg Research is out with a negative report on Lordstown Motors (NASDAQ:RIDE). A couple of snippets from the bearish view on the electric vehicle maker are posted below.
• "Lordstown is an electric vehicle SPAC with no revenue and no sellable product, which we believe has misled investors on both its demand and production capabilities."
• "The company has consistently pointed to its book of 100,000 pre-orders as proof of deep demand for its proposed EV truck. Our conversations with former employees, business partners and an extensive document review show that the company’s orders are largely fictitious and used as a prop to raise capital and confer legitimacy."
• "For example, Lordstown recently announced a 14,000-truck deal from E Squared Energy, supposedly representing $735 million in sales. E Squared is based out of a small residential apartment in Texas that doesn't operate a vehicle fleet."
• "Another 1,000-truck, $52.5 million order comes from a 2-person startup that operates out of a Regus virtual office with a mailing address at a UPS Store. We spoke with the owner who acknowledged it won’t actually order any vehicles, instead describing the 'pre-order' as a mere marketing relationship."
• If Lordstown responds the report, the statement will be posted.
• Shares of RIDE are down 10.44% in premarket action.
• Investors have been put to the the test with electric vehicle stocks over the last few weeks.

 

[kazman]

Sense I do, an EV bubble.

 

[Weather Man]

Sense I do, an EV bubble.

View attachment 1693709

Whether we like it or not. Our dipshit guv is trying to mandate dealers carry a certain percentage EV inventory.

 

[CobraBob]

Here's the 2022 Ford Maverick compact pickup before you're supposed to see it.
The small truck is big news for Ford
By Gary Gastelu | Fox News

The Maverick has been spotted in the wild.

Ford's upcoming compact pickup was spotted being tested on public roads near one of the automaker's development centers nearly undisguised, save for a camouflage wrap meant to obscure the details of its design.

Ford hasn't officially had much to say about the new model or even confirmed its name, but recent information leaks suggest it will be called the Maverick and share some of its platform with the new Bronco Sport SUV.

That means it will be a front-wheel-drive-based vehicle with an available all-wheel-drive system, which the pickup in the photos is equipped with along with an independent rear suspension. Size comparisons put the crew cab short bed at about two-feet shorter than a Ford Ranger.

Engine options will likely be the same as the Bronco Sport's, which offers the choice of a 181 hp turbocharged three-cylinder and 250 hp turbocharged four-cylinder.

Ford reportedly told its dealers that the vehicle will be offered with a base MSRP under $20,000, which would make it the cheapest pickup on sale in the U.S.

The Maverick is expected to be unveiled in full in the second half of 2021 ahead of its launch for the 2022 model year.

Gary Gastelu is FoxNews.com's Automotive Editor covering the car industry and racing.

 

[Weather Man]

Here's the 2022 Ford Maverick compact pickup before you're supposed to see it.
The small truck is big news for Ford
By Gary Gastelu | Fox News

The Maverick has been spotted in the wild.

Ford's upcoming compact pickup was spotted being tested on public roads near one of the automaker's development centers nearly undisguised, save for a camouflage wrap meant to obscure the details of its design.

Ford hasn't officially had much to say about the new model or even confirmed its name, but recent information leaks suggest it will be called the Maverick and share some of its platform with the new Bronco Sport SUV.

That means it will be a front-wheel-drive-based vehicle with an available all-wheel-drive system, which the pickup in the photos is equipped with along with an independent rear suspension. Size comparisons put the crew cab short bed at about two-feet shorter than a Ford Ranger.

Engine options will likely be the same as the Bronco Sport's, which offers the choice of a 181 hp turbocharged three-cylinder and 250 hp turbocharged four-cylinder.

Ford reportedly told its dealers that the vehicle will be offered with a base MSRP under $20,000, which would make it the cheapest pickup on sale in the U.S.

The Maverick is expected to be unveiled in full in the second half of 2021 ahead of its launch for the 2022 model year.

Gary Gastelu is FoxNews.com's Automotive Editor covering the car industry and racing.

You wonder what the base stripped model interior looks like.