Yeah, I'd be interested in seeing it, too. I'm having visions of the old Datsun pickup interior. LOL. Hopefully it will be better than we hope.
Interesting Car/Truck Manufacturer News
- Thread starter Weather Man
- Start date
Smart dealers could make some money selling those. Most dealers will have one base as a price leader.
I wish, though, they hadn't used the Maverick name. Because in my head, say Maverick and I only see.....
Elon Musk becomes Technoking of Tesla
Lordstown Motors on track with production of Endurance all electric pickup truck in September 2021
- Tesla (NASDAQ:TSLA) announces that the titles of Elon Musk and Zach Kirkhorn have changed to Technoking of Tesla and Master of Coin, respectively.
- Musk and Kirkhorn will also maintain their respective positions as Chief Executive Officer and Chief Financial Officer.
- Separately, Tesla stated that Jerome Guillen, its president for automotive, has transitioned to the role of president of Tesla Heavy Trucking, and will lead all aspects of the Tesla Semi program.
- SEC Form 8-K
- Shares of Tesla are down 0.57% premarket to $689.40.
- Last week, New Street Research laid out its reasoning on why Tesla could become a $3T company by 2030.
Lordstown Motors on track with production of Endurance all electric pickup truck in September 2021
- Lordstown Motors (NASDAQ:RIDE) +6.2% premarket, intends to respond as appropriate in due time with regards to a short-seller report written on the company by Hindenburg Research on March 12, 2021.
- The company remains on track for start of production of its Lordstown Endurance all electric pickup truck in September 2021.
- The company will elaborate on its progress towards start of production, including providing an update on beta vehicle production and other important business developments on its first earnings call on March 17.
- Lordstown Motors shares plunged last week after Hindenburg accuses it of 'fake orders'.
Volkswagen, QuantumScape rally after VW's battery day event
- Volkswagen (OTCPK:VLKAF) trades higher after holding a battery day event online.
- The German auto giant is targeting having six battery plants in Europe by 2030 with 240 GwH capacity. The gigafactory currently operated by Volkswagen in Salzgitter will produce the unified cell for the high-volume segment from 2025 and develop innovations in process, design and chemistry. Production capacity of up to 40 GwH per year is also planned for Salzgitter. Volkswagen also aims to have 18K fast-charging points across Europe with partners BP, Iberdrola and Enel.
- VW's goal is to cut battery costs by up to 50% in standard cells, and to ensure up to 95% recyclability. VW also confirmed plans to continue pursuing solid-state batteries as its end goal under a newly standardized Unified Battery Cell as an intermediate step in eventually moving to a liquid-free battery easier in the future.
- "We are now systematically integrating additional stages in the value chain. We secure a long-term pole position in the race for the best battery and best customer experience in the age of zero emission mobility," says Chairman Herbert Diess.
- Looking ahead, Volkswagen intends to integrate the electric car in private, commercial and public energy systems in the future. The company says this will allow green electricity from the solar energy system to be stored in the vehicle and fed back into the home network if needed. "Not only will customers be more independent of the public power grid, they will also save money and reduce CO2 emissions," previews the company.
- QuantumScape (QS +8.5%) is rallying today after the Volkswagen Battery day event as tipped last Friday in Seeking Alpha's Catalyst Watch.
Cummins touches all-time high after deal with Japan's Hino Trucks
- Cummins (CMI +0.4%) edges up to an all-time intraday high after Japanese truckmaker Hino Trucks said it planned to produce medium- and heavy-duty trucks with Cummins engines for sale in North America.
- Hino says it plans to offer Cummins' B6.7 and L9 engines in its L and XL Series models by year-end 2021.
- Hino expects to begin production of Cummins powered trucks at the West Virginia and the Woodstock plant in October, using engines built by Cummins at its Rocky Mount engine plant in North Carolina.
- Jefferies analyst Stephen Volkmann estimates the deal will add an incremental 11K units between the B6.7 and L9 engines for Cummins, Bloomberg reports.
- Earlier this month, Jefferies upgraded Cummins shares to Buy from Hold with a $325 price target.
Online car wholesaler ACV Auctions expects $18 to $20 IPO share price, valuing firm above $3B
- SoftBank-backed online automobile wholesaler ACV Auctions (ACVA) said Monday that it expects to price its initial public offering at $18 to $20 a share, which would value the company at about $3.1B.
- ACV wrote in a revised S-1 filing with the U.S. Securities at Exchange Commission that it intends to offer 16.55M shares at $18 to $20, and also grant underwriters the option to purchase another 2.48M shares for overallotments.
- That will raise up to $380.65M for the firm if underwriters exercise all overallotment options.
- After the IPO, ACVA expects to have about 154.15M shares outstanding. At $20 a share, that would value the company at just under $3.1B.
- ACVA serves as an online wholesale marketplace for used-car dealers.
- Its pre-IPO packers include SoftBank, Armory Square Ventures, Bessemer Venture Partners and Tribeca Venture Partners.
- Online auto companies have been hot in the IPO market over the past year or so, albeit with mixed results once they start trading.
- Other companies to go public through either traditional IPOs or mergers with special purpose acquisition companies have included Vroom Inc. (NASDAQ:VRM), Shift Technologies (NASDAQ:SFT) and Carlotz (NASDAQ:LOTZ).
CarLotz posts strong growth, expands footprint
- CarLotz (NASDAQ:LOTZ) announces that it will open a fourth hub in its home state of Virginia.
- The new hub in Charlottesville will be the company's twelfth nationwide,
- Earlier this month, CarLotz announced that its first Tennessee opening, a hub in Nashville, is set to open by the end of March.
- CarLotz currently operates its full omni-channel offering out of 11 hubs nationwide including Virginia, North Carolina, Florida, Illinois, Texas, and Washington State.
- CarLotz also disclosed Q4 results, Revenue was up 40% to $37.0M, driven by double-digit growth in retail units, retail average selling price, and financing and product revenues. Retail unit sales were 1,815 compared to 1,614 a year ago. Financing and F&I product sales increased 49% Y/Y. Gross profit was up 25%and retail gross profit per unit was also up 25%.
- Read more details on the Q4 earnings report.
- LOTZ +3.88% in AH trading. Options trading was implying a larger post-earnings swing.
2021 Kia EV6 is all-new electric flagship with 310-mile range
Performance-focused crossover spearheads Kia's new EV family with dramatic look and ultra-fast charging
Performance-focused crossover spearheads Kia's new EV family with dramatic look and ultra-fast charging
The new EV6 is Kia’s first bespoke production electric car and pairs a radical new design with unprecedented levels of performance for the brand.
Revealed ahead of its official full debut later this month, the EV6 will spearhead a wave of new-era electric cars from Kia. Each will be badged EV followed by a number corresponding to its size. So the EV6 crossover is a mid-sized car, which leaves room below for compact SUVs, hatchbacks and saloons, and for larger SUVs at the top of the range. Kia will launch a further six bespoke EVs by 2027.
Full technical specifications are yet to be confirmed, but the EV6 shares its E-GMP platform with the recently revealed Hyundai Ioniq 5. This means it will have 800V hardware for charging speeds of up to 220kW and it should charge from 10% to 80% capacity in 18 minutes.
The E-GMP platform is compatible with rear- and all-wheel-drive layouts and can accommodate a 72.6kWh battery pack for a range of around 310 miles – which the EV6 is expected to use.
In terms of performance, the EV6 will far outpace Kia’s existing electric models, the e-Niro and Soul EV. The 0-62mph sprint will take around 5.0sec and a top speed of 120mph is likely.
The EV6 will be positioned similarly to Hyundai’s upcoming Ioniq 6 performance saloon, so a focus on dynamic ability is expected, too.
The new model’s design represents a radical departure for Kia, pioneering a new ‘Opposites United’ styling ethos that leans on “contrasting combinations of sharp stylistic elements and sculptural shapes”. Future models will take similarly dramatic design cues, with key tenets of the new philosophy including ‘daring’ colour schemes, simple lines and “bold, everchanging surfaces”.
The influence of Kia’s 2019 Imagine concept is clear. Although the overall silhouette has evolved to give a lower, less overtly SUV-oriented stance, there’s a new interpretation of Kia’s trademark ‘tiger nose’ grille and an obvious emphasis on aerodynamic optimisation.
The distinctive headlights and wraparound light bar at the rear will display a new sequential light pattern.
The flat floor of the E-GMP platform and a new minimalist interior design ethos mean the EV6’s cabin is more spacious than those of Kia’s existing EVs. A sloping dashboard and slim, lightweight seat designs are used to minimise incursion into the occupants’ space. As with its Hyundai sibling, the EV6 uses recycled plastics throughout the interior.
The Imagine concept’s 21-screen dashboard display has not been carried over. The dashboard is dominated by an expansive and “immersive” one-piece curved display in place of a conventional infotainment screen and separate gauge cluster, while a haptic control panel is used for operating the climate control.
Prices and UK trim details for the EV6 will be made available closer to its market launch later this year, but a substantial premium over the top-end £45,000 Ioniq 5 is likely, given its premium and performance emphasis.
Attachments
A common theme with all these EV companies is that I have never heard of them or seen their product.
ElectraMeccanica to establish U.S. base of operations in Greater Phoenix, Arizona
ElectraMeccanica to establish U.S. base of operations in Greater Phoenix, Arizona
- ElectraMeccanica Vehicles (NASDAQ:SOLO) trades 2.1% higher premarket after choosing Mesa, AZ, in the greater Phoenix area, for its U.S. based assembly facility and engineering technical center.
- Mesa facility will support the company's strategic plan to meet anticipated demand for their flagship SOLO EV.
- On full operational basis, the facility will be capable of producing up to 20K SOLOs annually.
- The company has also seen rising interest in commercial fleet and utility applications for which it plans to initiate a future pilot SOLO share ecosystem in the Mesa and the greater Phoenix region.
WiMi Hologram unveils plan to develop Wimi Holopulse Lidar
- To meet growing demand, WiMi Hologram Cloud (NASDAQ:WIMI) intends to develop WiMi HoloPulse LiDAR in three phases, as a versatile holographic pulse 3D solid-state LiDAR that is capable of detecting objects from more than 200 meters away and capturing high-resolution 3D holograms.
- The LiDAR will use microvibrators from microelectromechanical systems (MEMS) to provide high resolution, long detection ranges, and wide fields of view.
- WiMi HoloPulse LiDAR will be a small-sized, light weight, and multi-functional holographic pulse LiDAR sensor with a long detection range, wide field of view, and unique scanning pattern.
- Shares up 5% premarket.
Lucid Motors says luxury EV model almost fully reserved
- Lucid Motors (LUCIDM) says in an e-mail that the Lucid Air Dream Edition is almost "fully reserved."
- Lucid is requiring a $7,500 down payment on the $169,500 EV ($161,500 after the federal tax credit) limited production model.
- The electric vehicle startup says the Lucid Air Dream Edition has a maximum horsepower of up to 1,080, can go from 0 mph to 60 mph in 2.5 seconds and hit a quarter-mile in under 10 seconds.
- Lucid is hoping to bring EVs to the market in the second half of this year.
- Shares of Lucid merger partner Churchill Capital Corp IV (NYSE:CCIV) are up 5.50% on the day and are more than 20% higher for the week, but still trade at less than half of their February high.
Ford backing out of promise to add new model at Ohio plant, union says
- The United Auto Workers union criticizes Ford's (NYSE:F) plan to build a new vehicle in Mexico rather than at an Ohio plant, suggesting it might be in violation of the company's contractual commitments.
- The union says Ford agreed in 2019 as part of its four-year contract agreement to commit $900M for the assembly plant in Avon Lake, Ohio, including a next-generation product to be added in 2023, but now the company intends to build a next-generation vehicle in Mexico.
- Ford currently employs ~1,700 hourly workers at the plant producing E-series vans and Super Duty pickup trucks.
- The company said in a letter to employees yesterday that conditions had changed since 2019, although it is investing in the Avon Lake plant and will increase production of Super Duty trucks there.
- Ford fell more than 5% in today's trade, but its share price "has risen too far, too fast," Geoff Considine writes in a bearish new analysis published on Seeking Alpha.
Investors love Volkswagen's expansion plans, push ADRs up another 10%
- Volkswagen's (OTCPK:VWAGY) U.S.-listed shares have soared nearly 17% over the past two days to score their highest in more than two-and-a-half years following well-received announcements on its efforts to overtake Tesla in the electric vehicles market.
- Today's volume in the ADRs totaled nearly 12x the 90-day average, while volume in the company's preferred shares, which comprise its main class of stock, totaled ~2.5x.
- Volkswagen's ordinary stock in Germany, which unlike the preferential class of shares is tied to the ADRs, gained 15.5% in the two sessions.
- At its battery day event yesterday, Volkswagen unveiled plans to build six battery cell plants in Europe, said it aimed to more than double deliveries of electric vehicles this year, and reiterated its goal to cut battery costs by up to 50% in standard cells.
- CEO Herbert Diess told Reuters he believes Volkswagen is worth €200B, and the company would not need potential a listing for the Porsche luxury division given the unit's importance to group turnaround efforts.
- The automaker confirmed it is aiming for an operating margin of 7%-8% by 2025, adding it expects to end 2021 at the upper end of a 5%-6.5% target range.
Honda temporarily cutting production at all U.S., Canada plants - Reuters
- Honda (NYSE:HMC) will suspend production for a week at a majority of its U.S. and Canada auto plants due to supply chain issues, Reuters reports.
- A company spokesperson cites the impact from COVID-19, the microchip shortage, congestion at various ports and severe winter weather over recent weeks as reasons for the suspension for the week starting March 22.
- The volume of vehicles affected is not clear, but Honda says "purchasing and production teams are working to limit the impact of this situation."
- Honda typically produces ~30K vehicles per week in the U.S. and Canada.
- The chip shortage has hurt most of the global automakers, including General Motors, which has cut production at several plants and warned the shortage could knock as much as $2B from this year's earnings.
Foxconn eyes EV manufacturing in Wisconsin for Fisker and Geely
- Taiwanese manufacturer Foxconn (OTC:FXCOF) says it is considering making electric vehicles at its location in Wisconsin, where the company originally planned to make LCD panels. The alternative for Foxconn is to produce EVs in Mexico.
- A decision is expected by July 1.
- Foxconn has agreed to build vehicles for Fisker (NYSE:FSR), Geely, Byton and a number of other EV startups. Rumors have also persisted that Foxconn could partner with Apple on EVs in the future.
- Read why Foxconn may have a manufacturing edge.
BMW has revealed its first electric midsize utility vehicle, the iX xDrive50.
The battery-powered model is set to go on sale in the U.S. in early 2022 at a starting price in the mid-$80,000 range and will compete with vehicles like the Tesla Model X and Audi e-tron.
2022 BMW iX electric SUV revealed with 300 mile range, $80G price | Fox News
Kandi America expands product categories and launches NEV models
- Kandi America, the U.S. subsidiary of Kandi Technologies (KNDI +1.9%) announces strategic expansion of its automotive business to fulfill the largely untapped Neighborhood Electric Vehicle (or NEV) market.
- “In the U.S., most NEVs are converted from golf carts and are not as safe or comfortable as regular cars. We are excited to have harnessed Kandi’s groundbreaking technology used for electric cars to create an elite, industry-leading category of models within the NEV space known for sophistication and dependability.” said Johnny Tai, CEO of Kandi America.
Tesla priced out of new UK list for EV subsidies
- Tesla's (NASDAQ:TSLA) Model 3 cars will no longer qualify for an electric vehicle subsidy in the UK under new government rules that lowered the price ceiling.
- The UK brought down the price of eligible autos to £35K ($48.65K) from the previous level of £50K, under which most Model 3s were eligible.
- The grant maximum was cut to £2,500 from £3,000.
- “This sends the wrong message to the consumer, especially private customers, and to an industry challenged to meet the government’s ambition to be a world leader in the transition to zero emission mobility,” Mike Hawes, chief executive officer of the Society of Motor Manufacturers and Traders, said in a statement, according to Bloomberg.
- Tesla shares are off 3% as higher yields are pressuring high-valuation stocks again.
- A climate policy expert said in a recent interview that subsidies for EV companies are one of the worst ways to cut carbon emissions.
Lordstown Motors drops further after CEO appears in CNBC interview
- Lordstown Motors (NASDAQ:RIDE) fell further in premarket trading, down 8.8%, after CEO Steve Burns was interviewed on CNBC and after admitting last night that the company has received a request for information from the SEC.
- Burns, responding to a recent Hindenburg short report, said the company has received non-binding preorders for its electric trucks.
- "We've never said we had orders." Burns said on CNBC. "We don't have a product yet. By definition we can't have orders."
- Burns further added:
- "The preorders did exactly what they were supposed to do. Gauge interest. Nobody knew if fleets would buy an electric pickup truck. It was completely unknown science, no data around it."
- "I don't think anybody thought we had actual orders. That's just not the nature of this business."
- Recall March 15, Lordstown Motors on track with production of Endurance all electric pickup truck in September 2021.
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