Interesting Car/Truck Manufacturer News
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EV roundup: Geely launching new Tesla competitor; Foxconn circles Taiwan tie-up
Ford upgraded at Barclays on clearer BEV strategy
- Volvo owner Geely (OTCPK:GELYF) plans to roll out a new electric vehicle line with different branding and revised sales strategies to compete with Tesla in the high-end vehicle space, according to Reuters sources.
- The Zeekr brand will be launched under Geely's forthcoming Lingling Technologies EV business. The vehicles will be based on the open source Sustainable Experience Architecture EV chassis that Geely announced late last year.
- Geely will follow Tesla's sales model for the new vehicles, creating showrooms or "hubs" in city centers rather than selling through dealerships.
- In other EV news, Foxconn (OTCPK:HNHAF) has reportedly offered to acquire the EV production lines owned by VinFast, a unit of Vietnam's largest conglomerate, Vingroup.
- But Reuters sources say VinFast would prefer a partnership to a sale.
- Vingroup has confirmed early stage talks with Foxconn abouta potential partnership focusing on battery and electric car part development.
- VinFast sold about 30,000 vehicles in 2020 and forecasts more than 45,000 vehicle sales for 2021.
- EV stocks on the move pre-market: Kandi Technologies (NASDAQ:KNDI) +1.5%, WorkHouse Group (NASDAQ:WKHS) +1.5%, Nikola (NASDAQ:NKLA) +2.2%, and Nio (NYSE:NIO) +1.6%.
- Foxconn, one of the world's largest contract manufacturers and Apple suppliers, has made a hard push into supplying EV components, including recent deals with Fiat Chrysler, Geely, and Fisker.
Ford upgraded at Barclays on clearer BEV strategy
- Growing "more comfortable with the margin improvement outlook," Barclays upgrades Ford (NYSE:F) from Equal Weight to Overweight and raises the price target from $9 to $16.
- The firm was on the sidelines due to "the lack of a clear, aggressive BEV strategy." But the Ford Europe turnaround and use of VW's dedicated BEV platform have left Barclays more bullish.
- Key quote: More importantly, Ford (leveraging the VW MEB platform) will likely shift much more aggressively than consensus believes toward BEVs in the 2025-2030 period, andFord will likely highlight at its Spring Investor Day a BEV strategy centered around two dedicated BEV platforms."
- Ford shares are up 2.6% pre-market to $12.81.
- Yesterday, Ford announced the cancellation of more shifts due to the ongoing global chip shortage.
UPS Vans to Get the Electric Treatment
Startup company Arrival is building a second microfactory here to fulfill UPS’ order of 10,000 electric delivery vans.
BY JAY RAMEY
MAR 18, 2021
The startup company last year shared images of its toaster-shaped electric van, which will be based on a "skateboard" platform of Arrival's own design and will have a range of about 150 miles on a full charge. The vans will be aimed at last-mile delivery rather than interstate travel between UPS hubs, and will feature composite bodies. The vans were designed with a lot of input from UPS, of course, but could be used by a number of other logistics giants and even smaller businesses that do daily deliveries in a set geographic area.
This second microfactory will produce electric vans starting late next year. The tactic behind Arrival's microfactories, as opposed to a conventional assembly plant, is to reduce costs via a new cell-based assembly technique versus a traditional production line. In this manner Arrival says it will reduce production footprint and cost while being able to produce different vehicles from its lineup on a smaller stage—and will thus make them more affordable for end users as well. The microfactory approach is also designed for the company to achieve profitability at an earlier stage, due to the decreased capital required to get a site up and running.
"Our newest Microfactory will be producing two different classes of EV vans for our US customers, expanding the zero-emissions options for fleet operators and accelerating the mass adoption of electric vehicles," said Michael Ableson, CEO of Arrival Automotive. "We are pleased to increase our investment as we extend our partnership with the City of Charlotte and believe we will continue to see strong demand for our vehicles as more operators transition to electric."
Plans for the UPS vans differ sharply from the recently-announced decision by the USPS to acquire gas-engined delivery vehicles from Wisconsin-based Oshkosh, ones that can be reconfigured from a gasoline drivetrain to an electric one. Of course, the 10,000 electric vans that UPS plans to buy won't replace its entire fleet all at once, so UPS will rely on many other types of vehicles for a while, including for last-mile delivery. But it is nevertheless advancing in the direction of zero-emissions vehicles earlier than the Postal Service.
"We’re excited by this significant milestone that will enable UPS to economically deploy electric vehicles throughout our global operations at an increasing pace," said Luke Wake, vice president of maintenance and engineering, UPS Corporate Automotive. "We can’t wait to see UPS’s new electric vehicles roll out of this factory as this is also one of many paths UPS is taking to reduce its CO2 emissions."
Almost a year ago Arrival received a €100 million investment from Hyundai and Kia, which includes an agreement to develop commercial vehicles together with Arrival. The announcement of a second US microfactory coincides with the startup's plans to go public—as well as the new administration's indication it will champion the zero-emission vehicle.
Startup company Arrival is building a second microfactory here to fulfill UPS’ order of 10,000 electric delivery vans.
BY JAY RAMEY
MAR 18, 2021
- Arrival plans to build second US microfactory to produce electric delivery vans.
- The microfactory approach is designed to reduce the capital costs of starting production, saving space and expenses.
- Arrival received a large investment from Hyundai and Kia, with whom it intends to collaborate on developing EVs.
The startup company last year shared images of its toaster-shaped electric van, which will be based on a "skateboard" platform of Arrival's own design and will have a range of about 150 miles on a full charge. The vans will be aimed at last-mile delivery rather than interstate travel between UPS hubs, and will feature composite bodies. The vans were designed with a lot of input from UPS, of course, but could be used by a number of other logistics giants and even smaller businesses that do daily deliveries in a set geographic area.
This second microfactory will produce electric vans starting late next year. The tactic behind Arrival's microfactories, as opposed to a conventional assembly plant, is to reduce costs via a new cell-based assembly technique versus a traditional production line. In this manner Arrival says it will reduce production footprint and cost while being able to produce different vehicles from its lineup on a smaller stage—and will thus make them more affordable for end users as well. The microfactory approach is also designed for the company to achieve profitability at an earlier stage, due to the decreased capital required to get a site up and running.
"Our newest Microfactory will be producing two different classes of EV vans for our US customers, expanding the zero-emissions options for fleet operators and accelerating the mass adoption of electric vehicles," said Michael Ableson, CEO of Arrival Automotive. "We are pleased to increase our investment as we extend our partnership with the City of Charlotte and believe we will continue to see strong demand for our vehicles as more operators transition to electric."
Plans for the UPS vans differ sharply from the recently-announced decision by the USPS to acquire gas-engined delivery vehicles from Wisconsin-based Oshkosh, ones that can be reconfigured from a gasoline drivetrain to an electric one. Of course, the 10,000 electric vans that UPS plans to buy won't replace its entire fleet all at once, so UPS will rely on many other types of vehicles for a while, including for last-mile delivery. But it is nevertheless advancing in the direction of zero-emissions vehicles earlier than the Postal Service.
"We’re excited by this significant milestone that will enable UPS to economically deploy electric vehicles throughout our global operations at an increasing pace," said Luke Wake, vice president of maintenance and engineering, UPS Corporate Automotive. "We can’t wait to see UPS’s new electric vehicles roll out of this factory as this is also one of many paths UPS is taking to reduce its CO2 emissions."
Almost a year ago Arrival received a €100 million investment from Hyundai and Kia, which includes an agreement to develop commercial vehicles together with Arrival. The announcement of a second US microfactory coincides with the startup's plans to go public—as well as the new administration's indication it will champion the zero-emission vehicle.
USPS Picks Oshkosh Defense for Next-Gen Mail Truck
NGDV is designed to be converted from gas to electric power, but the charging stations have to arrive first.
BY JAY RAMEY
The contract is expected to see Oshkosh Defense produce 50,000 to 165,000 Next Generation Delivery Vehicles (NGDV) following the finalization of the design of the vehicle, which will be purpose-built to serve the needs of the USPS. The right-hand drive vehicles themselves have been engineered to work with internal combustion and battery-electric powertrains alike, with the design specifying the ability for them to be retrofitted with EV drivetrains at a certain point. This means that after a period of years working with a gas engine, the NGDV will be able to receive a battery and electric motor and stay in service.
In addition, the NGDV will finally include technologies that have been commonplace in cars for at least a decade: Backup cameras, front and rear-collision avoidance systems, traction control, automatic emergency braking, and air bags. They will also be larger and taller than the current Grumman LLV that entered production in 1987 (itself replacing the Jeep DJ-5) and which features.... none of the tech listed above.
"The Postal Service fleet has more than 230,000 vehicles in every class, including both purpose-built and commercial-off-the-shelf (COTS) vehicles," the Postal Service noted in a statement. "Approximately 190,000 deliver mail six, and often seven, days a week in every U.S. community. The NGDV, along with other COTS vehicles, will replace and expand the current delivery fleet, which includes many vehicles that have been in service for 30 years."
The NGDV will begin entering service in 2023.
This doesn't mean that the Grumman LLV will go out of service tomorrow or next year—Oshkosh will require a few years to replace even a quarter of the current mail delivery vehicle fleet starting 2023.
Perhaps the most curious part of the Oshkosh design (aside from the fact that it looks like a smug reptile or a cartoon duck) is the plan to retrofit the vehicles with EV drivetrains at a later stage. The defense contractor has not detailed just how this work will be carried out, or at what point in the vehicle's life cycle this is likely to occur. Neither have the costs associated with a mass conversion been addressed by the USPS or by Oshkosh.
What's clear is that the USPS considers an outright introduction of EVs at this stage to be cost-prohibitive. Gas-engined vehicles will still be used pending the introduction of standardized EV drivetrains, the makers of which have yet to be revealed—if they're even identified yet. We can also assume the vehicles will rely on their own charging infrastructure, which will present its costs and challenges.
The EV infrastructure at post offices would have to be in place before the EV drivetrains are retrofitted, so an equally important part of the transition to EVs is the contract to build the charging stations for post office lots where the NGDVs can be recharged overnight.
As not all mail routes are alike, we're also likely to see several different battery variants become available for the NGDV, depending on the areas they serve. It wouldn't make sense for a mail vehicle to have a 200-mile battery if it only serves a small New England town, whereas mail carrier vehicles in the western plains might well need the longest range available.
The debut of a preliminary design of the NGDV follows the rollout of a number of specially engineered EVs for private retail and delivery giants like Amazon, for which Rivian has been working on a battery-electric delivery van. Amazon's delivery needs are, of course, different from those of the USPS, both when it comes to range and size, but Amazon can also afford to spend more on a larger fleet of vehicles that are EVs from the start.
NGDV is designed to be converted from gas to electric power, but the charging stations have to arrive first.
BY JAY RAMEY
- Oshkosh Defense wins a 10-year contract to build next-gen mail delivery vehicles for the United States Postal Service, replacing long-lived Grumman LLV.
- Oshkosh's NGDV will be designed to be retrofitted from internal combustion power to EV power later in its lifecycle, with production starting in 2023.
- The USPS would need an EV charging network to be in place before it can begin operating electric delivery vehicles.
The contract is expected to see Oshkosh Defense produce 50,000 to 165,000 Next Generation Delivery Vehicles (NGDV) following the finalization of the design of the vehicle, which will be purpose-built to serve the needs of the USPS. The right-hand drive vehicles themselves have been engineered to work with internal combustion and battery-electric powertrains alike, with the design specifying the ability for them to be retrofitted with EV drivetrains at a certain point. This means that after a period of years working with a gas engine, the NGDV will be able to receive a battery and electric motor and stay in service.
In addition, the NGDV will finally include technologies that have been commonplace in cars for at least a decade: Backup cameras, front and rear-collision avoidance systems, traction control, automatic emergency braking, and air bags. They will also be larger and taller than the current Grumman LLV that entered production in 1987 (itself replacing the Jeep DJ-5) and which features.... none of the tech listed above.
"The Postal Service fleet has more than 230,000 vehicles in every class, including both purpose-built and commercial-off-the-shelf (COTS) vehicles," the Postal Service noted in a statement. "Approximately 190,000 deliver mail six, and often seven, days a week in every U.S. community. The NGDV, along with other COTS vehicles, will replace and expand the current delivery fleet, which includes many vehicles that have been in service for 30 years."
The NGDV will begin entering service in 2023.
This doesn't mean that the Grumman LLV will go out of service tomorrow or next year—Oshkosh will require a few years to replace even a quarter of the current mail delivery vehicle fleet starting 2023.
Perhaps the most curious part of the Oshkosh design (aside from the fact that it looks like a smug reptile or a cartoon duck) is the plan to retrofit the vehicles with EV drivetrains at a later stage. The defense contractor has not detailed just how this work will be carried out, or at what point in the vehicle's life cycle this is likely to occur. Neither have the costs associated with a mass conversion been addressed by the USPS or by Oshkosh.
What's clear is that the USPS considers an outright introduction of EVs at this stage to be cost-prohibitive. Gas-engined vehicles will still be used pending the introduction of standardized EV drivetrains, the makers of which have yet to be revealed—if they're even identified yet. We can also assume the vehicles will rely on their own charging infrastructure, which will present its costs and challenges.
The EV infrastructure at post offices would have to be in place before the EV drivetrains are retrofitted, so an equally important part of the transition to EVs is the contract to build the charging stations for post office lots where the NGDVs can be recharged overnight.
As not all mail routes are alike, we're also likely to see several different battery variants become available for the NGDV, depending on the areas they serve. It wouldn't make sense for a mail vehicle to have a 200-mile battery if it only serves a small New England town, whereas mail carrier vehicles in the western plains might well need the longest range available.
The debut of a preliminary design of the NGDV follows the rollout of a number of specially engineered EVs for private retail and delivery giants like Amazon, for which Rivian has been working on a battery-electric delivery van. Amazon's delivery needs are, of course, different from those of the USPS, both when it comes to range and size, but Amazon can also afford to spend more on a larger fleet of vehicles that are EVs from the start.
U.S. regulators are looking at nearly two dozen Tesla crashes, report says
Foresight Autonomous sells first QuadSight prototype to Japanese auto supplier
Aeva could 'leapfrog lidar competitors," says Oppenheimer in bullish initiation
SAIC, Toyota participate in $500M round for self-driving startup Momenta
- The National Highway Traffic Safety Administration is reportedly running 23 ongoing inquiries into Tesla (NASDAQ:TSLA) crashes, including a recent collision in Michigan.
- The majority of the cases look to involve Tesla's autopilot feature, according to a NYPost report.
- Tesla didn't immediately respond to NYPost request for comment.
- Recall March 17, Tesla's Autopilot lands in the spotlight again.
- Earlier, Tesla cars banned by Chinese military over camera concern.
Foresight Autonomous sells first QuadSight prototype to Japanese auto supplier
- Foresight Autonomous Holdings (FSRX) announces selling the first prototype of its QuadSight four-camera vision system to the American division of a leading Japanese manufacturer of automotive stereo vision systems.
- “This first prototype sale to an automotive stereo vision systems manufacturer validates the market need for Foresight’s innovative stereo technology and its added value to the automotive industry,” says CEO Haim Siboni. “Reliable obstacle detection capabilities in harsh weather and poor lighting conditions are a key element for ADAS and autonomous driving. Our QuadSight vision system uses highly accurate thermal and visible-light sensors that address the requirement to detect any obstacle and enable safe driving at all times in challenging weather. We believe that this prototype sale may allow us to expand our product offering to additional automotive stereo vision developers and potentially reach major vehicle manufacturers worldwide."
- Foresight shares are up 1.3% to $7.12.
- Last week, Foresight announced the completion of its first pilot phase with a global vehicle manufacturer.
Aeva could 'leapfrog lidar competitors," says Oppenheimer in bullish initiation
- Four days after the lidar stock started trading following a reverse SPAC merger, Oppenheimer starts Aeva (NYSE:AEVA) with an Outperform rating and $20 price target.
- Analyst Colin Rusch thinks Aeva could "leapfrog idar competitors" because the leading competitors only offer real-timer distance measurement, while Aeva offers real-time and velocity measurements.
- Aeva's "elegant system design" creates the potential for declining costs that would open up the technology to "numerous additional markets, notably consumer electronics."
- Rosch says the SPAC raise left Aeva with "sufficient capital to fund its growth and delver positive EBITDA and cash flow generation by 2024."
- In other lidar news, Luminar Technologies (NASDAQ:LAZR) is started with a Hold rating and $24 price target at Craig-Hallum, citing the "narrow contract base."
- The firm sees a potential $50-150B TAM for lidar sensors by 2030, and notes that Luminar is among the first lidar companies to enter series production contracts with the likes of Volvo and SAIC.
- But LAZR's $8.5B market cap and 19.2x CY24 EV/S are much higher than its peers, which combines with the narrow base, "unclear cost structure," and lacking scalability to create risk.
- Luminar has four contracts and one (Intel's Mobileye) has a "limited lifespan" due to Intel's work on an in-house sensor.
- Aeva shares are up 11% to $14.64. Luminar shares are up 9% after yesterday's preliminary results and business update.
SAIC, Toyota participate in $500M round for self-driving startup Momenta
- Autonomous vehicle startup Momenta has raised $500M in in a funding round that included Toyota (NYSE:TM), Chinese auto giant SAIC, Daimler AG, Bosch, and Tencent (]]TCEHY]],OTCPK:TCTZF)
- Momenta takes a "two-legged" approach to autonomous driving, working on both the semi-autonomous mass-production passenger vehicles and the Level 4 or fully driverless vehicles.
- The startup is currently testing vehicles in Beijing and Suzhou, China. Momenta has a research center in Stuttgart in Germany.
- The new funds will help Momenta expand its data collection and workforce.
- Last year, Toyota partnered with Momenta to develop a high definition mapping platform in China, which is a key feature for a self-driving vehicle's ability to locate itself.
- Related: Yesterday, SAIC announced an autonomous vehicle partnership with lidar sensor company Luminar Technologies.
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Tesla won't share data from its cars with U.S., Musk assures Chinese
- Elon Musk says Tesla (NASDAQ:TSLA) would never provide the U.S. government with data collected by its vehicles in China or other countries, saying the company would be shut down everywhere if it used its cars to spy anywhere, which provides "a very strong incentive for us to be very confidential."
- Musk's assurance at a high-level conference in China follows the Chinese government's reported decision to restrict the use of Tesla cars by military personnel or employees of key state-owned companies.
- Concerns about commercial espionage have become overblown, Musk says, citing the case of TikTok, which was threatened with a U.S. ban last year even while the platform's videos mostly show people "just doing silly dances."
- China has become a vital market for Tesla, last year accounting for 25% of its global sales of ~500K vehicles, and Tesla has been seen as a model foreign company in China before encountering its first serious run-in with Chinese authorities last month over purported quality issues.
Electric Jeep Wrangler 'Magneto' is a clean dirt-road machine
Battery-powered 4x4 is a unique electric vehicle
By Gary Gastelu | Fox News
Jeep will be making some noise in Moab with a silent SUV.
The Jeep Wrangler Magneto concept is an all-electric version of the venerable 4x4 that will make its debut at the Easter Jeep Safari off-road event in Utah starting March 27.
The Jeep® Wrangler Magneto concept is a fully capable BEV that is stealthy, quiet, quick and an unmistakable rock-climbing force. Jeep brand engineers and designers have created a zero-emission vehicle with Jeep 4x4 capability that provides new levels of efficiency, environmental responsibility, and performance on- and off-road.
The Magneto is based on the Wrangler Rubicon, but has had its V6 engine replaced by an electric motor with an identical 285 horsepower that connects to the standard six-speed manual transmission and four-wheel-drive system.
The motor has been tuned to deliver its power in a similar fashion to the V6 to keep things familiar when negotiating tough terrain, but can also provide its maximum 273 lb-ft of torque in an instant whenever the driver floors the accelerator.
The exterior of the Jeep® Magneto BEV concept features a Bright White color with Surf Blue accents, along with a heavy-duty performance hood with center scoop and custom decal, redesigned rear gate and dramatic full-width forward lighting. Custom Royal Blue and Black leather seats with Sapphire-colored inserts and straps, Surf Blue truck bed liner and Mopar slush mats give the Magneto’s interior design an electrified appearance.
The setup is different than most purpose-built electric vehicles, which do without transmissions and let the electric motors drive the wheels directly, but has been used in electric conversions of various classic cars.
The motor draws its energy from four battery packs with a combined storage capacity of 70 kilowatt-hours that have been installed on top of the motor, under the vehicle where the fuel tank usually is and in the cargo compartment. The system can also be used to provide on-site power to external electrical equipment.
Jeep hasn't announced plans to put the Magneto's drivetrain into production, but will be doing engineering tests at the event, where it will also inaugurate the first of a network of solar-powered charging stations it is installing at popular off-road destinations.
However, deliveries of the 2021 Wrangler 4xe plug-in hybrid are currently underway. The model pairs a turbocharged four-cylinder engine and electric motor to provide 375 hp and 470 lb-ft of torque and has a combined fuel economy rating equivalent to 49 mpg in typical use. It can also be driven up to 21 miles in all-electric mode on demand.
Along with the futuristic Wrangler Magneto, Jeep is also bringing several other concepts to Moab including the Jeepster Beach, which is a 1968 Jeep Commando with a modern Wrangler 2.0-liter turbocharged four-cylinder engine tuned to deliver 340 hp and 369 lb-ft of torque, 8-speed automatic transmission and 4:1 transfer case. The Beach also features a carpetless sand-friendly interior to help it live up to its name.
Battery-powered 4x4 is a unique electric vehicle
By Gary Gastelu | Fox News
Jeep will be making some noise in Moab with a silent SUV.
The Jeep Wrangler Magneto concept is an all-electric version of the venerable 4x4 that will make its debut at the Easter Jeep Safari off-road event in Utah starting March 27.
The Jeep® Wrangler Magneto concept is a fully capable BEV that is stealthy, quiet, quick and an unmistakable rock-climbing force. Jeep brand engineers and designers have created a zero-emission vehicle with Jeep 4x4 capability that provides new levels of efficiency, environmental responsibility, and performance on- and off-road.
The Magneto is based on the Wrangler Rubicon, but has had its V6 engine replaced by an electric motor with an identical 285 horsepower that connects to the standard six-speed manual transmission and four-wheel-drive system.
The motor has been tuned to deliver its power in a similar fashion to the V6 to keep things familiar when negotiating tough terrain, but can also provide its maximum 273 lb-ft of torque in an instant whenever the driver floors the accelerator.
The exterior of the Jeep® Magneto BEV concept features a Bright White color with Surf Blue accents, along with a heavy-duty performance hood with center scoop and custom decal, redesigned rear gate and dramatic full-width forward lighting. Custom Royal Blue and Black leather seats with Sapphire-colored inserts and straps, Surf Blue truck bed liner and Mopar slush mats give the Magneto’s interior design an electrified appearance.
The setup is different than most purpose-built electric vehicles, which do without transmissions and let the electric motors drive the wheels directly, but has been used in electric conversions of various classic cars.
The motor draws its energy from four battery packs with a combined storage capacity of 70 kilowatt-hours that have been installed on top of the motor, under the vehicle where the fuel tank usually is and in the cargo compartment. The system can also be used to provide on-site power to external electrical equipment.
Jeep hasn't announced plans to put the Magneto's drivetrain into production, but will be doing engineering tests at the event, where it will also inaugurate the first of a network of solar-powered charging stations it is installing at popular off-road destinations.
However, deliveries of the 2021 Wrangler 4xe plug-in hybrid are currently underway. The model pairs a turbocharged four-cylinder engine and electric motor to provide 375 hp and 470 lb-ft of torque and has a combined fuel economy rating equivalent to 49 mpg in typical use. It can also be driven up to 21 miles in all-electric mode on demand.
Along with the futuristic Wrangler Magneto, Jeep is also bringing several other concepts to Moab including the Jeepster Beach, which is a 1968 Jeep Commando with a modern Wrangler 2.0-liter turbocharged four-cylinder engine tuned to deliver 340 hp and 369 lb-ft of torque, 8-speed automatic transmission and 4:1 transfer case. The Beach also features a carpetless sand-friendly interior to help it live up to its name.
Jeep shows off electric Wrangler concept
- Jeep unveils an all-electric Wrangler Magneto concept model loaded with 273 pound-feet of torque, 285 horsepower and an 800-volt system spread across four battery packs.
- Jeep says its engineers and designers have created a zero-emission vehicle with Jeep 4x4 capability that provides new levels of efficiency, environmental responsibility and performance on- and off-road.
- Based on a two-door 2020 Jeep Wrangler Rubicon, the Jeep Magneto uses a custom-built axial flux electric motor that operates up to 6K rpm. The company says the e-motor is connected to a six-speed manual transmission, creating a unique manual-electric powertrain with a clutch that operates as it would with an internal combustion engine. In quick-shift scenarios, the e-motor engages regen upon clutch engagement to prevent rev-hang.
- Jeep parent Stellantis (STLA -0.4%) has been slower than some peers to electrify its portfolio (see Ford and Volkswagen).
GM's newest pickup costs $9,000 and turns into a flatbed
But you can't buy one in the U.S.
By Gary Gastelu | Fox News
General Motors has been making big news in China with small vehicles built by its local joint-venture brand, Wuling Motors.
The $4,400 Hong Guang Mini EV has been the country's best-selling electric car for the past few months, and now it is launching a $9,000 pickup with a very clever feature.
The Zhengtu is a compact crew cab truck with seating for five and a 6.5-foot bed with sides that fold down like the tailgate to create a large flatbed platform.
The sides also open a full 180 degrees down to offer easy access to the bed.
Don't expect to load quite so much cargo onto it, however, as the Zhengtu is powered by a 1.5-liter four-cylinder engine rated at just 99 hp.
Unlike the China-made Buick Envision SUV, however, the Zhengtu and Mini EV will not be exported to the U.S.
But you can't buy one in the U.S.
By Gary Gastelu | Fox News
General Motors has been making big news in China with small vehicles built by its local joint-venture brand, Wuling Motors.
The $4,400 Hong Guang Mini EV has been the country's best-selling electric car for the past few months, and now it is launching a $9,000 pickup with a very clever feature.
The Zhengtu is a compact crew cab truck with seating for five and a 6.5-foot bed with sides that fold down like the tailgate to create a large flatbed platform.
The sides also open a full 180 degrees down to offer easy access to the bed.
Don't expect to load quite so much cargo onto it, however, as the Zhengtu is powered by a 1.5-liter four-cylinder engine rated at just 99 hp.
Unlike the China-made Buick Envision SUV, however, the Zhengtu and Mini EV will not be exported to the U.S.
The new whack a mole game in China. Wonder how long the Chinese authorities will let them play.
Li Auto leads Chinese EV sector lower after model pulled from tax exempt list
Li Auto leads Chinese EV sector lower after model pulled from tax exempt list
- Chinese electric vehicle stocks are lower in early trading after Li Auto (NASDAQ:LI) says it is no longer selling a car model that was removed from China's tax exemption list.
- Earlier today, China's Ministry of Industry and Information Technology posted a notice covering canceling purchase tax exemption of more than 2K NEV models which have no production or import within 12 months.
- Li Auto is down 3.69% in premarket trading, while Nio (NYSE:NIO) is off 1.68% and XPeng (NYSE:XPEV) is 2.35% lower.
- Li Auto, Nio and XPeng all plan to list shares on the Hong Kong Stock Exchange.
BorgWarner falls despite big electrification push
- BorgWarner (BWA -6.3%) unveiled its Project Charing Forward initiative at its Investor Day event today.
- The project is said to represent an acceleration of the company's electrification strategy, which is expected to bring the company's electric vehicle revenue from less than 3% of total revenues today to approximately 45% in 2030.
- The new plan comprises three pillars: profitably scaling electric light vehicles, expanding into electric commercial vehicles and optimizing the company's combustion portfolio through the planned dispositions of businesses with between $3B and $4B in aggregate revenue.
- CEO outlook: "As we plan for the next decade-plus of profitable growth, now is the time to move away from a balanced propulsion strategy and accelerate our shift towards electrification. We believe the electrification opportunity is real, large, near term and important to our sustainability goals. We've been building toward capitalizing on this opportunity for years and are confident we have the scale, portfolio, financial strength and team to execute successfully."
- Bank of America views BWA's big electrification push favorably.
- "Although BWA has made material efforts over the past several years to transition its business from ICE-centric to relatively powertrain agnostic (ICE/Hybrid/EV), today’s presentation, in our view, marks a material acceleration in transitioning the company towards the EV future. We view its CHARGING FORWARD plan as an endorsement of the company’s leadership position in the very necessary Core to Future business transition efforts occurring at all companies across the automotive industry."
- BofA keeps a Buy rating on BWA and price objective of $60.
- BorgWarner is one of Baird's favorite EV plays.
Self-driving truck startup TuSimple files for IPO
- Self-driving startup company TuSimple (NYSE:TSP) files for an IPO.
- The number of shares to be offered and the price range for the proposed offering have not yet been determined. Two classes of shares will be traded.
- TuSimple says it is developing the world's most advanced self-driving technologies specifically designed to meet the unique demands of heavy-duty trucks. The company wants to bring to market an autonomous solution for long-haul freight transportation.
- SEC S-1
- Source: Press Release
- Nvidia (NASDAQ:NVDA) and U.S. Xpress (NYSE:USX) are investors in TuSimple.
Did you notice how cheap some of those Chinese vehicles are? $4,400 for a small all-electric car, for example. One of the partner manufacturers is the China’s state-owned auto manufacturer SAIC Motor.
This mini car beats Tesla Model 3 to become the world's bestselling EV
Updated: 21 Mar 2021, 03:49 PM ISTHT Auto Desk
- Wuling Hong Guang Mini EV lags behind Tesla Model 3 in battery capacity, range and performance, but much cheaper than the Tesla electric sedan.
Tesla Model 3 run for the money. Yes, this made-in-China small electric car has become the world’s bestselling EV in January and February 2021, by beating the Tesla Model 3 electric sedan.
The Hong Guang Mini EV sells in China at a price of 28,800 yuan, which is nearly $4,500. On the other hand, the Tesla Model 3 rear-drive Standard Range Plus variant’s price starts at $38,190.
Despite the small electric car lagging behind Tesla Model 3 in terms of battery capacity, range, and performance, Wuling Hong Guang Mini EV convenience and affordable pricing have made it the world’s bestselling electric vehicle.
According to The Verge, Wuling Hong Guang Mini EV has sold more than 36,000 units in January 2021, as compared to the Tesla Model 3 that sold around 21,500 units in the same month. In February 2021 as well, Wuling Hong Guang Mini EV sold more than 20,000 units, as compared to just 13,700 Tesla Model 3.
Dimensionally, the Wuling Hong Guang Mini EV is just 115 inches long, 59 inches wide, and has a height of nearly 64 inches. The car has a wheelbase of just 76.4 inches and it weighs just 665 kg. The electric car is claimed to have a range of 170 kilometres on a single charge. The tiny electric car can reach a top speed of 100 kmph.
In comparison, the 2021 Tesla Model weighs 1,587 kg and has a length of 185 inches. The electric sedan is 73 inches wide and 57 inches tall. Also, it has a wheelbase of 113 inches. The Tesla Model 3 is claimed to be capable of running 402 km on a single charge.
The Wuling Hong Guang Mini EV is manufactured under a joint partnership between the China’s state-owned auto manufacturer SAIC Motor along with Wuling Motors and US auto giant General Motors. The auto company is referred as Wuling in the Chinese market.
Beam Global and GreenPower Motor singled out as EV winners
- Maxim Group reiterates its view that Beam Global (BEEM +1.7%) and GreenPower Motor Company (GP -7.6%) are well-positioned to become much larger and more profitable companies in the fast-growing and ESG-friendly EV market.
- Analyst Tate Sullivan notes BEEM currently trades at an EV/ revenue multiple of 18X the firm's 2021 revenue estimate compared to a 68X average for other charging companies. "We reiterate our Buy rating on BEEM shares and $90 price target, representing 25x our 2022 revenue estimate, based on our outlook for sustainable demand," he writes.
- Sullivan says GP currently trades at 17X the firm's CY21 revenue estimate compared to a 15X average for other EV companies that sell mostly to commercial customers. "We reiterate our Buy rating on GP shares and our $45 price target, representing 14x our CY22 forecast, based on our outlook for sustainable demand from shuttle bus, delivery van, and school bus customers for electric vehicles," he adds.
- Both stocks are big performers over the last six months even with shares off their highs.
Lordstown Motors under attack from Hindenburg again
- Lordstown Motors (RIDE -7.8%) trades near its session low after Hindenburg Research posts pictures purportedly of the company's Endurance truck breaking down during the filming of a commercial last summer.
- One of the pictures shows the Endurance EV on a tow truck.
- The Endurance commercial aired a few days before the company announced that it was going public on August 3.
- Hindenburg accused Lordstown of "fake orders" earlier this month.
- "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," they wrote.
It’s official. According to board chairman Markus Duesmann, Audi has stopped the development of new internal combustion engines.
Details come from our friends across the Pond at Automobilwoche, and as you might have imagined, regulatory pressure is behind the move. Here are the relevant bits of Duesmann’s statement about the news, via Google translate:
The EU plans for an even stricter Euro 7 emissions standard are a huge technical challenge and at the same time have little benefit for the environment. That extremely restricts the combustion engine, said Duesmann. We will no longer develop a new internal combustion engine, but will adapt our existing internal combustion engines to new emission guidelines.
That doesn’t mean that every vehicle wearing the four-rings will be a green machine just yet. But it does mean fans shouldn’t expect to see new versions of the RS6 Avant’s twin-turbo V8, or the glorious 5.2-liter V10 which powers the R8.
For anyone who’s been paying attention, this move shouldn’t comes as a huge surprise, as over the past few months, there’s been a groundswell of news about manufacturers pivoting toward electric vehicles. Last month, Jaguar Land Rover announced that it will be an all-electric brand by 2025, and back in January, General Motors said it will stop production of internal combustion vehicles by 2035.
Details come from our friends across the Pond at Automobilwoche, and as you might have imagined, regulatory pressure is behind the move. Here are the relevant bits of Duesmann’s statement about the news, via Google translate:
The EU plans for an even stricter Euro 7 emissions standard are a huge technical challenge and at the same time have little benefit for the environment. That extremely restricts the combustion engine, said Duesmann. We will no longer develop a new internal combustion engine, but will adapt our existing internal combustion engines to new emission guidelines.
That doesn’t mean that every vehicle wearing the four-rings will be a green machine just yet. But it does mean fans shouldn’t expect to see new versions of the RS6 Avant’s twin-turbo V8, or the glorious 5.2-liter V10 which powers the R8.
For anyone who’s been paying attention, this move shouldn’t comes as a huge surprise, as over the past few months, there’s been a groundswell of news about manufacturers pivoting toward electric vehicles. Last month, Jaguar Land Rover announced that it will be an all-electric brand by 2025, and back in January, General Motors said it will stop production of internal combustion vehicles by 2035.
That Audi news makes me cringe a bit, but not unexpected. Good Lord, imagine the uproar here when Ford announces no further development of its GT and GT-500 engines, and all other IC engines. 
Volkswagen revs up in electric vehicle race against Tesla
- Volkswagen (OTCPK:VWAGY) says it made its first deliveries of the new ID.4 electric model to customers in Germany. The electric crossover SUVs were handed over simultaneously in the delivery centers at the Transparent Factory in Dresden and the Autostadt in Wolfsburg.
- The auto giant says thousands of other customers are due to follow, with Volkswagen planning to deliver around 150K ID.4 vehicles worldwide this year.
- Early reviews on the ID.4 are somewhat mixed (Gear Patrol, Car and Driver).
- The Volkswagen ID.4 is part of what is anticipated to be an all-out assault on the global electric vehicle market by Volkswagen. Volkswagen plans output of 450K electric vehicles this year and plans to launch at least one new fully electric model each year. How relevant that is to Tesla (NASDAQ:TSLA) is one of the debates surrounding the EV high-flyer.
- Volkswagen is up 1.15% in afternoon trading Frankfurt. Shares are up more than 40% over the last month.
Ford reports strong demand for Bronco ahead of June debut
General Motors adds two to the board, attracts more Citi praise
Ford loses Supreme Court case on state-level lawsuits
Tesla to deliver 15 electric trucks to PepsiCo this year
Ford invests in electric future with Spain plant commitments
- Ford Motor Company (F +1.6%) says orders are coming in for the revived Bronco SUV faster than it anticipated.
- The automaker already has more than 125K orders on the books for the new-look Bronco, which is due to hit showrooms in June.
- Typically, a third to half of nonbinding reservations are converted to actual sales for Ford.
- A delay in producing the Bronco's removable roof means that a high-gloss modular hard top and a roof that came in soft or hard-top versions won't be available to buyers until early next year.
- Ford is also expected to offer a hybrid Bronco down the road.
General Motors adds two to the board, attracts more Citi praise
- Citi takes another swing at the underlying value of Cruise for General Motors (GM +0.8%) as it backs its bullish thesis on the stock.
- The firm says it now sees "multiple AV/EV upside paths" for Cruise and GM to support the +$100 share price upside case.
- GM also made some news today in the boardroom with the appointment of Meg Whitman (ex-CEO of Hewlett Packard Enterprise) and Mark Tatum (NBA Deputy Commissioner) as directors.
- Earlier this month, GM's Cruise acquired autonomous vehicle player Voyage.
Ford loses Supreme Court case on state-level lawsuits
- The Supreme Court rules that Ford (F +0.4%) can be sued in the state courts of people who were killed or seriously injured in accidents involving Ford vehicles.
- The justices unanimously rejected the automaker's argument that its ties to Minnesota and Montana were too thin for it to be sued by accident victims in those states.
- The ruling could make it easier to bring state court lawsuits against other auto giants or even companies that do business nationwide.
- Justice Elena Kagan wrote the court's majority opinion holding that the connection between the plaintiffs’ claims and Ford's activities in the states in question is close enough to allow the lawsuits to proceed.
- Read more details on the SCOTUS decision.
- Revisit Ford's big electric push announcement for Europe.
Tesla to deliver 15 electric trucks to PepsiCo this year
- PepsiCo (PEP -0.1%) is expected to take delivery of 15 Tesla Semi electric trucks by the end of the year, according to Electrek.
- PepsiCo decided back in 2019 to use fifteen Tesla Semi electric trucks to replace its existing diesel-powered freight equipment at a Frito-Lay manufacturing site in California.
- Tesla (TSLA +1.5%) indicated recently that the electric truck would enter production this year with some deliveries to customers.
- The company is expected to update the specifications of the all-electric truck when it unveils the production version.
- Earlier this week, Piper Sandler warned that announcements on delays in the trucking initiative could lead to "temporary" Tesla selloffs.
Ford invests in electric future with Spain plant commitments
- Ford (NYSE:F) updates on its electrification plans in Europe.
- The automaker says it will continue to invest in an electric future for its Valencia, Spain operations with the new 2.5-litre Duratec hybrid engine that will be built at its engine plant from late 2022 and increased battery pack assembly capacity.
- The Valencia Engine Plant will build the 2.5-litre Duratec hybrid engine for Europe beginning late next year.
- The Duratec hybrid engine powers the Kuga PHEV as well as the Kuga, Galaxy and S-MAX Full Hybrid models.
- Ford also confirmed an additional €5.2M to support increased battery pack assembly capacity at Valencia following an initial €24M investment announced last year. The extra capacity is said to be required to support increased demand for current and future electrified vehicle production.
- Ford was upgraded last week by Morgan Stanley on a clearer BEV strategy.
I don't see this ending well for Chipotle.
VC Deals: Chipotle invests in autonomous delivery;
Chipotle joins $500M bet on Nuro's autonomous delivery vehicles
Chipotle (NYSE:CMG) participated in a $500M Series C round for autonomous delivery startup Nuro. T. Rowe Price Associates (NASDAQ:TROW) led the round, which reportedly doubled Nuro's valuation to $5B from its SoftBank-led round in late 2019.
Nuro uses robotics in its Prius fleet of on-road, driverless autonomous vehicles. The fleet piloted grocery and prescription deliveries in Houston through CVS, Kroger, and Walmart. Nuro recently received California's first permit for deploying commercial self-driving vehicles in the state.
Chipotle's undisclosed investment marks its first significant investment in a third-party tech company since CEO Brian Niccol took the reins in 2018. Pandemic-related demand drove Chipotle's digital business up 174% on the year with about half of those sales coming from delivery. The company views the Nuro investment as further expanding its digital business push.
"We are always seeking opportunities that provide innovative solutions for increasing access and convenience for our guests," says Chipotle CTO Curt Garner. "Nuro could change the traditional delivery model and we believe consumers are going to continue to seek options and additional access points for how and where they enjoy their food."
VC Deals: Chipotle invests in autonomous delivery;
Chipotle joins $500M bet on Nuro's autonomous delivery vehicles
Chipotle (NYSE:CMG) participated in a $500M Series C round for autonomous delivery startup Nuro. T. Rowe Price Associates (NASDAQ:TROW) led the round, which reportedly doubled Nuro's valuation to $5B from its SoftBank-led round in late 2019.
Nuro uses robotics in its Prius fleet of on-road, driverless autonomous vehicles. The fleet piloted grocery and prescription deliveries in Houston through CVS, Kroger, and Walmart. Nuro recently received California's first permit for deploying commercial self-driving vehicles in the state.
Chipotle's undisclosed investment marks its first significant investment in a third-party tech company since CEO Brian Niccol took the reins in 2018. Pandemic-related demand drove Chipotle's digital business up 174% on the year with about half of those sales coming from delivery. The company views the Nuro investment as further expanding its digital business push.
"We are always seeking opportunities that provide innovative solutions for increasing access and convenience for our guests," says Chipotle CTO Curt Garner. "Nuro could change the traditional delivery model and we believe consumers are going to continue to seek options and additional access points for how and where they enjoy their food."
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