Interesting Car/Truck Manufacturer News

[Weather Man]

CarMax to buy remaining stake in Edmunds

• CarMax (NYSE:KMX) has signed a definitive agreement to acquire Edmunds.
• In January 2020, CarMax invested $50M to purchase a minority stake in Edmunds.
• The transaction improves digital capabilities and strengthens CarMax’s role and reach across the used auto ecosystem.
• In 2020, Edmunds generated unaudited revenue of ~$140M.
• Transaction details: "CarMax will acquire the remaining shares of Edmunds for a purchase price that implies an enterprise value of $404M, inclusive of CarMax’s initial investment, which we expect to be paid in a combination of cash and stock".
• The transaction is subject to customary closing conditions and is expected to close in June 2021.
• "We expect the addition of Edmunds’ net income to be immaterial to the company’s earnings per share in fiscal 2022, with potential for significant shareholder value creation over the longer term", says CarMax.
• Previously (April 1): CarMax EPS beats by $0.02, revenue in-line

 

[Weather Man]

Fisker draws cautious first look from Barclays

• Barclays launches coverage on Fisker (NYSE:FSR) with an Equal-weight rating.
• The firm says Fisker might look cheap compared to Tesla, but thinks considerable risk still exists for investors due to competition from legacy and new automakers.
• "Our unit volume estimates are a ~33% haircut to company guidance. Our target EV/Sales multiple of 1.0x is well below that of industry peers including Tesla and Lucid Motors, albeit somewhat above new EV startups like Canoo, Lordstown Motors, and Faraday Future," updates analyst Brian Johnson.
• Barclays assigns a price target of $17 to Fisker.
• Shares of Fisker are up 2.96% premarket to $17.73 after a solid gain yesterday along with the rest of the EV sector.

 

[Weather Man]

Biggest ****ing scam ever created. You actually fund the competitor created to destroy ICE.


Volkswagen joint venture buys green credit from Tesla in China

• Volkswagen's (OTCPK:VLKAF) joint venture in China with state-owned FAW is planning to buy green car credits from Tesla (NASDAQ:TSLA) in order to meet local environmental rules, sources tell Reuters
• Auto manufacturers are awarded green credits that can be offset against negative credits for producing more vehicles with higher emissions.
• Volkswagen says it is strategically targeting to be self-compliant with rules in China, but will buy the green credits when necessary.
• FAW-Volkswagen sold 2.16M cars last year.
• Tesla gained more than 5% yesterday amid high interest in the EV sector after details on President Biden's infrastructure plan were released. Volkswagen fell 4% after its early April Fools' Day joke left some investors confused.

 

[CobraBob]

The Genesis X Concept Is Proof EVs Can Be Cool
This stylish grand tourer hints at the future of Genesis.

BY WESLEY WREN, AutoWeek
MAR 31, 2021

• The Genesis X Concept shows that Genesis is just as ambitious as other luxury automakers in the EV space.
• There are no details about the Genesis X powertrain, but the Kia EV6's 577 hp is promising for the high performance expectations of this concept.
• Genesis has a solid track record of turning its concepts into production-ready vehicles with only minor alterations.

It seems like new stylish electric vehicles and electric vehicle concepts are dropping every day. Joining the latest in the long list of stylish EVs is the Genesis X Concept. Only the fifth concept from Genesis, we’re hoping this new electric grand tourer translates directly into what we’ll get with upcoming models from the brand. It changes direction from what we’ve seen from Genesis recently, and is a low-slung coupe as opposed to a high-riding crossover.

Details are scarce on the Genesis X Concept. The automaker has yet to release its range, number of motors, or battery size. Looking at the latest Kia and Hyundai EVs, however, there’s no excuse why this electric grand tourer wouldn’t have serious performance figures if it reached the production line. The Kia EV6 GT electric crossover’s high-performance variant throws 577 hp at the tires—that number would surely be higher in Genesis guise.

While we don’t know how far it can go on a charge or how quickly it can tackle a track, we can see that the design is striking. The Genesis design team pulled no punches with this box-flared, low-slung grand tourer. At the front, you can see the familiar diamond Genesis grille and a pair of incredible headlights. These two thin lamps pull all the way from the grille opening to back to the end of the front fender. The rear lighting follows the lead, with the same two-line styling.

If Genesis does give it the production green light, there’s a good chance the car will look almost as wild as the concept. Looking at how the company translated the GV80 Concept into a production-ready model should give those salivating for the Genesis X Concept some hope. Regardless, even if the company doesn’t pursue production, even as a design study this car telegraphs what we could see in future Genesis designs—and for that we’re excited.

 

[CobraBob]

2022 Kia EV6 Will Offer 577 hp in GT Spec
Kia’s latest EV is a stunner when it comes to design, and it will also be quick to recharge.

BY JAY RAMEY, AutoWeek
MAR 30, 2021

• 2022 Kia EV6 will offer quick-charging tech and just under 600 hp in top spec, in addition to a choice of rear- and all-wheel drive.
• A range of 317 miles in the WLTP cycle for the RWD, Long Range variant should still translate to well over 260 miles in the EPA cycle once it gets here.
• Thanks to 800-volt battery architecture, the EV6 will be able to charge up from 10% to 80% in just 18 minutes.

As expected, Kia revealed most of the specs of its highly anticipated EV6 this week. A compact crossover with a cab-forward profile and a trendy floating roof, the EV6 shares its E-GMP platform and battery options with the Hyundai Ioniq 5—but it won't be an Ioniq 5 in a different wrapper: In top spec the Kia version will offer far more power.

Get ready to experience 577 hp and 546 lb-ft of torque in the range-topping GT version. That's what the EV6 will serve up when optioned with a dual-motor layout and the longer-range 77.4-kWh battery, making it possible to sprint from 0 to 62 mph in just 3.5 seconds and up to a top speed of 162 mph.

"The GT version of EV6 demonstrates our technological leadership through its combination of outstanding high-speed charging and acceleration performance like a super sports car. With our dedicated EV platform, there is no need for compromise between inspiring spaciousness and performance," said President and Head of R&D Division for Hyundai Motor Group, Albert Biermann.

In more domesticated flavor, the EV6 will be offered with just rear-wheel drive and a smaller 58-kWh battery, which should still give it plenty of range.

Kia says that the rear-wheel-drive model with the 77.4-kWh battery will still be good for 510 kilometers (317 miles) in the WLTP cycle. The EPA figure will likely land south of that, but the EV6 will still serve up range figures that are modern and appropriate for its size. We don't yet know what the shorter-range battery will do, but it should still be north of 220 miles.

When it comes to design, the EV6 will offer a sleek, sculpted profile with a floating roof in a contrasting color, as well as what it calls the Digital Tiger Face. As you can see in the photos, the front of the car will be quite short in length, not having to house an engine up front, freeing up quite a bit of room for the interior. Out back, the EV6 will feature a duck-tail-style spoiler lip with a red wraparound strip following the contours of the trunk. You might also notice the flush-fitting door handles—a seemingly mandatory feature for EVs these days—but our favorite design element has to be the sculpting of the door sills, an area long abused by automotive design studios in favor of slabby profiles. And the bright line that starts at the base of the front door continues all the way back to the trunk spoiler, going right through the flared wheel arches.

"EV6, as the first dedicated Kia EV, is a showcase of human-centered, progressive design and electrified power," noted Senior Vice President and Head of Kia Global Design Center, Karim Habib. "We strongly believe EV6 is a compelling and relevant model for the new EV era. With EV6 we aimed to create a distinctive, impactful design by using a combination of sophisticated, high-tech features on pure and rich volumes while providing a dedicated EV aiming to define our future."

Two wide screens will sit on the dash side by side.

While the ranges of the two battery flavors should be commensurate with the competition, the real technological showpiece of the EV6 will be the 800-volt battery, which will permit the EV6 to juice up from 10% to 80% in just 18 minutes. In another example, Kia says that the rear-wheel drive version with a 77.4-kWh battery will be able to get 100 kms of range (62 miles) in less than four and a half minutes. On top of all that, the battery will also be capable of discharging up to 3.6-kW back in a vehicle-to-load (V2L) function, being able to power a number of home appliances or recharge another EV. This should make it a favorite for camping adventures, or in times of power outages when it can function as a generator of sorts. (Remember the hybrid Ford F-150s doing this in Texas a few weeks ago?)

The interior promises to be no less advanced. Two curved 12-inch screens sit atop the dash side by side, serving as the instrument cluster and the infotainment screen, while an augmented reality (AR) head-up system will display additional information in the driver's line of sight, such as turn-by-turn navigation. The EV6 will also allow for over-the-air (OTA) updates, of course, as with other recent EVs hitting the market. And it will offer regenerative braking with six levels of to choose from, ranging from none to one-pedal driving.

The EV6 will be offered in the US later this year.

The EV6 won't be Kia's first electric offering stateside—that honor goes to the Niro EV—but the Niro EV at its core was just a gasoline model that was designed to offer an electric drivetrain as an option. The EV6 will be different, and it should inaugurate a new chapter for Kia when it comes to electric vehicles.

When will we see the EV6 on sale stateside?

It should get here in the second half of the year as a 2022 model, but reservations are open now. US pricing for the EV6 should be revealed closer to the model's sales launch, by which time it should have plenty of competition here.

 

[Weather Man]

General Motors' U.S. retail sales top 19% in Q1

• General Motors (GM +0.7%) reports Q1 sales +4% Y/Y to 642,250 vehicles.
• The company saw all four U.S. brands had double-digit Y/Y increases in retail sales, with total retail sales up 19%.
• Cadillac and Buick deliveries were up 43%, GMC up 23% and Chevrolet up 13%.
• Fleet sales contracted 35% Y/Y with sales to commercial and government customers down 15% and rental sales -55%.
• The company has set a first-quarter record with average transaction prices at $40,353.
• “Over the last year, our dealers, supply chain and manufacturing teams have gone above and beyond to satisfy customers as demand for GM products rose sharply,” said Steve Carlisle, GM executive vice president and president, North America. “The great teamwork continues. Sales are off to a strong start in 2021, we are operating our truck and full-size SUV plants at full capacity and we plan to recover lost car and crossover production in the second half of the year where possible.”
• GM also has been impacted by the global semiconductor shortage.

 

[Weather Man]

Toyota U.S. sales jumped 87% in March, APV sales up three-fold

• Toyota (TM -1.6%) reports March sales expanded 87% Y/Y to 253,783 units. Q1 sales rose 21.6% to 603,066 units.
• Toyota division sales grew 83.6% Y/Y to 220,597 units and Lexus division sales surged 112.9% to 33,186 units.
• APV sales more than tripled in March, rose 322.8% and for the quarter +152%. APV sales mix represented nearly 24% of total March volume and nearly 23% of quarterly volume.
• Hybrid sales soared 290.7% to 60,133 vehicles for the month and +135.2% to 138,326 units for the quarter.
• SUV sales +114.3%, Sienna +272.8%, Pickup sales +48.6% and Tundra sales+0.5% for the month.
• Truck sales up 103.4% Y/Y to 171,216 and car sales +60.1% to 82,567 units.

 

[Weather Man]

Hyundai U.S. retail sales surged 153% in March, eco-friendly vehicles +235%

• Hyundai (OTCPK:HYMLF) reports sales in the U.S expanded 115% to 75,403 units in March.
• Retail sales soared 153%. Hyundai fleet sales were down 58%, representing 4% of total volume.
• Q1 sales up 28% and retail sales jumped 38%.
• Retail sales for Venue +170%, Kona +169%, Tucson +159%, Santa Fe +82% and the entire eco-friendly lineup ++235%.
• "It was a historic U.S. sales performance in March and Q1 for Hyundai," said Randy Parker, senior vice president, National Sales, Hyundai Motor America. "Strong consumer confidence, stable inventory, a compelling lineup, attention-grabbing advertising and the efforts of our dealer partners all came together to deliver these results. With the all-new Tucson, our highest-volume model, arriving at dealerships, we will build on this momentum and continue to gain market share."

 

[Weather Man]

Kia Motors America sales up 9% in Q1

• Kia Motors America (OTCPK:KIMTF) reports Q1 units sales up 9% Y/Y to 66,523 vehicles.
• "After outpacing the industry last year, Kia is on the move again in 2021 and setting sales records as more new customers discover the world-class design and quality built into every one of our sporty sedans and capable SUVs," said Sean Yoon, president and CEO of Kia Motors North America and Kia Motors America. "The successful launches of the all-new Sorento and Carnival have added to the momentum established by the Telluride and helped push the Kia brand to new heights with even greater potential for future growth."

American Honda sales top 92.5% for March

• Honda (HMC -0.5%) reports U.S. total sales rose 92.5% Y/Y to 148,538 units in March. Q1 sales expanded 16.2% to 347,091 units vs. consensus of +13.1%.
• Car sales +43.6% and trucks sales +138.1% for the month.
• Sales in the Honda division +86.4% to 130,707 units. Truck sales expanded 132.3% to 81,684.
• Acura sales +153.4% to 17,831 units for the month. Truck sakes up 180.1% to 13,488.
• Sales of Honda electrified vehicles topped 10,000 for the first time in any month, led by the CR-V Hybrid with sales of 5,900 units.
• “One year after the global pandemic began to take its toll on the auto industry, it’s great to return to form with such strong March sales for both the Honda and Acura brands,” said Dave Gardner, executive vice president of National Operations at American Honda. “With all-time record sales for our all-new Acura MDX flagship and record March performance for the Honda HR-V, CR-V, Passport and Ridgeline, our light truck lineups are leading the way. In the near term, parts supply may challenge production pace but existing vehicle stocks can meet current demand.”

Subaru of America reports March sales growth of 102%

• Subaru (OTCPK:FUJHY) reports best-ever March sales +102% to 65,726 units. Q1 sales +23% to 160,426 units.
• Sales growth by model: Ascent +26.6% to 5,111 units; Forester +123.2% to 21,005 units; Outback +99% to 17,053 units; Crosstrek +175.9% to 14,065 units; BRZ +111.4% to 241 units; WRX/STI +69.1% to 2,290 units; Impreza +51.8% to 3,636 units.
• "Subaru of America and our retailers celebrate our best-ever March sales results, as well as the best first quarter sales in our brand's 53-year history," said Thomas J. Doll, President and CEO of Subaru of America, Inc. "The momentum behind this sales record is the continued trust and loyalty of our owners, which we were honored to see recognized by the 2021 Kelley Blue Book Brand Image Awards, which named Subaru the Most Trusted Brand for the seventh consecutive year, Best Overall Brand for the second consecutive year (and four out of the last six years), as well as Kelley Blue Book's Best Performance Brand for the second consecutive year."

Ford's U.S. retail sales increased 23.1%, EV sales up 74%

• Ford Motor (F -0.4%) reports U.S. sales up 1% to 521,334 vehicles in Q1 vs. Edmunds forecast decline of 0.9%.
• Truck sales grew 5.1% to 277,233 units, Car sales -56.7% to 27,202 units and SUVs +14.3% to 216,899 units.
• Total retail sales +23.1%: Truck +27.6%, Cars -38.6% and SUV +34.4%.
• F-Series had its best start in 15 years with retail sales up 24.5%.
• Fully electric Mustang Mach-E, Ford F-150 PowerBoost Hybrid sales were up 74.1% to 25,980 vehicles.
• “Ford’s retail sales exceeded 2020 and 2019 sales levels. Our customers are really embracing our new electrified vehicle lineup. The all-new fully electric Mustang Mach-E and the F-150 PowerBoost Hybrid lifted Ford’s overall electrified vehicle sales to a record start in the first quarter with sales up 74 percent over a year ago. Our all-new Bronco Sport posted record monthly sales in March and helped power Ford Brand SUVs to their best start in 20 years.” – Andrew Frick, vice president, Ford Sales U.S. and Canada

Volkswagen U.S. sales grew 21% in Q1

• German automaker Volkswagen (OTCPK:VLKAF) reports Q1 U.S. sales increased 21% Y/Y to 90,853 vehicles in March vs. +13.6% Edmunds forecast.
• Volume expanded 98% for Atlas family, +23% for Tiguan and 6.2% for Jetta in Q1.
• CPO sales down 1.5% to 23,473 units for the quarter.
• "Strong retail sales of SUVs have us off to a good start for the year. There's momentum now for VW. We delivered the first ID.4s in Q1, representing the line up addition of both an SUV and long range EV, the present and future of VW," said Duncan Movassaghi, EVP and chief sales and marketing officer, Volkswagen of America.

Stellantis' US sales rose 5% in Q1, retail sales up 25%

• Stellantis (STLA +0.6%) formed in January by merging Italian-American Fiat Chrysler and France's PSA, reports Q1 U.S. sales up 5% to 469,651 units vs. +7.6% forecast by Edmunds.
• Retail sales rose 25%. Focus on growing the commercial fleet business continues to pay dividends with fleet commercial sales up 24%, accounting for 19% of total sale.
• Total Wrangler sales rose 25% to 49,646 vehicles.
• Dodge Muscle Cars retail sales up 29%, Dodge Durango retail sales up 61% and Alfa Romeo total sales +25% for the quarter.
• "In spite of what started out as a strong start last year, before COVID shocked us all, this quarter was a very strong rebound for retail sales year over year," said U.S. Head of Sales Jeff Kommor. "The consumer demand for our brands and our products was extremely strong throughout the quarter."
• The company foresees nearly tripling its global sales of electric vehicles this year and plans to have fully-electric or hybrid versions of all of its vehicles available in Europe by 2025, broadly in line with plans of rivals such as Volkswagen and Renault-Nissan.

 

[Weather Man]

Rivian charges in hard to the electric vehicle market

• It was a big week for charging station stocks with Blink Charging (NASDAQ:BLNK) jumping 18% and ChargePoint (NYSE:CHPT) rallying 48% amid a vibrant rally in the electric vehicle sector.
• Electric truck startup Rivian (RIVN) is also looking to build out a charging network that could draw interest following the Biden Administration's big commitment to the electric vehicle sector.
• Rivian says its Adventure Network will grow to more than 3,500 fast chargers at over 600 sites by the end of 2023. The company says each site will have multiple chargers and will be conveniently located on highways and main roads, often by cafes and shops. The chargers will provide 140 miles of range in 20 minutes for R1T and R1S vehicles. Over 10K Rivian Waypoints are also planned across the U.S. and Canada through 2023 near retail locations.
• By comparison, Tesla has 9,723 fast-charging cords in the U.S. today and other networks combined have just 7,589 outlets for public charging.
• Rivian's charging station network buildout could be crucial as the company looks to deliver 100K delivery vans to Amazon in the next decade, including 10K by the end of next year. The company built a test fleet of vehicles for Amazon in Plymouth, Michigan and vans are expected to be tested in 16 different cities this year. The EV upstart is looking to start production by the end of this year and shake up the market in 2022 and beyond.

Self-driving startup Argo AI is said to consider IPO this year

• Argo AI, a self-driving startup that is backed by Ford Motor Co. (NYSE:F) and Volkswagen (OTCPK:VWAGY), is reportedly considering an initial public offering as soon as this year.
• Argo AI is still working out specifics with its automotive industry partners and it's not yet decided if it will pursue a traditional IPO or do a transaction with a SPAC, according to a Bloomberg report.
• Recall Jan. 3, Seeking Alpha contributor CyberGopher wrote: "Argo Ai Could Be The Next Target For Chamath And Social Capital Hedosophia IV (NYSE:IPOD) At A Valuation Of Over $7-8 Billion."

 

[Weather Man]

General Motors' Hummer EV SUV tops $110,000

• General Motors (NYSE:GM) unveiled an all-electric Hummer SUV topping $110,000 when it goes on sale in 2023, reports CNBC.
• The vehicle will be the stablemate to an upcoming Hummer pickup that’s scheduled to go on sale this fall.
• Features: The 2024 Hummer EV SUV features the same eye-popping torque of up to 11,500 foot-pounds as the pickup, however it is estimated to have 50 miles less range, 170 less horsepower and be half a second slower pickup due to a smaller battery size.
• The SUV’s range is estimated to be between 250 and more than 300 miles with zero to 60 mph in 3.5 seconds and up to 830 horsepower.
• Pricing: Full pricing will range from about $80,000 for a base model to $110,595 for a special “Edition 1” launch model with an available “extreme off-road package.”
• Initial availability of the Hummer EV pickup in the fall will start at $112,595 for an “Edition 1,” which has sold out. A $99,995 version will be available a year later, followed by $89,995 and $79,995 models in the springs of 2023 and 2024, respectively.
• Manufacturing: The Hummer and SUV will be produced at an assembly plant in Detroit. They are the first Hummers since GM discontinued gas-guzzling versions of the vehicles in 2010.
• Production of highest priced model is expected to begin in early 2023 followed by less expensive versions into spring 2024.
• The SUV, like the pickup, is available with GM’s Super Cruise driver-assist system that allows for hands-free driving on more than 200,000 miles of limited-access freeways in the U.S. and Canada.
• The Hummer pickups, or a sport utility truck will be the first vehicle with the automaker’s next-generation EV platform and batteries under a $27B plan to shift to electric and autonomous vehicles through 2025.
• "General Motors aims to eliminate tailpipe emissions from its light-duty vehicles by 2035. As part of that goal, the firm is committed to launching 30 new electric vehicles (compared to Tesla’s four models) by 2025", says David Trainer in his SA article, General Motors Stock: Worth The Wait.
• GM seen riding Hummer into the EV fast lane

Ford higher after Wells Fargo points to electric push

• Wells Fargo starts off coverage on Ford (NYSE:F) with an Overweight rating.
• The firm thinks CEO Jim Farley has already accelerated the previously glacial pace of the Ford turnaround .
• Analyst Colin Langan: "The turnaround is a massive change. Ford is no longer focused on having a product for all markets, but rather focused on delivering products in segments with competitive strength - pickups & SUVs. Ford N America has one of the strongest line-ups in decades with a refreshed F-150, the Mustang Mach E, & new Broncos. Farley also seems to be accelerating Ford's shift to EVs upping planned EV investments to $29bn by2025 and targeting only BEV passenger vehicles in Europe by 2030."
• Wells assigns a price target of $15 to Ford, which works out to 3.5X the 2022 EV to EBITDA estimates.
• Shares of Ford are up 1.48% premarket to $12.35.
• Last week: Self-driving startup Argo AI is said to consider IPO this year.

 

[Weather Man]

Nikola falls after barter transaction with ex-CEO

• Nikola (NKLA -6.9%) is lower on the day after founder Trevor Milton sells more shares in his former company in what Barron's describes as a strange move.
• Milton sold 3.5M shares at $13.89 for "goods and services" from the buyer instead of cash.
• "The reported disposition was made in exchange for non-cash consideration in the form of a credit to the account [Milton’s] with the purchaser for goods and services provided by the purchaser in the amount of $48,615,000," reads a SEC filing.
• The sale still leaves Milton with more than 79M shares of Nikola stock and he is still the company's largest shareholder.
• SEC Form 4.
• See the advanced chart on Nikola.

 

[Weather Man]

General Motors reports 69% jump in China deliveries for Q1

• General Motors (GM +0.3%)announces that deliveries in China rose 69% Y/Y to more than 780K vehicles against the soft COVID-19 comparable in the region,
• The automaker points to a strong performance in luxury and premium vehicles, midsize/large SUVs and MPVs, including the Cadillac CT5 and XT6, Buick GL8 family and Buick LaCrosse. The Wuling Hong Guang MINI EV remained the best-selling electric vehicle in China.
• Buick deliveries were up 78% during the quarter to over 224K units and Cadillac deliveries were 114% higher to 57K units.
• GM says it is accelerating the introduction of global technologies in China to enable an all-electric and intelligent future. The company's Ultium hyper-scale battery platform is targeted to empower a wide spectrum of EVs across GM brands and segments in China.
• GM's retail sales in the U.S. were up 19% in Q1.

Fisker CEO teases electric vehicle price starting at $37,499

• Fisker (FSR -1.6%) CEO Henrik Fisker tweets that an affordable electric can be a "little tough" too as he teases out a starting price of $37,499 for the company's Ocean EV.
• Earlier this month, Fisker drew a cautious view from Barclays. The firm says Fisker might look cheap compared to Tesla, but thinks considerable risk still exists for investors due to competition from legacy and new automakers. Seeking Alpha author Josh Arnold is also on the sidelines with Fisker. "If we get another run to $30, I'll certainly be bearish then. But for now, it just looks like a fairly priced lottery ticket," he wrote earlier this month.

 

[Weather Man]

GM confirms all-electric Chevy Silverado is in the works

• General Motors (GM +2.1%) plans to build an electric version of its Chevrolet Silverado electric pickup at a Hamtramck, Michigan factory being retooled to produce electric and autonomous vehicles.
• The electric Silverado will be designed from the ground up as an electric truck for both commercial businesses and retail buyers.
• "We are taking the bold steps toward an all-electric future," reiterates GM President Mark Reuss.
• The electric version of the Chevrolet Silverado pickup truck is estimated to come to the market with 400 miles of range per charge.
• GM would not say when the electric Silverado would arrive in dealerships, but the company plans to sell 30 electric vehicles globally by the end of 2025.
• Sector watch: Ford (F +1.1%) already has announced plans to build an electric F-150 starting next year, while Stellantis (NYSE:STLA) is pushing ahead with plans for an all-electric Ram pickup. Rivian (RIVN) and Tesla (TSLA -0.9%) also have big plans for the electric truck market.
• Related: Rivian charges in hard to the electric vehicle market.

 

[Weather Man]

Allison Transmission named a top EV stock at Goldman Sachs

• Allison Transmission (ALSN +1.2%) makes a Goldman Sachs list of top electric vehicle stocks for investors to consider ahead of the electrification boom.
• The maker of automatic transmissions for vehicles is called a value play by Goldman, with significant upside seen to margin guidance.
• GS has a Buy rating on Allison Transmission. The Wall Street ratings scorecard on ALSN shows 6 Buy-equivalent ratings, 3 Neutral-equivalent ratings and 2 Sell-equivalent ratings.
• Seeking Alpha author Stephen Simpson is also cautiously bullish on ALSN.
• "I don’t see Allison as 'can’t miss-cheap' today, but again there is huge modeling uncertainty with respect to the electrification of commercial vehicles. Allison may well have a much larger revenue opportunity than I currently model, but also may see even more margin pressure. In situations like this, I think it’s valid to trust in proven management teams (and Allison management deserves the benefit of the doubt), and I do still see enough upside to at least consider the shares."
• Read the full ALSN breakdown.

 

[Weather Man]

Ouster stock pops as Citi emerges bullish on the non-auto lidar leader

• Citing the company's "leading position in non-auto verticals," Citi initiates coverage of lidar sensor company Ouster (NYSE:OUST) with a Buy rating and $17 price target.
• The firm outlines three key factors for lidar stocks: penetration within both auto/AV and non-auto markets, evolution of the competitive landscape, and the software and data opportunities.
• Citi notes Ouster's "impressive customer funnel that grew considerably in Q4," while auto market share will increase in the coming years.
• The valuation is considered "disconnected" from Ouster's leading position in the market.
• Ouster shares are up 5% pre-market to $8.25.
• Related: Yesterday, Ouster gained another public lidar competitor as Innoviz started trading following its SPAC merger.

XL Fleet shares up on electrifying Apex Clean Energy pickup fleet

• XL Fleet (NYSE:XL) +5% premarket, is electrifying Apex Clean Energy’s vehicle fleet as part of a comprehensive effort to reduce its carbon emissions.
• The order will provide 19 electrified Ford F-series pickup trucks, including ten plug-in hybrid electric and nine hybrid electric systems for pickups in its service fleet, for delivery in the second quarter of 2021.
• Apex to deploy the plug-in hybrid vehicles to its operations employees which are expected to be used by Apex’s on-site construction team.
• “XL Fleet and Apex Clean Energy share a common goal of delivering sustainable products and services designed to protect our environment, and we are proud to become Apex’s electrified vehicle partner as they look to take immediate and significant steps toward reducing their carbon footprint,” said Brian Piern, VP of Sales and Marketing at XL Fleet.

 

[Weather Man]

Self-driving truck startup TuSimple to offer ~33.8M shares in IPO at $35-$39

• TuSimple Holdings (TSP) to offer 33,783,783 shares of its Class A common stock at an estimated price between $35-$39 per share.
• The offering consists of 27,027,027 shares offered by the company and 6,756,756 shares by a selling stockholder.
• Underwriters' over-allotment is an additional 5,067,567 Class A common stock from the selling stockholder.
• The company is backed strategic investors, including Volkswagen AG’s (OTCPK:VLKAF) heavy-truck business The Traton Group, Navistar (NYSE:NAV), Goodyear (NASDAQ:GT), U.S. Xpress (NYSE:USX), NVIDIA (NASDAQ:NVDA) and United Parcel Service (NYSE:UPS).
• In July 2020, the company launched a self-driving freight network partnership with UPS and Berkshire Hathaway Inc's supply chain unit, McLane which will be operational nationwide by 2024.
• The company also announced a formal partnership with Navistar to produce a line of purpose-built L4 autonomous semi-trucks for the North American market by 2024.

Tesla and pure-play EV stocks seen having infrastructure bill advantage

• Morgan Stanley believe that it is possible that the proposed $174B electric vehicle infrastructure package will exacerbate Tesla's (NASDAQ:TSLA) disproportionate advantage over the rest of the legacy players.
• Analyst Adam Jonas thinks the EV infrastructure bill including purchase incentives for EVs, development of charging and manufacturing infrastructure, grid enhancement, etc. could disproportionately benefit Tesla and pure BEV startups near term.
• Jonas notes that "de-adoption" of gas-powered vehicles and more aggressive policies to stimulate EV sales will make it hard for the legacy ICE players to keep up with Tesla, Fisker (NYSE:FSR) and Lucid Motors (NYSE:CCIV). Tesla also has the advantage of having a more vertically integrated battery supply strategy in comparison to most other OEMs.
• Shares of General Motors (NYSE:GM) and Ford (NYSE:F) have actually outperformed Tesla and Fisker over the last six months.

Volvo uses BlackBerry QNX to build Dynamic Software Platform

• Volvo Group selects BlackBerry's (NYSE:BB) QNX as the foundational software for its main domain controller engine control units in more than 300,000 heavy vehicles that Volvo manufactures each year.
• The automaker used BlackBerry's QNX OS for Safety and QNX Hypervisor for Safety to build its Volvo Dynamic Software Platform, which allows developers and architects to design the best possible system as the company looks at the requirements of the next 15 years, including self-driving and electric vehicles.
• "BlackBerry QNX is a true partner and has provided us with the foundation we need to produce the safe and secure vehicles of tomorrow," says Mark Mohr, Senior Vice President Vehicle Technology at Volvo Group. "BlackBerry is well aligned with the automotive challenges within electrification, automation and connectivity and the technical solutions needed in these domains."
• BlackBerry shares are up 5.2% pre-market to $9.46.
• Last month, Canaccord Genuity left its bearish stance on BlackBerry, seeing the company's "building blocks coming together."

 

[CobraBob]

2022 Subaru Outback Wilderness is ready for rougher stuff
Most capable Outback model yet
By Gary Gastelu | Fox News

The latest Subaru Outback can go farther out back.

The 2022 Outback Wilderness model is the most off-road capable version of the SUV ever made.

The new trim features a raised right height that provides 9.5 inches of ground clearance, up from 8.7 inches, an updated suspension with new springs and shocks, increased wheel travel and a unique all-wheel-drive system with improved off-road performance.

A 260 hp 2.4-liter turbocharged flat-four-cylinder engine is standard along with a CVT automatic transmission. The Wilderness has a tow rating of 3,500 pounds and fixed roof rack supports that can hold up to 700 pounds.

The bumpers, wheel fender flares and rocker panel cladding have been redesigned for better protection on rough roads and all-terrain tires on 17-inch wheels are standard, including a full-size spare in case you get into trouble in a remote location.

Steel underbody skidplates will be offered as optional accessories.

The interior is upholstered in water-resistant fabric and features copper-colored accents to set the Wilderness apart from the rest of the Outback lineup.

Pricing for the Outback Wilderness has not been announced, but will likely slot above the $38,545 Touring trim when it hits showrooms this spring to compete against a growing number of crossovers with off-road chops that includes the Jeep Cherokee Trailhawk and Toyota Rav4 TRD Off Road.

 

[CobraBob]

Electric 2024 GMC HUMMER EV SUV 'supertruck' revealed
Monster truck will have 830 hp and 300 miles of range
By Gary Gastelu | Fox News

The 2024 GMC HUMMER EV SUV will be a really quick truck, but you're going to be waiting a while for it to arrive.

The all-electric utility vehicle that debuted on Saturday in conjunction with the NCAA Final Four broadcast won't be hitting showrooms until early 2023, more than a year after the previously revealed pickup version of the GMC-proclaimed "supertruck" goes on sale this fall.

The full-size five-passenger SUV shares the pickup's Ultrium electric vehicle platform and will initially be available in a three-motor all-wheel-drive version with 830 hp that can sprint to 60 mph in 3.5 seconds, according to GM.

It will also have a range up to 300 miles per charge and be equipped with an air suspension that can jack it up an extra six inches to clear large obstacles and four-wheel-steering that allows it to be driven diagonally in what GMC calls CrabWalk mode.

Pricing for the Edition 1 model that will first be available starts at $105,595, while lower-priced models with less equipment will be added over the course of a year ending with a $79,995 version in spring 2024 that has 625 hp and a range of at least 250 miles.

Reservations for the Edition 1 filled up within minutes of its reveal, but are still available for later releases.

 

[Weather Man]

GM testing technology aimed at cutting EV battery costs

• General Motors (NYSE:GM) is testing a variety of battery chemistries and manufacturing processes to help cut the cost of future electric vehicle batteries and reducing its dependence on cobalt and other price-sensitive metals, President Mark Reuss says.
• GM is experimenting with silicon-rich and lithium metal anodes, solid state and high voltage electrolytes, and dry processing of electrodes for its next generation of Ultium batteries, which are expected near 2025, Reuss told an investor conference today.
• "The supply chain is going to explode" with demand for cobalt, nickel and other metals as GM and competitors ramp up EV production over the next five years, and the company is "looking for breakthroughs" to help "reduce dependency on some of those metals," Reuss says.
• GM yesterday announced plans to build an all-electric version of its Chevrolet Silverado pickup.