Interesting Car/Truck Manufacturer News

[Weather Man]

Mercedes-Benz looks to shake up the all-electric luxury segment with new ESQ model

• Mercedes-Benz (OTCPKDAIF) is pointing to its new EQS sedan as a breakthrough in the all-electric luxury vehicle segment.
• The 2022 Mercedes-Benz EQS made its official debut today and will arrive at U.S. dealers sometime this fall.
• The automaker says the EQS is designed to exceed the expectations of even its most discerning customers.
• The high-tech model has screens across nearly the entire dashboard of the vehicle and a passenger screen that will not be visible to the driver. The first versions to be sold in the U.S. will be the EQS 450+, which features 329 horsepower and the EQS 580 4MATIC with 516 horsepower. A future performance version is expected to deliver up to 630 horsepower.
• The EQS is expected to be priced at over $100K.
• The EQS is being lined up to compete directly with the Tesla Model S and Porsche Taycan.

 

[Weather Man]

General Motors and LG Energy to build $2.3B EV battery manufacturing plant

• General Motors (GM +0.5%) announces a more than $2.3B investment to build its second battery cell manufacturing plant in the U.S. through a joint venture partnership with LG Energy Solutions.
• As expected, the facility will be located in Spring Hill, Tennessee.
• The Ultium Cells JV will build the new plant on land leased from GM. Construction on the approximately 2.8M-square-foot facility will begin immediately, and the plant is scheduled to open in late 2023. The facility will supply battery cells to GM's Spring Hill assembly plant after it is up and running.
• "The addition of our second all-new Ultium battery cell plant in the U.S. with our joint venture partner LG Energy Solution is another major step in our transition to an all-electric future," says GM CEO Mary Barra on the development.
• The company says the state-of-the-art Spring Hill plant will use the most advanced and efficient battery cell manufacturing processes. The plant is said to be extremely flexible and able to adapt to ongoing advances in technology and materials.
• Source: Press Release
• Morgan Stanley sees big long-term benefits for GM from the Ultium platform.

Has Apple Car found its manufacturing partner in LG and Magna joint venture?

• Apple (NASDAQ:AAPL) is close to signing on LG and Magna International as production partners for the rumored Apple Car.
• A Korea Times report earlier this week said Magna would handle the vehicle production while LG would supply the batteries.
• South Korean LG and Canadian Magna have a pending joint venture, announced last December, to manufacture e-motors, inverters, and on board chargers and, for select automakers, related e-drive systems.
• The LG Magna e-Powertrain JV combines Magna's strengths in general automotive manufacturing and electric powertrain systems with LG's e-motor and inverter components.
• The JV partnership won't be finalized until July, but its existence lends at least a little credence to the Korea Times report. Apple has an existing relationship with LG's display unit, and neither JV partner is likely to object to serving as the vessel for Apple's automotive software push since they're both already suppliers.
• Earlier this year, Apple was reportedly in talks with Hyundai-Kia to serve as its Car manufacturer, which Hyundai refuted.

Daimler Q1 prelim EBIT and cash flow above liquidity

• For Q1, Daimler (OTCPKMLRY +2.7%) sales were benefitted from strong momentum at Mercedes-Benz Cars driven by all major regions, especially China, and also supported from the product mix, pricing and significant fixed cost reductions.
• "Our pipeline with high-tech luxury EVs is packed. The launch of the EQS is just the start. Our systematic efforts to lower the breakeven point of the company are becoming increasingly visible," Daimler and Mercedes-Benz AG board chairman Ola Källenius commented.
• EBIT (€5,748M), adj. EBIT (€4,970M), industrial free cash flow (€1,810M) and net industrial liquidity (€20.1B) all reported above market consensus of €4,964M, €3,987M, €1,102M and €17.9B respectively.
• Mercedes-Benz Cars & Vans, Daimler Trucks & Buses reported adj. return on sales of 14.3% (consensus: 11.7%) and 6% (consensus: 5.3%) respectively.

Volkswagen's global sales soared 53% in March

• Volkswagen (OTCPK:VLKAF) reports global sales expanded 53% Y/Y in March, after dropping sharply in the same month last year amid the spread of the coronavirus.
• Q1 deliveries rose 21% Y/Y to 2,431,900 vehicles.
• In China, vehicle deliveries increased to 345K for the month vs. 209.6K a year ago.
• Volkswagen U.S. sales grew 21% in Q1.

 

[Weather Man]

QuantumScape CEO considers legal action after short seller report

• QuantumScape (NYSE:QS) CEO Jagdeep Singh said the battery maker is considering legal action after Scorpion Capital released a short report last week. QuantumScape shares have fallen 13% since the report was published.
• “Some of the points in there are just, just absurd. Absurd to the point where there are... things that we would want to take o legal action on,” Singh said in an interview om CNBC's “Mad Money” show late Friday.
• QuantumScape said last week in a Twitter post that QS "stands by its data, which speaks for itself. We have provided higher transparency than any other solid-state battery effort we are aware of, with details on current density, temp, cycle life, cathode thickness, depth of discharge, cell area, pressure."
• On Friday, Cowen analyst Gabe Daoud said the QuantumScape short call "regurgitates" risks already disclosed.

Senior member of Volkswagen’s EV battery effort “The main issues our engineers and experts are raising are trust in the data, a lack of transparency. Behavior in certain situations like extreme temperatures and so on. This is a big question mark where they’re saying that we are having a lot of issues and a lot of risk. Those are [some of the] core questions that are circling around. They don’t trust that you can charge it in 15 minutes, for example.”

#3 “I mean, this seems almost like a sudden discovery. Until about a year back, they couldn't solve the problem, and all of a sudden, it's just solved and not just solved but stabilized and now scalable as well? That's something that I would pause to look at and seriously evaluate from a materials perspective… The core team was extremely strong. Having said that, some of the claims just do not sit well with me because I feel like, like some of the materials, there are certain problems that they just could not have solved…And highenergy-density…That's where the problem is. If they really had a solid-state battery, their claims would be much different…”

Former employee #1 Q: “Have they solved the problems that have impeded solid state batteries for the last 50 years, which is what they're representing?” A: “Absolutely not. That much I can tell you for sure. The answer to that is absolutely not.” [..] Q: “Is Quantumscape going to have a product in a car in the next 10 years?” A: “Absolutely not.”

 

[Weather Man]

Toyota unveils new all-EV bZ4X SUV concept

• Toyota Motor (NYSE:TM) introduces the Toyota bZ4X Concept, the first of a global series of battery-electric vehicles to be launched under the "Toyota bZ" brand umbrella.
• The Toyota bZ4X Concept joins a full lineup of electrified vehicles – that, in total, accounts for more than 40% of all alternative powertrain vehicles sold in U.S., including battery electric, hydrogen fuel cell electrics, hybrids and plug-in hybrids.
• Toyota plans to expand to around 70 electrified models globally by 2025. This future lineup will feature 15 BEVs, of which, seven will be bZ (Beyond Zero) models.
• In addition, the company intends to bring electrification to its pickup truck lineup in future, including hybrid and BEV powertrains. This diverse portfolio of electrified products will help propel Toyota toward its goal of carbon neutrality by 2050.
• Jointly developed with Subaru, the Toyota bZ4X SUV Concept is built on the new e-TNGA BEV- dedicated platform and features long wheelbase with short overhangs, resulting in a distinctive design with ample interior space.
• Toyota plans to produce the Toyota bZ4X in Japan and China, with worldwide sales expected to begin by mid-2022. U.S. product details will be shared at a later date.
• Earlier, With its Tesla vs. Toyota smackdown, the WSJ argues that EVs are necessary to hit climate targets.

 

[Weather Man]

Lordstown Motors falls 6% after Endurance fails to finish Baja race

• Lordstown Motors (NASDAQ:RIDE) is lower in early trading after all-electric Endurance pickup truck completed less than 40 miles of the 280-mile Score International San Felipe 250 track Saturday before withdrawing from a race in Baja, Mexico.
• The Endurance truck made it 39.8 miles before withdrawing from the race. The vehicle was one of 83 out the 270 entrants that did not finish the race.
• RIDE's Facebook post on the event: "We are stopping here and taking our incredible learnings back to Lordstown. Thank you to everyone at Lordstown Motors, our partners at Brenthel Industries and Elaphe Propulsion Technologies, and all of our champions – your hard work, dedication and passion for the Endurance is the reason we made it to Mexico, and the reason we’ll keep going as we continue into our Beta builds ahead of start of production in September."
• Shares of Lordtown are off 6.19% premarket to $9.40. The stock was already on Seeking Alpha's Catalyst Watch for trading with a high degree of volatility based on options trading.

 

[Weather Man]

NTSB to probe Tesla Model S crash in Texas

• The National Transportation Safety Board confirms it will investigate the crash of a Tesla (TSLA -3.2%) Model S over the weekend.
• "The NTSB, in coordination with the Harris County Precinct 4 Constable’s Office, is sending two investigators to conduct a safety investigation of the fatal Apr. 17, 2021, Tesla vehicle crash near Spring, TX," updates the agency via tweet.
• "NTSB investigation will focus on the vehicle’s operation and the post-crash fire. NTSB investigators will arrive in the area later this afternoon."
• Shares of Tesla (TSLA -3.2%) didn't move much much off the development with NTSB investigations common. Tesla was already down on the day amid weakness across the EV sector on some raised concerns over the autonomous driving timeline.

 

[Weather Man]

Autoliv forms alliance to deliver high voltage disconnect devices for EVs

• Autoliv (NYSE:ALV) and Mersen announce a joint collaboration to develop devices to make electric vehicles (EV) safer.
• The collaboration will produce disconnect devices that utilizes Autoliv's pyrotechnical safety switch technology and Mersen's fuse hybridization concepts, to create affordable devices that can disconnect up to 1000-volt power source in milliseconds, before dangerous arcing can occur.

 

[CobraBob]

Tesla's Elon Musk blasts Texas deadly crash 'autopilot' reporting

Tesla's Elon Musk blasts Texas deadly crash 'autopilot' reporting -- Shares of Tesla Inc. fell 4%, more than the broader markets, in Monday afternoon trading.
By Bradford Betz FOXBusiness

Tesla CEO Elon Musk on Monday took The Wall Street Journal to task for what he deemed inadequate reporting on a deadly crash involving what authorities believe was a driverless Tesla vehicle near Houston.

Musk, 49, was responding to a Twitter user who said that Tesla’s safety features would have prevented Saturday night’s crash that killed two people, as reported on by The Journal.

"There are safety measures in place," the Twitter user, Ahmad A Dalhat wrote. "Autopilot seat is weighted to make sure there is a driver, hands must be on the steering wheel every 10 seconds or it disengages. Autopilot doesn’t go over the speed limits … Research pls."

Musk said the Twitter user’s research "as a private individual" was better than the "professionals" at The Journal.

"Data logs recovered so far show Autopilot was not enabled & this car did not purchase (Full Self-Driving Capability)," Musk tweeted. "Moreover, standard Autopilot would require lane lines to turn on, which this street did not have."

Back in 2016, Musk got testy with reporters during a conference call in which he accused journalists of "killing people" with their negative coverage of crashes that involved Tesla cars that were in autopilot mode.

"You need to think carefully about this," Musk said. "Because if, in writing some article that's negative, you effectively dissuade people from using an autonomous vehicle, you're killing people."

The National Highway Traffic Safety Administration and the National Transportation Safety Board said Monday they will send investigators to Spring, Texas, to look into the deadly crash on Saturday.

Investigators are "100% sure" that no one was driving the Tesla that missed a curve on a residential road, hit a tree and burst into flames, Harris County Precinct Four Constable Mark Herman said.

But they're still trying to determine whether the electric car was operating on Tesla's Autopilot driver-assist system, or if the company's "Full Self-Driving Capability" system was in use.

One of the men was found in the front passenger seat of the badly burned car, and the other was in the back seat.

Representatives for Tesla did not immediately return FOX Business’ requests for comment. The NHTSA told FOX Business in a statement that it is "aware of the tragic crash involving a Tesla vehicle outside of Houston, Texas," and has deployed a team to investigate.

KHOU-TV reported that the car was a 2019 Tesla Model S, and the two men found in the car were aged 59 and 69. Herman said the car went about 100 feet after running off the road, hit a tree and immediately caught fire.

Harris County Precinct Four Constable Mark Herman said firefighters used at least 32,000 gallons of water to extinguish the flames fed by the car's lithium-ion battery. Firefighters at the scene contacted Tesla for advice on how to extinguish the blaze and were told just to let it burn out.

On Sunday, Tesla CEO Elon Musk tweeted that the company had released a safety report from the first quarter showing that Tesla with Autopilot has nearly a 10 times lower chance of crashing than the average vehicle with a human piloting it.

But Kelly Funkhouser, head of connected and automated vehicle testing for Consumer Reports, said Tesla's numbers have been inaccurate in the past and are difficult to verify.

"You just have to take their word for it," Funkhouser said, adding that Tesla doesn't say how many times the system failed but didn't crash, or when a driver failed to take over.

Shares of Tesla Inc. fell 4%, more than the broader markets, in Monday afternoon trading. That decline follows enormous gains for Tesla, whose shares are up 370% in the past 12 months.

 

[Weather Man]

Velodyne Lidar stock slips as BofA emerges bearish on non-auto contract wins

• BofA initiates coverage of the U.S. lidar suppliers with Velodyne Lidar (NASDAQ:VLDR) rated at Underperform and Luminar Technologies (NASDAQ:LAZR) at Neutral.
• Aileen Smith says the firm's ratings are "based on the view that lidar is still in a nascent stage of innovation/adoption."
• The analyst says the lidar sensor companies are "uniquely levered to the industry mega-trend of vehicle autonomy, which should translate into outsized unit, revenue, and earnings growth for these companies over our forecast period versus other automotive players. "
• But Smith notes that lidar will be one of several sensor solutions for ADAS/AV capabilities, the price/cost will need to come down to increase penetration, and competition in the lidar sensor space is "incredibly fierce."
• On the ratings front, BofA thinks that Velodyne is lagging Luminar in multi-year contracts for automotive/ADAS/AV series production. Velodyne's growing contracts are in areas outside of the auto space, which concerns the firm.
• Luminar is viewed as the "emerging leader in next-generation, commercial " lidar that is uniquely levered to autonomous vehicles. But production won't start until the end of next year, providing limited proof points at this time and keeping BofA on the sidelines.
• VLDR shares are down 2.2% pre-makret and Luminar is down about 0.6%.
• Related: Today, Velodyne announced a supplier agreement with Gatik, provider of autonomous short-haul vehicles.

AutoNation rallies after earnings topper, highlighting new growth deals

• AutoNation (NYSE:AN) reports same store new vehicle revenue was up 30.7% in Q1 and same store used vehicle revenue was 40.2% higher. Those marks came against a pandemic-influenced comparable. Same-store gross profit was up 27% to $1.0N during the quarter. SG&A expenses as a percentage of gross profit improved 1,120 bps to 62.7%.
• The company announced it has signed an agreement to acquire 11 stores and 1 collision center operating in Hilton Head and Columbia, South Carolina, and Savannah, Georgia, from Peacock Automotive Group. The deal represents approximately $380M in annual revenue.
• Looking ahead, AutoNation remains on track to open 5 new AutoNation USA stores in 2021 and 12 additional new stores in 2022.
• "We are excited to announce our store in San Antonio, TX, which represents a new market for the company, will be opening by the end of Q2. AutoNation is targeting to have over 130 AutoNation USA stores in operation from coast-to-coast by the end of 2026. The AutoNation USA stores will continue to leverage the AutoNation brand, scale, and proven Customer-centric processes to capture a larger share of the used vehicle market."
• Shares of AutoNation are up 3.49% premarket to $100.98 following the double earnings beat.

Lordstown Motors viewed cautiously by BofA in first look

• Bank of America takes a cautious view on Lordstown Motors (NASDAQ:RIDE) as its begins coverage on the EV stock.
• The firm assigns a Neutral rating on Lordstown Motors, which it says it predicated on the view that the company is a key beneficiary of, but still just one of many participants within, the automotive industry evolution towards electrification.
• "The company ranks fairly well in our AutoTech entrant/SPAC analysis, meeting 5+ of our 10 outlined criteria. However, although aspects of its go-to-market and commercialization strategy have merits, its longer-term growth trajectory may be challenged by a narrow addressable market," warns BofA.
• BofA assigns a price objective of $13 to RIDE based on an EV/sales of ~0.2X and EV/EBITDA of ~2X off 2025 estimates when Lordtown is expected to have a relatively mature position.
• Shares of Lordstown Motors are down 1.52% premarket to $9.06. Yesterday, RIDE took a tumble after the Endurance failed to finish the Baja race.

 

[CobraBob]

VW Beetle rebooted as Punk Cat electric car

VW Beetle rebooted as Punk Cat electric car
This time with four doors
By Gary Gastelu | Fox News

The Beetle is dead. Long live the Punk Cat.

Chinese electric car company Ora has debuted a new model at the Shanghai Auto Show that features the design of the original VW Beetle, only this time with four doors.

The Punk Cat is set to go on sale later this year, according to local media, but full details on its powertrain have not been revealed.

The show car features a retro interior elaborately trimmed in red, white and green with gold accents. A digital gauge cluster and large central display are the most obvious nods to the 21st century.

Ora also unveiled a more modern-looking sedan called the Lightning Cat that has strong Porsche design cues.

Volkswagen built the last Type 1 Beetle in 2003 and discontinued the latest version after the 2019 model year. While it currently has no plans to reintroduce it into the lineup, executives have said a return as an electric car is possible in the future.

Instead, it will be launching an electric reimagining of the classic Microbus van called the ID.Buzz in 2022.

 

[Weather Man]

Romeo Power's Battle Motors acquires Crane Carrier Company

• Battle Motors, founded by Michael Patterson, the founder of Romeo Power (NYSE:RMO), Paul Marsolan, co-founder and former CTO of InAuth, Inc. and Nick Sampson, co-founder of Faraday Future and former head of vehicle engineering at Tesla, has acquired Crane Carrier Company.
• Battle Motors is launching the Battle-Ready Class 8 severe duty full electric truck this summer with 12 top tier Municipal customers.
• Battle Motors plans for CCC to continue production of its class 7 and 8 truck chassis from the company's manufacturing plant in New Philadelphia, Ohio.
• New Philadelphia Mayor, Joel Day, says the company's vision will give a tremendous boost to the local economy, "Battle Motors is nearly tripling the size of the production facility in New Philadelphia from 125,000 sq feet to 350,000 sq feet to increase production. It is a perfect fit into the advanced manufacturing initiative underway in our county and the Eastern Ohio region."
• Patterson intends to expand the Ohio facility, making capital improvements in infrastructure and strategic investments in new equipment and technology to support rapid growth in the EV space.
• "We are combining the best of last century's severe duty diesel and compressed natural gas (CNG) technology with best-in-class EV technology to produce full electric trucks for the marketplace," says Mr. Patterson, CEO of Battle Motors and Crane Carrier. Patterson continues, "There has been minimal movement and very little fundamental innovation in this space, the merging together of a traditional mainstay of the industry with an innovative and highly advanced technology company will generate a radical shift in this important sector of the transportation industry."

 

[Weather Man]

Toyota and Chevron prep for hydrogen economy with new partnership

• Toyota (NYSE:TM) and Chevron (NYSE:CVX) announce a memorandum of understanding to explore a strategic alliance to catalyze and lead the development of commercially viable, large-scale businesses in hydrogen.
• The goal of the partnership is to advance a functional, thriving global hydrogen economy. To that end, Chevron and Toyota plan to collaborate on hydrogen-related public policy measures that support the development of hydrogen infrastructure and explore opportunities to jointly pursue research and development in hydrogen powered transportation and storage.
• "We are excited to collaborate with Toyota. Working towards a strategic alliance on hydrogen presents an opportunity to build a large-scale business in a low-carbon area that is complementary to our current offerings," says Chevron exec Andy Walz,
• "This is another important step toward building a hydrogen economy," says Toyota rep Bob Carter.
• Source: Press Release
• Last week, Nikola inked a hydrogen infrastructure deal in Germany.

 

[CobraBob]

Link - 2023 Cadillac Lyriq electric SUV debuts at $59,990 with show car style

2023 Cadillac Lyriq electric SUV debuts at $59,990 with show car style. Edgy model will be brand's first electric vehicle
By Gary Gastelu | Fox News

Cadillac has unveiled the production version of its upcoming electric Lyriq, and it's nearly identical to the concept version that was featured in GM's Will Ferrell-led Super Bowl advertisement promoting the automaker's electric car push.

The main changes to the edgy, LED light-laden four-door are the switch from ultra-slim to more conventional side mirrors, five seats instead of four, a reconfigured center console with a second front cupholder and wheels that have been downsized from 24 inches to a choice of 20 or 22 inches.

"The objective I gave my team was to design the Lyriq with the level of detail that they would a show car. The customer should feel like they’re driving in the future," Cadillac executive director of design Andrew Smith said.

The Lyriq’s illuminated black crystal "grille" isn’t used for cooling, but is a panel that houses the many sensors required for its various automatic safety systems and available hands-off Super Cruise highway driving system.

The midsized SUV is nearly as long as the three-row Cadillac XT6 or Tesla Model X and roughly the same size as the two-row electric Audi e-tron.

Cadillac says the rear-wheel-drive Lyriq has a 340 hp motor, weighs a hefty 5610 pounds and provides a range of over 300 miles per charge, courtesy of a 100-kilowatt-hour battery pack. A more powerful all-wheel-drive version will be added to the lineup at a later date, but Cadillac hasn’t said when that will be.

The Cadillac Lyriq can be recharged with 195 miles of electricity in 30 minutes.

The Lyriq features 190-kW charging capability that can fill the battery with 76 miles worth of electricity in 10 minutes at a DC fast charging station and 195 miles in a half-hour. A 19.2 kW AC home charging module that’s good for 52 miles of charge in an hour is offered and quicker than any electric car on sale today can achieve.

The Cadillac Lyriq interior features a 33-inch OLED display. (Cadillac)

The interior design is largely conventional, save for a 33-inch wide OLED display incorporating the instrument cluster and infotainment system touchscreen interface.

The Lyriq will start at $59,990 when the Tennessee-built model goes on sale in early 2022, compared to $66,995 for the Audi e-tron and $91,190 Tesla Model X.

Full pricing information will be released closer to when Cadillac begins taking reservations this September for the Lyriq, which will initially only be available in black or silver with a grey or black interior.

 

[Weather Man]

Electric vehicle stocks jump as U.S. and China move forward on cutting emissions

• Electric vehicle stocks are getting recharged after a couple of softer sessions.
• The focus is back on startups with Arrival (ARVL +9.8%), Fisker (FSR +12.1%), Greenpower Motor (GP +7.3%), Nikola (NKLA +4.2%), Tu Simple (TSP +9.6%), Canoo (GOEV +5.8%), Lucid-Churchill (CCIV +4.6%) and QuantumScape (QS +6.7%) all moving higher.
• EV veteran Tesla (TSLA +1.3%) is only moderately higher on the day.
• Of special interest to the EV world, U.S. Special Presidential Envoy for Climate John Kerry says Chinese President Xi Jinping is set to make an announcement on how China will address emissions during his appearance at President Biden's climate summit.
• That could be special interest to Chinese electric vehicle companies like Nio (NIO +3.4%), XPeng (XPEV +2.7%) and Li Auto (LI +2.3%), which all trade up on the day.
• Read more the pledge by the U.S. set to cutting emissions in half by the end of the decade.

 

[Weather Man]

Ford revs higher after Deutsche Bank points to earnings beat next week

• Deutsche Bank fires off a positive call on Ford (NYSE:F) this morning as its adds it to the firm's short-term Catalyst Call Buy List.
• Analyst Emmanuel Rosner points to favorable vehicle mix/pricing for Ford and a robust product cycle. He thinks restructuring savings could lead the automaker to a sizable Q1 earnings beat and help management maintains its full-year guidance despite the headwinds around chip shortages.
• Investor enthusiam over Ford is seen building into the company's investor day event later in the spring.
• Shares of Ford are up 2.39% premarket to trade at $12.01.
• See consensus estimates on Ford ahead of the earnings report next week and the company's history of beats and misses.

Lordstown Motors trades lower after Goldman Sachs loses confidence in timeline

• Lordstown Motors (NASDAQ:RIDE) slips in early trading after Goldman Sachs moves to a Neutral rating on the electric vehicle stock after having it set at Buy.
• Goldman says the company's lackluster performance in the Baja race suggests to the firm that there is more development work needed on the EV pickup truck against an important timeline if it wants to have a first-mover advantage against larger competitors.
• Analyst Mark Delaney and team drop the price target on RIDE to $10 from $21. The average Wall Street PT on Lordstown is $23.17.
• Shares of RIDE are down 1.64% to $9.60 in the premarket session.
• Earlier this week, Lordstown Motors was viewed cautiously by Bank of America in its first ratings crack at the EV stock.

Fisker drops sharply after Goldman Sachs turns bearish

• Fisker (NYSE:FSR) falls in early trading after Goldman Sachs lowers its rating to Sell after having the electric vehicle stock slotted at Neutral.
• The firm warns on the rush of competition from major OEMS in electric vehicles and Fisker's relatively late entry to the market. It is noted that by the time Fisker hits mass production in Q4 of 2023, the competitive landscape could be even more daunting.
• Goldman assigns a 12-month price target of $10 as it waits to see if the automaker can execute on its long-term plans. The new PT reps 33% downside for Fisker shares from yesterday's closing price.
• Fisker is down 5.55% in premarket action to $14.31 vs. the 52-week trading range of $8.70 to $31.96.
• Yesterday, Fisker and the rest of the EV sector gained after the U.S. and China moved forward on cutting emissions.

 

[Weather Man]

Looking like maybe the USA following EU on using Hydrogen for long haul trucking.

• Nikola Corporation NKLA +5% on collaboration with Travelcenters to deploy hydrogen fueling infrastructure.

 

[Weather Man]

Tesla Model Y tricked into self-driving with empty front seat

• Consumer Reports says its engineers tricked a Tesla (TSLA -0.8%) Model Y this week so that it could drive on Autopilot without anyone in the driver's seat as would be required. CR says it made several trips across a half-mile closed test track with the Model Y automatically steering across painted lane lines without a warning or indication that the driver's seat was empty.
• In a crude hack of the Model Y sensors, a Consumer Reports test driver placed a small, weighted chain on the steering wheel to simulate the weight of a driver’s hand, and slid over into the front passenger seat without opening any of the vehicle's doors. He then reached over and was able to accelerate the vehicle from a full stop.
• It appears the issue could be prevented with a weight sensor in the driver's seat and camera-based systems used by other automakers that can track the movements of a driver's eyes and head position.
• "In our evaluation, the system not only failed to make sure the driver was paying attention, but it also couldn't tell if there was a driver there at all," notes Consumer Reports' Jake Fisher, who conducted the test. "Tesla is falling behind other automakers like GM and Ford that, on models with advanced driver assist systems, use technology to make sure the driver is looking at the road," he added.
• Update: Two Democratic senators want government regulators to develop recommendations for improving advanced driver-assistance systems, including Tesla's Autopilot.
• Read today's Tesla roundup: Solar products bundled, China blowback fades, Citi still a bear.

 

[CobraBob]

I just read that report on Fox News about the Tesla being able to auto-drive with nobody behind the wheel. Weight sensors on the seat were a woeful oversight by Tesla, so hopefully they'll get that taken care of post haste.

 

[Stanley]

Car manufacturers have been using them to turn on/off airbags for a while now. Seems like a pretty bad miss.

 

[kazman]

"Update: Two Democratic senators want government regulators to develop recommendations for improving advanced driver-assistance systems, including Tesla's Autopilot"

that's what this needs is more government intervention :facepalm: