Interesting Car/Truck Manufacturer News

[CobraBob]

Tesla raises prices on Model 3 and Model Y again

Tesla raises prices on Model 3 and Model Y again
The cheapest Tesla now starts at $39,000
By Ken Martin FOXBusiness
Fox Business Flash top headlines for April 22

Its been a very up-and-down year so far for the price on two Tesla models.

The latest move for Tesla's Model 3 and Model Y is up, according to the electric transportation website Electrek.

The cheapest Tesla now starts at $39,000.

The Tesla models have seen several price swings in 2021.

Electrek reports Tesla brought down prices on the Model 3 and Model Y in February and again in March..

The price on the Model 3 then rose in late March.

Earlier this month, the automaker again raised prices on the two models.

Tesla is again updating prices with increases across the board.

The Model 3 Standard Range Plus and Model 3 Long Range AWD both received another $500 price increase, bringing the Model 3 Standard Range Plus to $38,900 from $38,490.

The price of the Tesla Model Y Long Range AWD increased to $50,900 from $50,490.

 

[Weather Man]

Honda Motors to go fully electric by 2040

• Honda Motor (HMC) plans to increase its ratio of electric vehicles (EVs) and fuel cell vehicles (FCVs) to 100% of all sales by 2040, says new CEO Toshihiro Mibe - Reuters.
• The company expects EVs and FCVs to account for 40% of sales by 2030 and 80% by 2035 in all major markets, including North America and China.
• The commitment follows, Yoshihide Suga, Japanese Prime Minister's aim to cut 46% emissions by 2030 and look for ways to go even further, nearly doubling from its previous target.
• Honda will invest a total of about ¥5T in research and development initiatives, including electrification, over the next six years, regardless of sales revenue fluctuations.
• In North America, Honda and GM to introduce two jointly-developed large-sized EV models using GM's Ultium batteries in 2024 and will launch a series of new EV models which feature a new EV platform dubbed e:Architecture.

 

[Weather Man]

Daimler raises margin outlook on strong Q1 results

• Daimler AG (OTCPKMLRY) reports total unit sales growth of 13% to 728,600 cars and commercial vehicles, due to the recovery of the global economy combined with an attractive vehicle portfolio.
• Sales by the Mercedes-Benz Cars & Vans division increased by 15% to 627,300 vehicles; Daimler Trucks & Buses division up 4% to 101,300 vehicle.
• Daimler Mobility's new business increased by 4% to €16.8B.
• The adjusted free cash flow of the industrial business rebounded to €2.8B.
• Harald Wilhelm, Chief Financial Officer of Daimler AG:
• "Deliveries, revenues and profits increased significantly, particularly thanks to tailwinds in China, a strong product mix and favorable pricing, supported by industrial performance enhancements and cost control. After this promising start, we are very confident that we can keep up the pace to improve our margins on a sustainable basis and at the same time expand our electric vehicle line-up."
• Mercedes-Benz Cars & Vans and Daimler Mobility expect higher margins in 2021.
• The transaction and the listing of Daimler Truck spin-off on the Frankfurt Stock Exchange are well on track and expected to be completed before year-end 2021.
• The company continues to anticipate Group unit sales, revenues and EBIT in 2021 to be significantly above Y/Y.
• The current worldwide supply shortage of semiconductor chips affected deliveries in Q1, which could further impact sales in Q2.
• For FY2021, Mercedes-Benz Cars & Vans: adjusted return on sales of 10 - 12%; Daimler Trucks & Buses: adjusted return on sales of 6 - 7%; Daimler Mobility: adjusted return on equity of 14 - 15%.
• The adjusted cash conversion rate for the Mercedes-Benz Cars & Vans division in 2021 is expected to be between 0.7 and 0.9 and for Daimler Trucks & Buses between 0.8 and 1.0.
• The adjusted free cash flow of the industrial business is now expected to be near year ago level despite higher cash taxes.

 

[Weather Man]

Who didn't see this coming from 10 miles away?


Tesla vehicles said to be prevented from accessing Guangzhou highway

• There are anecdotal reports out of Guangzhou, China of Tesla (TSLA +1.2%) owners being prevented from driving on the highway by the police over what appears to be safety concerns there in the wake of a fatal accident in the region ten days ago.
• Tesla's Weibo statement: "This afternoon, we have proactively contacted the Zhengzhou Municipal Market Supervision Administration and reported the relevant situation. In order to protect the rights and interests of consumers, we are willing to cooperate fully and provide the raw data of the vehicle half an hour before the incident to the third-party appraisal agency or the technology designated by the government. The regulatory authority or the consumer himself."
• No official confirmation is in from Chinese officials of a Tesla highway ban around Guangzhou.
• Tesla is participating in strong day for the EV sector overall.

 

[Weather Man]

Biden's Infrastructure plans spikes EVs interest in Americans: Cars.com survey

• A research by Cars.com indicates that Americans' interest in electric vehicles is on the rise with 66% of the respondents in national survey stated an increased desire to buy an EV.
• This is on the heels of President Biden's infrastructure plans to invest $174B in the EV market including a national network of 500K EV charging locations by 2030.

• Biden's plan, which includes $100B for power infrastructure, provides a targeted investment tax credit for high-voltage transmission needed to move renewable energy from remote locations to population centers.

• Contrary, 81% of the respondents believe that barriers still remain thereby obstructing the path to purchase EV.
• Nearly 20% of Americans report the lack of SUVs in the current EV lineup as a critical factor in the desire to purchase a traditional gasoline vehicle.
• However, the market awaits the highly anticipated release of SUVs such as 2021 Volkswagen (OTCPK:VWAGY) ID.4 and the Tesla (NASDAQ:TSLA) Model Y; that interest is further enhanced by the 2021 Ford (NYSE:F) Mustang Mach-E all-electric SUV.
• Launched in December, the Mach-E accounts for 34% of total EV search share on Cars.com, the highest among any EV or hybrid vehicle on the site.
• Among the obstacles preventing consumers from buying electric vehicles are cost, limited range and lack of charging stations.
• However, if gas prices continue rising, 76% of car owners would assess switching to an EV; 35% of current EV owners cited gas savings as one of the factors that led to the purchase.
• Supporting factors are the recent progress in Biden's administration: According to a statement, DOT announced guidance on how grants can be used to deploy charging infrastructure and newly designated alternative fuel corridors; DOE announced new funding and partnerships for charger-related research and development; and GSA announced progress on the goal to transition the federal fleet to zero-emission vehicles.
• In March, U.S. crossed the milestone of 100K public chargers as recorded by DOE's Alternative Fuel Data Center.
• EV Sector Watch: (NASDAQ:NKLA), (NYSE:XPEV), (NASDAQ:LI), (NASDAQ:WKHS), (NASDAQ:RIDE), (NYSE:FSR), (NASDAQ:BLNK), (NYSE:GM), (NYSE:CHPT)
• Related reads: In-depth analysis of the infrastructure plan, What President Biden's $2T+ American Jobs Plan Could Mean For U.S. Infrastructure by SA Contributor Global X ETFs

 

[CobraBob]

Elon Musk predicts Tesla Model Y will be world's best selling vehicle in 2022
Has a long way to go to reach the top
FoxBusiness

Elon Musk has big hopes for Tesla's small SUV.

The CEO predicted during the company's first-quarter earnings call that the compact model could be the world's best-selling vehicle as early as 2022.

"Probably next year," Musk said. "I’m not 100% certain next year, but I think it’s quite likely."

Tesla reports combined sales of the Model Y and Model 3, which stood at 182,847 for the quarter, and Musk claimed that the Model 3 was the world's best-selling luxury sedan during the period, taking the mantle from the BMW 3-Series.


The Model Y is built at Tesla's Fremont, Calif., and Shanghai, China, factories, but Musk said that assembly lines in Austin, Tex., and Berlin, Germany, would be at volume production next year.

The Toyota Corolla has been the world's top-selling nameplate for years and the automaker delivered 1.2 million in 2019, before the industry was seriously affected by the coronavirus pandemic. It was followed by the Ford F-Series pickup at 1 million and Toyota Rav4 at 975,000, according to Statista.

Tesla is predicting 50% annual growth in output, which would equate to roughly 750,00 vehicles in 2021 and 1,125,000 vehicles in 2022.

That suggests that if Toyota's sales recover to normal levels in 2022, Tesla would need to exceed its manufacturing growth projections and dedicate nearly all of it to Model Y production to achieve the best-selling goal.

 

[Weather Man]

Lordstown Motors reportedly late on real estate tax payment

• Lordstown Motors (RIDE +2.5%) failed to pay $570K owed in real estate taxes owed in early March, according to The Business Journal published out of Youngstown Ohio.
• Lordstown Motors also owes a 10% late payment penalty of around $57K for the 2020 taxes as well as interest.
• "The auditor’s office shows that Lordstown Motors failed to make tax payments on a parcel of 386.6 acres totaling $446,183; a second lot of 47.3 acres for $3,041.14; a third parcel of 13.5 acres for $203.95; and a fourth lot of 152 acres for $143,603.56."
• Lordstown Motors bought the old GM plant and real estate in 2019.
• A Lordstown Motors spokeperson told the The Business Journal that the situation is being rectified.
• Shares of Lordstown are down 49% YTD and trade about 67% below their 52-week high.

 

[Weather Man]

GM unveils deals to access 60K EV charging points across U.S., Canada

• General Motors (NYSE:GM) announces agreements with seven electric vehicle charging providers - Blink Charging (NASDAQ:BLNK), ChargePoint (NYSE:CHPT), EV Connect, EVgo, FLO, Greenlots and SemaConnect - to offer its customers access to nearly 60K charging points across the U.S. and Canada.
• BLNK closed +6.8%, CHPT +4.7% in today's trading.
• The deals are in connection with GM's new "Ultium Charge 360" initiative, which the company says will integrate charging networks, GM vehicle mobile apps and other services to simplify the charging experience for its electric vehicle owners.
• GM says the agreements will soon allow EV customers using their GM vehicle mobile apps "to easily see real-time information from nearly 60,000 charging plugs throughout the U.S. and Canada, find stations along a route and initiate and pay for charging."
• The company has said it plans to launch 30 EVs globally by the end of 2025, with more than two-thirds available in North America.

 

[CobraBob]

Imagine how many charging stations we'll have in the United States alone in 10 years.

 

[Weather Man]

General Motors moves closer to launch of the Cadillac Lyriq electric SUV

• General Motors (GM -4.2%) says it will start taking orders for the Cadillac Lyriq in September.
• GM's description of Cadillac's first electric SUV: "The 2023 Cadillac LYRIQ is powered by the Ultium battery platform, offering a Cadillac-estimated over 30‌0 miles of range with a full charge± and will offer high speed, public DC Fast Charging rates up to 190 kW which will add up to 76 miles of range in about 10 minutes. LYRIQ will offer impressive features like Super Cruise driver assistance feature and a 33" diagonal Advanced LED display."
• The Cadillac Lyriq will start at $59,990.
• As for range and recharging worries, GM is launching a new partnership to have around 60K public chargers from seven networks on the same app in the US and Canada.
• Last month, Seeking Alpha author David Trainer noted GM has a competitive advantage that will allow it to produce quality EVs in large scale "without the growing pains and stumbles along the way like a competitor experiences such as Tesla."

 

[Weather Man]

Toyota U.S. sales jumped 182.6% in April, APV sales up 526%

• Toyota (TM +1.2%) reports sales expanded 182.6% Y/Y to 239,311 units in April vs. consensus of 227,321 units.
• Toyota division sales surged 183.3% Y/Y to 212,283 units and Lexus division sales grew 176.7% to 27,028 units.
• APV sales saw triple digit growth in April +526.3% to 56,467 units.
• SUV sales +224%, Sienna +1117% and Pickup sales +49.8% for the month.
• Truck sales up 170.3% Y/Y to 159,550 and car sales +210.3% to 79,761 units.

Kia Motors sales surged 121.3% in April, second-successive best-ever monthly sales

• Kia Motors America (OTCPK:KIMTF) reports April sales growth of 121.3% to 70,177 units, surpassing the previous monthly high set in March 2021.
• "After a record-breaking first-quarter performance, Kia continued to outpace the industry in April as even more customers discovered our world-class and award-winning design and quality," said Sean Yoon, president and CEO of Kia Motors North America and Kia Motors America. "With five Kia models setting sales records in April and the successful launches of the Sorento SUV and the all-new Carnival MPV continuing to drive customers to showrooms, Kia is experiencing unprecedented momentum. Given the showroom traffic our dealers are reporting ahead of the summer opening of the country we are confident our strong performance will continue through the year."

Hyundai U.S. retail sales jumped 146% in April, eco-friendly vehicles +640%

• Hyundai (OTC:HYMLF) reports sales in the U.S up 128% to 77,523 units in April.
• Retail sales soared 146% to 74,978 units. Hyundai fleet sales were down 27%, representing 3% of total volume.
• YTD sales up 48% to 244,653 units.
• Retail sales rose for the entire lineup with SUVs +137%, cars +163% and eco-friendly vehicles +640%, all up triple digits.
• "April 2021 was the second month in a row that we established a new best ever total and retail sales monthly record," said Randy Parker, senior vice president, National Sales, Hyundai Motor America. "It was a team effort across the entire organization from manufacturing, logistics, sales and marketing, and our dealerships to deliver more Hyundai vehicles than ever before. As our all-new Tucson begins hitting dealerships in greater numbers, we expect the design and technology of our lineup to continue resonating with consumers."

Ford boosts investment in solid-state battery partnership

• Ford (F +0.6%) announces an additional equity investment in Solid Power aimed at the further development of solid-state vehicle battery technology.
• The automakers says the ultimate goal of the investment is to help deliver longer range, lower cost and safer electric vehicles for customers
• With the investment round, Ford and BMW are equal equity owners, and representatives from each company will join Solid Power's board. Both automakers also have separate joint development agreements with Solid Power to develop and test its battery technology so each can meet the independent engineering and manufacturing requirements of their respective future vehicles
• Ford's newest Solid Power investment is in addition to the company’s previously announced $22B global investment in connected, electrified vehicles through 2025
• "Solid-state battery technology is important to the future of electric vehicles, and that's why we're investing in it directly as well as accelerating Ford’s in-house R&D on next-generation battery technology," says Ford Chief Operations Officer Hau Thai-Tang.
• Read more details on Ford's solid-state battery investment.
• The development is also significant for QuantumScape (QS -1.7%), which is also pushing forward aggressively with solid-state battery tech.

BMW, Ford and Volta Energy leads $130M Series B investment round of Solid Power

• Solid Power announced a $130M Series B investment round led by the BMW Group (OTCPK:BMWYY), Ford Motor Company (NYSE:F) and Volta Energy Technologies.
• The investment will aid Solid Power to produce full-scale automotive batteries, increase associated material output and expand in-house production capabilities for future vehicle integration.
• The BMW Group and Ford aims to utilize Solid Power's low-cost, high-energy all solid-state battery technology in forthcoming electric vehicles.
• Ford and the BMW Group will receive full-scale 100 Ah cells for automotive qualification testing and vehicle integration beginning in 2022.
• Dr. Jeff Chamberlain, CEO of Volta Energy Technologies said, "The company's partnership with BMW and Ford will further accelerate the full commercialization of Solid Power's batteries and position both car companies to be among the first to have EVs on the road powered by safer, affordable, high-energy solid-state batteries."

Tesla preps to tackle increased scrutiny in China

• Tesla (NASDAQ:TSLA) is facing even more scrutiny in China over safety and customer service complaints as the State Administration for Market Regulation adds more staffing and resources to crack down competition viewed as anti-competitive, reports Reuters.
• The watchdog is empowered by new amendments to increase fines and expanded criteria for when a company is determined to be controlling a market in China.
• Sources say Tesla officials have been largely absent from closed door meetings between local officials, regulators and industry association reps unlike their counterparts at GM and Toyota. However, in the last few weeks, Tesla executives were in attendance at some policy discussions on topics like auto data storage, vehicle-to-infrastructure communication technologies, car recycling and carbon emissions.
• Tesla is also said to be expanding its government relationship team in China to deal with some of the nuances with regulators and officials.
• Tesla started feeling some new growing pains in China last month.
• Shares of Tesla are down 0.76% premarket to $704.05 and trade below their 100-day moving average.

 

[Weather Man]

Mazda U.S. sales surged 184.4% in April

• Mazda (OTCPK:MZDAY) reports unit sales increased 184.4% Y/Y to 31,117 in April.
• Car sales jumped 137.3% to 6,621 units while Truck sales expanded 200.6% to 24,496 units.
• CPO sales expanded 187 % to 6,880 units for the month.
• YTD Mazda U.S. sales +45.5% to 114,375 units.

American Honda sales grew 171% in April

• Honda (HMC +1.0%) reports U.S. total sales rose 171% Y/Y to 156.452 units in April vs. consensus of 145,766 units
• Car sales +125.1% and trucks sales +207.5% for the month.
• Sales in the Honda division +165.7% to 140,023 units: Cars +122.3% and Trucks +202.1%.
• Acura sales +226.2% to 16,459 units: Cars +168.9% and Trucks +251.8%.
• "As the entire auto industry continues to rebound from the challenge of a global pandemic, Honda and Acura are gaining both momentum and market share," said Dave Gardner, executive vice president of Automobile Sales for American Honda Motor Co., Inc. "We're excited to have significant all-new products on the way in the form of the 2022 Honda Civic and 2021 Acura TLX Type S, but it's the strength of our existing product lineup that is driving our record sales."

 

[Weather Man]

Ford sees having an electric battery plant in U.S. by 2025

• Ford (F +0.6%) thinks it may be able to produce its own battery cells in the U.S. by 2025 in an aggressive timeline compared to most expectations.
• While the automaker doesn't have quite the scale today to justify a dedicated battery plant, EV launches for the F-150, E-Transit and other models will help justify a battery plant in the U.S., top execs tell CNBC.
• A single battery cell facility could produce both lithium-ion batteries and solid-state batteries.
• Ford has a broad plan to funnel $22B into vehicle electrification initiatives from 2016 through 2025.
• Earlier today, Ford announced an additional equity investment in Solid Power aimed at the further development of solid-state vehicle battery technology.

 

[Weather Man]

Ferrari falls 4% after revenue arrives short of expectations

• Ferrari (NYSE:RACE) reports shipments of 2,771 units in Q1 to edge past the 2,738 units delivered a year ago.
• Sales of 8 cylinder models were up 8.1%, while 12 cylinder models were down 19.6%. The deliveries of the quarter were driven by the F8 family and the 812 GTS. The SF90 Stradale and the Ferrari Roma remain in ramp up phase, while the 488 Pista family and the Ferrari Portofino have been phased out. The Ferrari Monza SP1 and SP2 continued to be delivered in line with production planning.
• The automaker fell slightly short of consensus revenue marks for the quarter, but topped adjusted EBITDA expectations.
• Looking ahead, Ferrari anticipates revenue of €4.3B for the full year, EBITDA of €1.45B to €1.50 and industrial free cash flow of €.35B.
• Shares of Ferrari are down 3.80% premarket to $204.71 after the revenue miss.

 

[Weather Man]

TuSimple called autonomous trucking revolution leader by BofA

• TuSimple (TSP +1.0%) opens higher after landing a rush of bull ratings with the quiet period on the electric truck stock now ended.
• One of the more glowing assessments on TuSimple is from Bank of America, which says the company is leading the autonomous revolution in trucking.
• BofA starts off coverage on TuSimple with a Buy rating and price objective of $51.
• Analyst Ken Hoexter: "As the company has no public peer, we use a technology-like growth model outlook, with rapid adoption expected as commercial production is launched with Navistar in 2024, and a full ramp is achieved in 2027. Unlike other high-growth technology companies, as TuSimple has minimal revenue today (with 70 test trucks globally), we use a biotech like '% of success discount' on our DCF analysis (similar to a biotech 'probability of approval' discount). We apply a 75% likelihood of success to our DCF value to arrive at our PO, while current market pricing represents a 50% probability of success."
• See the other Buy-equivalent ratings that rained down today on TuSimple.

Workhorse falls after setting 2021 production target below expectations

• Workhorse Group (NASDAQ:WKHS) says it produced a total of 38 C-Series vehicles so far this year to more than double the number produced in comparison to the combined previous three quarters.
• Workhorse execs note a "step function" improvement in production last month even with the YTD truck production below its original target.
• "Bottlenecks within the global supply chain and offshore shipping delays of commodity raw materials and components as well as our initial stages of production limited our capacity to produce during the first quarter. However, our vehicle production numbers in April in comparison to the last few quarters are encouraging as are the proactive steps we are taking to build our volumes and ensure consistent production," updates CEO Duane Hughes.
• Workhorse now sees 2021 production of 1K units, but says the deliberate approach to growth will help it deliver increased volume in 2022 and beyond.
• Shares of WKHS are down 3.63% premarket to $9.29.
• ARK Invest snapped up more shares of Workhorse Group last month.

 

[Weather Man]

Harley-Davidson introduces all-electric motorcycle brand

• Harley-Davidson (HOG -1.1%) formally announces the launch of LiveWire as an all-electric motorcycle brand.
• The company says the all-electric brand will seize the opportunity to lead and define the market in EV motorcycles. LiveWire also plans to innovate and develop technology that will be applicable to Harley-Davidson electric motorcycles in the future.
• LiveWire will work with dealers from the Harley-Davidson network as an independent brand. The company says an innovative go-to-market model will blend digital and physical retail formats, tailoring the experience to the local market and allowing customers to discover LiveWire on their own terms.
• The first LiveWire branded motorcycle is scheduled to launch on July 8 and will be premiered at the International Motorcycle Show on July 9.
• Read more details about the LiveWire brand.

 

[Weather Man]

Wall Street Journal (Sean McLain): "Toyota Motor Corp. is stockpiling up to four months of some parts. Volkswagen AG is building six factories so it can get its own batteries. And, in shades of Henry Ford, Tesla Inc. is trying to lock up access to raw materials. The hyperefficient auto supply chain symbolized by the words 'just in time' is undergoing its biggest transformation in more than half a century… After sudden swings in demand, freak weather and a series of accidents, they are reassessing their basic assumption that they could always get the parts they needed when they needed them. 'The just-in-time model is designed for supply-chain efficiencies and economies of scale,' said Ashwani Gupta, Nissan Motor Co.'s chief operating officer. 'The repercussions of an unprecedented crisis like Covid highlight the fragility of our supply-chain model.'"

 

[Weather Man]

Ford to unveil all-electric F-150 next week

• Ford (F +0.3%) says it will unveil its smartest and most innovative truck yet with a special event next week for the all-electric F-150.
• The automaker's high-profile EV truck will be formally called the F-150 Lightning.
• Ford CEO Jim Farley: "America's favorite vehicle for nearly half a century is going digital and fully electric. F-150 Lightning can power your home during an outage; it's even quicker than the original F-150 Lightning performance truck; and it will constantly improve through over-the-air updates."
• Farley says the truck of the future will be built with quality and a commitment to sustainability by Ford-UAW workers at the Ford Rouge Complex.
• Many more details will be revealed on May 19 as part of the F-150 special event.
• Ford has been talking up the electric side of its U.S. business and is going all-in on electrification in Europe.
• Sector watch: Read Neuberger Berman's breakdown of the global chip shortage.

 

[Bensin]

• Ford CEO Jim Farley: it's even quicker than the original F-150 Lightning performance truck.

Quick to shit on the former 93 Lightning he is. Cant wait to see the Nascar driver in racing suit talking about family and dogs dragracing the former Lightnings in the loaded EV Supercrew 4x4 like the Edge ST.

 

[Weather Man]

Quick to shit on the former 93 Lightning he is. Cant wait to see the Nascar driver in racing suit talking about family and dogs dragracing the former Lightnings in the loaded EV Supercrew 4x4 like the Edge ST.

Well, to be fair, most manufacturers want the latest version of whatever to be the better than what was before.