Interesting Car/Truck Manufacturer News

[Weather Man]

Ford has to get inventory to the dealers. More people are ordering, but a hell of a lot more are just sitting on the sidelines waiting, my opinion.

Ford Motor U.S. retail sales drop 38% in July, EV sales gain 58%

• Ford Motor (F -2.3%) reports U.S. sales down 31.8% Y/Y to 120,053 vehicles in the month of July.
• Truck sales was down 27% Y/Y to 72,574 units, Car sales down 74.5% Y/Y to 4,365 units, and SUVs -27.3% Y/Y to 43,114 units.
• Total retail sales -37.7%: Truck -34.5%, Cars -78.7% and SUV -30.5%.
• Ford’s electrified vehicle sales were up 57.5% on sales of 9,103 vehicles with expanding presence in California; Mustang Mach-E sales were up 15.8% to 2,854 and F-150 PowerBoost Hybrid sales up 23.4% to 4,498 compared to June.
• 
  
• F-150 Lightning reservations exceeded 120,000.
• 
  
• "In addition to the sales we delivered in July, our retail order bank increased over 70,000 units, excluding our Bronco and Maverick retail orders, which is 10 times higher than we were a year ago. Our newest products, including F-150 PowerBoost, Mustang Mach-E, Bronco and Bronco Sport, are conquesting at a rate that is almost 14 points higher than Ford overall. With our strong portfolio of new products, robust transaction pricing and a big order bank, we are perfectly positioned for significant growth as the semiconductor chip situation improves," says Andrew Frick, vice president, Ford Sales U.S. and Canada.
• In the earnings result announced last week, Ford boosted its expectation for full-year with volumes expected to increase by about 30% sequentially.

 

[Weather Man]

Still hard to believe....


GM CEO confident about 2021, despite unknowns related to COVID, chip shortages

• Mary Barra, chair and CEO of General Motors (NYSE:GM), expressed confidence in the wake of the company's poorly received Q2 results that it will have a strong rest of year, despite "some unknowns" related to COVID and the global chip shortage.
• Speaking to CNBC on Wednesday, Barra said it took "resiliency and creativity" on the part of the company's employees to overcome the semiconductor shortage and secure a profit for its latest quarter.
• Earlier in the day, GM announced its Q2 results, posting a profit for the three-month period compared to a loss in the same timeframe last year. The company also raised its guidance for the full year.
• Despite the ongoing chip shortage, Barra said the launch of new GM electric vehicles, including the EV version of the Hummer, remained on track.
• Commenting on the recall of its Chevy Bolt due to potential fire hazards, Berra noted that the problem stemmed from a combination of two manufacturing flaws appearing in the same battery.
• She said that future EV brands will use a new battery system, meaning the issue won't persist in other models.
• Barra also repeated the company's plan to be all EV with light-duty vehicles by 2035.

 

[Weather Man]

TrueCar moves back below 200-day moving average with steep post-earnings drop

• TrueCar (TRUE -19.4%) slumps after holding back from issuing formal guidance due to the heightened uncertainty around inventory shortages. The auto retailer did say it expects breakeven adjusted EBITDA for Q3.
• TrueCar's (NASDAQ:TRUE) Q2 revenue and EPS results were very close to the consensus marks. Notably, the adjusted EBITDA tally of $4.7M was well ahead of the $1.9M consensus estimate.
• On Wall Street, Benchmark cuts its price target on TRUE to $7 from $8 and Needham keeps a Neutral rating on what it sees a tough road for the end-to-end digital solution transition.
• Big swings are nothing new for TrueCar (TRUE), with short interest at 12% of total float. Today's share price decline pushes TrueCar back below its 200-day moving average.

 

[Weather Man]

Tesla pushes back Cybertruck deliveries to 2022 as anticipated

• The first deliveries of Tesla's (NASDAQ:TSLA) Cybertruck electric pickup are not anticipated until next year. As spotted by Electrek, Tesla updated the footnotes on its order page to indicate that the Cybertruck configurator will be available when production nears in 2022.
• At the beginning of the year, Elon Musk lowered expectations by saying that the company expected a few deliveries of the Cybertruck toward the end of this year, but "volume production" to be in 2022.
• The Cybertruck seems to have a larger role in the bull vs. bear debate on TSLA than might be expected with Model 3 and Model Y production ramping up.
• The biggest development in the EV sector over the last week has been the formalization of EV targets from Detroit majors and the Biden Administration.
• Read about the EV stock that ARK Invest is pouring investments into.

 

[Low Class Yuppie]

Lamborghini is teasing a new Countach. I hope this isn't some cynical "disruptive" marketing stunt that leverages a beloved nameplate to sell an otherwise unremarkable EV appliance, but can you blame me for being a little jaded at this point?

 

[Weather Man]

Lamborghini is teasing a new Countach. I hope this isn't some cynical "disruptive" marketing stunt that leverages a beloved nameplate to sell an otherwise unremarkable EV appliance, but can you blame me for being a little jaded at this point?

It is hard to see how the sound of an EV will excite like the sound of a V-12.

 

[Weather Man]

Another one I haven't heard of before.


Hyliion Holdings shows off electric truck to Biden officials

• Hyliion Holdings (HYLN +3.5%) says it recently met with U.S. Secretary of Energy Jennifer Granholm and U.S. Representative Haley Stevens to showcase the Hypertruck ERX at an event in Michigan.
• The event was part of a tour to promote the Biden administration’s $1T bipartisan infrastructure proposal.
• Granholm and Stevens were given an in-depth overview of the Hypertruck ERX and also took a ride in a proof-of-concept unit.
• Earlier this year, Hyliion announced the creation of the Hypertruck Innovation Council with leading fleet and technology companies that will test and provide feedback on the Hypertruck ERX.
• Shares of HYLN gained yesterday after disclosing a new supply deal.

 

[Weather Man]

General Motors teases out details on the all-electric Silverado

• General Motors (GM -1.0%) is showing off details on its upcoming electric Chevrolet Silverado. One of the notable features is the truck's ability to drive in tight circles with a four-wheel-steering system that will significantly reduce the turning radius in low speed situations. Chevy also confirmed that the electric Silverado will have 24-inch wheels available.
• The Silverado is being built off the same Ultium electric platform that GM uses for the GMC Hummer EV. The Ultium platform underpins many of the Wall Street bullish takes on GM for the long haul.
• GM confirmed that it moving forward with development o the all-electric Chevy Silverado last April.

 

[Weather Man]

EZGO Technologies to manufacture reverse trike vehicles with SilverLight

• EZGO Technologies (EZGO -4.5%) enters a strategic agreement with SilverLight Electric Vehicle (also known as 808 Renewable Energy) (OTCPK:RNWR) a Florida-based electric reverse-trike vehicle and low-speed electric vehicle manufacturer.
• According to the tri-parties agreement, company will start the trial production phase in late 2021 and the target output is 100 gyroplanes and 2,000 electric reverse trike vehicles by 2022.
• Mr. Jianhui Ye, CEO stated, "We are very excited to announce the execution of this strategic cooperation agreement and tri-parties agreement with SilverLight. We look forward to working closely with SilverLight to develop our North America market. We are pleased to have won the support of a reputable international partner like SilverLight and continue seeking opportunities to increase our market exposure and grow our business."

 

[Weather Man]

Another EV company I never heard of SOLO (Electrameccanica Vehicles Corp). The shorties are after this one right now.

 

[Weather Man]

Lordstown Motors to take on partners and repurpose assets - Morgan Stanley

• Lordstown Motors (RIDE +3.8%) is higher in midday trading, but Morgan Stanley is warning that it is not going to be a smooth ride ahead.
• Adam Jonas and team think that despite RIDE management reaffirming their commitment to in-hub EV architecture and the Endurance vehicle, it is increasingly likely that the product may never actually achieve commercial production at scale. With liquidity at the "minimum" of the needed amount for a high-volume EV ramp, MS expects a new plan to form.
• "We believe 'repurposing' of the assets (potentially with the help of outside partners) is the new Plan A for the company. We believe efforts to repurpose the assets take priority even over accelerating the Endurance to market."
• During yesterday's conference call, RIDE execs noted that it is looking at letting partners use some of the space at its factory (earnings call transcript).
• MS also offers a gentler reminder that RIDE currently does not have a CEO and has an interim CFO. "Our team is not aware of any example in contemporary automotive history where a product was successfully validated, launched and commercialized without a CEO," warns the firm.
• Elsewhere on Wall Street, Deutsche Bank cuts its price target on RIDE to $7 from $8, while RBC Capital slashed its PT to $1 from $5 with the first-mover advantage seen as dissipated.
• Shares of Lordstown Motors (NASDAQ:RIDE) are down 38% over the last six weeks and are 72% lower YTD despite today's bump.
• Read more about RIDE's business update.

 

[Weather Man]

Interesting EV company.


Arrival closes down 7% as aluminum prices continue to rise

• Arrival (NASDAQ:ARVL) shares closed down 7.27% today after reporting its second quarter results this morning.
• Non-binding orders and LOIs total 59,000 vehicles, including a 10,000-vehicle order from UPS. In its earnings call, Arrival said that its trucks and vans will have competitive pricing and 50% lower cost of operations than those with internal combustion engines.
• Arrival's radical method of building electric vehicles using micro-factories and body panels allows it to avoid stamping, welding, and painting during the manufacturing process.
• The company uses more expensive aluminum and composite materials to build its cars rather than steel like most car companies. Prices for aluminum have increased approximately 27% since the beginning of the year while steel prices have gone up 40%.
• The company doesn't foresee major impacts from the global chip shortage. "I would say ironically, the biggest impact for us from the chip shortage has been a delay in getting laptops for new employees," said Arrival Automotive CEO Michael Ableson.
• The outlook for electric vehicle manufacturers rose following the Senate's passage of a $1 trillion infrastructure bill.

 

[Weather Man]

Ford to delay deliveries of some Bronco SUVs

• Ford's (NYSE:F) revival of the Bronco for the first time since the mid-1990s has hit a snag, as the company will stop deliveries of some Bronco SUVs to customers because of manufacturing problems, which could delay some orders from the 2021 model year to 2022.
• The company says it will replace the molded, hardtop roofs on some of the Bronco SUVs it has produced after failing to meet its standards for appearance, although the vehicle's functionality is not affected.
• Buyers who have received a Bronco with the faulty roof may have it replaced at a dealership at no charge; vehicles that have been built but not yet shipped are being held near the Detroit factory where they are assembled.
• Earlier this week, Ford said it will delay Mustang Mach-E vehicle orders due to the global semiconductor chip shortages.

 

[Weather Man]

Lion Electric EPS misses by $1.06, beats on revenue

• Lion Electric (NYSE:LEV): Q2 GAAP EPS of -$1.13 misses by $1.06.
• Revenue of $16.69M (+174.5% Y/Y) beats by $0.87M.
• Press Release
• Delivery of 61 vehicles, a significant increase, as compared to the 22 delivered in the same period last year.
• Adjusted EBITDA of negative $5.5M, as compared to negative $0.1M in Q2 2020.
• Vehicle order book of 965 all-electric medium- and heavy-duty urban vehicles as of August 12, 2021, consisting of 262 trucks and 703 buses, representing a combined total order value of over $280 million.
• LionEnergy order book of 73 charging stations as of August 12, 2021, representing a combined total order value of approximately $1.0M.

 

[Weather Man]

Tesla supplier and world's biggest EV battery maker raising $9B to expand

• Tesla (TSLA -0.4%) supplier CATL is planning to raise $9B through a private placement to help increase its production of lithium ion batteries, capitalizing on investor optimism over electric vehicles.
• China's top battery maker says it aims to raise 58.2B yuan ($8.98B) by placing 232.9M shares with institutional investors.
• CATL plans to use the proceeds to fund projects at six new and existing facilities in China's Fujian, Guangdong and Jiangsu provinces, as well as for research and development, and working capital.
• Besides Tesla, CATL supplies batteries to Chinese EV makers NIO (NIO -3%), XPeng (XPEV -3%) and Li Auto (LI -4.6%), as well as traditional brands including Daimler's (OTCPKDAIF +0.1%) Mercedes Benz.
• Analysts say CATL has a 30% global EV battery market share and more than half the market in China.
• Tesla sold nearly 33K China-made vehicles in July, down slightly from June.

 

[Weather Man]

Lamborghini CEO unveils new Countach, no plans to leave Volkswagen group

• Lamborghini CEO Stephan Winkelmann spoke to Bloomberg TV about the automaker's future Friday.
• The new Countach LPI 800-4 limited-edition hybrid supercar was revealed. Production for the first year will be limited to 112 cars, a nod to the original car's project name.
• Winkelmann announced that all of Lamborghini's lineup would be hybridized by 2024 and the company will reduce carbon dioxide emissions by 50% by 2025.
• Lamborghini's customer order book is filled for the next ten months and growing. Winkelmann said that the company has not been affected by the global semiconductor shortage.
• He added that Lamborghini was "happy" inside Volkswagen Auto Group (OTCPK:VWAGY -0.6%) and had no plans of becoming more independent, citing positive synergies and the opportunities Volkswagen provided.
• Volkswagen deliveries are up 28% Y/Y, the company announced in its recent second quarter earnings release.

 

[Weather Man]

Green insanity.

It was the best of times, it was the worst of times for zero-emission truck maker Nikola.

The company on Thursday said it has been awarded a $2 million grant by the Department of Energy — just weeks after Nikola founder Trevor Milton was criminally charged for lying to investors about "nearly all aspects of the business."

Milton stepped back from the company in September after a damning report from short-selling activist firm Hindenburg Research accusing Milton of deceiving investors with a video that made it look like one of Nikola’s trucks was driving when in fact the vehicle was simply rolling down a hill.

 

[CobraBob]

Green insanity.

It was the best of times, it was the worst of times for zero-emission truck maker Nikola. The company on Thursday said it has been awarded a $2 million grant by the Department of Energy — just weeks after Nikola founder Trevor Milton was criminally charged for lying to investors about "nearly all aspects of the business."

Milton stepped back from the company in September after a damning report from short-selling activist firm Hindenburg Research accusing Milton of deceiving investors with a video that made it look like one of Nikola’s trucks was driving when in fact the vehicle was simply rolling down a hill.

Wow! Somebody knows somebody.

 

[Weather Man]

Wow! Somebody knows somebody.

The D's never met a green cause to stupid to throw money away on.

 

[kazman]

The D's never met a green cause too stupid to throw stolen taxpayers money away to their cronies on.

Edited for accuracy...