Interesting Car/Truck Manufacturer News

Weather Man

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Ferrari appoints former Apple design chief Jony Ive for its electric push

  • Ferrari NV (NYSE:RACE) hired Apple’s former design chief Jony Ive as it readies its debut into full electric vehicles - WSJ.
  • Mr. Ive’s design company LoveFrom Inc., formed in 2019 alongside industrial designer Marc Newson, will work with Ferrari and its largest shareholder, Netherlands-based Exor NV on a number of projects.
  • The company revealed in April that its first battery-powered vehicle will hit the showrooms in 2025.
  • John Elkann, chairman and chief executive of Exor, and chairman of Ferrari, said the holding company had started talks with LoveFrom’s founders soon after they formed the design firm.
 

Weather Man

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Hyzon Motors craters after Blue Orca alleges 'fake' customers

  • Hyzon Motors Inc. (HYZN -20.1%) falls sharply after Blue Orca Capital posts a negative report on the EV stock and makes a short call.
  • Key snippets from the Blue Orca report are posted below.
  • "In our opinion, Hyzon’s supposed major customers are a fake-looking Chinese shell company incorporated three days before the deal announcement and a tiny New Zealand startup which told us they are not really a customer."
  • "Hyzon is just a repackaging of its parent company, Horizon, a Chinese hydrogen fuel cell business that recently delisted from the Chinese OTC market in March 2021 at an enterprise value of just $190 million. Horizon has been trying to sell its fuel cell technology for years, without meaningful success."
  • "If Hyzon’s technology is supposedly world class, and the foundation for its hockey-stick-like future revenue growth, we question why the critical officers in charge of such technology apparently have such little faith in either the Company or the technology (or both) that they both stepped down so abruptly and after so little time at Hyzon, despite the obvious financial incentives to remain."
  • If Hyzon Motors (NASDAQ:HYZN) responds to the allegations, the defense will be posted.
  • Shares of HYZN are currently at a nine-week low.
 

Weather Man

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General Motors commercial EV segment adds second van, secures Verizon as first customer

image

  • General Motors' (GM -0.1%) electric commercial vehicle company BrightDrop will add a second smaller delivery van as an option in 2023 and has secured Verizon (VZ -0.7%) as its first customer.
  • BrightDrop has already built production models of its initial van with 600 cubic feet of storage, the EV600, and expects to deliver them to FedEx (FDX -1.9%) and fleet management company Merchants Fleet later this year. The new van, named the EV410 for its storage capacity, will come with the majority of features included in the larger version.
  • Verizon plans to use the EV410 in its field and maintenance plant, but the models won't be ready until 2023 after GM has invested over $800M to convert a Canadian plant to support electric manufacturing. GM declined to share preorder volumes for the EV410.
  • GM has said it will also introduce a commercial medium-duty truck and a full-sized van sometime in the future. The BrightDrop vehicles use GM's Ultium battery platform, which will power the company's new lineup of EVs and replace the battery that caused problems in the Chevrolet Bolt.
 

Weather Man

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It's like watching a slow motion tidal wave that is going to change every facet of how you live and knowing there isn't a damn thing you can do to stop it. All these companies investing big money to adapt or die.


Allison Transmission's eGen Flex to be offered by New Flyer in January 2022

  • Allison Transmission (NYSE:ALSN) said New Flyer Industries Canada ULC and New Flyer of America will begin offering Allison’s next generation electric hybrid propulsion solution eGen Flex in early 2022.
  • Allison's eGen Flex system is capable of full electric drive for up to 10 miles.
  • The company noted that eGen Flex system improves fuel economy by up to 25% versus a conventional clean diesel bus, and has the ability to operate accessories such as air conditioning and electric heat at optimal efficiency with clean electric power.
 

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Lucid rolls first EV off assembly line, will begin deliveries in late October

Lucid_General_Assembly.jpg

  • Lucid Group (NASDAQ:LCID) drove its first customer-quality Lucid Air electric sedans off the assembly line today at its AMP-1 factory in Arizona. The company expects customer deliveries for the most expensive Dream edition to begin in late October and ramp up thereafter.
  • There are over 13,000 reservations for the Lucid Air which starts at $77,400 and has a maximum range of 520 miles, over 100 miles more than its closest competitor. Lucid has increased planned production of the initial Dream edition to 520 vehicles because of the demand.
  • Shares are up 5.54% AH, reversing a drop during trading hours as most EV stocks fell amid a broader market decline.
  • Peer Hyzon Motors saw its share price crash Tuseday after a short-seller claimed its major customers were fake shell companies.
 

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Rolls-Royce to produce only electric cars by 2030

  • Rolls-Royce (OTCPK:RYCEY +2.1%) will stop selling vehicles that run on gasoline by 2030, CEO Torsten Müller-Ötvös says, as the Spectre sedan, the company's first all-electric car, is set to begin testing ahead of an anticipated rollout to the market in late 2023.
  • "With this new product, we set out our credentials for the full electrification of our entire product portfolio by 2030," Müller-Ötvös says, describing the decision as the company's most important in the history of the brand.
  • Rolls-Royce is one of September's biggest gainers in the Stoxx Europe 600 index, up 24% so far, although shares still lag heights reached before COVID-19 slammed the travel industry.
  • The company recently was awarded a contract to provide upgraded engines for the U.S. Air Force's B-52 bomber fleet in an award that could grow to $2.6B.
 

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Jeep releases first Grand Cherokee SUV plug-in electric hybrid

2022_Jeep_Grand_Cherokee.jpg

  • Jeep reveals its new plug-in electric 2022 Grand Cherokee SUV as parent company Stellantis (STLA +1.2%) moves its focus towards electric vehicles. The car will go on sale in the fourth quarter of 2021.
  • The Grand Cherokee has an estimated all-electric range of about 25 miles before it needs to switch over to a four-cylinder turbocharged engine. The SUV is the second electric plug-in hybrid to join Jeep's lineup following the release of the Jeep Wrangler.
  • Jeep CEO Christian Meunier has said that every new Jeep vehicle will offer some for of electrification going forward. The automaker will release its first all-electric vehicle in 2021 following multiple investments in green energy.
 

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Ford renews $15.5B revolving Credit Lines linking to ESG goals

  • Ford (NYSE:F) announced the extension of $15.5B in revolving credit lines, which ties corporate credit lines to measured ESG goals.
  • The arrangement comprises extensions of three revolving credit lines: a five-year, $10.1B facility maturing in September 2026, along with a three-year, $3.4B facility and a three-year, $2.0B supplemental facility, both maturing in September 2024.
  • The company said the facility renewals are distinguished by their inclusion of well-rounded measures demonstrating how Ford’s ESG, initiatives are integrated throughout its business.
  • The company also said that starting with this year’s extension, Ford is leading the corporate loan market’s transition away from the LIBOR interbank rate by pricing its revolving credit facilities directly off of the daily SOFR interest rate for corporate borrowings.
  • Ford partnered with Crédit Agricole Corporate and Investment Bank to lead development of the sustainability-linked facilities.
  • The facilities are supported by a diverse lender group composed of 60 banks, led by JPMorgan Chase Bank.
 

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CarMax EPS misses by $0.17, beats on revenue

  • CarMax (NYSE:KMX): Q2 GAAP EPS of $1.72 misses by $0.17.
  • Revenue of $7.99B (+48.8% Y/Y) beats by $1.08B.
  • Press Release
  • Sold 419,895 units through our retail and wholesale channels combined, up 19.9% from the prior year quarter.
  • Retail used unit sales increased 6.7% to a second quarter record of 231,797 vehicles and comparable store unit sales increased 6.2% compared with the same quarter a year ago.
  • Wholesale units increased 41.4% to 188,098 vehicles from the prior year second quarter, an all-time high quarterly record.
  • Gross margin of 10.2% vs. estimate of 11.9%.
  • During the second quarter of fiscal 2022, the company opened three new locations and in fiscal year 2022 has plans to open a total of 10 new locations.
 

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GM on track to source 100% renewable energy by 2025, 5 years ahed of schedule

  • General Motors (GM -0.7%) announces that it plans to source 100% renewable energy to power U.S. sites by 2025, five years ahead of its previously announced target. With the accelerated goal, GM will avoid 1 million metric tons of carbon emissions that would have been produced between 2025 and 2030.
  • The automaker is focusing its renewable energy efforts in four areas: Increasing efficiency, sourcing energy through direct investment, green tariffs and power purchase agreements, storing renewable energy, and political advocacy. Two energy companies, PJM Interconnection and TimberRock, will track the real-time carbon emissions at GM's facilities to provide strategic information to GM and ensure the company is meeting its goals.
  • Earlier, GM unveiled plans to invest $11.4B on electric vehicle assembly and battery plants in the U.S. to support its new Ultium battery platform and future electrification goals.
 

SecondhandSnake

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It's like watching a slow motion tidal wave that is going to change every facet of how you live and knowing there isn't a damn thing you can do to stop it. All these companies investing big money to adapt or die.

Big daddy government says so.

And the next generation of kids are all little Gretas clamoring for it.
 

Weather Man

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Ford highlights new electric vehicle plants without detailing if they will be unionized



  • Ford's (F -0.6%) blockbuster announcement that it would build four new factories in Kentucky and Tennessee by 2025 and hire nearly 11K workers is raising some questions on if the plants will be unionized or not, according to Associated Press.
  • Three of the plants are slated to produce electric batteries and a fourth would make the next generation of electric F-Series pickup trucks,
  • Union workers generally are paid on average about 20% more than their nonunion counterparts and receive more generous benefits.
  • Earlier this week, Ford did not directly address the topic but said that it expects to continue a strong, mutually beneficial relationship with the UAW.
  • Yesterday: Tesla's Elon Musk slammed Biden's EV policy for union influence.
 

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BMW raises profit guidance after successful pricing action

  • BMW (OTCPK:BMWYY +0.2%) increases its annual EBIT margin from its automotive segment to between 9.5% and 10.5% from between 7% and 9% as the automaker expects positive pricing effects to offset semiconductor chip shortage issues. The company also raises its return on equity for the financial services segment to between 20% and 23% from between 17% and 20%.
  • A lack of semiconductors will continue to affect production and deliveries to customers said BMW. However, strong relations with suppliers have allowed the company to continue producing vehicles.
  • Free cash flow from the automotive segment is now expected to be €6.5B for the year.
  • Competitor Daimler attributed its revenue beat in its second quarter to higher car prices, particularly from Mercedes-Benz.
 

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Lordstown Motors higher on EV production partnership with Hon Hai Technology, updates FY2021 expense outlook

  • Lordstown Motors (NASDAQ:RIDE) +4.5% premarket, and Hon Hai Technology Group to work jointly on electric vehicle programs in the company’s assembly plant in Lordstown, Ohio.
  • The company continues to move forward with its plan to build a limited number of vehicles for testing, validation, verification and regulatory approvals during the balance of 2021 and the first part of 2022.
  • In light of the recent event, the company is updating its FY2021 financial outlook last provided during its Q2 2021 earnings call: Capital expenditures unchanged in total from $375M to $400M; SG&A expenditures to be $105M to $120M, up from $95M to $105M, primarily due to higher legal and professional fees; R&D expenditures now $320M to $340M, up from $310M to $320M, largely due to increased prototyping and pre-production expenses.
  • Cash balance as on September 30, 2021 is $210M to $240M, down from $225M to $275M, which includes ~$20M of proceeds from the issuance of common stock under the Company’s Equity Purchase Agreement in August and September but excludes proceeds from Foxconn’s purchase of $50M of the company’s common stock at a price of $6.8983 per share.


Daimler's shareholders decide on spin-off of Daimler Truck by the end of FY2021

  • Daimler AG (OTCPK:DMLRY) shareholders gives a green signal to the planned spin-off of Daimler Truck by the end of FY2021.
  • The shareholders will hold 65% stake in Daimler Truck Holding AG intended to list on the Frankfurt Stock Exchange, in addition to their shares in Daimler AG.
  • As consideration for the spin-off Daimler shareholders are to receive one additional share in Daimler Truck Holding AG for every two shares they hold in Daimler AG. Daimler will retain a minority interest of 35% in Daimler Truck Holding AG and plans to transfer 5% to Daimler Pension Trust e.V., a registered association according to German law.
  • The company is also intending for the shareholders' approval to rename Daimler AG as Mercedes-Benz Group AG effective 1 February 2022, emphasizing the future focus on the car and van business with the brands Mercedes-Benz, Mercedes-AMG, Mercedes-Maybach and Mercedes-EQ.
  • Bernd Pischetsrieder, Chairman of the Supervisory Board of Daimler AG: "By spinning off the commercial vehicle business, we aim to create value for our shareholders, increase our profitability and fully exploit our potential."
 

Weather Man

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Well, it certainly is clear that EV will be well supported.

Hyundai U.S. retail sales down 5% in September, eco-friendly vehicles +348%
  • Hyundai (OTCPK:HYMTF) reports sales in the U.S declined 2% Y/Y to 53,800 units in September, still better than industry predictions that forecasted a 25% decline for the month.
  • Retail sales fell 5% to 49,439 units. Eco-friendly vehicle retail sales continued to grow substantially with 348% growth.
  • For Q3, total sales rose 4% vs. Edmunds consensus of +10.1%. Retail sales grew 1% for the quarter.
  • YTD sales increased 32% to 585,635 units.
  • "Hyundai dealerships continue to do an outstanding job of working with customers during this challenging inventory environment, resulting in market share gains for the brand," said Randy Parker, senior vice president, National Sales, Hyundai Motor America. "On the year, we've gained the second most market share in the industry and we expect that trend to continue for September and Q3."

Toyota Motor's US sales down 22.4% in September
  • Toyota Motor's (TM -0.1%) North America has reported September sales of 152,916 vehicles (-22.4% Y/Y).
  • Sales alternative powered vehicles ((APVs)), including hybrids, plug-in hybrids and fuel cells totaled 42,945 vehicles, up 36% on a volume and DSR basis.
  • Q3 sales increased 1.4% to 566,005 vehicles with APV sales up62.5% and passenger car sales up 2.9%.
  • Press Release
  • Previously (Sept. 1): Toyota's U.S. sales down 2% in August


FCA US sales down 19% in Q3

  • Stellantis' (STLA -0.7%) FCA US reports Q3 sales decline of 19% to 410,917 vehicles.
  • Jeep Brand sales down 22% to 121,704 vehicles with decline partially offset by the Grand Cherokee sales growth of 45% Y/Y.
  • Ram Brand sales declined 17% to 144,740 vehicles.
  • Dodge Brand saw the Challenger's sales decline of 14% Y/Y.
  • Alfra Romeo total sales down 10% Y/Y.
  • "While the various supply chain issues facing our industry continue to impact available inventory, we know the demand for our vehicles is still there. Calendar year-to-date, total sales improved 3% versus this time last year," says U.S. Head of Sales Jeff Kommor.
  • Previously (Sept. 29): Jeep releases first Grand Cherokee SUV plug-in electric hybrid
 
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Weather Man

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It is really quite remarkable how fast automakers are responding to the possibility that ICE kill mandates may be moved up.


General Motors aims to launch 20 new EVs by 2028 - Reuters

  • General Motors (GM -0.0%) intends to launch at least 20 new electric vehicles in North America by 2028 as it shifts its focus to technology and software. The top U.S. automaker will hold an investor day on Wednesday, Oct 6 to discuss its plans to spend $35B on electrification through 2025 and will provide revenue and profit growth margins, according to Reuters sources.
  • "GM's gone from an automaker to a platform company and here are all the things you can do with that," commented one source on the conference. "Stay tuned for pretty impressive numbers on revenue and margin expansion."
  • Data on GM's upcoming EV launches, including those for the GMC Hummer pickup, EV600 van, and Cadillac Lyriq crossover, will be provided. AutoForecast Solutions believes that GM will introduce 5 EVs in 2023 and 2024, two in 2026, two in 2027, and one in 2028. GM has already laid out 5 EV launches into late 2022.
  • The automaker will also go into more detail on its Ultium battery partnership with LG Chem and automation after heavy investments in the technology.
 

Weather Man

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Relationships in Korea matter, lol.


Kia America sales grew 4.7% in September

  • Kia America (OTCPK:KIMTF) reports September sales grew 4.7% Y/Y to 52,906 units, led by Forte and Telluride models.
  • The company saw best-ever third quarter sales in company history for a total of 177,014 units sold.
  • On YTD basis, sales squeezed 29.7% to 555,525 units.
  • Kia sold 77% of available inventory and saw 81% Y/Y growth in sales of its hybrid and battery-electric vehicles.
  • "Kia sales continued to break records and build upon the momentum seen since the start of the year, despite the ongoing supply chain issues facing the industry," said Eric Watson, vice president, sales operations, Kia America. "Our record setting performance in Q3 has reinforced confidence that our positive sales trajectory will continue well into 2022."
 

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General Motors jumps as hedge fund Engine No. 1 reveals position

  • General Motors (GM +3.2%) shares surge after Engine No. 1, the small hedge fund that successfully won three board seats at Exxon Mobil (XOM +1.0%), revealed that it had acquired a stake in the automaker and supported its electrification plans.
  • "The beliefs that led us to Exxon are the same beliefs that lead us to GM," Engine No. 1 founder Chris James said on CNBC. "GM sits within an industry going through transition, as is Exxon, but that's where the analogy stops."
  • "GM, with the support of a strong management team, a great board, has decided they are going to embrace the future," he added. "They themselves can go in and disrupt and industry and be successful during this transition."
  • GM has made several moves to position the automaker for its transition to battery electric vehicles as it recently pledged to invest $35B on autonomous and electric vehicles.

Any truck in a storm???


Honda Motors' light trucks sales offset challenging Q3

  • Honda Motors (HMC) joins rivals to report decline in September sales since global microchip shortage continued to constrain industrywide supply.
  • However, the automaker reported strong demand for its light trucks, improving overall results for the quarter.
  • September sales volume:
  • American Honda: Cars 32,278 (-36.5% Y/Y); Trucks 63,438 (-16.8% Y/Y).
  • Acura: Cars 2,397 (-28.6% Y/Y); Trucks 7,016 (-26.8% Y/Y). The brand recorded higher sedan sales driven by Acura TLX; Type S variant boosted sales and showroom traffic as reported.
  • Honda: 29,881 (-37% Y/Y); Trucks 56,422 (-15.4% Y/Y).
  • Sales of Honda electrified vehicles set a new annual sales mark (82,446) during third quarter; Insight hybrid sedan set a September sales record.
  • Total Sales Volume for Q3: American Honda, 345,914 (-10.9%); Acura, 38,555 (-2.8%); and Honda, 307,359 (-11.9%).
  • "The enduring nature of the microchip shortage and port congestion issues continue to constrain the entire industry, but we are encouraged by the record sales of Honda models where we have adequate inventory. We appreciate the patience of our customers as our associates, our suppliers and our dealers continue working to supply Honda and Acura products to meet their needs," says Dave Gardner, executive vice president of National Operations at American Honda.
  • Previously (Sept. 30): Honda looks to expand into air taxis and space robots


Ford Motor U.S. sales rose 34.3% M/M in September; EV sales up 91.6%

  • Ford Motor (F +2.3%) reports U.S. sales fell 17.7% Y/Y to 156,614 vehicles in September.
  • Truck sales slipped 22.6% Y/Y to 83,554 units, Car sales down 80.3% Y/Y to 2,800 units, and SUVs +3.7% Y/Y to 70,260 units.
  • Total retail sales -20.8%: Truck -29.7%, Cars -79.5% and SUV +3.7%.
  • Sequentially retail sales improved 34.3% for the month.
  • Ford’s electrified vehicle sales were up 91.6% on sales of 9,150 vehicles.
  • F-150 Lightning reservations exceeded 150,000 mark.
  • Strong gains came from F-Series, which was up 36.5% Y/Y. Overall F-650/F-750 medium trucks were up 47.2% Y/Y.
  • “New products and improved inventories made Ford America’s best-selling automaker in September. Retail sales gained 34 percent, compared to August, and we expanded our retail share 3.8 percentage points. Inventory turn rates are at the highest we’ve ever seen, with 31 percent of our retail sales coming from filling customer orders. The highly anticipated Maverick had a successful launch at month’s end, while the new Bronco is flowing to dealers with in-transit vehicles up 200 percent compared to a month ago", says Andrew Frick, vice president, Ford Sales U.S. and Canada.
  • Last week, the company renewed $15.5B credit lined to achieve ESG goals.
  • Also read, very bullish analysis on Ford stock by contributor Danil Sereda.

I simply don't get the driverless car hype.



General Motors' robotaxi startup Cruise sees path to $50B in annual revenue

  • General Motors' (NYSE:GM) Cruise LLC, the automaker's majority-owned autonomous vehicle startup, sees potential for $50B in annual revenue for its ride-hailing services in the near future, according to Bloomberg sources. An announcement with the details will be made at GM's investor presentation on Oct 6 and 7.
  • Cruise is expected to begin offering ride-hailing services with a modified Chevrolet Bolt EV next year and with its Origin autonomous shuttle in 2023 if the necessary regulatory approvals are acquired. The company had previously planned to release its robotaxis in 2019 but had to wait until additional safety and performance tests were completed.
  • See which other companies are in the spotlight with earnings calls or investor days this week with Seeking Alpha's catalyst watch.


Subaru September sales declines 30% on supply chain disruptions

  • Subaru of America (OTCPK:FUJHY) has reported 30% Y/Y decline in September sales to 42,054 vehicles due to inventory constraints caused by the global microchip shortage.
  • Year-to-date sales improved 6% to 462,802 vehicles.
  • Forester recorded a drop of 27.4% to 11,366; Impreza down 20.7% to 3,665; and Outback down 58.4% to 7,082 among others.
  • "Our adventure-ready vehicles, including the all-new Outback Wilderness and Forester Wilderness, continue to impress car buyers looking for enhanced off-road capabilities and trail-tested confidence," said Jeff Walters, Senior Vice President of Sales.
  • Previously (Sept. 2): Subaru of America sees 15% decline in August sales, reports safety recall
 

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Group 1 Automotive acquires two dealership in Texas



  • Group 1 Automotive (NYSE:GPI) acquires Classic Chrysler Dodge Jeep Ram of Denton and Classic Mazda of Denton within the greater Dallas-Fort Worth metro area of Texas.
  • These two stores are expected to generate ~$150M in annualized revenues.
  • Company currently operates 10 dealerships representing 10 brands in the Dallas-Fort Worth market.
  • YTD, the company has added nearly $570M in acquired revenue.
  • This brings the company's total dealership count to 119.
 

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