Interesting Car/Truck Manufacturer News

Weather Man

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Lordstown Motors plummets again after Morgan Stanley calls it a $2 stock



  • Morgan Stanley lowers Lordstown Motors Corp. (NASDAQ:RIDE) to an Underperform rating from Equal-weight after a significant reset of its forecasts and valuation as it factored in last week's update from the electric vehicle maker.
  • Analyst Adam Jonas: "While the agreement with Foxconn helps secure the future of the Lordstown plant and buys time to explore other business opportunities for RIDE (new programs,new platforms,new segments thathave yet to be developed), we believe there would likely be little left for shareholders."
  • Jonas and team think the downside to the $2 price target on RIDE ouweighs the upside of the bull case valuation of $8.
  • Shares of Lordstown Motors are down another 7.69% premarket to follow on yesterday's 10.41% drop. Volatility on RIDE continues to ramp up.
 

Weather Man

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ElectraMeccanica begins first customer deliveries of flagship SOLO EV

  • ElectraMeccanica Vehicles (NASDAQ:SOLO) +2.4% premarket, has commenced the first commercial deliveries of its flagship single-seat SOLO electric vehicle as part of an invite-only unveiling event held in Los Angeles, California on October 4, 2021.
  • The company will continue to ramp production alongside its manufacturing partner and strategic investor, Zongshen Industrial Group.
  • The company is also on track to complete its new U.S. Assembly and Engineering Technical Center in Mesa, Arizona in Summer of 2022, which will have the ability to produce up to 20,000 vehicles per year.
  • “The initial customer deliveries of our flagship SOLO EV marks a transformational milestone not only for ElectraMeccanica, but for the future of the electric vehicle industry,” said Kevin Pavlov, CEO of ElectraMeccanica. “As we look ahead, we will continue to ramp production to meet the ever-growing demands for right-sized EVs with a practical everyday use and helping to create sustainable value for our customers and shareholders alike.”


GM, GE sign MoU to develop rare earth supply chain for EVs, renewables



  • General Motors (NYSE:GM) and GE Renewable Energy (NYSE:GE) sign a memorandum of understanding to evaluate opportunities to improve supplies of rare earth materials and other materials to support the manufacture of electric vehicles and renewable energy equipment.
  • The companies say they will focus initially on "creating a North America- and Europe- based supply chain of vertically integrated magnet manufacturing that both companies, their respective suppliers, and other co- sourcing partners will use in the future."
  • GM and GE also will work to establish supply chains for additional materials such as copper that are used in automotive traction motors and renewable power generation.
  • GE shares "may be poised for a big breakout" after treading water for weeks, Mott Capital Management writes in a bullish analysis published recently on Seeking Alpha.


TuSimple dazzles Needham with autonomous truck ride



  • Needham returns back from TuSimple's (NASDAQ:TSP) investor event last week impressed with the company's progress.
  • Analyst Rajvindra Gill says the team took a 90 minute ride in TSP's specially equipped chase van along I-10 highway, which tracked behind the L4 class 8 autonomous semi-truck.
  • "We witnessed how the L4 truck optimizes lane-centering and lane-biasing, navigates traffic, interacts with other vehicles /motorists on the road and handle various driving scenarios."
  • The test drive is called the most impressive L4 autonomous technology the firm has witnessed over the last five years and reinforces its belief that L4 autonomous technology for the trucking industry will happen sooner rather than later.
  • "Relative to other competitors, who are retrofitting existing trucks with ADAS (advanced driver-assistance systems) functionality or focusing on specific regions/routes, we believe TSP is going for the 'whole ball of wax' by developing a fully L4 autonomous truck from the ground up."
  • Needham keeps a Buy rating on TuSimple Holdings (TSP) and price target of $60.
  • Read more about the TuSimple autonomous tech demo.


Kaixin Auto stock gains as POCCO EV orders surpassed 3000 units in September, +130% M/M

  • Kaixin Auto Holdings (NASDAQ:KXIN) +13.2% premarket after announcing that sales doubled in September over the prior month for the POCCO brand electric vehicles manufactured by Henan Yujie Times Automobile Co., Ltd.
  • The company has earlier signed a binding term sheet to acquire Yujie. The brand has launched two EV models under the POCCO brand, namely MeiMei in March of 2021 and DuoDuo in August.
  • Orders for POCCO EVs surpassed 3,000 units in September, +130% over that of 1,300 units in August; the actual delivery in September was around 1,200 units, a 200% increase over that of 400 units in August.
  • Total sales in the upcoming fourth quarter are expected to reach 11,500 units.
  • Mingjun Lin, Chairman and CEO of Kaixin, states: "The rapid growth of China's electric vehicle market has achieved a qualitative breakthrough in 2021, and this momentum will continue. Kaixin is fully confident in the future performance of the POCCO brand. In the meanwhile, Kaixin keeps seeking for more high qualify partners, and our new energy vehicles department aims at achieving the sales target of 120,000 units in 2022!"


All-electric powersports company Volcon prices IPO at $5.50, goes live today

  • Volcon (VLCN), the first all-electric, off-road powersports company, has raised $16.6M after pricing its initial public offering of 3.025M common stock at $5.50, at the higher end of the expected range of $4.50-$5.50.
  • Offering is expected to close on October 8.
  • The company has granted Aegis Capital Corp. a 45-day option to purchase up to 226,875 additional common stock.
  • If this option is exercised in full, the gross proceeds of the offering would be approximately $17.M.
  • The company recorded a net loss of $19.46 million on no revenue during the six months ended June 30, 2021.
  • Trading commences today on Nasdaq Capital Market.
  • Based in Round Rock, Texas, Volcon joins many major electric vehicle manufacturers near Austin, Texas, an area that is poised to become the electric vehicle capital of the world.
  • The company said it is currently taking orders for its off-road motorcycles, the Grunt and the Runt, and expects to start delivering the Grunt in 3Q21 and the Runt in 1Q22.
  • The company expects to start offering the Volcon Stag UTV in 2022 and a longer range UTV, the Beast, in 2023.


Volvo Trucks bags record order for 100 Volvo FM Electric trucks from DFDS



  • Volvo Trucks (OTCPK:VLVLY) has received an order for 100 Volvo FM Electric trucks from DFDS, Northern Europe's largest shipping and logistics company.
  • It is the largest commercial order till date for Volvo electric trucks, and one of the largest ever for heavy electric trucks worldwide.
  • First deliveries of the Volvo FM Electric to DFDS will start in the fourth quarter of 2022 and continue throughout 2023.
  • The trucks will be used for both short and long transport in the DFDS logistics system in Europe.
  • Volvo Trucks started serial production of electric trucks in 2019, the product range now includes six electric truck models – the Volvo FH, Volvo FM, Volvo FMX, Volvo FE, Volvo FL and the Volvo VNR, sold in North America.
 

Weather Man

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General Motors plans to be an EV leader with double the revenue and higher margins



  • General Motors (GM -1.6%) is aiming high with its financial targets as it highlights the company's dual platform strategy for hardware and software and growth at an investor event today.
  • GM plans to double annual revenue by the end of the decade to $280B while growing EBIT-adjusted margins as it transitions to an all-electric future. That follows what it expects will be a $35B investment through 2025 in all-electric and autonomous vehicles.
  • "GM's vision of a world with zero crashes, zero emissions and zero congestion has placed us ahead of much of the competition in electrification, software-enabled services and autonomy," says GM CEO Mary Barra.
  • "Our early investments in these growth trends have transformed GM from automaker to platform innovator, with customers at the center. GM will use its hardware and software platforms to innovate and improve their daily experience, leading everybody on the journey to an all-electric future."
  • Part of the GM (NYSE:GM) plan is for it be an EV market share leader in the U.S. while also growing its profits from internal combustion engine vehicles in the near term. GM expects the future growth to be driven by the Ultium modular EV platform. On the manufacturing side, plans are in place more than 50% of the company's North America and China manufacturing footprint to be capable of EV production by 2030.
  • Closer on the calendar, Chevrolet is planning to debut the Silverado EV pickup on Jan. 5, 2022 and the Ultra Cruise hands-free advanced driving-assistance technology will be offered starting in 2023.
  • GM's (GM) investor event is scheduled to run for two days.
 

Weather Man

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Alfa Romeo will launch a new model yearly until at least 2026



  • Alfa Romeo, a subsidiary of Stellantis (STLA -3.2%), said that it would introduce a new model every year until 2026. Then, starting in 2027, all new Alfa Romeo vehicles will be electric. The newest model, the Alfa Romeo Tonale, will begin selling in June after delays pushed production back.
  • Lancia, another Stellantis brand, will launch 3 new models by 2028. Lancia currently only sells one car, the supermini Ypsilon, and only in Italy. The company presented it 10-year plan to expand into other European countries with a focus on cities.
  • Stellantis plans to group its Alfa Romeo, Lancia and DS brands together in its premium cars offerings.
  • Read Seeking Alpha contributor Bram de Haas' analysis of Stellantis' EV transition and potential synergies.
 

Weather Man

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Mazda unveils global SUV lineup plan for 2022

  • Mazda Motor Corporation (OTCPK:MZDAF) plans to expand its global SUV lineup starting from 2022.
  • The new models will include the Mazda CX-50 to be produced in new U.S. plant, as well as models in Large Product group, including the Mazda CX-60, Mazda CX-70, Mazda CX-80, and Mazda CX-90, slated to launch in various global markets between 2022 and 2023.
  • Next month, Mazda will reveal the CX-50, the next crossover to join its lineup in the U.S. and Canada, production for which will begin in January 2022 at the new Mazda-Toyota joint venture factory.
  • Following CX-50, the company will introduce two additional mid-size crossover SUVs for the Canadian and U.S., CX-90 followed by the CX-70.
  • The company will also introduce the two-row CX-60 and the three-row CX-80 for European and Japanese market.
  • In 1H2022, the company will introduce the MX-30 series plug-in hybrid using a rotary generator.
  • Mazda plans to complete the electrification of all the models it produces by 2030.
  • CX-5, launched in 2012, to undergo a makeover and further improvement.
 

Weather Man

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The drumbeat for EV is deafening. I guess the plan is buy an EV whether you want to or not because there won't be any new ICE around.


General Motors dazzles analysts with aggressive financial targets, EV plans
  • The early reaction from Wall Street is positive on the General Motors (NYSE:GM) Analyst Day reveals and updates, which was headlined by a plan for the automaker to double revenue to $280B by 2030.
  • Wedbush (Outperform): "We believe GM's financial targets are achievable and ultimately beatable as the company converts the vast majority of its customer base to EVs over the coming years. We believe by 2026 GM will be able to convert 20% of installed base to EVs which remains the key to our re-rating thesis as part of this renaissance of growth happening in Detroit with the green tidal wave."
  • Wedbush analyst Dan Ives thinks more positive news is on the way from GM this week as it further details the EV roadmap.
  • Bank of America (Buy rating): "In our view, the event was constructive, further illustrating GM as an industry leader in what we characterize as the Core to Future transition. With this in mind, we maintain our Buy rating on GM and believe the SOTP story may gain more traction."
  • Of note, BofA also highlights that GM talked about more than just the revenue targets and electrification plans at the investor event. The automaker outlined a number of new projects like OnStar, BrightDrop and GM Defense that have addressable markets ranging from $3B to $500B.
 

SecondhandSnake

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While I think the GM plan for doubling revenue is outlandish, I think long term they're going to outperform Ford. I thought Ford had a good long term strategy, anticipating the market moving to autonomous EVs, but GM seems to be beating them handily. Between their autonomous investments, current driver assists outperforming other brands, and EV supply chain consolidation, they are poised well for the next 5+ years.
 

Weather Man

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General Motors is called a potential software superstar after EV transition



  • Wedbush Securities walks away from meetings with General Motors Company (NYSE:GM) with even more confidence the Detroit stalwart is in the midst of a massive turnaround that will change the GM story going forward.
  • "We believe GM has a golden opportunity to lay the groundwork and ultimately convert 20% of its massive customer base to EVs by 2026 and north of 50% by 2030. Even if Barra & Co. hit the natural speed bumps and have challenges along the way, the green tidal wave and EV conversion opportunities will change the long term growth trajectory (and multiple) at GM over the next decade with overall revenue set to double by 2030," notes analyst Dan Ives.
  • Ives sees a long-term plan for GM to generate big profit margins from subscription services. He estimates an additional $2K in profit per car in recurring revenue is on the table.
  • Wedbush keeps an Outperform rating on General Motors (GM) and price target of $85 as it believes that a higher multiple is warranted on both a sum-of-the-parts and incremental EV/services opportunity valuation.
  • Last week, General Motors (GM) dazzled analysts with its aggressive financial targets and EV plans.
 

Weather Man

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I swear to god the number of new EV makers that pop up week after week that I have never heard of is amazing.


Mullen’s Mississippi-based facility to begin assembly of EV cargo vans

  • Mullen Automotive, which is undergoing a reverse merger with Net Element (NASDAQ:NETE), said its Tunica, Mississippi-based Advanced Manufacturing and Engineering Center (AMEC) was ready to begin assembly of Class 1 and Class 2 EV Cargo vans.
  • The company said plant renovations included a full revamp of an automated skillet line with an overhead hanger section, allowing Mullen assembly technicians to work flawlessly as the vans are assembled moving down the line.
  • The facility grounds allow for future additions to be added to keep up with growing customer demand for these types of electric vehicles.
  • “AMEC has been undergoing a much-needed overhaul to ready it for the start of production. Since March of this year, we have had workers preparing much of the 124,000-square-foot facility for production readiness,” said Trey Agner, director of operations at Mullen Automotive’s Tunica, Mississippi, manufacturing plant.
  • Mullen will debut its FIVE Crossover in November at the Los Angeles International Auto Show.
 

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2022 Ford Mustang GT and Mach 1 Get Less Horsepower Than 2021s

If this is really true, I sure hope they didn't end up with some sort of GPF like the European's are going to.

2022 Ford Mustang GT and Mach 1 Get Less Horsepower Than 2021s​

Ford confirms that the Coyote V-8 will be slightly de-rated, for both automatic and manual models.​


Ford today confirmed to MotorTrend that 2022 Ford Mustangs equipped with the Coyote V-8 engine—that is, the GT and Mach 1—will lose 10 horsepower and 10 lb-ft of torque across the board. This was first reported by Ford Authority before being verified by Dearborn. The Ford representative noted that "changes were made to meet more stringent LEV III regulatory emissions requirements that resulted in a horsepower and torque reduction for the 5.0-liter V-8 engine."

Even the garden variety Mustang GT makes 460 horsepower, so for 2022 it will be rated at a still-impressive 450. The Mach 1 is good for 480 horsepower in 2021; for 2022, that figure will drop to 470.
Regardless of the change's real-world significance, it's a noteworthy item in a segment ruled by numbers. (Plus, it isn't often that you see power reductions year-over-year in any vehicle.) Otherwise, we expect the 2022 Mustangs to largely mirror their 2021 counterparts, with a few exceptions. The 2022 Ford Mustang California GT gets a variety of aesthetic enhancements and special badging, and can be optioned with the GT Performance package.

Another addition for 2022 is the Stealth Edition, but this is an EcoBoost model and not subject to the V-8's alleged power drop. This one gets blacked out accents, mirrors, rear wing, and wheels—much like other similar packages that adorn everything from the Subaru Ascent Onyx to the Jeep Grand Wagoneer Obsidian.

Ford Authority also reports that for 2022, there will be several new paint options, a new appearance package that hasn't been announced yet, and that sort of thing. Order books are apparently open, but the configurator isn't live on Ford's website just yet.
 
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Weather Man

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BMW CEO: We are ready for any potential ICE ban

  • BMW's (OTCPK:BMWYY +0.6%) CEO Oliver Zipse says that the company is ready for a potential ban on internal combustion engines from 2030 onwards.
  • "We will be ICE-ban ready. If a region, a city, a country gets the idea of banning ICEs, we have an offering," said Zipse at a conference in Germany. "The BMW Group is not worried about this. Whether it's a good idea is another question... but we will have an offering."
  • Unlike automakers General Motors (GM -0.2%) and Volkswagen (OTCPK:VWAGY +1.7%), BMW hasn't set a goal yet for ending traditional car sales. GM and Volkswagen have pledged to end all combustion engine vehicle sales by 2035, in-line with the European Union's proposed timeline.
 

CobraBob

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BMW’s CEO’s comment says what most car-makers are really feeling. “Whether it's a good idea is another question... but we will have an offering."
 

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