Interesting Car/Truck Manufacturer News

[Weather Man]

Hertz in pact with Carvana to boost online sales​

HTZZ +1.03%Oct. 27, 2021 7:21 AM ET

• Hertz (OTCPK:HTZZ) and Carvana (NYSE:CVNA) are partnering nationwide, following a pilot in September, to facilitate Hertz to utilize Carvana's online transaction technology and logistics network to expand vehicle disposition channels.
• The partnership with Carvana is significant to Hertz as it embarks on an ambitious effort to transform its fleet and the rental car industry.
• "Our new partnership with Carvana will help Hertz provide a tech-enabled and scalable channel through the lifecycle of our fleet," said Mark Fields, Hertz interim CEO.

Stellantis pushes ahead with electric vehicle plans​

STLA -0.34%Oct. 27, 2021 7:12 AM ET

• Stellantis (NYSE:STLA) is setting up four new electrified platforms to help build up to two million vehicles a year.
• "The four platforms are designed with a high level of flexibility and parts sharing, to create scale economies," notes a Stellantis exec.
• The new EV platforms are part of Chief Executive Carlos Tavares' overall plan to combined the company's 14 brands to achieve a goal of over $5.8B in annual synergies and accelerate the transition to cleaner mobility.
• Stellantis will invest over €30M euros over the next four years to electrify the model lineup.
• Last week, Stellantis formed a key joint venture JV with Samsung SDI for lithium-ion battery production in North America.

 

[Weather Man]

RevolutionParts and Walmart to bring OEM auto parts to Walmart.com​

WMT +0.62%Oct. 29, 2021 6:15 AM ET

• RevolutionParts, enterprise-ready platform for parts retail and wholesale commerce channels, and Walmart (NYSE:WMT) announced an exclusive agreement to bring OEM automotive parts to the Walmart Marketplace.
• Brian Rowland, Walmart GM of Parts & Accessories echoed the statement adding, "This move reinforces Walmart's commitment to bring high-quality sellers to our platform to give automotive customers more of what they want."
• Through this partnership, Walmart.com will gain immediate access to hundreds of thousands of parts that will allow the retailer to immediately establish a strong offering of the booming genuine OEM parts and accessories eCommerce market.
• Customers will be able to search for parts based on the make, model and year of their vehicle on the pages dedicated to OEM parts built by Walmart, which will make shopping in this category simple and fast.

 

[SID297]

RevolutionParts and Walmart to bring OEM auto parts to Walmart.com​

WMT +0.62%Oct. 29, 2021 6:15 AM ET

• RevolutionParts, enterprise-ready platform for parts retail and wholesale commerce channels, and Walmart (NYSE:WMT) announced an exclusive agreement to bring OEM automotive parts to the Walmart Marketplace.
• Brian Rowland, Walmart GM of Parts & Accessories echoed the statement adding, "This move reinforces Walmart's commitment to bring high-quality sellers to our platform to give automotive customers more of what they want."
• Through this partnership, Walmart.com will gain immediate access to hundreds of thousands of parts that will allow the retailer to immediately establish a strong offering of the booming genuine OEM parts and accessories eCommerce market.
• Customers will be able to search for parts based on the make, model and year of their vehicle on the pages dedicated to OEM parts built by Walmart, which will make shopping in this category simple and fast.

That may get interesting. Counterfeit parts have been finding their way onto Amazon for a while.

 

[kazman]

Prolly give Rock Auto a run for their money if it's done right.

 

[Weather Man]

4 hours actually seems pretty short to me.​

​

REV Fire Group receives order from the mesa fire and medical department for an E-ONE vector​

REVG +3.11%Nov. 01, 2021 9:40 AM ET

• REV Fire Group, comprised of REV Group (REVG) has announced an all-electric E-ONE® Vector™ fire truck will be built for Mesa Fire and Medical Department in Mesa, AZ.
• The customizable Vector has the industry’s longest electric pumping duration which allows four hose lines to be in use for four hours on a single charge.
• H&E Equipment, an E-ONE authorized dealer, is coordinating the Mesa order and delivery is expected in 2022.
• “In developing the Vector, we worked closely with our customers to identify their product needs. Using this feedback, we designed a robust EV rig that upholds our commitment to providing the highest quality and best performing fire apparatus,” said Mike Virnig, Vice President of Sales, REV Fire Group.

 

[Weather Man]

BorgWarner jumps after deal to supply unidentified European OEM with EV inverters​

BWA +2.73%Nov. 01, 2021 11:59 AM ET

• BorgWarner (BWA +2.5%) shares are on the rise after the company announces that its 400V Silicon Carbide inverter has been selected to help power various models of an unidentified European OEM's battery electric vehicles. Vehicle production with BorgWarner's SiC inverter is slated for 2023.
• The new SiC inverter design builds on BorgWarner's proven cooling technology to reduce semi-conductor area and SiC material, offering a lighter and smaller system at lower cost compared to other silicon-based inverters. The system features greater durability that results in an up to 70% reduction in switching losses.
• BorgWarner intends to grow its electric vehicle revenue to grow to approximately 45% by 2030, along with achieving carbon neutrality by 2035, as part of its Project Charging Forward initiative.

 

[Weather Man]

Fisker is on watch after securing long-term battery supplies​

FSR +9.03%Nov. 02, 2021 7:56 AM ET

• Fisker (NYSE:FSR) says it has nailed down long-term battery supply by striking an agreement with Contemporary Amperex Technology.
• Under the terms of the agreement, CATL will supply two different battery solutions for the Fisker Ocean SUV, with an initial battery capacity of over 5 gigawatt-hours annually, from 2023 to 2025.
• The company says the primary high-capacity pack uses a lithium nickel manganese cobalt cell chemistry with the second high-value pack offering CATL’s latest cells based on lithium-ion phosphate chemistry.
• Fisker and CATL are currently doing extensive testing and validation at the pack and vehicle level.
• "Securing this supply agreement with CATL is another important step in the development of the Fisker Ocean and achieving our battery performance objectives," notes Fisker (FSR) CEO Henrik Fisker.
• Fisker (FSR) says it remains on target to start production and deliveries of the all-electric Fisker Ocean in November of 2022. A production-intent version, including additional battery specifications and product features, will be featured at the Los Angeles Auto Show later this month.

 

[CobraBob]

Chevrolet high performance 'Beast' off-road SUV, based on a Chevrolet Silverado, unleashed in Las Vegas.​

Chevrolet has a new monster truck.

The Chevy Beast debuting at the SEMA Show in Las Vegas is a concept build that presents the Chevrolet Performance division's vision of the ultimate desert running truck.

The Beast is a Silverado that's been converted into a four-seat SUV with a long-travel adjustable suspension system with racing shocks and 13.5 inches of ground clearance.

The Silverado's frame was shortened and equipped with a chromoly cage and open body that give it the looks of a videogame military machine.

The full-size 4x4 is shorter in length than a Chevy Colorado, powered by a supercharged 650 hp 6.2-liter V8 crate engine similar to the one featured in the last generation Chevrolet Corvette Z06 and rides on 37-inch all-terrain tires.

Chevy calls it a concept, but isn't planning to put it into production as-is. Instead, it's meant as a showcase the brand's after-sales parts and inspire similar customs. However, next year it is launching the new 2022 Silverado ZR2, which is a high-performance factory pickup with a special suspension designed to handle high-speed off-roading.

With only a 420 hp V8, it won't be a direct competitor to the 702 HP Ram 1500 TRX, but an ambitious builder could probably use the Beast's crate engine and some odds and ends from the Chevrolet Performance catalog to turn it into one.

 

[Weather Man]

Toyota's U.S. sales squeezed 28.6% in October​

TM -1.10%Nov. 02, 2021 11:18 AM ET

• Toyota Motor (TM -1.0%) reports October sales slipped 28.6% Y/Y to 146,670 vehicles vs. -22.4% in September 2021.
• Toyota division sales down 30.6% Y/Y to 124,039 units and Lexus division sales -15.2% to 22,631 units.
• APV sales surged +20.4% to 43,160 units, accounting more than 29% of total sales vs. 17.5% year ago.
• SUV sales -25.9%, Sienna +162.1% and Pickup sales -27.8% for the month.
• Truck sales -22.1% and car sales -46.8% for the month.
• For first nine months in 2021, global sales slipped 20.3% to 7,312,209 units.
• Parts supply shortage caused by the spread of COVID-19 in Southeast Asia resulted in year-on-year declines in global sales and production.

Honda Motor U.S. sales dip 23.5% in October​

HMC -0.99%Nov. 02, 2021 11:31 AM ET

• Honda (HMC -1.1%) reports U.S. total sales declined 23.5% Y/Y to 97,083 units in October.
• Car sales -35.6% Y/Y and trucks sales -15.6% Y/Y for the month.
• Sales in the Honda division down 23.1% Y/Y to 87,028 units: Cars -33.4% Y/Y and Trucks -16.1% Y/Y.
• Acura sales for the month -27.1% Y/Y to 10,055 units: Cars -60.7% and Trucks -13.2%.
• CR-V nets more than 25,000 in sales with October best hybrid sales; Pilot posts another strong month.

 

[Weather Man]

Ferrari on the rise after receiving Street high price target from Societe Generale​

RACE +3.08%Nov. 03, 2021 10:30 AM ET1 Comment

• Ferrari (RACE +3.3%) shares jump as Societe Generale upgrades the stock to Buy from Hold, citing the automaker's record net order intake and ability to sidestep semiconductor chip shortage issues.
• Analyst Stephen Reitman said that he isn't overly concerned about the transition to electric vehicles at the company. "We believe the brand’s core values of performance, desirability and exclusiveness can be just as relevant in an EV world as in the ICE gasoline world," he comments.
• Reitman was also impressed by new CEO Benedetto Vigna, whose background at STMicroelectronics signaled a clear intention by Ferrari to accelerate the company's shift to electrification. Societe Generale's confidence level has "increased significantly" following their impressions of Vigna in Ferrari's Q3 earnings call.
• Societe Generale places a Street high price target of $290 on RACE as compared to the average sell-side price target of $218.

Ford Motor U.S. sales rose 12.3% M/M in October led by SUVs; EV sales up 195% Y/Y​

F +1.22%Nov. 03, 2021 9:49 AM ET26 Comments

• Ford Motor (F +0.2%) reports U.S. sales down 4% Y/Y to 175,918 vehicles in October whereas sales grew 12.3% sequentially.
• Truck sales fell 7% Y/Y to 94,449 units, Car sales down 74.3% Y/Y to 3,142 units, and SUVs +12.8% Y/Y to 78,327 units.
• Total retail sales -3.8%: Truck -8%, Cars -72.5% and SUV +14.2%.
• SUVs posted their best October retail sales in 21 years with 17.4% growth to 70,002 units. Bronco sales for the month totaling 7,364 SUVs – up 117% M/M.
• The automaker took in 77,000 retail orders for new vehicles in October, up 25,000 vs. September’s new vehicle orders.
• Ford’s electrified vehicle sales were up 195% Y/Y on sales of 14,062 vehicles.
• Total Pickup Truck retail sales jumped 25% over September.
• F-Series retail sales increased 14.2%, while Ranger retail sales were up 60%.
• Mustang Mach-E retail sales jumped 76.9% for the month, with 21,703 vehicles sold year to date.
• “Continuous improvement in inventories and new products made Ford the best-selling automaker in America for the second month in a row, which was last accomplished 23 years ago. Retail sales improved 16 percent, relative to September, with retail share up 1.6 percentage points. We also had our third consecutive month with over 30 percent of our retail sales coming from customer orders, while also adding 77,000 new orders in October. F-Series, strong SUV sales driven by Bronco, Bronco Sport, Mustang Mach-E and the first full month of Maverick sales really fueled our performance", says Andrew Frick, vice president, Ford Sales U.S. and Canada.

 

[Weather Man]

Hollysys Automation plunges after changing auditor​

Nov. 03, 2021 1:27 PM ETHollysys Automation Technologies Ltd. (HOLI)By: Joshua Fineman, SA News Editor4 Comments

• Hollysys Automation Technologies (NASDAQ:HOLI) plummeted 21% after the company disclosed late yesterday that the company changed its auditor.
• HOLI said that on Oct. 31 it engaged Union Power HK as the company's independent registered public accounting firm, replacing Ernst & Young Hua Ming, according to a filing.
• EY's audit for the for the full year ended June 30, 2020 didn't contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles, according to Hollysys (HOLI).
• Hollysys also disclosed that it's late in filing its annual report on Form 20-F for the year ended June 30, 2021.
• The disclosures come as Hollysys said in early August that its board is evaluating acquisition offers from consortiums.
• The offers being considered included one from Superior Emerald (Cayman), controlled by Ascendent Capital Partners, for $23 per share.
• The second offer is from CPE Consortium, led by CPE Funds Management with Shao Baiqing and Ace Lead Profits, for $17 per share. Both offers are all-cash.

 

[Weather Man]

Cars.com to acquire CreditIQ fintech platform​

CARS -1.26%Nov. 04, 2021 7:59 AM ET

• Automotive marketplace platform Cars.com (NYSE:CARS) has agreed to acquire New York-based automotive fintech platform, CreditIQ.
• The transaction is expected to close this month. Consideration will be $30M at closing, funded using cash on hand, with the potential for up to an additional $50M in performance-based cash consideration to be earned over the next three years.
• Founded in 2014, CreditIQ develops digital retail financing technology designed to facilitate online car sales and streamline in-store processes for auto dealers.
• Commenting on the acquisition, Alex Vetter, President and CEO of CARS, said, "The acquisition of CreditIQ technology facilitates CARS' entry into the rapidly-growing, multi-billion dollar Auto Finance market, expanding our TAM beyond the $35 billion Auto Advertising and Dealer Technology markets we operate in today."
• The acquisition will drive immediate incremental revenue and gross profit, with CreditIQ's digital financing technology to be integrated across the CARS platform in 1Q22 and monetized upon platform rollout, generating per-transaction revenue directly from lenders.
• Users will get access to a new interactive online loan screening and approval marketplace, and lenders will be able to reach a large audience of automotive buyers. CreditIQ's technology facilitates completion of online finance process through Dealer Inspire's 5,2000 websites, the Cars.com marketplace and "Online Shopper" digital retailing platform.
• Earlier today, Cars.com EPS misses by $0.03, beats on revenue
• CARS +2.03% pre-market

Fisker CEO: On track for first vehicle launch; feels good about cash burn​

FSR +1.86%Nov. 03, 2021 6:05 PM ET41 Comments

• Fisker founder and CEO Henrik Fisker said Wednesday that the electric vehicle startup is on track to launch its first product at the end of next year.
• The top executive at Fisker (NYSE:FSR) also told CNBC that he "feels really good" about the rate of cash burn the company has undertaken to ramp up its upcoming Ocean vehicle, asserting that "we are spending the right amount of money."
• Fisker's comments follow the release of quarterly results by the company, which showed a slightly wider-than-expected loss for the three-month period. The pre-revenue startup disclosed a cash position of $1.4B, with $103.4M spent during the quarter on operating activities.
• Along with the Ocean launch, Fisker added that it remains "on target" for its Pear project, which it is developing with Foxconn in an Ohio plant.
• Asked about a budget bill currently under consideration in Washington, which would offer higher incentives for EVs made in union plants in the U.S., Fisker predicted that the bill would not pass in its current form.
• "We cannot reach the goal of half of all vehicles in the U.S. [being EVs] by 2030 only with the few vehicles being produced in the U.S.," he said.
• "So I kind of doubt that bill will pass," he added.
• While the Pear will be built in the U.S., the Ocean is set for production in Europe through a partnership with Magna.
• Fisker added that the Ocean will sell at a competitive price point anyway, so he thinks the company could overcome the headwind of a lower tax incentive for its vehicles.
• FSR lost ground in after-hours trading following the release of its quarterly report. The stock slipped more than 1% to reach $18.06 at about 5:15 PM ET.
• The stock had climbed in anticipation of the earnings release, rising in four consecutive sessions headed into the announcement.
• FSR has generally moved sideways since the middle of the year, following significant volatility during February, March and April.
• Looking at some of the players in the pure-play EV space, FSR has underperformed its peers. Lucid (NASDAQ:LCID), which recently began deliveries of its first EV, has climbed nearly 251% in 2021. Tesla (NASDAQ:TSLA) has climbed about 66%.
• Meanwhile, FSR has had trouble keeping up with the broader market. Its 2021 performance sits at about 21% compared to a 25% gain in the S&P 500:

 

[Weather Man]

Nikola gains after updating on truck production, SEC talks​

NKLA +4.60%Nov. 04, 2021 9:19 AM ET1 Comment

• Nikola (NASDAQ:NKLA) says validation of the Nikola Tre BEV is progressing with trucks now being test driven on public roads. Footage of the Nikola Tre FCV is available for viewing.
• The zero emission vehicle maker plans says it has begun to build pre-series trucks in Coolidge, Arizona and continue to work "steadfastly" towards a commitment to deliver up to 25 trucks to dealers and customers by December. "The trucks will haul customer loads, gain real-world mileage accumulation, and in turn we expect to secure additional orders for 2022 volume and beyond," notes the company.
• Nikola's (NKLA) Q3 adjusted EBITDA loss of $87.4M was better than the $101.4M loss anticipated by analysts. Nikola (NKLA) also says it is engaged with the SEC on resolving the ongoing probe and will look to get reimbursement from founder Trevor Milton.
• Press Release
• Nikola (NKLA) and the Staff of the Division of Enforcement at the SEC have been engaged in discussions regarding a resolution of the SEC's investigation. The company expects that, if approved, the resolution would include a $125 million civil penalty paid in installments over time. Final resolution of this matter is subject to documentation satisfactory to all the parties, and completion of any settlement is contingent on a vote of the Commissioners of the SEC.

Tesla and Hertz are still working out details on the electric car order​

TSLA +1.24%Nov. 04, 2021 8:49 AM ET28 Comments

• Tesla (NASDAQ:TSLA) and Hertz Global (OTCPK:HTZZ) are reportedly working to hammer out details on how quickly the car rental operator can land its initial order of 100K electric vehicles.
• Elon Musk has indicated on Twitter that Hertz (OTCPK:HTZZ) is unlikely to land a volume discount on the EV order.
• It is a common practice for rental fleet vehicle orders to be negotiated by an automaker and rental car company even after the order is placed and announced, according to The Wall Street Journal. Sources indicate that Hertz is also considering purchasing electric vehicles from other manufacturers in addition to Tesla (TSLA)
• Shares of Tesla (TSLA) are up 1.86% premarket to $1,236.30 and are 8.96% higher over the last week.
• Shares of Hertz Global (OTCPK:HTZZ) are up 0.36% premarket to $31.92 and are 2.51% higher over the last week.
• Shares of Avis Budget Group (NASDAQ:CAR) are down 2.05% premarket to $292.01 and are 72.00% higher over the last week.

 

[Weather Man]

Mullen Automotive starts trading on Nasdaq​

NETE +8.63%Nov. 05, 2021 8:44 AM ET

• Mullen Automotive (MULN) has begun trading on the Nasdaq Stock Market under new stock ticker symbol "MULN."
• The Southern California-based automotive company is set to debut its FIVE EV Crossover on Nov. 17, 2021 at the Los Angeles International Auto Show. The FIVE is built on a EV Crossover skateboard platform that offers multiple powertrain configurations and trim levels in a svelte design.
• Mullen is in the process of merging with Net Element (NASDAQ:NETE). The companies agreed to a stock-for-stock reverse merger deal, in which Mullen's stockholders will receive a majority of the outstanding stock in the post-merger company.

 

[Weather Man]

PACCAR selected for Department of Energy's SuperTruck 3 program​

PCAR +0.34%Nov. 05, 2021 9:57 AM ET

• PACCAR Inc (PCAR +1.4%) launches its SuperTruck 3 program as part of a Department of Energy initiative to develop state of the art zero emissions medium- and heavy-duty trucks.
• The SuperTruck initiative was launched in 2009 by the DOE to improve heavy-duty truck freight efficiency. PACCAR received a $33M matching grant after being selected for the highly selective program. The truck maker will continue the development of its Class 8 Kenworth and Peterbilt battery electric and fuel cell vehicles and vehicle charging stations following the success of the SuperTruck 2 program.
• “Many of the technologies developed in the earlier SuperTruck programs were deployed in production vehicles, benefiting the environment and PACCAR’s customers,” said Kevin Baney, Kenworth general manager and PACCAR vice president.
• SA contributor H Tianshan says that the production of new trucks could lead to 27% upside for PCAR shares.

 

[Weather Man]

Just days after Ford unveiled a 1978 F-100 pickup converted to electric drive using its new Eluminator crate motor for custom car builds, the $3,900 part has sold out.

Pretty impressive considering you have to find a battery and controller on your own.

 

[Weather Man]

Don't forget about Ford and GM as infrastructure bill winners​

GM +1.41%Now!

• Ford (F +4.1%) and General Motors (GM +1.5%) are the biggest gainers in the S&P 500 Index from the consumer sector.
• Investors may be seeing upside for the two Detroit automakers from the signing of the infrastructure bill, especially if the federal tax credit is finalized to go from $12,500 from $7,500 for electric vehicles assembled in the U.S. using union labor.
• Both automakers are pressing ahead aggressively with their electrification plans. Ford (NYSE:F) has over 160K pre-orders for its F-150 Lightning electric truck and the upcoming electric transit van from the automaker is already sold out. Also of note, Ford (F) has a 12% stake in Rivian, which could be worth around $8B if the IPO goes off well. GM sees EV upside from the Cadillac and Chevy brands, and has a long-term bet on autonomous vehicles through its Cruise business.
• Infrastructure breakdown: Electric vehicle names rally and a few sleepers to watch.

 

[Weather Man]

Another one I never heard of.

Li-Cycle pops after partnership with startup Atlis Motor Vehicles​

LICY +10.59%Nov. 08, 2021 1:54 PM ET

• Li-Cycle Corp (LICY +8.8%) shares jump as the company enters into a battery recycling agreement with electric pickup manufacturer Atlis Motor Vehicles.
• ATLIS is a startup developing a fully electric vehicle platform, proprietary battery cells and packs, and the necessary charging infrastructure to recharge a 500-mile range battery in less than 15 minutes. Its XT pickup prototype was revealed earlier this year and production will begin in 2022.
• "While we are just beginning our development journey, as a responsible battery and EV manufacturer, battery recycling must be a critical step in our supply chain," said Mark Hanchett, CEO and founder of Atlis Motor Vehicles. "We are thrilled to partner with a local recycler, like Li-Cycle, not only to be environmentally responsible, but to impact our bottom line. It is less expensive to reuse battery material than mine for new supplies."
• Li-Cycle recovers up to 95% of critical materials from lithium-ion batteries and reintroduces them back into the supply chain. According to Benchmark Intelligence the total number of lithium-ion batteries that will be available for recycling, globally, will exceed 2M tonnes by 2025.
• SA contributor ZMK Capital warns that Li-Cycle could face a lot competition if their model is successful.

 

[Weather Man]

Nissan raises profit outlook despite fewer expected car sales as chip crunch continues​

NSANF +0.83%Nov. 09, 2021 12:36 PM ET

• Nissan (OTCPK:NSANY +4.1%) shares get a boost after the automaker raises its full-year operating profit to ¥180B ($1.6B) from an earlier ¥60B ($531M) due to higher margins.
• The company has been forced to lower production due to the semiconductor shortages affecting automakers around the world. Chief operating officer Ashwani Gupta told reporters that the semiconductor shortage would continue to be a "challenge" for automakers is Nissan will produce 600K fewer cars than previously forecast.
• But Nissan's strategy of reducing models by a fifth has paid off. Nissan's revamped models are seeing a surge in demand in the US and China following the pandemic and higher margins due to fewer sales promotions will contribute to Nissans bottom line.
• Nissan is the ninth ranked automobile manufacturer stock according to seeking Alpha's Quant Rating. Find out which stock is number one.

 

[Weather Man]

Lordstown Motors jumps after disclosing more details on Foxconn partnership​

RIDE -2.28%Nov. 10, 2021 4:44 PM ET2 Comments

Tasos Katopodis/Getty Images News

• Lordstown Motors (NASDAQ:RIDE) soars after disclosing that a strategic partnership with Foxconn (OTCPK:HNHAF) will include selling its Lordstown facility to Foxconn for $230M.
• The sale will exclude certain assets such as the hub motor assembly line and battery module and pack lines.
• Foxconn has agreed to make a down payment of the purchase price of $100M by November 18, and subsequent down payments of $50M on each of February 1, 2022 and no later than April 15, 2022. The balance of the purchase price will be paid at closing.
• In addition, RIDE and Foxconn have agreed to pursue a contract manufacturing agreement for the Endurance pickup truck, which must be entered into before the closing date, which is targeted for April 30, 2022. Lordstown Motors and Foxconn will pursue a joint venture agreement to co-design and develop vehicle programs for the global commercial fleet market, using the MIH open platform.