Interesting Car/Truck Manufacturer News

[GTSpartan]

That's all on him. It would likely have just been a fine if he had handled it in 2015. Ignoring the Feds isn't going to make them go away.

The industry has brought a lot of this attention on themselves.

How do you see this playing out with the rest of the tuning/hot rod industry? There are some big shops and manufacture's out there still seemingly thumbing their nose at the law. At some point do they start holding holding the auto OEM's at least partially responsible?

 

[SID297]

The industry has brought a lot of this attention on themselves.

How do you see this playing out with the rest of the tuning/hot rod industry? There are some big shops and manufacture's out there still seemingly thumbing their nose at the law. At some point do they start holding holding the auto OEM's at least partially responsible?

I'm trying to work with SEMA/PRI to ensure we can continue enjoying the hobby that brings us all together.

 

[Weather Man]

The industry has brought a lot of this attention on themselves.

How do you see this playing out with the rest of the tuning/hot rod industry? There are some big shops and manufacture's out there still seemingly thumbing their nose at the law. At some point do they start holding holding the auto OEM's at least partially responsible?

It's evolving fast into if they do or do not know you. Multiple shop owners have told me they believe the EPA, posing as a customer, is calling and asking if they will defeat or remove emissions devices from their car.

 

[SID297]

It's evolving fast into if they do or do not know you. Multiple shop owners have told me they believe the EPA, posing as a customer, is calling and asking if they will defeat or remove emissions devices from their car.

I've noticed a lot of the blatant delete stuff being sold by companies outside the US. That would not be a good move by a US citizen though.

 

[SID297]

European Union Agrees To Ban Sales Of New Gasoline And Diesel Cars From 2035

After 16 hours of negotiations, EU's environment ministers came to an agreement to combat climate change by outlawing sales of new gasoline and diesel cars from 2035.

www.motor1.com

 

[GTSpartan]

I'm trying to work with SEMA/PRI to ensure we can continue enjoying the hobby that brings us all together.

That's great

There might be some battles that our hobby can win to extend things, but it just feels like the tides have turned, and this is a war that cannot be won.

 

[Weather Man]

Ferrari is trying to figure out if there will be enough demand in the part of the world going ICE ban nuts to keep ICE in their lineup. If all Ferrari makes is EV, I think it is a pretty grim future for them. The EU did not give them any exemption for small production lot ICE.

Ferrari takes measure approach to electric vehicle future​

Jun. 30, 2022 7:44 AM ETFerrari N.V. (RACE)By: Clark Schultz, SA News Editor1

Ferrari N.V. (NYSE:RACE) is taking the slow lane to an electric future even as it plans for its first fully electric Ferrari in 2025, according to Reuters.
The automaker has not provided a roadmap or timeline for going all electric, while Volkswagen's Bentley brand and Volvo are both targeting 2030 as saying goodbye to gas-fueled vehicles. Of note, Ferrari (RACE) is researching solid state batteries, as well as hydrogen fuel cells and synthetic fuels as it considers its options.
Jefferies analyst Philippe Houchois said Ferrari's measured approach may not be popular with investors.
"They can run their profit center with combustion engines longer and amortize their investment there. But it's not necessarily what the market wants to hear because the mindset is let's rush into EVs and never look back," he noted.
Ferrari has told investors it is targeting a core profit margin of 38% to 40% in 2026 vs. 35.9% in 2021. It is anticipated that profit margins could be higher if EV production lifts Ferrari's overall volume numbers. However, the automaker currently makes the parts and V8, V12 engines used in its models, while an EV future would involve outsourcing batteries and software from Europe and Asia.
Shares of Ferrari (RACE) fell 3.02% in premarket trading on Thursday to $179.22.
Ferrari is generally liked on Wall Street with 6 Buy-equivalent ratings or higher stacking up against 2 Hold-equivalent ratings and 2 Sell-equivalent ratings.

 

[Weather Man]

Vista Outdoor to acquire Fox Racing for $540M plus $50M conditional earnout​

VSTO +3.98%Jul. 06, 2022 7:24 AM ET1 Comment

• Vista Outdoor (NYSE:VSTO) is acquiring Irvine, Calif.-based Fox Racing, a global icon in performance motocross, mountain bike and lifestyle gear from Altamont Capital Partners for $540M, with the potential for an additional $50M earnout based on Fox Racing's financial performance.
• Fox Racing grew net sales by a compound annual growth rate of approximately 20% from calendar year 2019 to 2021 and is expected to grow in excess of that in calendar year 2022.
• CEO comment: "With the acquisition of Fox Racing, we are continuing the successful implementation of our strategy to use accretive acquisitions to expand our leadership position and ability to capitalize on long-term growth opportunities in outdoor recreation. The Fox Racing acquisition meets all of our financial and strategic acquisition criteria, even before taking into account potential benefits from combining Fox Racing with our existing business. I am pleased that we have been able to continue to add category-leading brands like Fox Racing to our portfolio while maintaining a strong balance sheet and reinvesting in our existing business to drive organic growth."
• CEO of Fox Racing, Jeffrey McGuane will continue to lead the company following the closing of the acquisition.
• Fox Racing will be part of company's Outdoor Products segment and will be included in the new Outdoor Products Company upon the completion of the previously announced separation.
• The transaction is expected to close in the third quarter of calendar year 2022.

 

[DriftwoodSVT]

European Union Agrees To Ban Sales Of New Gasoline And Diesel Cars From 2035

After 16 hours of negotiations, EU's environment ministers came to an agreement to combat climate change by outlawing sales of new gasoline and diesel cars from 2035.

www.motor1.com

Wow

 

[Weather Man]

Wow

It'll happen sooner than that, the EU ICE emission targets will be impossible to meet by as soon as 2025.

 

[SID297]

Wow

 

[DriftwoodSVT]

Banning the sale of a used ICE vehicle seems a bit much, IMO.

 

[Weather Man]

Ford and SK Innovation push ahead on battery manufacturing plans for U.S.​

F -2.82%Now!
Ford Motor Company and and South Korean battery maker SK Innovation finalized terms on setting up a joint venture for building and operating battery production facilities in the United States.
The 505-50 BlueOVal SK LLC joint venture betweeb SK On and Ford (NYSE:F) will be located in Commerce, Georgia, where an SK On manufacturing facility is located. The facility will move eventually to Stanton, Tennessee.
The two companies will jointly invest $7.8B to build three plants in the United States, with two located in Tennessee and one in Kentucky. The battery manufacturing facilities will have combined capacity of 129 gigawatt-hours when completed. The facilities are expected to begin mass production in 2025.
SK On and Ford (F) are also establishing a venture with Istanbul-based Koc Holding to build a plant near Ankara, Turkey. The size of the investment has yet to be disclosed, but the plant will produce 30 to 45 GWh of batteries per year for use primarily in commercial vehicles.

 

[Weather Man]

Ford plans up to 8,000 job cuts to help fund EV investment - Bloomberg​

F +1.11%Jul. 20, 2022 6:27 PM ET84 Comments
Ford (NYSE:F) is preparing to cut as many as 8K jobs in the coming weeks as it seeks to boost profits to fund its push into the electric vehicle market, Bloomberg reported Wednesday.
The job cuts will come in the newly created Ford Blue unit responsible for producing internal combustion engine vehicles, as well as other salaried operations throughout the company, according to the report.
The cuts may come in phases, but likely will begin this summer, Bloomberg said; Ford (F) employs ~31K salaried workers in the U.S., where most of the reductions are expected.
CEO Jim Farley has planned to cut $3B in costs by 2026, and he has said cutting staff is a key to improving profits.

 

[SID297]

Ford plans up to 8,000 job cuts to help fund EV investment - Bloomberg​

F +1.11%Jul. 20, 2022 6:27 PM ET84 Comments
Ford (NYSE:F) is preparing to cut as many as 8K jobs in the coming weeks as it seeks to boost profits to fund its push into the electric vehicle market, Bloomberg reported Wednesday.
The job cuts will come in the newly created Ford Blue unit responsible for producing internal combustion engine vehicles, as well as other salaried operations throughout the company, according to the report.
The cuts may come in phases, but likely will begin this summer, Bloomberg said; Ford (F) employs ~31K salaried workers in the U.S., where most of the reductions are expected.
CEO Jim Farley has planned to cut $3B in costs by 2026, and he has said cutting staff is a key to improving profits.

I'm sure that'll be great for morale.

 

[Weather Man]

I'm sure that'll be great for morale.

It is sad to say that the point of no return, regardless of how badly the ICE bans blow up in the D's face, is approaching rapidly. The D's will get slaughtered, but everyday people are going to be screwed. The grid alone will not be ready and the D's don't care.

 

[SID297]

It is sad to say that the point of no return, regardless of how badly the ICE bans blow up in the D's face, is approaching rapidly. The D's will get slaughtered, but everyday people are going to be screwed. The grid alone will not be ready and the D's don't care.

The pendulum swings back farther each time.

This is the kind of thing that would make me think about getting a HD Dodge, especially if it could still be had with a manual.

 

[Weather Man]

The pendulum swings back farther each time.

The trouble is that California and the CARB compact states combined with the OEM's desire to compete with Tesla are creating the conditions for a SNAFU of epic proportions. For the people living in the middle of the country or where long-distance driving is the norm, used ICE values are just going to be stupid.

 

[jvandy50]

I am 6 days away from the 9 month mark on the TRX. I sure do miss the way things were before we had a contest to see how stupid we could be.

 

[Weather Man]

Separately, Ford (F) updated on its electric vehicle goals on Thursday. The automaker said it has contracts to deliver enough batteries to produce electric vehicles at a rate of 600K globally per year by late in 2023. Ford (F) also has a target of being able to manufacture EVs at a rate of two million per year globally by the end of 2026. Ford (F) reiterated that it plans for half of its global production to be electric vehicles by 2030. In addition, Ford (F) said it has secured contracts delivering 60 GWh of annual battery capacity.

Compass Minerals inks MoU with Ford for battery-grade lithium supply​

F +1.11%Jul. 21, 2022 7:46 AM ET

• Compass Minerals (NYSE:CMP) shares gained 1.32% pre-market on Thursday after it entered into a non-binding memorandum of understanding with automaker Ford (NYSE:F) for the supply of battery-grade lithium to the latter.
• The MOU enables both companies to work together to create a two-phase arrangement that secures a significant quantity of Compass Minerals' (CMP) production for Ford (F) starting in 2025.
• The lithium product will be sourced from CMP's lithium brine development project at its Ogden, Utah, solar evaporation facility. The project has an expected annual commercial production capacity of 30 kMT to 40 kMT lithium carbonate equivalent (LCE), with an initial phase-one capacity of ~10 kMT LCE coming online by 2025.
• The parties will aim for a definitive offtake and supply agreement.
• Last month, Compass Minerals (CMP) announced a similar MoU with LG Energy Solution