Interesting Car/Truck Manufacturer News
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Fiat Chrysler enhances online retailing experience with E-Shop
Oct. 21, 2020 12:50 PM ET|About: Fiat Chrysler Automobil... (FCAU)|By: Akanksha Bakshi, SA News Editor
Fiat Chrysler Automobiles (FCAU +0.3%) announces several new features to the Online Retailing Experience to now be called E-Shop; enhancing its consumer capability to buy a Chrysler, Dodge, Jeep, Ram, Fiat or Alfa Romeo vehicle over the internet by.
E-Shop is a premium one-stop platform that allows customers extensive choice and the ability to complete the entire vehicle purchasing process online. Test drive appointments, online chats and other features to be added to E-Shop.
Online shopping traffic across the dealer network increased more than 65% since the launch of E-Shop.
“About 45 percent of FCA's monthly sales originated from an internet lead; last year it was about 25 percent. Consumers say E-Shop gives them more transparency, while dealers say the entire process, including home delivery, allows them to create a strong bond with the shopper," stated Jeff Kommor, U.S. Head of Sales.
Oct. 21, 2020 12:50 PM ET|About: Fiat Chrysler Automobil... (FCAU)|By: Akanksha Bakshi, SA News Editor
Fiat Chrysler Automobiles (FCAU +0.3%) announces several new features to the Online Retailing Experience to now be called E-Shop; enhancing its consumer capability to buy a Chrysler, Dodge, Jeep, Ram, Fiat or Alfa Romeo vehicle over the internet by.
E-Shop is a premium one-stop platform that allows customers extensive choice and the ability to complete the entire vehicle purchasing process online. Test drive appointments, online chats and other features to be added to E-Shop.
Online shopping traffic across the dealer network increased more than 65% since the launch of E-Shop.
“About 45 percent of FCA's monthly sales originated from an internet lead; last year it was about 25 percent. Consumers say E-Shop gives them more transparency, while dealers say the entire process, including home delivery, allows them to create a strong bond with the shopper," stated Jeff Kommor, U.S. Head of Sales.
GM, Cruise to seek OK for self-driving vehicle without pedal, steering wheel
Oct. 21, 2020 10:33 PM ET|About: General Motors Company (GM)|By: Carl Surran, SA News Editor
Cruise says it will team with majority shareholder General Motors (NYSE:GM) to seek U.S. regulatory approval in the coming months to deploy a limited number of Cruise Origin vehicles without steering wheels or pedals.
The National Highway Traffic Safety Administration, which spent 15 months reviewing the GM petition before seeking public comment, says it "will review the new petition when it is received."
Cruise made the announcement today after it received a permit from California's Department of Motor Vehicles last week to be the first company to test cars without any riders on San Francisco streets.
Oct. 21, 2020 10:33 PM ET|About: General Motors Company (GM)|By: Carl Surran, SA News Editor
Cruise says it will team with majority shareholder General Motors (NYSE:GM) to seek U.S. regulatory approval in the coming months to deploy a limited number of Cruise Origin vehicles without steering wheels or pedals.
The National Highway Traffic Safety Administration, which spent 15 months reviewing the GM petition before seeking public comment, says it "will review the new petition when it is received."
Cruise made the announcement today after it received a permit from California's Department of Motor Vehicles last week to be the first company to test cars without any riders on San Francisco streets.
CarLotz to go public business combination agreement with SPAC
Oct. 22, 2020 9:46 AM ET|About: Acamar Partners Acquisiti... (ACAMU)|By: Khyathi Dalal, SA News Editor
Acamar Partners Acquisition (NASDAQ:ACAMU) and CarLotz ink a definitive business combination agreement making CarLotz a public company; closing expected in Q4.
Industry's highest customer satisfaction:
It is expected to remain listed on Nasdaq and trade under the new ticker symbol LOTZ.
Fidelity Management & Research and other investors along with strategic partners commit to fund a $125M commons tock PIPE; fund also utilizing a Acamar Partners $311M cash-in-trust.
Acamar Partners and CarLotz co-founder and CEO Michael Bor are also participating in the PIPE; strategic investors and management represent circa 15% of the PIPE.
Transaction is priced at a multiple of 0.88X estimated revenue for FY22 and a multiple of 6.8X estimated gross profit for FY22, a meaningful discount to CarLotz' publicly traded peers.
CarLotz pro-forma enterprise valuation post the transaction is implied at $827M; existing shareholders will roll over the vast majority of their existing equity, retaining 59% of the combined company’s pro forma equity.
CarLotz estimates 2020 sales at $110M, while 2021 and 2022 are estimated at $356M and $945M respectively. It has indicated strong performance in 2020:
Superior unit economics and capital efficiency:
Oct. 22, 2020 9:46 AM ET|About: Acamar Partners Acquisiti... (ACAMU)|By: Khyathi Dalal, SA News Editor
Acamar Partners Acquisition (NASDAQ:ACAMU) and CarLotz ink a definitive business combination agreement making CarLotz a public company; closing expected in Q4.
Industry's highest customer satisfaction:
It is expected to remain listed on Nasdaq and trade under the new ticker symbol LOTZ.
Fidelity Management & Research and other investors along with strategic partners commit to fund a $125M commons tock PIPE; fund also utilizing a Acamar Partners $311M cash-in-trust.
Acamar Partners and CarLotz co-founder and CEO Michael Bor are also participating in the PIPE; strategic investors and management represent circa 15% of the PIPE.
Transaction is priced at a multiple of 0.88X estimated revenue for FY22 and a multiple of 6.8X estimated gross profit for FY22, a meaningful discount to CarLotz' publicly traded peers.
CarLotz pro-forma enterprise valuation post the transaction is implied at $827M; existing shareholders will roll over the vast majority of their existing equity, retaining 59% of the combined company’s pro forma equity.
CarLotz estimates 2020 sales at $110M, while 2021 and 2022 are estimated at $356M and $945M respectively. It has indicated strong performance in 2020:
Superior unit economics and capital efficiency:
Anyone familiar with these? Appears street legal?
Arcimoto's DHL deal expected to boost demand
Oct. 26, 2020 9:15 AM ET|About: Arcimoto, Inc. (FUV)|By: Clark Schultz, SA News Editor
Arcimoto (NASDAQ:FUV) has struck a deal with DHL to have its vehicles delivered across the U.S.
Bloomberg says the development is a logistical coup that could spark demand outside of Arcimoto's Northwest base.
The arrangement will see DHL trucks go straight from Arcimoto's factory in Eugene, Oregon to the residences of customers for a fee of about $1K. The deliveries from Oregon will even allow the company to sell in states that require a physical dealership.
Arcimoto aims to produce 137 machines a day by the end of 2022.
Shares of Arcimoto are up 0.75% in premarket trading to $6.25. See the advanced chart of Arcimoto.
Arcimoto's DHL deal expected to boost demand
Oct. 26, 2020 9:15 AM ET|About: Arcimoto, Inc. (FUV)|By: Clark Schultz, SA News Editor
Arcimoto (NASDAQ:FUV) has struck a deal with DHL to have its vehicles delivered across the U.S.
Bloomberg says the development is a logistical coup that could spark demand outside of Arcimoto's Northwest base.
The arrangement will see DHL trucks go straight from Arcimoto's factory in Eugene, Oregon to the residences of customers for a fee of about $1K. The deliveries from Oregon will even allow the company to sell in states that require a physical dealership.
Arcimoto aims to produce 137 machines a day by the end of 2022.
Shares of Arcimoto are up 0.75% in premarket trading to $6.25. See the advanced chart of Arcimoto.
Lordstown Motors begins trading in latest debut for a SPAC-EV combination
Oct. 26, 2020 12:22 PM ET|About: Spartan Energy Acquisitio... (SPAQ)|By: Clark Schultz, SA News Editor
Lordstown Motors (RIDE) has seen some bouncy trading on its first day of action on the Nasdaq after closing the reverse merger with DiamondPeak Holdings Corp. (NASDAQ:DPHC).
Shares of RIDE jumped to as high as $20.35 early in the session before falling back to $18.80 at last check.
Lordstown is expected to receive about $675M of gross proceeds from the SPAQ deal, which it plans to use for production of the Endurance truck.
The company says it has secured 40K preorders for the truck already, with deliveries targeted to begin late summer of 2021. Looking further down the road, Lordstown expects to achieve breakeven or better operational earnings margins in 2022 and top 10% margins by 2024.
On tap next in the EV-SPAQ world is the shareholder vote at Spartan Energy Acquisition (NYSE:SPAQ) on Wednesday. SPAQ was one of the stocks listed in Seeking Alpha's Catalyst Watch.
Oct. 26, 2020 12:22 PM ET|About: Spartan Energy Acquisitio... (SPAQ)|By: Clark Schultz, SA News Editor
Lordstown Motors (RIDE) has seen some bouncy trading on its first day of action on the Nasdaq after closing the reverse merger with DiamondPeak Holdings Corp. (NASDAQ:DPHC).
Shares of RIDE jumped to as high as $20.35 early in the session before falling back to $18.80 at last check.
Lordstown is expected to receive about $675M of gross proceeds from the SPAQ deal, which it plans to use for production of the Endurance truck.
The company says it has secured 40K preorders for the truck already, with deliveries targeted to begin late summer of 2021. Looking further down the road, Lordstown expects to achieve breakeven or better operational earnings margins in 2022 and top 10% margins by 2024.
On tap next in the EV-SPAQ world is the shareholder vote at Spartan Energy Acquisition (NYSE:SPAQ) on Wednesday. SPAQ was one of the stocks listed in Seeking Alpha's Catalyst Watch.
CarMax to hire more than 3,500 employees by the end of 2020
Oct. 27, 2020 12:29 PM ET|About: CarMax, Inc. (KMX)|By: Niloofer Shaikh, SA News Editor
CarMax (KMX -0.8%) plans to hire for long-term careers more than 3,500 positions companywide by the end of the year.
"We're looking for high integrity, customer-focused associates to join our team and help us continue to transform the way people buy and sell cars,” said Diane Cafritz, chief human resources officer and senior vice president at CarMax, "Investing in our associates is a top priority for the company and you will be given award-winning training and development opportunities to continue to learn, grow your skills and build a great career at CarMax."
Oct. 27, 2020 12:29 PM ET|About: CarMax, Inc. (KMX)|By: Niloofer Shaikh, SA News Editor
CarMax (KMX -0.8%) plans to hire for long-term careers more than 3,500 positions companywide by the end of the year.
"We're looking for high integrity, customer-focused associates to join our team and help us continue to transform the way people buy and sell cars,” said Diane Cafritz, chief human resources officer and senior vice president at CarMax, "Investing in our associates is a top priority for the company and you will be given award-winning training and development opportunities to continue to learn, grow your skills and build a great career at CarMax."
GM seen riding Hummer into EV fast lane
Oct. 28, 2020 9:04 PM ET|About: General Motors Company (GM)|By: Clark Schultz, SA News Editor
Wedbush Securities analyst Dan Ives says the GMC Hummer EV will be one of the foundational models of the $20B pushby General Motors (NYSE:GM) $20B into the EV space over the next five years
The Hummer EV will originally list at roughly $113K to be followed with models from 2022 to 2024 at lower prices. Production is slated to begin late next year. GM is targeting selling 1M EVs a year across China and the U.S. in five years.
The big bet in EVs is seen paying off. "In a nutshell, given its massive distribution, installed base, and EV R&D/battery framework we believe GM has a strong opportunity to establish itself as a major player in the EV market over the next decade," writes Ives.
That won't necessarily come at the expense of Ford (NYSE:F) or Tesla (NASDAQ:TSLA). "We note the leader in the pick-up truck market Ford sells roughly 1 million F-150 pickups per year. We believe the EV pickup opportunity will have multiple winners and ultimately opens up a new leg of growth for the US EV market starting in 2022," observes Ives.
Oct. 28, 2020 9:04 PM ET|About: General Motors Company (GM)|By: Clark Schultz, SA News Editor
Wedbush Securities analyst Dan Ives says the GMC Hummer EV will be one of the foundational models of the $20B pushby General Motors (NYSE:GM) $20B into the EV space over the next five years
The Hummer EV will originally list at roughly $113K to be followed with models from 2022 to 2024 at lower prices. Production is slated to begin late next year. GM is targeting selling 1M EVs a year across China and the U.S. in five years.
The big bet in EVs is seen paying off. "In a nutshell, given its massive distribution, installed base, and EV R&D/battery framework we believe GM has a strong opportunity to establish itself as a major player in the EV market over the next decade," writes Ives.
That won't necessarily come at the expense of Ford (NYSE:F) or Tesla (NASDAQ:TSLA). "We note the leader in the pick-up truck market Ford sells roughly 1 million F-150 pickups per year. We believe the EV pickup opportunity will have multiple winners and ultimately opens up a new leg of growth for the US EV market starting in 2022," observes Ives.
Ballard and AUDI modifies terms of use for fuel cell stack for vehicle propulsion
Oct. 30, 2020 12:31 AM ET|About: Ballard Power Systems Inc. (BLDP)|By: Mamta Mayani, SA News Editor
Ballard Power Systems (NASDAQ:BLDP) has amended a Technology Development Agreement and a Patent License Agreement signed with AUDI AG related to the non-binding Memorandum of Understanding to expand its right to use the FCgen-HPS product.
FCgen-HPS is a high-performance, zero-emission, proton exchange membrane (PEM) fuel cell stack in all applications, including commercial trucks and passenger cars.
The product was designed and developed to stringent automotive standards in the company's Technology Solutions program with AUDI AG.
Ballard has 3 platforms of liquid cooled stacks to address all mobility applications:
Shares up 8% after-hours.
Previously: Ballard introduces high-power density fuel cell stack for vehicle propulsion; signs MoU with AUDI (Sept. 15)
Oct. 30, 2020 12:31 AM ET|About: Ballard Power Systems Inc. (BLDP)|By: Mamta Mayani, SA News Editor
Ballard Power Systems (NASDAQ:BLDP) has amended a Technology Development Agreement and a Patent License Agreement signed with AUDI AG related to the non-binding Memorandum of Understanding to expand its right to use the FCgen-HPS product.
FCgen-HPS is a high-performance, zero-emission, proton exchange membrane (PEM) fuel cell stack in all applications, including commercial trucks and passenger cars.
The product was designed and developed to stringent automotive standards in the company's Technology Solutions program with AUDI AG.
Ballard has 3 platforms of liquid cooled stacks to address all mobility applications:
Shares up 8% after-hours.
Previously: Ballard introduces high-power density fuel cell stack for vehicle propulsion; signs MoU with AUDI (Sept. 15)
Toyota division pickup deliveries surged 21.5% in October
Nov. 3, 2020 10:53 AM ET|About: Toyota Motor Corporation (TM)|By: Niloofer Shaikh, SA News Editor
Toyota Motor (TM +2.3%) reports October total volume up 8.8% to 205,349 units, with sales up 7.8 % to 178,658 units at the Toyota division and +15% to 6,720 units at Lexus.
Light truck deliveries rose 13.6%, helping to offset a 0.4% dip in car volume of 64,673 units.
Combined deliveries of two pickups Tacoma and Tundra jumped 21.5% to 33,773 units.
RAV4 sales increased 8.6% to 40,717 units.
Nov. 3, 2020 10:53 AM ET|About: Toyota Motor Corporation (TM)|By: Niloofer Shaikh, SA News Editor
Toyota Motor (TM +2.3%) reports October total volume up 8.8% to 205,349 units, with sales up 7.8 % to 178,658 units at the Toyota division and +15% to 6,720 units at Lexus.
Light truck deliveries rose 13.6%, helping to offset a 0.4% dip in car volume of 64,673 units.
Combined deliveries of two pickups Tacoma and Tundra jumped 21.5% to 33,773 units.
RAV4 sales increased 8.6% to 40,717 units.
Mazda U.S. sales grew 16.5% in October
Nov. 3, 2020 10:17 AM ET|About: Mazda Motor Corporation (MZDAY)|By: Niloofer Shaikh, SA News Editor
Mazda (OTCPK:MZDAY) reports unit sales grew 16.5% Y/Y to 22,736 in October.
Car sales declined 5.8% to 4,777 units while Truck sales expanded 19.8% to 17,959 units.
CPO sales increased 24% to 6,310 units.
Sales of the CX-5 saw its best October ever with 11,890 vehicles sold.
YTD Mazda U.S. sales down 0.7% to 226,016 units.
Nov. 3, 2020 10:17 AM ET|About: Mazda Motor Corporation (MZDAY)|By: Niloofer Shaikh, SA News Editor
Mazda (OTCPK:MZDAY) reports unit sales grew 16.5% Y/Y to 22,736 in October.
Car sales declined 5.8% to 4,777 units while Truck sales expanded 19.8% to 17,959 units.
CPO sales increased 24% to 6,310 units.
Sales of the CX-5 saw its best October ever with 11,890 vehicles sold.
YTD Mazda U.S. sales down 0.7% to 226,016 units.
Carvana gains after insiders add shares
Nov. 3, 2020 9:55 AM ET|About: Carvana Co. (CVNA)|By: Clark Schultz, SA News Editor
Carvana (CVNA +3.2%) is on watch after the company discloses a series of insider buying actions, including from CEO Ernest Garcia.
On Wall Street, Morgan Stanley analyst Adam Jonas anticipates Carvana's compounding growth to continue in 2021 even if there is a slight pause in Q4.
Jonas' base case on Carvana: "We expect CVNA to grow meaningfully and take ~5% share of the retail used car market by 2030. In 2030, we forecast 2.3mm retail units at $1,723 GPU and 1.8mm wholesale units at $743 GPU. In our DCF we expect the company to generate $64bn of revenue and $4.4bn of EBITDA by 2030. Our DCF implies 15.5x EV/EBITDA at a 3.7% terminal growth rate."
Nov. 3, 2020 9:55 AM ET|About: Carvana Co. (CVNA)|By: Clark Schultz, SA News Editor
Carvana (CVNA +3.2%) is on watch after the company discloses a series of insider buying actions, including from CEO Ernest Garcia.
On Wall Street, Morgan Stanley analyst Adam Jonas anticipates Carvana's compounding growth to continue in 2021 even if there is a slight pause in Q4.
Jonas' base case on Carvana: "We expect CVNA to grow meaningfully and take ~5% share of the retail used car market by 2030. In 2030, we forecast 2.3mm retail units at $1,723 GPU and 1.8mm wholesale units at $743 GPU. In our DCF we expect the company to generate $64bn of revenue and $4.4bn of EBITDA by 2030. Our DCF implies 15.5x EV/EBITDA at a 3.7% terminal growth rate."
Ford updates on EV platforms on investor call
Nov. 3, 2020 9:12 AM ET|About: Ford Motor Company (F)|By: Clark Schultz, SA News Editor
Credit Suisse updates on an investor call it held with Ford (NYSE:F) yesterday following the automaker's robust Q3 earnings print. Some of the discussion centered on Ford's EV approach.
"Mgmt. noted a difference in EV platform approach for its consumer vs. larger vehicles. Mach-E has a dedicated platform, necessary for optimizing interior space, driving, electrical architecture, etc. However, for trucks/CVs, those vehicles will be built on Ford’s pre-existing combustion platforms, benefiting from scale, and also as the larger vehicles have less constraints on packaging size."
On a broad scale, Credit Suisse walked away incrementally more positive on Ford.
"We believe new CEO Jim Farley will drive incremental urgency and accountability at Ford, which could spark incremental investor interest – Ford's strategy session for investors next Spring promises to be an important event."
Credit Suisse keeps a Neutral rating on Ford and price target of $9.
Nov. 3, 2020 9:12 AM ET|About: Ford Motor Company (F)|By: Clark Schultz, SA News Editor
Credit Suisse updates on an investor call it held with Ford (NYSE:F) yesterday following the automaker's robust Q3 earnings print. Some of the discussion centered on Ford's EV approach.
"Mgmt. noted a difference in EV platform approach for its consumer vs. larger vehicles. Mach-E has a dedicated platform, necessary for optimizing interior space, driving, electrical architecture, etc. However, for trucks/CVs, those vehicles will be built on Ford’s pre-existing combustion platforms, benefiting from scale, and also as the larger vehicles have less constraints on packaging size."
On a broad scale, Credit Suisse walked away incrementally more positive on Ford.
"We believe new CEO Jim Farley will drive incremental urgency and accountability at Ford, which could spark incremental investor interest – Ford's strategy session for investors next Spring promises to be an important event."
Credit Suisse keeps a Neutral rating on Ford and price target of $9.
Bentley is going fully electric
Nov. 6, 2020 5:23 AM ET|About: Volkswagen AG ADR (VWAGY)|By: Yoel Minkoff, SA News Editor
"The future of Bentley will be fully electric," Bentley's chief engineer, Matthias Rabe, said during an event outlining the future direction of the 100-year-old company.
The luxury carmaker, owned by German automaker Volkswagen (OTCPK:VWAGY), will offer two unnamed plug-in hybrid models starting next year (it currently only offers the Bentayga SUV), with the first full-electric vehicle is expected in 2025. After that, plug-in hybrid and electric vehicles will only be available after 2026 and fully electric models by 2030.
"Within a decade, Bentley will transform from a 100-year-old luxury car company to a new, sustainable, wholly ethical role model for luxury," Bentley CEO Adrian Hallmark said in a statement.
Nov. 6, 2020 5:23 AM ET|About: Volkswagen AG ADR (VWAGY)|By: Yoel Minkoff, SA News Editor
"The future of Bentley will be fully electric," Bentley's chief engineer, Matthias Rabe, said during an event outlining the future direction of the 100-year-old company.
The luxury carmaker, owned by German automaker Volkswagen (OTCPK:VWAGY), will offer two unnamed plug-in hybrid models starting next year (it currently only offers the Bentayga SUV), with the first full-electric vehicle is expected in 2025. After that, plug-in hybrid and electric vehicles will only be available after 2026 and fully electric models by 2030.
"Within a decade, Bentley will transform from a 100-year-old luxury car company to a new, sustainable, wholly ethical role model for luxury," Bentley CEO Adrian Hallmark said in a statement.
GM unveils new plans for China including more imports
Nov. 6, 2020 7:41 AM ET|About: General Motors Company (GM)|By: Clark Schultz, SA News Editor
General Motors (NYSE:GM) plans to go big in China with a plan to sell full-size sport-utility vehicle models in China for the first time, according to a Reuters exclusive.
In a change of strategy, GM is also looking to import more models into its product lineup. The automaker is looking to sell the Chevrolet Tahoe, Chevrolet Suburban, Cadillac Escalade and the GMC Yukon Denali. The sale of the Denali would be the first in the nation under the GMC nameplate.
"We are looking into a variety of market sales plans for these vehicles, including online sales, leasing and others," says GM's China chief Julian Blissett.
Nov. 6, 2020 7:41 AM ET|About: General Motors Company (GM)|By: Clark Schultz, SA News Editor
General Motors (NYSE:GM) plans to go big in China with a plan to sell full-size sport-utility vehicle models in China for the first time, according to a Reuters exclusive.
In a change of strategy, GM is also looking to import more models into its product lineup. The automaker is looking to sell the Chevrolet Tahoe, Chevrolet Suburban, Cadillac Escalade and the GMC Yukon Denali. The sale of the Denali would be the first in the nation under the GMC nameplate.
"We are looking into a variety of market sales plans for these vehicles, including online sales, leasing and others," says GM's China chief Julian Blissett.
Cars.com EPS beats by $0.11, beats on revenue
Nov. 9, 2020 7:36 AM ET|About: Cars.com, LLC (CARS)|By: Niloofer Shaikh, SA News Editor
Cars.com (NYSE:CARS): Q3 Non-GAAP EPS of $0.50 beats by $0.11; GAAP EPS of -$0.18 misses by $0.08.
Revenue of $144.39M (-5.1% Y/Y) beats by $2.14M.
Average Monthly Unique Visitors up 10% Y/Y to of 25.3M.
Traffic up 10% Y/Y to 158.8M.
Dealer Customers grew to 18,130 at September 30, 2020 from 18,033 at June 30, 2020.
Monthly average revenue per dealer was $2,183, rebounding to pre-COVID levels and up slightly compared to the prior-year period.
Shares +3.11% PM.
Nov. 9, 2020 7:36 AM ET|About: Cars.com, LLC (CARS)|By: Niloofer Shaikh, SA News Editor
Cars.com (NYSE:CARS): Q3 Non-GAAP EPS of $0.50 beats by $0.11; GAAP EPS of -$0.18 misses by $0.08.
Revenue of $144.39M (-5.1% Y/Y) beats by $2.14M.
Average Monthly Unique Visitors up 10% Y/Y to of 25.3M.
Traffic up 10% Y/Y to 158.8M.
Dealer Customers grew to 18,130 at September 30, 2020 from 18,033 at June 30, 2020.
Monthly average revenue per dealer was $2,183, rebounding to pre-COVID levels and up slightly compared to the prior-year period.
Shares +3.11% PM.
GM preps to staff up for EV initiatives
Nov. 9, 2020 3:43 PM ET|About: General Motors Company (GM)|By: Clark Schultz, SA News Editor
General Motors (GM +4.9%) says it will hire 3K employees across its engineering, design and IT divisions in an effort to increase diversity as well as contribute to the company's electric vehicle platform.
The hiring is expected to take place through the end of Q1 in 2021.
"This will clearly show that we're committed to further developing the software we need to lead in EVs," notes GM President Mark Reuss on the hiring blit
Nov. 9, 2020 3:43 PM ET|About: General Motors Company (GM)|By: Clark Schultz, SA News Editor
General Motors (GM +4.9%) says it will hire 3K employees across its engineering, design and IT divisions in an effort to increase diversity as well as contribute to the company's electric vehicle platform.
The hiring is expected to take place through the end of Q1 in 2021.
"This will clearly show that we're committed to further developing the software we need to lead in EVs," notes GM President Mark Reuss on the hiring blit
BMW launches electric SUV iX to challenge Tesla
Nov. 11, 2020 8:51 AM ET|About: Bayerische Motoren Werk... (BMWYY)|By: Niloofer Shaikh, SA News Editor
Germany-based luxury automobile and motorcycle manufacturer, Bayerische Motoren Werke Aktiengesellschaft (OTCPK:BMWYY) has launched the iX, a full-electric car that will be the automaker's new technology flagship.
The 500-hp SUV is powered by two electric motors that drive all four wheels and will go on sale in Europe at the end of 2021 and in early 2022.
The iX based on an all-new technology toolkit conceived for purely electric mobility challenges Tesla's (NASDAQ:TSLA) EV lead.
Nov. 11, 2020 8:51 AM ET|About: Bayerische Motoren Werk... (BMWYY)|By: Niloofer Shaikh, SA News Editor
Germany-based luxury automobile and motorcycle manufacturer, Bayerische Motoren Werke Aktiengesellschaft (OTCPK:BMWYY) has launched the iX, a full-electric car that will be the automaker's new technology flagship.
The 500-hp SUV is powered by two electric motors that drive all four wheels and will go on sale in Europe at the end of 2021 and in early 2022.
The iX based on an all-new technology toolkit conceived for purely electric mobility challenges Tesla's (NASDAQ:TSLA) EV lead.
Ford looks to leverage current plants for EV push
Nov. 11, 2020 12:57 PM ET|About: Ford Motor Company (F)|By: Clark Schultz, SA News Editor
UBS says Ford's (F +0.2%) new investment in EV manufacturing is a prerequisite to the large EV pivot for some of its most iconic vehicles.
"Although the $100m investment into production of an EV platform is small, we believe the manufacturing of the E Transit out of its Kansas City facility will enable the OEM to leverage elements of existing production from the OEM's ICE Transit van produced out of the same location. This could prove to be a strategic cost saving measure from Ford, due to significant CapEx required to retool for electrification," notes the UBS analyst team.
How Ford's margins hold up as the automaker scales up on EVs is seen as crucial to the bull thesis that the share price could break out of the single digits.
Nov. 11, 2020 12:57 PM ET|About: Ford Motor Company (F)|By: Clark Schultz, SA News Editor
UBS says Ford's (F +0.2%) new investment in EV manufacturing is a prerequisite to the large EV pivot for some of its most iconic vehicles.
"Although the $100m investment into production of an EV platform is small, we believe the manufacturing of the E Transit out of its Kansas City facility will enable the OEM to leverage elements of existing production from the OEM's ICE Transit van produced out of the same location. This could prove to be a strategic cost saving measure from Ford, due to significant CapEx required to retool for electrification," notes the UBS analyst team.
How Ford's margins hold up as the automaker scales up on EVs is seen as crucial to the bull thesis that the share price could break out of the single digits.
Ford eyes making its own electric batteries
Nov. 14, 2020 10:12 AM ET|About: Ford Motor Company (F)|By: Clark Schultz, SA News Editor
Some jolting news arrived out of Detroit after Ford (NYSE:F) CEO Jim Farley made it clear the the company is now interested in making its own electric batteries, instead of relying on third-party suppliers.
"Absolutely, we're discussing it as a team... We think that it's a natural time now because our volume is really growing," notes Farley.
Farley says there are a lot of reasons other than costs to make the battery move, although no finalized plans are in place.
Ford is set to release its all-electric Mustang Mach-E very shortly to be followed by the electric Transit commercial van next year and an all-electric version of its flagship F-150 pickup in 2022.
Previously: Ford makes big EV push with new E-Transit van
Nov. 14, 2020 10:12 AM ET|About: Ford Motor Company (F)|By: Clark Schultz, SA News Editor
Some jolting news arrived out of Detroit after Ford (NYSE:F) CEO Jim Farley made it clear the the company is now interested in making its own electric batteries, instead of relying on third-party suppliers.
"Absolutely, we're discussing it as a team... We think that it's a natural time now because our volume is really growing," notes Farley.
Farley says there are a lot of reasons other than costs to make the battery move, although no finalized plans are in place.
Ford is set to release its all-electric Mustang Mach-E very shortly to be followed by the electric Transit commercial van next year and an all-electric version of its flagship F-150 pickup in 2022.
Previously: Ford makes big EV push with new E-Transit van
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