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Ballard lifted at TD, seeing larger than expected cuts in fuel cell module costs
Aug. 17, 2020 3:27 PM ET|About: Ballard Power Systems Inc. (BLDP)|By: Carl Surran, SA News Editor
Ballard Power (BLDP +8.1%) gets a jolt as TD upgrades shares to Speculative Buy from Hold with a $20 price target, hiked from $14, citing the company's guidance for module cost reductions.
TD analyst Aaron MacNeil says on the company's Q2 conference call, Ballard management guided to a 70% reduction in fuel cell module costs by 2024 vs. previous guidance of 22% lower costs by 2023, which "will reposition fuel cells as a viable and cost-competitive alternative to diesel engines."
Aug. 17, 2020 3:27 PM ET|About: Ballard Power Systems Inc. (BLDP)|By: Carl Surran, SA News Editor
Ballard Power (BLDP +8.1%) gets a jolt as TD upgrades shares to Speculative Buy from Hold with a $20 price target, hiked from $14, citing the company's guidance for module cost reductions.
TD analyst Aaron MacNeil says on the company's Q2 conference call, Ballard management guided to a 70% reduction in fuel cell module costs by 2024 vs. previous guidance of 22% lower costs by 2023, which "will reposition fuel cells as a viable and cost-competitive alternative to diesel engines."
Love that color.
California locks in vehicle emission deals with big automakers
Aug. 17, 2020 6:58 PM ET|About: Ford Motor Company (F)|By: Carl Surran, SA News Editor
The California Air Resources Board says it finalized binding agreements with several automakers including Ford (NYSE:F), Honda (NYSE:HMC) and Volkswagen (OTCPK:VWAGY) to cut vehicle emissions in the state, defying the Trump administration's push for weaker curbs on tailpipe pollution.
In May, a group of 23 states led by California and some major cities challenged the Trump vehicle emissions rule.
Other firms including General Motors (NYSE:GM), Fiat Chrysler (NYSE:FCAU) and Toyota Motor (NYSE:TM) did not join the California agreement, after siding with the administration in a separate lawsuit over whether the U.S. government can strip California's ability to set zero emission vehicle requirements.
Ford says the agreement will support "and incentivize the production of electrified products, and create regulatory certainty."
Honda says the deal will allow it to sell "a single nationwide fleet... that achieves substantial annual emissions improvements."
Aug. 17, 2020 6:58 PM ET|About: Ford Motor Company (F)|By: Carl Surran, SA News Editor
The California Air Resources Board says it finalized binding agreements with several automakers including Ford (NYSE:F), Honda (NYSE:HMC) and Volkswagen (OTCPK:VWAGY) to cut vehicle emissions in the state, defying the Trump administration's push for weaker curbs on tailpipe pollution.
In May, a group of 23 states led by California and some major cities challenged the Trump vehicle emissions rule.
Other firms including General Motors (NYSE:GM), Fiat Chrysler (NYSE:FCAU) and Toyota Motor (NYSE:TM) did not join the California agreement, after siding with the administration in a separate lawsuit over whether the U.S. government can strip California's ability to set zero emission vehicle requirements.
Ford says the agreement will support "and incentivize the production of electrified products, and create regulatory certainty."
Honda says the deal will allow it to sell "a single nationwide fleet... that achieves substantial annual emissions improvements."
America's Car-Mart +4.5% on FQ1 estimates beat
Aug. 17, 2020 5:08 PM ET|About: America's Car-Mart, Inc. (CRMT)|By: Pranav Ghumatkar, SA News Editor
America's Car-Mart (NASDAQ:CRMT) reports FQ1 revenue growth of 9.3% Y/Y to $187.9M.
Same-store revenue was up 5.5% during the quarter on a 12.2% lift in the average retail sales price to $12,800.
Retail units sold were 12,176 (+2.8% Y/Y) with Average retail units sold/store/month were 27.4 (-5.5% Y/Y).
Gross profit per retail unit of $5,579 (+14.2% Y/Y) with Average number of stores in operation were 148 (+2.8% Y/Y).
Co. saw leveraging with SG&A expenses as it took steps to reduce expenses early in the pandemic.
Collections as a percentage of average finance receivables declined 50 bps to 13%.
Net charge-offs were down to 4.8%, positively impacted by the hard work by associates to help customers through this pandemic and by the additional CARES Act enhanced unemployment payments.
Cash balance is at $50.6M and debt, net of cash, to finance receivables to 25.4%.
“Our balance sheet is strong, and our vision is clear as we push for market share increases by providing a great customer experience and earning repeat business.” said Vickie Judy, CFO.
Aug. 17, 2020 5:08 PM ET|About: America's Car-Mart, Inc. (CRMT)|By: Pranav Ghumatkar, SA News Editor
America's Car-Mart (NASDAQ:CRMT) reports FQ1 revenue growth of 9.3% Y/Y to $187.9M.
Same-store revenue was up 5.5% during the quarter on a 12.2% lift in the average retail sales price to $12,800.
Retail units sold were 12,176 (+2.8% Y/Y) with Average retail units sold/store/month were 27.4 (-5.5% Y/Y).
Gross profit per retail unit of $5,579 (+14.2% Y/Y) with Average number of stores in operation were 148 (+2.8% Y/Y).
Co. saw leveraging with SG&A expenses as it took steps to reduce expenses early in the pandemic.
Collections as a percentage of average finance receivables declined 50 bps to 13%.
Net charge-offs were down to 4.8%, positively impacted by the hard work by associates to help customers through this pandemic and by the additional CARES Act enhanced unemployment payments.
Cash balance is at $50.6M and debt, net of cash, to finance receivables to 25.4%.
“Our balance sheet is strong, and our vision is clear as we push for market share increases by providing a great customer experience and earning repeat business.” said Vickie Judy, CFO.
Wholesale used car prices stay in an uptrend
Aug. 18, 2020 11:04 AM ET|About: Asbury Automotive Group, ... (ABG)|By: Clark Schultz, SA News Editor
Manheim says all major wholesale used auto market segments saw seasonally adjusted price increases in the first 15 days of August on a year-over-year comparison. Luxury cars and pickup trucks outperformed the overall market, while most other major segments underperformed the overall market.
Wholesale used vehicle prices were up 3.4% in the first 15 days of August compared to July to stay in a climbing trend.
Aug. 18, 2020 11:04 AM ET|About: Asbury Automotive Group, ... (ABG)|By: Clark Schultz, SA News Editor
Manheim says all major wholesale used auto market segments saw seasonally adjusted price increases in the first 15 days of August on a year-over-year comparison. Luxury cars and pickup trucks outperformed the overall market, while most other major segments underperformed the overall market.
Wholesale used vehicle prices were up 3.4% in the first 15 days of August compared to July to stay in a climbing trend.
General Motors seen sitting on valuable EV assets
Aug. 18, 2020 10:49 AM ET|About: General Motors Company (GM)|By: Clark Schultz, SA News Editor
Morgan Stanley dives into the long-time question of how to value the EV business if General Motors (GM -0.1%) were to fire off a spinoff, calculating the total Ultium business at $20B or $14 per share.
"There are major advantages for Ultium to work within GM, but we also see material risk that the unit may be afforded sufficient autonomy to move quickly to attract capital and top talent. As such, we must acknowledge the risk that GM's BEV technology may be chronically undervalued or even permanently impaired," warns analyst Adam Jonas.
"We believe the 'shot clock' on EV/batteries and how the market may value or devalue GM's EV assets will be set by a number of upcoming catalysts... including Tesla's September 22nd Battery Day, the launch of the Tesla Cybertruck (late 2021) and other upcoming events related to capital formation in the BEV business including what we expect to be an elevated pace of capital raising within the private domain and related liquidity events," he adds.
On the rising subject of spinning off the Ultium/EV assets, Jonas thinks a pure-play legacy operation can more freely return cash to shareholders during its run-off phase without the burden of investment in growth capex that may be loss-making for years. "At the same time, the future-positioned/growth opportunity can start with a clean-sheet in a division entirely focused on disrupting the status quo without any inherent conflict of interest within the parent company and with a focus of mission that is more aligned to the hardware and software engineering talent needed to execute a strategy over a cycle," he notes.
Morgan Stanley has an Overweight rating on GM and price target of $46 vs. the average Wall Street PT of $38.41.
Aug. 18, 2020 10:49 AM ET|About: General Motors Company (GM)|By: Clark Schultz, SA News Editor
Morgan Stanley dives into the long-time question of how to value the EV business if General Motors (GM -0.1%) were to fire off a spinoff, calculating the total Ultium business at $20B or $14 per share.
"There are major advantages for Ultium to work within GM, but we also see material risk that the unit may be afforded sufficient autonomy to move quickly to attract capital and top talent. As such, we must acknowledge the risk that GM's BEV technology may be chronically undervalued or even permanently impaired," warns analyst Adam Jonas.
"We believe the 'shot clock' on EV/batteries and how the market may value or devalue GM's EV assets will be set by a number of upcoming catalysts... including Tesla's September 22nd Battery Day, the launch of the Tesla Cybertruck (late 2021) and other upcoming events related to capital formation in the BEV business including what we expect to be an elevated pace of capital raising within the private domain and related liquidity events," he adds.
On the rising subject of spinning off the Ultium/EV assets, Jonas thinks a pure-play legacy operation can more freely return cash to shareholders during its run-off phase without the burden of investment in growth capex that may be loss-making for years. "At the same time, the future-positioned/growth opportunity can start with a clean-sheet in a division entirely focused on disrupting the status quo without any inherent conflict of interest within the parent company and with a focus of mission that is more aligned to the hardware and software engineering talent needed to execute a strategy over a cycle," he notes.
Morgan Stanley has an Overweight rating on GM and price target of $46 vs. the average Wall Street PT of $38.41.
Kandi enters U.S. market with economy EV models
Aug. 18, 2020 12:03 PM ET|About: General Motors Company (GM)|By: Clark Schultz, SA News Editor
Kandi America is taking online reservations for the company's Model K23 and Model K27 EVs as part of its launch event today.
Kandi says the EVs are being offered as low as $19,999 for early buyers after a federal tax credit is applied and potentially even lower in some states with additional incentives.
The automaker is aiming at the economy segment of the EV market for drivers with short-distance needs. Driving range is estimated at 188 miles for both models.
The Kandi EVs look to be competing with the Chevrolet (NYSE:GM) Bolt, Hyundai (OTCPK:HYMLF) Ioniq Electric and Nissan (OTCPK:NSANY) Leaf more than Tesla's (NASDAQ:TSLA) Model 3.
Kandi expects to start delivering EVs in the U.S. during Q4.
Kandi America is based in Dallas, while the parent company is headquartered in Jinhua, China.
Shares of Kandi Technologies (KNDI -8.6%) are lower on the day after +140% rally over the last 30 days.
Aug. 18, 2020 12:03 PM ET|About: General Motors Company (GM)|By: Clark Schultz, SA News Editor
Kandi America is taking online reservations for the company's Model K23 and Model K27 EVs as part of its launch event today.
Kandi says the EVs are being offered as low as $19,999 for early buyers after a federal tax credit is applied and potentially even lower in some states with additional incentives.
The automaker is aiming at the economy segment of the EV market for drivers with short-distance needs. Driving range is estimated at 188 miles for both models.
The Kandi EVs look to be competing with the Chevrolet (NYSE:GM) Bolt, Hyundai (OTCPK:HYMLF) Ioniq Electric and Nissan (OTCPK:NSANY) Leaf more than Tesla's (NASDAQ:TSLA) Model 3.
Kandi expects to start delivering EVs in the U.S. during Q4.
Kandi America is based in Dallas, while the parent company is headquartered in Jinhua, China.
Shares of Kandi Technologies (KNDI -8.6%) are lower on the day after +140% rally over the last 30 days.
GM to make big push in China with new EVs
Aug. 19, 2020 7:38 AM ET|About: General Motors Company (GM)|By: Clark Schultz, SA News Editor
General Motors' (NYSE:GM) new China chief plans to overhaul the automaker's line-up in the nation with a greater emphasis on electric cars and smart-driving technology, according to Reuters.
GM is looking to turn around a sales decline in China, where it typically derives almost a fifth of its profit.
GM's Julian Blissett says he wants to renew the focus on luxury Cadillacs, green SUVs and cheaper entry-level micro EVs.
"This market is rapidly electrifying. Cadillac is on a path to very heavy electrification. Buick is also going to heavily electrify," says Blissett.
The overall goal is for GM is to get back to 4M unit sales a year in China.
GM's big push in China comes with industry-wide auto sales in an improving trend in the region.
Aug. 19, 2020 7:38 AM ET|About: General Motors Company (GM)|By: Clark Schultz, SA News Editor
General Motors' (NYSE:GM) new China chief plans to overhaul the automaker's line-up in the nation with a greater emphasis on electric cars and smart-driving technology, according to Reuters.
GM is looking to turn around a sales decline in China, where it typically derives almost a fifth of its profit.
GM's Julian Blissett says he wants to renew the focus on luxury Cadillacs, green SUVs and cheaper entry-level micro EVs.
"This market is rapidly electrifying. Cadillac is on a path to very heavy electrification. Buick is also going to heavily electrify," says Blissett.
The overall goal is for GM is to get back to 4M unit sales a year in China.
GM's big push in China comes with industry-wide auto sales in an improving trend in the region.
AutoNation to close aftermarket collisions business as part of streamlining efforts
Aug. 19, 2020 4:18 PM ET|About: AutoNation, Inc. (AN)|By: Clark Schultz, SA News Editor
AutoNation (NYSE:AN) says it plans to continue its aggressive approach to streamline its business.
The company notes that its restructuring plan over the last twp years has reduced costs annually and consolidated its region infrastructure from three to two regions, improving adjusted SG&A as a percentage of gross profit along the way.
Looking ahead, AutoNation will close its aftermarket collision parts business, referred to as AutoNation Collision Parts by the end of the year. The ACP business represented less than 1% of AutoNation's Parts and Service gross profit for the six months ended June 30. In connection with the closing, the company estimates that it will incur charges in the second half of the year of ~$52M, including $12M in cash.
"We see an opportunity to take a larger share of the used vehicle market and benefit from the increased interest in vehicle ownership by our customers. AutoNation's strong brand, first-class digital capabilities, and One Price pricing strategy, combined with lower acquisition cost and stable used vehicle retail pricing make AutoNation USA stores an attractive opportunity," states AutoNation's Chairman/CEO Mike Jackson.
Aug. 19, 2020 4:18 PM ET|About: AutoNation, Inc. (AN)|By: Clark Schultz, SA News Editor
AutoNation (NYSE:AN) says it plans to continue its aggressive approach to streamline its business.
The company notes that its restructuring plan over the last twp years has reduced costs annually and consolidated its region infrastructure from three to two regions, improving adjusted SG&A as a percentage of gross profit along the way.
Looking ahead, AutoNation will close its aftermarket collision parts business, referred to as AutoNation Collision Parts by the end of the year. The ACP business represented less than 1% of AutoNation's Parts and Service gross profit for the six months ended June 30. In connection with the closing, the company estimates that it will incur charges in the second half of the year of ~$52M, including $12M in cash.
"We see an opportunity to take a larger share of the used vehicle market and benefit from the increased interest in vehicle ownership by our customers. AutoNation's strong brand, first-class digital capabilities, and One Price pricing strategy, combined with lower acquisition cost and stable used vehicle retail pricing make AutoNation USA stores an attractive opportunity," states AutoNation's Chairman/CEO Mike Jackson.
I'd pass for now...enjoy the paid off car for a while. Additionally Ford is launching a new mustang in 2022...
New Ford Mustang Coming in 2022, Will Live Eight-Years: Report
The mustang e. Haha
it is for his wife
Kidding aside is the S650 going to share the platform with the mustang E??? Gawd I hope not...
It seems my local dealership wants to put me in a Shelby. HAHA
ElectraMeccanica's electric vehicle SOLO enters production
Aug. 24, 2020 8:58 AM ET|About: Electrameccanica Vehicle... (SOLO)|By: Shweta Agarwal, SA News Editor
ElectraMeccanica Vehicles (NASDAQ:SOLO) is to begin production of its electric three-wheeled vehicle SOLO from Aug. 26.
SOLO is an engineered electric vehicle for a single occupant and is already available for pre-orders on the company's website.
In collaboration with manufacturing partner Zongshen in China, ElectraMeccanica plans to ship fully-assembled vehicles by late November/early December.
Initial deliveries will begin in three locations- Southern California, Scottsdale and Portland. Additional deliveries will be made to key markets along the West Coast.
Stock up 10% PM.
Aug. 24, 2020 8:58 AM ET|About: Electrameccanica Vehicle... (SOLO)|By: Shweta Agarwal, SA News Editor
ElectraMeccanica Vehicles (NASDAQ:SOLO) is to begin production of its electric three-wheeled vehicle SOLO from Aug. 26.
SOLO is an engineered electric vehicle for a single occupant and is already available for pre-orders on the company's website.
In collaboration with manufacturing partner Zongshen in China, ElectraMeccanica plans to ship fully-assembled vehicles by late November/early December.
Initial deliveries will begin in three locations- Southern California, Scottsdale and Portland. Additional deliveries will be made to key markets along the West Coast.
Stock up 10% PM.
Ford rallies after charging ahead with F-150 strategy
Aug. 24, 2020 10:37 AM ET|About: Ford Motor Company (F)|By: Clark Schultz, SA News Editor
Ford (F +4.4%) is making preparations for the new F-150 truck that is set to go on sale in 2021.
The automaker will temporarily shut a factory in Michigan next month to install machinery for the redesigned F-150 pickup and construct a new facility at a Dearborn plant to build an electric version of the F-150.
Sources tell Bloomberg that prototype production of the electric F-150 will start next year.
"We have good inventory of the current model F-150 and we’re building at a higher-than-normal rate to ensure our stocks remain high to continue to meet customer demand," says Ford on the plan for a smooth F-150 transition.
Ford sold close to 900K F-Series trucks last year, which is about 400K more units than Tesla is expected to deliver this year.
Needless to say, investors aren't valuing automakers by units sold anymore with Tesla's market cap at $382B and Ford at $27B.
Aug. 24, 2020 10:37 AM ET|About: Ford Motor Company (F)|By: Clark Schultz, SA News Editor
Ford (F +4.4%) is making preparations for the new F-150 truck that is set to go on sale in 2021.
The automaker will temporarily shut a factory in Michigan next month to install machinery for the redesigned F-150 pickup and construct a new facility at a Dearborn plant to build an electric version of the F-150.
Sources tell Bloomberg that prototype production of the electric F-150 will start next year.
"We have good inventory of the current model F-150 and we’re building at a higher-than-normal rate to ensure our stocks remain high to continue to meet customer demand," says Ford on the plan for a smooth F-150 transition.
Ford sold close to 900K F-Series trucks last year, which is about 400K more units than Tesla is expected to deliver this year.
Needless to say, investors aren't valuing automakers by units sold anymore with Tesla's market cap at $382B and Ford at $27B.
Chevy and GMC dealers have been starving for inventory for months!
GM using salaried employees to fill vacancies at Missouri truck plant
Aug. 25, 2020 4:58 PM ET|About: General Motors Company (GM)|By: Carl Surran, SA News Editor
General Motors (NYSE:GM) says it is using salaried staff for assembly line work at its Wentzville, Mo., truck plant to cope with high absenteeism and strong demand for the popular mid-sized Chevy Colorado and GMC Canyon pickup trucks made at the factory.
An uptick of COVID-19 infections in the community near St. Louis is exacerbating absenteeism as the factory tries to replenish inventories of pickups, the company says.
The United Auto Workers, which represents 3,800 hourly employees at the Wentzville plant, is not pleased, arguing the move violates GM's labor contract requiring assembly line jobs be filled only by union members.
GM says it has no choice if it is to rebuild inventory of the Chevy Colorado and GMC Canyon mid-size pickups made at Wentzville.
GM using salaried employees to fill vacancies at Missouri truck plant
Aug. 25, 2020 4:58 PM ET|About: General Motors Company (GM)|By: Carl Surran, SA News Editor
General Motors (NYSE:GM) says it is using salaried staff for assembly line work at its Wentzville, Mo., truck plant to cope with high absenteeism and strong demand for the popular mid-sized Chevy Colorado and GMC Canyon pickup trucks made at the factory.
An uptick of COVID-19 infections in the community near St. Louis is exacerbating absenteeism as the factory tries to replenish inventories of pickups, the company says.
The United Auto Workers, which represents 3,800 hourly employees at the Wentzville plant, is not pleased, arguing the move violates GM's labor contract requiring assembly line jobs be filled only by union members.
GM says it has no choice if it is to rebuild inventory of the Chevy Colorado and GMC Canyon mid-size pickups made at Wentzville.
Sighhhhhhh
So I can trade my Challenger in for $44k and get a Tundra SR5 TRD Off Road Crew Max for $46k OTD at 2.49%
Ughhhh, almost pulled the trigger but my vanity is stopping me. Everyone absolutely loves the F8 Green. Hell had a dozen people at the dealer ship look at it and comment and one of the salsa guys even said he was texting his buddy who was interested in it.
So I can trade my Challenger in for $44k and get a Tundra SR5 TRD Off Road Crew Max for $46k OTD at 2.49%
Ughhhh, almost pulled the trigger but my vanity is stopping me. Everyone absolutely loves the F8 Green. Hell had a dozen people at the dealer ship look at it and comment and one of the salsa guys even said he was texting his buddy who was interested in it.
Expand further on the 'vanity' thing.Sighhhhhhh
So I can trade my Challenger in for $44k and get a Tundra SR5 TRD Off Road Crew Max for $46k OTD at 2.49%
Ughhhh, almost pulled the trigger but my vanity is stopping me. Everyone absolutely loves the F8 Green. Hell had a dozen people at the dealer ship look at it and comment and one of the salsa guys even said he was texting his buddy who was interested in it.
If you like the sled, buy it.
Used car prices have exploded. Take advantage of it if you can.
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