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Chipmaker Chief Says Automakers Won’t Get Full Demand Met Until Q3

May 3, 2021 admin

Mark Liu, chairman of Taiwan Semiconductor Manufacturing Co., said his company will begin sending chips to U.S. automakers by the end of June. (Photo credit: 60 Minutes)

Last week, Ford CEO Jim Farley confirmed what some already predicted: the semiconductor shortage is getting worse, not better and the second quarter will be the low point.

Ford and scores of other automakers have been robbing Peter to pay Paul when it comes to those precious semiconductor chips for months now. However, Ford and its Detroit rival, General Motors, are particularly hard hit, especially when it comes to its highly profitable trucks.

However, one of the protagonists in this ongoing techno-drama offered a ray of sunshine Sunday, then pulled the clouds back over it.

Mark Liu, chairman of Taiwan Semiconductor Manufacturing Co. Ltd., one of the major suppliers of chips in the world, told CBS’ 60 Minutes the company was scrambling to squeeze out all it can from its existing production network.

Not the end, just the beginning

More importantly, it expects to begin producing enough chips to start sending some to automakers by the end of June. However, it will only be the “minimum requirement” needed by automakers. In short: the summer is still going to be bad.

President Joe Biden is pushing for funding to accelerate the production of semiconductors in the U.S. for this year.

“Today, we think we are two months ahead, that we can catch up the minimum requirement of our customers, before the end of June,” he told the television news magazine. However, he was clear that meant that chips would start to come, not end the shortage.

“There’s a time lag. In car chips particularly, the supply chain is long and complex. The supply takes about seven to eight months,” Liu added.

It’s reportedly about that time that Renesas Electronics Corp. expects to be back up to full production levels at its Japanese plant that was shut down for a month after a fire swept through the facility, forcing it to cease operations.

Renesas is another top supplier of chips to the auto industry. It recently completed its repairs and began limited production April 10. Shipments will begin sometime in the next two weeks. The facility produces chips for Ford, Toyota and others. It will not begin sending full shipments until basically the end of the second quarter.

Automakers, like Ford and GM, are still extending the amount of time assembly plants are shut down.

Waiting to rebound

In the meantime, automakers are simply waiting, hoping to get enough chips to churn out a few more vehicles. Ford is stockpiling nearly done pickup trucks so that it can finish production once its chip supply is replenished.

Last week, several automakers laid out their plans to idle several production facilities due to the shortage. Today, GM extended the shutdown at its Fairfax Assembly plant in Kansas and CAMI plant in Ingersoll, Ontario. Additionally it is slowing production at its Lansing Grand River site.

Ford earlier today revealed plans for production cuts at its assembly plants in Cologne and Saarlouis. German automaker Volkswagen officials supported the assertion made by Farley last week that second quarter production was going to be volatile.

“I think the situation will remain tense,” Ralf Brandstaetter, CEO of the Volkswagen brand and member of the carmaker’s management board, told German news agency dpa. The company’s lost about 100,000 vehicles due to the shortage, Automotive News reported.

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Magna Tells Investors Sales Expected to Jump More Than $11B by 2023

April 15, 2021 admin

Magna CEO Swamy Kotagiri told investors sales would rise by at least $11 billion in the next few years.

Magna International, one of the world’s largest automotive suppliers expects global sales to hit as much as $45.5 billion in 2023, officials told investors this week.

The company said it expects sales to grow to a range of $43 billion to $45.5 billion in 2023, up from $32.6 billion in 2020. Officials expect global light-vehicle production to grow 6% on average per year from 2020 through 2023, while the company’s annual sales will grow 10-12% on average, per year over that time frame, the annual report indicated.

Innovation leads the way

This growth is being led, in part, by several new products developed by Magna. One of those are EV battery enclosures that contribute to the structure of the vehicle, protect high-voltage batteries and will debut on the new GMC Hummer EV and Ford F-150.

Another technology developed by Magna, Clearview, a combination of camera and mirror technology that provides an enhanced field of view. It will be available on multiple vehicle models for the global automotive market.

Freeform is a surface seating trim that improves seat comfort with contoured surfaces which has been sourced with two global automakers, Magna added.

Part of Magna’s growing business is the all-electric Fisker Ocean SUV, which it will build in Austria.

Strong balance sheet aids growth

Magna also said in February net income from the fourth quarter of 2020 increased 68% from a year earlier due in part to better-than-anticipated vehicle production.

“Our balance sheet remains strong,” said Magna CEO Swamy Kotagiri in a letter to shareholders in the annual report.

“Last year we invested approximately $600 million in areas of engineering aligned with megatrends, including electrification, autonomy and new mobility. We will continue our disciplined investment approach to drive growth and create long term shareholder value.

“As one of the world’s largest and most advanced technology suppliers in the mobility space, we continue to be an indispensable partner for established automakers and new entrants alike. While Magna’s current product portfolio is well positioned for the car of the future, we are continuing to expand our offerings, capabilities and evolving business models.”

New ventures

The annual report also noted that Magna had launched a new joint venture with South Korea-based LG Electronics that blends Magna’s strength in electric powertrain systems and automotive manufacturing with LG’s expertise in component development for e-motors and inverters, accelerating both companies’ growth in the electric powertrain market.

In addition, Magna is supplying electric carmaker Fisker with an EV platform, electrical/electronic architecture, vehicle engineering and manufacturing and the complete ADAS system for the Fisker Ocean SUV, demonstrating Magna’s unique systems level approach.

Magna’s facility in Graz, Austria already builds a variety of vehicles for established automakers.

“Additionally, we continued to win significant business throughout the year, despite pandemic constraints, driven by our leading technology,” the company noted. “These wins reflect our continued investments that drive innovative solutions for our customers. In fact, over 90% of our 2023 sales are already booked.”

New venture with Israeli company

Magna also entered into a new agreement with REE Automotive Ltd. Tel Aviv-based REE is a self-described electric mobility company, marketing Modular Electric Vehicles, or MEVs.

The collaboration will explore the combination of REE’s technology with Magna’s vehicle systems integration expertise and manufacturing capabilities, to develop MEVs for commercial customers to customize vehicles based on their specifications and branding, while accelerating time to market.

“We are thrilled to reach a collaboration agreement with Magna, which should help put us on the fast track to support a broad range of electric vehicles (EVs),” said Daniel Barel, REE Co-Founder and CEO, in a statement.

“We see a growing demand for highly modular EVs from leading tech companies and new electric mobility players who have set their sights on entering the EV realm and building a brand in automotive. REE and Magna working together under the ‘Powered by REE’ approach can help bring their vision to life.”

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Honda Looking to Get a Little More Rugged with Trailsport Moniker?

April 9, 2021 admin

The new Honda Ridgeline gets a more rugged exterior update for the 2021 model year. Could a Trailsport edition be coming soon?

Is Honda trying to make its trucks and SUVs appear to be tougher? Maybe.

The Japanese automaker’s secured a new name: Trailsport. When compared to RAV4, Passport and Pilot, Trailsport seems almost vicious by comparison. The automaker registered the name with the U.S. Patent and Trademark Office, and website Carbuzz tracked it down.

The application reads as follows: “The mark consists of a miscellaneous design set above the term TRAILSPORT with the letters ‘R’ and ‘S’ connected together all in a stylized font. This trademark registration is intended to cover the categories of land vehicles, namely, sport utility vehicles, automobiles, trucks, and structural parts for the foregoing.”

Getting a little tougher

There’s no clear indication if Honda intends to use it for new vehicle or, more likely, a special edition or trim package, such as the Honda Ridgeline Trailsport.

Subaru is offering up a beefed up version of the Outback called the Wilderness edition.

Regardless, the company’s been looking to add more capability to its trucks and utes, toughening up the look of aforementioned Ridgeline for the 2021 model year after the previous iteration was roundly criticized for its “soft” or non-traditional appearance.

In addition to the new look, it also got additional tweaks to keep the functionality the Ridgeline has touted both in terms of utility and performance, including the top standard payload capacity for a V6 all-wheel-drive truck.

The biggest change for 2021 is the truck’s overall exterior shape, which is altered by getting an entirely new front-end design. The new look is a bit more aggressive with a “power bulge” on the hood accented with a more squared-off front end and bigger, more upright grille. Most of its competitors have been upsizing the grilles on their trucks and looking for “tougher” monikers for their vehicles too.

Following a trend

Subaru just launched a new family of more rugged off-roaders with its new Wilderness edition offerings, starting

The new Pathfinder’s sporting a more rugged look for the 2022 model year.

with the new 2022 Outback Wilderness. The automaker described the ’22 Subaru Outback Wilderness as “the most rugged and capable” version of the crossover in its history.

Once little more than a gussied-up station wagon, the new Wilderness model adds features designed to give it serious off-road credibility, starting with an increase in its ride height, upgrades to the suspension, revisions to its all-wheel-drive system and a standard front skid plate. The automaker will expand the line-up to include Forester and Crosstrek in the near future.

With competition like the Jeep Wrangler Rubicon and Gladiator Mojave and the Ford Bronco harkening back to a rougher, tougher time and the increasing desire of owners to take these vehicles that look like SUVs out to do SUV-like things, it’s no surprise that other automakers are hustling to bolster their crossovers and urban-friendly utes.

Don’t forget Nissan

For the 2022 model year, Nissan’s finally given the Frontier midsize pickup a major makeover.

Nissan did the same with its 2022 Pathfinder and Frontier entries with one executive proclaiming the Pathfinder has “returned to its rugged roots,” for the new model year. While the Pathfinder got a more muscular look and a few small upgrades to improve its off-cement capability, it was the Frontier that got a big boost.

The new Frontier adopts a more solid and upright appearance with a bolder, less derivative front end. All versions of the truck get enhanced ground clearance and enhanced approach and departure angles, with a prominent front skid plate.

For those who are serious about off-roading, there’s a new Pro-4X version featuring an electronic locking differential, Bilstein off-road shock absorbers and underbody skid plates. That could enhance Frontier’s appeal to those who might otherwise consider the Toyota Tacoma, for many the off-road benchmark of the segment. The Pro-4X is all-wheel drive but for those who want a 2WD model, the new Pro-X adds LED head, DRL and fog lights for a more rugged appearance.

Bow. Wow! One-Bow Design Takes Mercedes EQS in an Entirely New Direction

March 27, 2021 admin

The new Mercedes-Benz EQS battery-electric sedan makes its formal debut April 15.

One thing’s for sure: there’ll be no mistaking the new Mercedes EQS sedan when it rolls down the street.

Think of the EQS as the all-electric alternative to the German automaker’s familiar S-Class flagship. But you clearly won’t confuse the two when it reaches showrooms in autumn. Some new battery-electric vehicles share the same design language as conventional, gas-powered products. With EQS, Mercedes goes off in an entirely new direction, one it’s been hinting at with concept vehicles like the 2019 Vision EQS.

The production model adopts what the automaker calls a “one-bow” design. It takes the look of the coupe-like Mercedes CLS to extremes. The result could have rolled off the set of a sci-fi film. But there are practical benefits in terms of range and interior roominess, as well.

“We said we have to go further” than just packing batteries into a conventional looking product,” Steffen Kohl, Mercedes’ director of advanced exterior style, said during a media webinar. The EQS “carries the future of Mercedes-Benz,” he added, noting the “one-bow” language of the EQS will strongly influence other products to come from the new, all-electric Mercedes-EQ sub-brand.

Plenty of power and range

Robert Lesnik led the exterior design effort for Mercedes new EQS battery-electric sedan.

EQS rides on a skateboard-like platform, mimicking virtually all new battery-electric vehicles. Its batteries, motors and other key electrical components sit below the floorboards.

The automaker will reveal full powertrain details during a formal unveiling April 15. But EQS uses twin motors, one on each axle, drawing power from a 108 kilowatt-hour battery pack. That provides about 435 miles of range using the European WLTP test cycle. The EPA rating should come in somewhere about 350 miles, according to industry observers.

The layout moves the sedan’s wheels close to the vehicle’s corners. It also frees up space where a traditional gas or diesel engine would be mounted, providing significant flexibility to the Mercedes design team.

Shorter wheelbase, longer cabin

The cab-forward design features a short nose, the angled, one-piece aluminum clamshell hood rising aggressively to flow into a steeply raked windshield. Instead of a traditional, two- or three-box layout, the look is like that of a single bow line, explained Robert Lesnik, who led the exterior design effort.

The Mercedes-Benz Vision EQS concept provided a framework for the company’s new electric luxury sedan.

“EQS will be the world’s best production car ever in terms of aerodynamics,” with a drag coefficient of 0.20 significantly better than even the sleekest of today’s supercars, he explained.

The effect “looks optically lower than it is,” Lesnik added.

The front end features a new grille with “abstracted, three-dimensional star pattern(s),” according to Mercedes. It’s framed by slit-like headlamps flowing into the front quarter panels.

“When people ask why we need a grille anymore,” Lesnik explains that it is “not an air intake. It’s a face.”

“Coming from the future”

The side panels lack the normal creases found on conventional Mercedes models, though the greenhouse does pinch in towards the trunk, giving the EQS a sense of muscularity.

The new EQS features Mercedes’ newly introduced Hyperscreen technology.

Around back, the most distinctive feature is a light band connecting what Mercedes calls “curved, 3D helix” taillamps.

From nose to tail, the new EQS measures 5.2 meters, or 204.7 inches. That’s about 3.5 inches shorter than the U.S. version of the latest Mercedes S-Class. But the electric sedan has more room for four passengers, its cabin pushed forward into what would normally be the engine compartment.

As distinctive as the exterior might be, the interior takes things even further, said Peter Balko, who oversaw development of the cabin. “We wanted our interior to be modern,” he explained, “as if coming from the future.”

Buyers will have numerous options

Buyers have several key options to choose from. The showpiece layout uses the new hyperscreen concept first shown on the latest S-Class. It features a seamless digital cluster running the entire width of the instrument panel. The organically shaped glass blends three different displays, starting with the digital gauge cluster, the touchscreen infotainment screen and a separate display for the front passenger.

The gauge cluster on the new EQS is configurable based on the wants of the driver.

EQS offers a digital gauge cluster and a large, free-floating, Tesla-like infotainment screen for those seeking a more conventional look. The space in front of the passenger can be outfitted with an assortment of different woods and fabrics and even a version of the Star Pattern grille.

The EQS will “touch almost all of your senses,” said Kohl. Among other things, the product development team has come up with three distinctive, user-programmable “soundscapes.”

Sounding off

While battery cars aren’t entirely silent, they are significantly quieter than vehicles with conventional internal combustion engines. Motorists can enjoy the lack of noise or they can opt for one of the soundscapes, “depending upon the emotions of the moment,” said lead sound engineer Thomas Kuppers.

Silver Waves is meant to be soft and soothing;
Vivid Flux is “shimming and explosive,” a bit “techie but (with) warmth,” said Kuppers; and
Roaring Pulse is “pretty raw, with “the growl of thunder,” especially under aggressive driving.

“We haven’t finished yet,” Kuppers added, noting that, “There will be new soundscapes over the life of the vehicle that we will download through over-the-air updates.”

The new EQS will borrow from the conventional S-Class by also appealing to the sense of smell, Mercedes officials noted. The new BEV will have the ability to inject scents into the cabin, including some designed specifically for the new model.

GM Grows Board of Directors’ Diversity with New Whitman, Tatum

March 25, 2021 admin

Meg Whitman, a technology leader and former head of Hewlett Packard Enterprise, will join the General Motors Board of Directors.

What was already the most diverse board of directors in the automotive industry just go a little more so, General Motors Co. expanding its board, adding Meg Whitman and Mark Tatum to fill the spots.

The move grows GM’s board from 12 to 13 members. Adding Whitman, a former Republican gubernatorial candidate in California and CEO of Quibi Holdings LLC, a media startup, results in women filling seven of the posts on the board. It makes GM the only automaker where women comprise a majority of the board.

Tatum, who is of Asian and African-American heritage, is the National Basketball Association’s deputy commissioner and chief operating officer. Diversity within the company has been a priority for Chairman and CEO Mary Barra since her appointment in 2013.

Diversity is a strength

GM quickly pointed out that the diversity of the company’s newly expanded board isn’t just limited to gender or ethnic background.

Diversity has been a theme during Mary Barra’s tenure as GM’s Chairman and CEO.

The company’s 12 independent directors have senior leadership and board experience in information technology, digital commerce, retail, higher education, investment management, international affairs, defense, transportation, cybersecurity, and pharmaceuticals, among others.

“Our diverse Board of Directors is a competitive advantage for GM as we work to deliver a better, safer and more sustainable world,” said GM Chairman and CEO Mary Barra. “Mark and Meg will bring unique experiences to the Board, especially in technology, brand building and customer experience that will help us drive value for shareholders and other GM stakeholders now and into the future.”

Diversity is a focus in the company’s executive ranks as well. Barra’s overseen a significant shift of women into higher level roles at the company during her tenure. Some of those include Dhivya Suryadevara as Chief Financial Officer, the first-ever woman to hold the job, and Alicia Bolder Davis as the Head of Global Manufacturing.

Others include Ann Cathcart Chaplin, corporate secretary and deputy general counsel; Margaret Curry, vice president, Tax and chief tax officer; Julia Steyn, head of urban mobility and Maven; Kimberly Brycz as senior vice president, Global Human Resources; and Pamela Fletcher, vice president, Global Electric Vehicle Programs. Both Boler Davis and Suryadevara left the company for other opportunities in the last 18 months.

Results are showing

Mark Tatum, deputy commissioner and chief operating officer of the National Basketball Association, will join the General Motors Board of Directors.

The push to diversify, at least by gender, is beginning to get noticed. GM was the top ranked company in the U.S. on the Gender Equality Global Report & Ranking for 2021. It was No. 5 globally, with a score of 71%, up from No. 11 and a score of 68% last year. GM was the only automaker in the Top 100.

Researchers noted GM achieved gender balance at the board level (at the time the report was issued, there were six women on GM’s board). Additionally, women represent 20% of the executive team, 32.2% of senior management and 21.8% of the workforce.

“They offer a living wage and flexible work arrangements to their employees. General Motors is the only company in the U.S. and globally that publishes a mean, unadjusted gender pay gap of less than 3% in all pay bands, and they have a strategy to close the gender pay gap. General Motors also publishes all eight of Equileap’s recommended policies that promote gender equality,” the report noted.

It is compiled by Equileap, a data research firm, which researched 3,702 companies based on 19 gender equality criteria, including gender balance from the board to the workforce, as well as the pay gap and policies relating to parental leave and sexual harassment. The average score for the Top 100 companies globally was 64 percent, an increase of 2 percentage points from last year.

Other automakers making moves

Alexandra Ford English has been nominated for the Ford Motor Co. board of directors.

GM’s top domestic rival, Ford Motor Co., currently has three women on its board of directors and nominated a fourth, Alexandra Ford English, daughter of current Executive Chairman Bill Ford Jr., who is virtually assured of election to the board later this year.

Ford English, 33, recently accepted another board position that elevated her profile. She took on the role as Ford Motor Co.’s representative to the Rivian board of directors. Ford Motor owns an equity stake in the EV maker. She’s held roles in corporate strategy at companies like Tory Burch and Gap Inc. as well as the automaker, which she joined in 2017.

The company’s global workforce is 28% female and 20% of its leadership comprises women. Some of it is top officers include Joy Falotico, president, The Lincoln Motor Co.; Lisa Drake, chief operating officer, North America; Suzy Deering, chief marketing officer; Dianne Craig, president, International Markets Group; Elena Ford, chief customer experience officer; Cathy O’Callaghan, vice president, Controller; and Kiersten Robinson, chief people and employee experiences officer.

Falotico, Drake and Deering have all moved into their roles in the last 12 months with the first two moving from other jobs within the company. Deering arrived at the automaker in January from eBay, where she was global chief marketing officer. She actually took over for Falotico, who now focuses solely on running Lincoln.

Lordstown Motors in Fight for its Life

March 17, 2021 admin

Lordstown Motors CEO Burns in truck Feb 2021

Lordstown Motors CEO Steve Burns attempted to assuage investor concerns by offering detailed insight about the truck and earnings.

Lordstown Motors officials went on the offensive Wednesday afternoon, aiming to dispel mounting doubts about the EV startup’s future in light of a damning research report questioning whether it has received any real orders – while suggesting its founder and CEO is a “con man.”

Lordstown is one of numerous manufacturers getting ready to launch battery-powered pickups. The company completed a SPAC merger last year generating $675 million in cash, money it is using to finish development of its new Endurance model. Lordstown officials claim they’ve received more than 100,000 non-binding production reservations from commercial fleet users. But that’s been thrown in doubt as a result of a report published last week by short-seller Hindenburg Research.

After issuing a terse response early this week declaring that work on the electric truck is “on track” for a September 2021 launch, Chairman and CEO Steve Burns acknowledged that the company is “cooperating” with an inquiry by the SEC. Lordstown also has launched its own internal investigation, Burns revealed, though he declined to comment directly on the Hindenberg study.

Burns talks sales numbers

Lordstown Motors is engaged in beta testing its production line with the first of 57 pre-production electric trucks to come soon.

That said, Burns did provide some insight into its sales expectations. With the first of a planned 57 beta-test vehicles now being readied, “We are able to obtain more substantial levels of commitment from our prospective customers,” he said, adding

“Under these arrangements the fleet management companies agreed to use reasonable effort to obtain purchase commitments from their clients.” But those commitments will be “conditional” until Lordstown actually puts trucks into production, Burns cautioned.

There’s still a problem with the math, 20,000 “conditional” orders significantly lower than the 100,000 non-binding reservations Lordstown previously quoted.

Company officials suggested that limited manpower means it will take time to firm things up. A clearer number will emerge “over the next 60 to 90 days,” said Lordstown President Rich Schmidt.

Nonetheless, the company is confident enough in its prospects, the Lordstown founder said, it is preparing to increase the Ohio factory’s capacity to 60,000 vehicles a year. And it is speeding up development of a second product program, an all-electric RV-style van set to reach production by the second half of 2022, said Schmidt.

A confident front

Burns said he believed his company was the only one to begin automated assembly this early in the process.

While Lordstown officials aimed to project confidence during a Wednesday afternoon earnings call with analysts and reporters, there is no question company officials need to be worried about the report issued by Hindenberg, said Sam Abuelsamid, principal automotive analyst with Guidehouse Insights.

“They’re absolutely facing the fight of their life, no doubt about it,” said Abuelsamid. “I’ve always been dubious about the number of orders they claim considering they’ve never built a product before. They’re going to have to provide real evidence of what they actually have … and they need to demonstrate an actual product.”

Lordstown was founded in 2018 by Steve Burns, a pioneer in the electric vehicle space who previously ran startups AMP and Workhorse. Its sole product is the Endurance, an all-electric pickup that it is primarily targeting at the commercial fleet market. The truck takes the unusual approach of using four motors, one mounted in each wheel hub. It is expected to produce 600 horsepower, deliver 250 miles of range and tow up to 6,000 pounds.

The nascent EV maker caught a lucky break two years ago when General Motors decided to sell it one of the three North American assembly plants it was planning to close. GM loaned the fledgling company $40 million to get the deal completed and eventually invested $75 million in the startup.

CEO Burns expressed enough confidence in his team that he upped the expected production levels to 60,000 units.

Even before rolling out a running prototype, Lordstown began touting advance reservations for Endurance, something that drew the interest of investors as the company prepared to enter a SPAC, or special purpose acquisition company, reverse merger last year. The deal not only got Lordstown listed on the Nasdaq exchange – trading as RIDE – but also generated about $675 million in new equity.

Hindenburg report casts doubt

But Hindenburg Research decided to address some of the questions that Abuelsamid and other industry observers had quietly been discussing among themselves. And the report it released last week went off like a bombshell. Where Lordstown stock surged to a high of $31.80 after its SPAC deal, it fell to as low as $9.80 after the report’s release, shares closing at $15.09 as the bell sounded Wednesday. The price dropped into the $14.40 range in after-hours trading.

“Lordstown is an electric vehicle SPAC with no revenue and no sellable product, which we believe has misled investors on both its demand and production capabilities,” Hindenburg said, while referring to Lordstown founder and CEO Steve Burns as a “con man.”

It zeroed in on several supposedly large orders for the Endurance, including one supposedly for 14,000 of the trucks worth $735 million supposedly placed by E Squared Energy. But Hindenburg claims the firm is a two-man operation, based out of a “small apartment in Texas,” which has no vehicle fleet.

The company plans to enter one of its trucks in a Baja race in Mexico next month for additional real-world testing.

“Another 1,000-truck, $52.5 million order comes from a 2-person startup that operates out of a Regus virtual office with a mailing address at a UPS Store,” reported Hindenburg. “We spoke with the owner who acknowledged it won’t actually order any vehicles, instead describing the ‘pre-order’ as a mere marketing relationship.”

Hindenberg’s lengthy analysis was particular harsh on Burns. It cited unnamed current and former Lordstown employees who, among other things, likened Burns to P.T. Barnum, the legendary circus owner and huckster.

During the Wednesday afternoon call, however, Burns and other Lordstown officials went to great pains to provide all the minutiae industry analysts sought during the company’s earnings call.

What we learned

The new Endurance is set to begin production at the end of September officials reaffirmed during the company’s first-ever earnings call.

The key takeaways: Lordstown is completing development of the Endurance and moving ahead on its second product line. The company lost $38 million during the fourth quarter of 2020 and $101 million for the full year. Largely due to the SPAC deal, the startup ended 2020 with $630 million in cash. It expects to end 2021 with just $200 million in the bank due to the heavy spending associated with the Endurance launch and the van project.

Whether Wednesday’s call will put Lordstown on firm ground is uncertain. What’s clear is that Hindenburg has something of a track record knocking down incipient EV companies.

Last February, the research firm gained headlines targeting Phoenix-based Nikola Corp. Like Lordstown, Nikola focuses on the commercial market and used a SPAC deal to go public. Nikola then saw a big runup in its share price while also lining up a proposed alliance with General Motors.

Hindenburg revealed a number of false or misleading statements by Nikola and its founder and now former CEO Trevor Milton – later backed up by the company’s own, internal review. As a result, Nikola’s share price collapsed and the deal with GM was sharply pared back. Milton was subsequently forced to resign when additional information about inappropriate behavior involving minors was revealed.

Now it’s Lordstown’s time in the crosshairs. The company will have to demonstrate that that is real substance behind both its truck and its business plan if it expects to survive, said analyst Abuelsamid.

Ford Expands Explorer Offerings with New King Ranch

February 24, 2021 admin

2021 Ford Explorer King Ranch edition introduces a rugged, premium appearance, bringing the King Ranch name to America’s all-time best-selling SUV line.

Thanks to the introduction of the all-new Ford Explorer King Ranch edition today, one of the industry’s most competitive segments — midsize SUVs — market just got a little testier.

Ford basically created the segment with the introduction of the Explorer nearly three decades ago, and now it is basically a Battle Royale for consumer dollars. The King Ranch variant gives the automaker an entry in the most expensive end of the price range.

It’s also a response to customers who called for a higher-end version of the Explorer, said Lee Newcombe, Ford Explorer marketing manager. Ford engages with owners to constantly innovate Explorer and the result is the first-ever King Ranch edition for the Explorer.

Buyers want a luxury

Explorer King Ranch comes with premium soft touch materials and fabrics. The new ute also enjoys the unmistakable mahogany-colored Mesa Del Rio leather seats with perforated front and second rows with the King Ranch Running W logo so identifiable with the trim level.

Explorer King Ranch comes with premium soft touch materials and fabrics, including the unmistakable mahogany-colored Mesa Del Rio leather seats.

The center console is also crafted with a Mesa Del Rio leather armrest and King Ranch logo insert, Newcombe noted.

The refinement continues in the cockpit with leather door trim rollovers, a leather-wrapped and stitched instrument panel combined with Sapele wood appliqués as well as a leather-wrapped steering wheel with Norias stitching and a Sapele wood insert.

Complementing the refined interior is an available Premium Technology Package featuring multi-contour seats with active motion massaging functionality as well as an easily read and used 10.1-inch touchscreen and a 14-speaker Bang & Olufsen audio system.

Capability is also king

The standard 3.0-liter EcoBoost under the hood produces 365 horsepower and 380 pound-feet of torque with four-wheel-drive and rear-wheel-drive configurations offered, combined with a 10-speed automatic transmission with SelectShift capability. A standard Class III Trailer Tow Package enables towing capability of up to 5,600 pounds.

In addition to Ford Co-Pilot360 technology standard on all Explorer models, Explorer King Ranch comes standard with Ford Co-Pilot360 Assist+, featuring Adaptive Cruise Control with Stop-and-Go and Lane Centering, Evasive Steering Assist, a voice-activated touch screen navigation system with pinch-to-zoom capability, SiriusXM Traffic and Travel Link and Speed Sign Recognition.

The Premium Technology Package features multi-contour seats with active motion massaging functionality plus a 10.1-inch touchscreen.

Ford moves to stay on top of midsize SUV market

Adding the King Ranch shows Ford’s serious about being a force in the segment, which it needs to be now that the only car it produces in high volume is the Mustang.

According to the website Carsalesbase.com, in 2020 sales of midsized SUVs in the United States continue to outperform the overall car market with sales down 6% in 2020 although up 7% in the last quarter of the year.

A total of just over 2.5 million units sold gives these family haulers a share of 17.3% of total car sales in the U.S., up from 15.8% the previous year. The arrival of new models has expanded the class to 46 nameplates, including offerings like the Toyota Highlander, which outsold the Explorer in Q4 and passed the Jeep Grand Cherokee for second place.

The Explorer and Highlander will be fighting for the top spot in 2021, as the Grand Cherokee is due for a redesign at the end of the year. Jeep will launch a 3-row version called Grand Cherokee L in the second quarter, giving it finally a long-awaited 7-seater option in this segment.

Defending its territory

2021 Ford Explorer King Ranch Edition badge

The Explorer King Ranch edition will start at $52,350 MSRP for rear-wheel-drive configuration and $54,350 MSRP for four-wheel drive.

Stephanie Brinley, principal analyst for IHS Markit, said it makes sense for Ford to defend its territory given both the importance of the midsize market to the company and the upcoming competition.

“The Ford Explorer has always been a top seller for the company and this new King Ranch is a matter of offering consumers additional choice in this market,” Brinley said.

“We are seeing manufacturers offering consumers more sub-brands. GM has been very successful with the Denali sub-brand. By offering premium trin levels on the Explorer, Ford is giving potential buyers a different look for a popular vehicle.”

The Explorer King Ranch edition will start at $52,350 MSRP for rear-wheel-drive configuration and $54,350 MSRP for four-wheel drive. It will be available in dealerships this spring.

Honda Pulls Trigger for New CEO

February 19, 2021 admin

Toshihiro Mibe, Honda’s new CEO, previously head the company’s research and development operations.

Despite saying it wouldn’t happen just 24 hours ago, it happened: Honda Motor Co. named Toshihiro Mibe, head of its research and development operations, as its new CEO starting April 1.

Mibe, who’s been with the company for more than three decades, takes over for Takahiro Hachigo, who joined the automaker in June 2015. Hachigo told the media that he “made a decision to hand over the baton of the presidency” to Mibe to get some “fresh” perspectives into the company.

Observers speculated for weeks that change was in the air at the automaker, especially since Hachigo pushed for a focus on the development of electric vehicles and achieving carbon neutrality. He also worked to solidify the existing business in order to stabilize and strengthen the company overall.

Change is hard

Hachigo noted some of the initiatives he pushed for required some tough decisions. “… we carried out fundamental reforms without being bound by conventional ways of doing things.

Takahiro Hachigo said he was passing “the baton” on to Mibe to keep fresh ideas coming to the company.

“This included the optimization of our product development system and production capacity, which resulted in making some major decisions for Honda such as discontinuation of production at our plants in Sayama (Japan) and in Europe.”

During his tenure, the company enjoyed strong growth in China, the world’s largest automotive market. The company’s production levels in China doubled during his nearly six-year tenure atop the company. He said the company was now going to “begin harvesting the fruit” of the tough decisions made to improve and streamline operations.

Things will carry on

Speculation about Mibe’s ascension centered on several areas, but one that came to light is that he took the traditional path to the CEO’s chair. Working in a variety of areas of the company, including a stop to lead its research and development efforts, often considered a precursor to the top spot.

Mibe and Hachigo worked together on many of the changes implemented during his tenure. It appears that he’s going to continue much of what his predecessor started.

Honda COO Seiji Kuraishi will help with the transition.

“I would like to lead ‘new Honda’ by demonstrating my own strengths to the fullest extent,” he said. “In particular, I will further accelerate our “preparation for future growth” and start putting our plans into action.

“In other words, I am now going to construct a ‘building,’ which is the future of Honda, on the foundation of existing businesses that Mr. Hachigo solidified. And this building must have a resilience that can withstand this period of this ‘once in a hundred years’ transformation.”

Hachigo will move to a director’s position on the company’s board.

Q&A: Hyundai’s New Sales Chief Randy Parker Sees “Potential for a Solid Year”

February 3, 2021 admin

Hyundai’s new senior vice president, Randy Parker, is expecting big things in 2021.

When the coronavirus pandemic struck the U.S. late last winter the auto industry took a major blow, sales tumbling more than 40% in April. Industry planners and analysts feared the market could plunge to even lower depths than what were seen during the Great Recession. But, unexpectedly, demand began rebounding by mid-year and has continued climbing.

While 2021 is still officially forecast to fall well short of pre-pandemic levels, Randy Parker is seeing strong signs the market could see an even more solid recovery, especially as fleet buyers are coming back, including the daily rental companies devastated by the pandemic’s collapse of business and leisure travel.

Parker has several good reasons to be upbeat. He was this week named Hyundai Motor America’s new senior vice president of sales – just in time to report that the South Korean carmaker set an all-time record for U.S. retail sales. He spoke to us by phone from California.

TheDetroitBureau: U.S. auto sales really came in strong last month, but Hyundai’s record retail demand clearly stands out. What does that say for you folks, and for the market, overall?

Randy Parker: When you look at our product portfolio … it’s the best it’s been in a very long time. Full stop. It’s really resonating with consumers. In addition, our marketing and our advertising has been spot on. We were able to get on the air with (the win for the Hyundai Elantra as) North American Car of the Year very quickly. I think that helped in January.

The new Tucson will be built at Hyundai’s plant in Alabama.

TDB: What about the industry as a whole? Sales last year were supposed to come in at least a million vehicles lower than they did. And the new year is starting off even stronger.

Parker: I think there’s a lot of pent-up demand that’s out there and the momentum we had in December rolled right into January, which is rare. You typically see a little bit of a drop off. Despite all the bad news regarding COVID, I think consumers are ready to come back to market, cautiously. We’re starting to feel like people are ready to get back to some level of normalcy. I hope that trend continues.

TDB: I also sense that. And automobiles, especially buying a new one, can help provide a sense of normalcy, a feeling of getting a reward. And you can get that feeling, even if you’re social distancing.

Parker: Yeah, you know that brings me back to my childhood. I grew up in modest surroundings, but anytime my dad could get a new car parked in the driveway it was a way of saying he’s done something right. And, at this point, purchasing a car is one way to get back to some level of normalcy.

TDB: So, are you seeing signs that suggest that 2021 could see a faster rebound than has been expected, much like what happened in 2020?

The 2021 Hyundai Elantra captured the North American Car of the Year award.

Parker: One of the things we look at is the fleet companies. (ED: fleet demand collapsed last year, many daily rental firms, in particular, halting vehicle purchases entirely.) The fleet companies are starting to raise their hands again and want production. So, what that tells me is that people want to get into a vehicle as they are traveling a little bit more. They need a rental car and the companies are knocking down our door, sending a very positive signal.

TDB: Cox Automotive recently forecast 2021 sales will rise 9%, to 15.7 million – but that would still be well short of the 17.1 million vehicles sold in the U.S. in 2019. Are you ready to raise Hyundai’s industry forecast for this year?

Parker: I would say, right now, it’s a bit too early to forecast. So, let me just say we are cautiously optimistic about 2021. If things continue the right way, they roll out the vaccine and people get inoculated to the point of herd immunity, it will help the American consumer feel better about life. And that gives us a sense of hope; we’re very, very cautiously optimistic. The good news for Hyundai is that we’ve got some great products for when the market does rebound.

TDB: What about inventory shortages following last spring’s factory closures? There are about a third fewer vehicles in U.S. dealer inventories than normal for this time of year, and I know there’s a very short supply of the hot Hyundai Palisade SUV.

Hyundai took the covers off the new Santa Fe for 2021.

Parker: Our inventory is pretty good, pretty steady. You can always use more of a hot product like Palisade, but there’s a fine line between having one or two too many and one or two too few. I’d like to be on the thin side. Our plant in Alabama is running at full capacity and we’re going to be launching the new Tucson and Santa Cruz there, something we look forward to.

TDB: So, overall, 2021 is looking good, and we could see a faster rebound on both the retail and fleet side?

Parker: Yeah, I’m cautiously optimistic, I’m hopeful that 2021 has the potential to be a very solid year. Barring anything else that comes out of left field, it’s off to a good start and we just have to keep it going.

First Look: 2022 BMW M5 CS

January 26, 2021 admin

BMW rolled out its 2022 M5 CS sedan offering fans impressive mix of power and luxury.

For those looking for a balanced blend of power and luxury, the BMW M5 has long been a top pick. Now, the Bavarian automaker is set to push things to new extremes, at least on the performance front, with the introduction of the 2022 M5 CS.

The limited-edition “super sedan” will punch out a solid 627 horsepower and 553 pound-feet of torque, making it the most powerful production vehicle BMW has ever brought to market. And that’s only part of the story.

By putting a premium on lightweighting and traction enhancement, BMW aims to ensure all that power goes to the pavement. That means a factory rated top speed of 190 mph, and a 0-60 launch time of 2.9 seconds.

(BMW wants to double EV sales this year.)

The new M5 CS is the most powerful sedan ever introduced by the Bavarian automaker.

“The new limited production super sedan builds on the immensely capable M5, itself recently updated for model year 2021, by delivering more power, greater performance, lighter weight and exclusive interior appointments making the new M5 CS truly a one-of-a-kind vehicle in its class,” the automaker blared in a news release introducing the 2022 performance sedan.

The heart of this beast is BMW’s S63 4.4-liter M TwinPower twin-turbocharged V-8. It makes 10 more hp than the marque’s previous record setter, the M5 Competition model. And the CS sedan’s torque band is wider, as well.

Credit improvements to the powertrain’s high-pressure direct injection and liquid-to-air intercooling for both turbos and oil system. That, the automaker claims, will allow the M5 CS to pose a formidable challenge both on the street, as well as on the track.

Power is fed through an 8-speed M Steptronic transmission into a performance-enhanced version of BMW’s xDrive all-wheel-drive system. The rear-biased AWD package is aided by an electronically controlled clutch and Active M Differential.

“The driver can select from three xDrive modes including 4WD, 4WD Sport and 2WD,” added BMW. “The Dynamic Stability Control system can be adjusted between three settings to further enhance driver control – DSC ON, MDM (M Dynamic Mode) and DSC OFF.”

Improvements to the powertrain’s high-pressure direct injection and liquid-to-air intercooling for both turbos and oil system make a massive difference.

The bump in horsepower is only one step BMW took to enhance performance, however. The 2022 BMW M5 CS also makes extensive use of CFRP and other lightweight materials. All told, the automaker shaved off a full 220 pounds compared to the older M5 Competition model which, in turn, helped reduce 0-60 times by 0.2 seconds. It’s a modest number but can add up to a big win on the track.

(BMW rolls down the top with new 4 Series convertible.)

The performance experience is further enhanced, BMW explains, by the M Sound system which changes the exhaust note depending upon the sedan’s driving mode, such as Sport and Sport+. The settings also adjust various vehicle settings, including the reconfigurable gauge cluster and Head-Up display. In Sport mode, for example, the tach, digital speed, gear and shift lights are displayed in the center of the cluster, along with coolant temperature, tire pressure and G-forces.

To further enhance driving dynamics, the CS chassis and suspension have been revised, with engine mounts and springs now stiffer than the M5 Competition Package, and a ride height lowered by 0.2 inches.

The M Sound system which changes the exhaust note depending upon the sedan’s driving mode, such as Sport and Sport+.

To scrub off speed, meanwhile, the M5 CS features standard carbon ceramic brakes with red six-piston front calipers and a single-piston rear floating caliper. The package is a full 51 pounds lighter than the M Compound brakes used in the M5 Competition model.

Visually, the 2022 BMW M5 CS features a CFRP roof and hood, front splitter, mirror caps, rear diffuser and rear spoiler. There’s also a gold bronze finish to the familiar BMW kidney grille surround. The CS also gets 20-inch forged light alloy wheels shod, BMW notes with “20-inch M forged Y-spoke wheels – 9.5 J x 20 in front and 10.5 J x 20 in the rear. Pirelli P Zero Corsa performance tires are available as a no cost option and make full use of the M5 CS’s enhanced handling capabilities.”

The CS is the first M5 set up specifically for four passengers, with carbon sport seats up front and twin buckets in the rear.

The cabin is outfitted in special Alcantara and black merino leather with distinctive BMW M tri-color stitching.

(BMW gives its vaunted M3 and M4 models a complete makeover.)

Production is set to begin in March and the 2022 BMW M5 CS will carry an MSRP of $142,000 plus $995 in delivery fees.

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OffRoadTrucksXtreme.com – The Track Day Specialists