Tag Archives: Regulatory

Nikola Paying $125M to Settle with SEC

December 21, 2021 admin

Nikola Corp. agreed to pay $125 million to settle civil charges levied against the company by the Securities and Exchange Commission claiming it defrauded investors by making false claims about its vehicles.

Nikola CEO Trevor Milton t-shirt — Nikola’s settlement with the SEC still holds the company accountable for statements made by founder Trevor Milton.

The deal is separate from the civil and criminal charges against Trevor Milton, the company’s founder and now-former Chairman. In fact, the company’s agreed to cooperate with any current investigation and litigation, however, it didn’t admit or deny the SEC’s findings in the settlement.

The agency contends the company misled investors about the capabilities of its hydrogen fuel cell-powered vehicles, suggesting they were further along in development than they were. The focal point being a video of its Nikola One appearing to be driving under its own power, when it was actually rolling down a slight decline.

The video became the centerpiece of a report by short-selling research firm Hindenburg Research claiming Nikola was based on “intricate fraud built on dozen of lies” perpetrated by Milton. That quickly triggered an SEC probe and led to the decision by Milton to resign on Sept. 21.

Nikola agreed to pay the $125 million in five installments over two years. The first payment comes by the end of this year, with the remainder being paid in semi-annual installments in 2022 and 2023. The company previously disclosed Nov. 4, 2021 it took a $125 million reserve in its third quarter earnings to account for the expected settlement.

Nikola Motor Chairman Trevor Milton — Nikola Motor’s former Chairman Trevor Milton is facing civil and criminal charges in court.

Milton not off the hook

Nikola “is responsible both for Milton’s allegedly misleading statements and for other alleged deceptions, all of which falsely portrayed the true state of the company’s business and technology,” said Gurbir Grewal, the SEC’s enforcement director, in a statement.

Milton saw civil and criminal charges filed against in July, claiming he used social media to repeatedly mislead investors about the company’s technology, netting “tens of millions of dollars” in the process. Milton’s repeatedly denied wrongdoing and is in the midst of a court battle.

Audrey Strauss, the acting U.S. Attorney for the Southern District of New York, said during a press conference in late July, Milton deliberately set out to deceive what she described as “retail investors” by making claims he knew were false about Nikola products.

While Nikola’s settled up with the SEC, it’s now focused on its former leader.

Nikola Tre Class 8 semi — The company’s attempting to move on from the problems. In fact, it delivered its first battery-electric Tre Class 8 rigs last week.

“The company has taken action to seek reimbursement from its founder, Trevor Milton, for costs and damages in connection with the government and regulatory investigations,” the company said in a release.

Moving forward

“We are pleased to bring this chapter to a close as the company has now resolved all government investigations,” the company said in a statement.

“We will continue to execute on our strategy and vision to deliver on our business plan, including delivering trucks to customers, expanding our manufacturing facilities and our sales and service network, and building out our hydrogen infrastructure ecosystem including hydrogen production, distribution and dispensing stations.”

This is already happening as it delivered the first Nikola Tre battery-electric pilot trucks to Total Transportation Services Inc. (TTSI), a Southern California’s port trucking company, to expedite zero-emission transportation solutions at the ports of Los Angeles and Long Beach.

The company is engaged in a four-truck pilot program with the trucking company, involving two battery electric trucks with a range of 350 miles and two fuel cell-electric trucks with a range of 500 miles. If the vehicle trials go well and TTSI obtains government funding, the company will provide 30 BEVs in 2022, and 70 FCEVs are anticipated to start in 2023.

New IIHS Study Confirms Brighter Headlights Reduce Number of Nighttime Crashes

October 14, 2021 admin

To the surprise of no one, a new study completed by the Insurance Institute for Highway Safety confirmed brighter headlights help reduce vehicle collisions.

Audi R8 — In 2016, Audi’s new laser headlamps were brighter than conventional lights so the maker adjusted the lights to shine low and wide.

The organization noted the number of nighttime vehicle accidents are nearly 20% lower for vehicles with headlights earning a “good” rating in IIHS evaluation, compared with those with “poor” rated headlights. Vehicles IIHS rates as having “acceptable” or “marginal” headlights crash rates are 10% to 15% lower than for those with poor ratings.

“Driving at night is three times as risky as driving during the day,” said IIHS Senior Research Engineer Matthew Brumbelow, who conducted the study. “This is the first study to document how much headlights that provide better illumination can help.”

An evolving light

Until recently, there was little need to evaluate headlights, as all cars used sealed beam headlights, a technology that became an industry standard by the 1940s. Like the lights in your home, sealed-beam and halogen headlights are incandescent. They use electricity to heat a bulb’s filament, which in turn produces light.

The addition of halogen gas in the 1960s allowed the headlight’s tungsten filament to generate a brighter light that lasted longer. In 1983, the Federal Motor Vehicle Safety Standard was revised, allowing for all composite headlight assemblies to have replacement bulbs. Yet overall, headlights had changed little since electric headlights first appeared on cars in 1898.

That changed with the introduction of high-intensity discharge headlights, or HIDs. These are arc lamps, much like a neon sign, which produce light by the sparking an electrical arc between two conducting electrodes inside the bulb. Far more efficient than halogen lamps, they not only produce more light, but also use less energy and last far longer.

Then, in 2004, the first LED headlights appear on the Audi A8. An LED a semiconductor that emits light when a current is passed through it, using far less energy than other types of bulbs. This led to the creation of LED Matrix headlights, which uses LEDs, sensors and cameras to light the road depending on road conditions. Now, automakers are starting to employ laser lighting, affording 1.25 miles of visibility.

Testing counteracts an outdated federal standard

Given evolving lighting technology, IIHS began evaluating headlight effectiveness in 2016 to counteract the federal government’s outdate lighting standard, one that considered all headlight types equal. The problem is, they’re not. Five years later, IIHS has rated approximately 1,000 different headlights, bestowing them with the same good, acceptable, marginal and poor ratings used for the crash test evaluations.

The IIHS’s new study shows that good-rated reduces driver injuries in crashes by 29% and the rates of tow-away crashes and pedestrian crashes by about 25%.

“Better scores in our headlight tests translate into safer nighttime driving on the road,” said IIHS’s Brumbelow.

Despite the changes in headlight technology, the Federal standard for automotive lighting hasn’t changed significantly since 1968. What’s worse, the standard specifies minimum and maximum brightness for headlights without taking into account how well it is installed. The standard also lacks any regulations for newer technology, such as curve-adaptive headlights.

To address such failings, the IIHS’s evaluation of vehicle lighting are done while driven on a test track. Performance varies considerably; current low beam headlights illuminate anywhere from 125 feet to 460 feet. That’s a difference of as much as 6 seconds when driving at 50 mph. The tests have compelled OEMs to improve the quality of their lighting, IIHS says.

“Our awards have been a huge motivator for automakers to improve their headlights,” Brumbelow says. “Now, with our new study, we have confirmation that these improvements are saving lives.”

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GM’s Ultra Cruise Will Leapfrog Tesla Autopilot, Offer Full Hands-Free Driving Virtually Everywhere

October 6, 2021 admin

In the race to put self-driving vehicles on the road, General Motors may be ready to take the lead with the new Ultra Cruise system it plans to put on the road by 2023.

Cadillac plans to expand the rollout of Super CruiseTM, the worldâs first true hands-free driver assistance feature for the freeway. Super Cruise will be available on all Cadillac models, with the rollout beginning in 2020. After 2020, Super Cruise will make its introduction in other General Motors brands. — GM is currently rolling out its original Super Cruise system on a wide range of products, including Chevy and GMC models, as well as those from Cadillac.

The new system will increase by tenfold the number of miles of roads GM’s Super Cruise system can operate on – and where the current system only can operate on limited-access roadways, Ultra Cruise will cover “every road including city streets, subdivision streets and paved rural roads, in addition to highways,” GM said in a statement announcing the new technology. At launch, Ultra Cruise will operate on 2 million miles of roads, said GM, with a goal of increasing that to 3.4 million.

With Ultra Cruise, GM seems positioned to leapfrog Tesla, the EV automaker that marketed the first “self-driving” system, Autopilot. Despite releasing a new update it refers to as “Full Self-Driving,” Tesla’s technology still requires drivers to keep their hands on the wheel at all times.

“Ultra Cruise is not just a game changer in terms of what it enables − a door-to-door hands-free driving experience − but a technological one as well,” said Doug Parks, GM’s executive vice president of Global Product Development, Purchasing and Supply Chain.

The race for autonomy

The auto industry is in a race to develop autonomous vehicle technology – with the eventual goal of having vehicles operate without the assistance of a human driver. GM’s San Francisco-based Cruise subsidiary recently won approval from the State of California to test prototype vehicles that don’t even have a steering wheel or other driver controls. But most experts believe that it will be late in the decade before such systems are ready for widespread use.

In the meantime, the focus is on more limited systems that can reduce the role of the driver – though a motorist would still need to be ready to take control in an emergency, or if the vehicle were to travel outside a “geofenced” area.

A number of manufacturers are developing these systems – known in industry parlance as “Level 2 autonomy.” Tesla was first to market with the original Autopilot, GM following with Super Cruise which it is now rolling out on a wide range of vehicle lines.

Both have significant limitations and make various trade-offs. Tesla has dubbed the latest version of Autopilot “Full Self-Driving,” and many owners have been using the system hands-free. Some have been recorded going so far as to jump into the back seat while the vehicle is moving. But the automaker actually stresses that motorists need to maintain at least a loose grip on the wheel.

Tesla v GM

GM claims drivers actually can take hands off the wheel using Super Cruise. But the system is restricted to about 200,000 miles of U.S. and Canadian roads. And the GM system uses a camera to ensure that the driver remains alert and in position to take over quickly, if necessary.

Tesla FSD Simulation — A digital simulation of Tesla’s “Full Self-Driving” system.

Tesla has, until recently, not monitored the driver. But it plans to do so after coming under fire for the lax way in which many drivers use Super Cruise. In fact, the National Highway Traffic Safety Administration is conducting a probe of Autopilot in the wake of several dozen crashes, a number of those involving Tesla vehicles impacting stationary emergency vehicles.

“The way Tesla is doing it, there always will be error problems,” said Sam Abuelsamid, principal auto analyst with Guidehouse Insights.

Tesla relies on the data gathered by a network of cameras to operate Autopilot. GM, on the other hand, uses radar, as well as ultra high-definition street maps, with Super Cruise. And the Ultra Cruise system will add LIDAR, a 3D laser technology.

“This is a more robust solution,” said Abuelsamid. “They’ve taken a safer approach (even as they) expand tenfold the number of roads they can use Ultra Cruise on.”

No rollout roadmap – yet

The GM system will be able to recognize street signs and traffic signals, as well as pedestrians, bicyclists and animals. And it will be able to handle pretty much any sort of situation that a human driver would normally be required to negotiate, according to GM.

The automaker hasn’t provided a specific roadmap for rolling out Ultra Cruise but it’s expected to follow the same model used for the original Super Cruise system. That would begin with the flagship Cadillac brand and then expand to other GM brands.

Motorists pay additional fees for vehicles equipped with the basic Super Cruise hardware and GM recently announced that it will charge a monthly usage fee, as well. Tesla, Ford and other manufacturers are adopting similar pricing models.

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EPA Proposes U.S. Average Fuel Economy at 52 mpg by 2026

August 6, 2021 admin

The Environmental Protection Agency revealed the hard numbers behind President Joe Biden’s push for cleaner cars: 52 mpg. That’s the new average fuel economy standard the agency is mandating automakers hit by 2026.

Vehicles driving emissions — The EPA wants average fuel economy of vehicles on U.S. roads to be 52 mpg by the 2026 model year.

In the near term, they’re pushing for a 10% improvement by 2023. The new proposals, for which the EPA is now accepting public comment, represent a stricter mandate than the Trump administration’s rolled back requirement.

“Today, EPA takes a major step forward in delivering on President Biden’s ambitious agenda to address the climate crisis and create good paying, union jobs,” said EPA Administrator Michael S. Regan in a statement.

“These robust standards are underpinned by sound science and technical expertise, encouraging the development of technology and innovation that will drive America forward into a clean energy future. We are excited about building on the partnerships with states, cities, industry, labor, and NGO stakeholders to realize this vision together.”

Stiffer mandate

The new rules mean automakers would need to improve their numbers for the 2023 model year by 10%, then for each model year after that until 2026, the agency calls for a 5% improvement. Officials also noted they would begin discussing 2027 and beyond soon.

According to the EPA, these new regulations would reduce carbon dioxide emissions by 2.2 billion tons by 2050. That elimination of emissions equate to a year of greenhouse gas emission from all petroleum combustion since 2019 in the U.S.

Additionally, the agency claims motorists save between $120 billion and $250 billion in fuel costs between now and 2050, reducing the overall amount vehicle owners spend during their vehicle’s lifetime.

Heavy duty trucks aren’t exempt

The agency also revealed it was working on plans to reduce greenhouse gas emissions from heavy duty trucks. The rules for those vehicles aren’t due until 2022 and won’t apply until 2027. When they do begin, it’ll be a three-year cycle before then next round of regulations take effect.

“Pollution from trucks has been a long-standing obstacle to advancing environmental justice, as many low-income and minority communities live near highways or in heavily polluted areas with frequent truck congestion and idling,” Regan said in a statement.

“EPA is committed to walking our talk and delivering tangible benefits to historically underserved and overburdened communities. Setting clear and stringent standards for truck pollution is critical to delivering on this commitment.”

SEC Investigating VW Due to the “Voltswagen” Stunt

April 30, 2021 admin

The “Voltswagen” April Fool’s Day prank has led to an investigation by the SEC.

What started out as a “humorous” advertising and marketing ploy could land German automaker Volkswagen in serious trouble with the federal government.

The Securities and Exchange Commission (SEC) is apparently looking into VW’s “Voltswagen” marketing stunt to determine if it hurt company stock prices and may have broken any U.S. securities laws, according to German news outlet Der Spiegel.

The incident in question dates back to March 29. As a sort of early April Fool’s Day prank (and marketing ploy), VW “accidentally” released a rough draft of a press release declaring the company was going to change its name to “Voltswagen” as part of a larger effort to promote its ever-growing line-up of electric vehicles (EVs).

This action was picked up by the worldwide automotive press and on March 30 VW issued an official press release to several news outlets, including the Associated Press, confirming the leaked statement from the day before.

This action resulted in VW’s stock price going up. At one point it was 12.5% above its price before the whole incident.

SEC looking at jump in stock price

VW of America President Scott Keogh took responsibility for the poorly received April Fools’ prank that wasn’t on April 1.

This is what caught the attention of the SEC, taking what many considered a fairly unfunny publicity ruse to a possible federal offense.

After the April Fool’s stunt failed in the eyes of the media and the public, VW issued a press statement saying the releases were actually part of a larger tradition in which companies often issue prank statements.

This one just meant to also focus the world’s attention on VW’s growing EV portfolio.

But public statements that affect stock prices usually don’t get an “April Fools” immunity. An SEC investigation could result in charges against the company.

Several news organizations, including The New York Times and Reuters, have asked for a comment from VW. So far, the company has declined to issue one.

Just one of many VW legal scandals

This is not the first time VW has gotten into trouble for the way it conducts its business.

Oh those wacky Germans!! As quickly as it got here, VW took it away: Voltswagen is the company that never was.

In October 2015, as Volkswagen struggled to deal with its diesel emissions scandal, new data raised questions about whether the automaker properly reported death and injury claims to U.S. regulators during the past decade.

A study by the financial advisory firm Stout Risius Ross Inc., found that Volkswagen of America reported nine times fewer deaths and injuries than the average of the 11 largest automakers operating in the U.S. market. Significantly, VW reported less than half as many incidents as either Fiat Chrysler or Honda, both of which have been fined for underreporting their own death and injury data.

Back in September 2015, the EPA accused the German maker of using a so-called “defeat devices,” software designed to fool government emissions tests, on a variety of luxury models from the Audi and Porsche brands. The feds charged VW took steps to cover up excess emissions on 482,000 vehicles sold in the U.S. during a 7-year period.

The end result was VW paying billions of dollars in fines to various governments around the world. The company also faced numerous consumer lawsuits that further cost the company money.

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These Automakers Now Plan an All-Electric Future

March 23, 2021 admin

The debate about whether or not automakers will shift to electric vehicles has seemingly changed to when the change will occur.

The age of the internal combustion engine is coming to a close — or so you might think considering the latest headlines.

A growing number of countries and regions have laid out plans to ban gas and diesel engines, Great Britain recently moving its ban up to 2030. California wants to ban internal combustion engine sales by 2035.

While automakers have traditional resisted regulatory requirements, the industry is actually taking the lead, in many cases. At least 10 have laid out plans to fully electrify their product lines. Some, including General Motors, intend to switch to 100% zero-emission vehicles — which can include battery-electric, as well as hydrogen fuel-cell vehicles. Others plan a mix of BEVs and hybrids.

Here’s a look at where things stand today — though you can expect to see even more news in the next year or two, other manufacturers hinting they may follow.

General Motors

The GMC HUMMER EV is designed to be an off-road beast, with all-new features developed to conquer virtually any obstacle or terrain.

The world’s fifth-largest automaker by sales — demoted one spot after the recent formation of Stellantis — is the largest manufacturer laying out plans to go 100% battery electric. The company has been accelerating plans and now expects to have 30 BEVs in global showrooms by 2025, while banning ICE power entirely a decade later. The rollout is just gaining momentum but the Hong Guang Mini EV GM is building with Chinese partners Wuling and SAIC is now the world’s best-selling BEV. Significantly, the flagship Cadillac brand will be first to go 100% electric by 2030, officials revealed.

Volkswagen

The story here is a complicated one. The German giant clearly is spending more than any competitor on electrification — more than $80 billion to bring out more than 50 BEVs by mid-decade. But its plans vary by brand. The flagship VW marque launched its first long-range all-electric model, the ID.3, in Europe last year, with the ID.4 SUV reaching U.S. showrooms in a matter of weeks. And there are plenty more coming, including the ID.Buzz microbus. But the company has not yet indicated if or when it would give up gas and diesel power with its anchor brand.

Audi

The new Audi RS e-tron GT is just the latest EV coming from the world’s automakers.

VW’s largest luxury division is another marque aggressively migrating to electric propulsion, just last month revealing the new e-tron GT sports car. There’s been no formal plan for eliminating gas or diesel but Audi officials have broadly hinted that could come within the next 10 to 15 years.

Bentley

Meeting future emissions and fuel-economy mandates will be difficult for luxury brands, especially ultra-premium marques known for large, high-performance products like Bentley. In a major move that caught almost everyone off guard, Bentley announced last December that it will offer only plug-based models by 2026, going entirely BEV by 2030.

Nissan

The 2021 Nissan Ariya is about the size of a Rogue SUV – but features the interior space of the bigger Murano.

As part of the broader Renault-Nissan-Mitsubishi Alliance, the Japanese marque battles it out for industry dominance for VW and Toyota. It was an early EV pioneer with the original Nissan Leaf. Now, after a decade delay, it is finally moving to electrify more of its line-up, the all-electric Ariya SUV launching for 2022. In January, Nissan said all products in “key markets” will use some form of electric propulsion by the “early 2030s.” This will include not only BEVs like Leaf and Ariya but also vehicles using the new e-Power range-extending hybrid system.

Toyota

This company, proud of its leadership in hybrid technology, has long been skeptical of pure electric propulsion. For now, it is committed to offering hybrid and plug-in versions of all its product lines by around mid-decade. Facing increased competition, as well as regulatory pressures, Toyota is readying a modest number of BEVs but could move fast, officials have hinted, if it sees EVs as inevitable. It has hinted this could happen by 2040. Significantly, it is investing heavily in next-generation solid-state batteries. It also wants to be a leader in hydrogen fuel-cell technology.

Hyundai Motor Group

The Hyundai Ioniq 5 is the company’s new all-electric sub-brand with a new design language.

The automaker is reserving space for internal combustion engines though, even here, it is moving towards hybrids and plug-ins. The Korean carmaker, which includes the Hyundai, Kia and Genesis brands, expects to have 23 all-electric models in global showrooms by 2025. A number of them will be sold through the new, battery-car sub-brand, Ioniq. It soon could announce a move entirely to Zero-Emission Vehicles. But, like Toyota, that would include both BEVs and hydrogen fuel-cell vehicles.

Ford

An early pioneer in electrification, Ford announced last month that it will offer only plug-in hybrids and pure battery-electric vehicles in Europe by mid-2026. It has yet to lay out plans for the U.S., China and other key markets but Ford is ramping up spending on battery programs and will launch some significant products over the next several years, including an all-electric version of the F-150 pickup. It’s off to a good start, the Mustang Mach-E winning honors as North American Car of the Year for 2021, while generating significant sales.

Volvo

Volvo’s rolled out its second battery-electric model, the C40 Recharge.

The Swedish automaker and its Chinese parent Geely are making hefty investments in electrification. It launched its first long-range BEV, the XC40 Recharge, for 2021, and this month unveiled a second all-electric model, the S40 Recharge. Volvo had been planning on a mix of BEVs and plug-in hybrids but, by the end of the decade it will abandon those PHEVs and only sell BEVs.

Daimler/Mercedes-Benz

The leading global luxury brand is another brand moving aggressively into electrification while not quite ready to lock down a hard date to ban ICE technology. At the moment, that appears likely to happen before 2040. Mercedes already is moving in that direction with the launch of its EQ line-up. That sub-brand will cover a broad spectrum of sedans, SUVs and other body styles with products like the EQB and EQS coming out during the next several years. A significant development came with news that the high-performance AMG arm also will begin electrifying.

Smart

Smart was the first company to make the switch to an all-electric line-up with its fortwo.

Daimler’s city car brand became the world’s first to formally commit to switching from gas and diesel to all-electric propulsion back in 2018. The move is seen as a logical choice for the sort of buyers targeted by products like the little fortwo. The shift was already underway by the time the German parent decided to pull Smart out of the American market.

Stellantis

The merger of Fiat Chrysler Automobiles and France Groupe PSA instantly created the industry’s fourth-largest automaker. It left many questions lingering about what the newly created Stellantis might be planning for electrification. Brands like Peugeot and Citroen were adding BEVs and hybrids and are looking to accelerate the shift. The big uncertainty is on the old FCA side. That said, the Fiat brand is set to have 60% of its offerings either hybrid or fully-electric by the end of this year, and may push even further.

Maserati

Then there’s Maserati. The high-performance arm of the old Fiat Chrysler said last November the new Ghibli Hybrid is just the start of its electrification program. Last November, CEO Davide Grasso declared, “All our line-up will be electrified in the next five years.”

BMW Chairman Oliver Zipse with iX and i4

BMW Chairman Oliver Zipse revealed the new i4 alongside the iX — three months early.

BMW

Another early pioneer, with products like the i3 BEV and i8 plug-in sports car, BMW appeared to be debating strategy for a few years before launching two long-range all-electric models, the new iX and i4. And there are plenty more in the pipeline. But the near to mid-term strategy calls for a mix of hybrids and BEVs, which will generate 50% of BMW’s global sales by 2030, Chairman Oliver Zipse said last week.

Mini

The British-based Mini brand is a different story. Here, parent BMW isn’t wavering. This month it confirmed that Mini will become an all-electric brand by 2030 “in every region of the world.” That’s a fast changeover considering that the very first Mini BEV, the SE, just came to market this past year. Significantly, the next-generation Mini Countryman will be produced both in gas and all-electric versions when it comes to market shortly.

Jaguar Land Rover

The Jaguar I-Pace hastened the brand’s shift in to the “Reimagine” program.

The Jaguar side of the British carmaker got a jump on competitors like BMW and Mercedes with its I-Pace model. A second all-electric SUV is now in the works. And CEO Thierry Bollore last month said that JLR’s “Reimagine” program will see the Jaguar side go 100% BEV by 2025, well ahead of key competitors. Surprisingly, though, the BEV version of the flagship Jaguar XJ sedan has been scrapped. As for the Land Rover side, the company plans to retain a mix of electrified powertrains, though it believes battery-only models will deliver 60% of total sales volumes by 2030.

Plenty of startups

We’ve focused on mainstream U.S., European, Japanese and South Korean brands. Expect to see a number of Chinese marques to lay out all-electric strategies, as well. That will include market leaders like Volvo parent Geely. It also will include a long list of Chinese start-ups. According to analyst Michael Dunne, more than 100 potential EV entrants hope to get licensed by the Beijing government, alongside other recent startups. There are plenty of other EV wannabes in the U.S. and Europe, such as Rivian, Lucid, Bollinger and Lordstown Motors.

Then there’s the EV market’s 800-pound gorilla. Tesla continues to dominate the market, though it has begun losing ground to a few competitors. The Ford Mustang Mach-E took 12 points of market share away from Tesla in the U.S. in recent months. The Wuling microvan is outselling all Tesla models combined.

The real question is whether consumers will back all the investments in electrification. All battery-based models combined still account for barely 6% of global new vehicle sales, BEVs roughly 2%. But industry forecasters see big jumps coming, especially if regulators continue to lay out plans banning internal combustion engines.

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Stellantis Enjoys Warm Welcome from European Investors

January 18, 2021 admin

Stellantis Chairman John Elkann is meeting with the media tomorrow to talk about the company’s future.

Not every merger involving an automaker these days involves a blank-check company. The newly minted tie-up between Fiat Chrysler Automobiles N.V. and Peugeot S.A. was finalized over the weekend and the resulting company, Stellantis N.V., is enjoying a warm welcome.

At least on the stock market.

The new company’s stock trades on three exchanges and it finished the day on the Paris exchange up nearly 7%, closing at €13.14. It also jumped up 7.7% on the Milan exchange.

The New York Stock Exchange, the third exchange it’s traded on, was not open today due to the Martin Luther King Jr. holiday.

(Chrysler is no more as Stellantis comes to life.)

CEO Carlos Tavares has a lot on his corporate plate now that the merger is complete.

The $52 billion merger of near equals creates a massive enterprise with operations on six continents, employs about 400,000 people, sells – at least for the time being – 14 vehicle brands and sells 8.1 million vehicles annually, making it the fourth-largest automaker in the world behind Volkswagen, Toyota and the Renault-Nissan-Mitsubishi Alliance.

With all of those possibilities, it’s going to take a press conference Tuesday to start revealing what Stellantis will look like now that’s it’s a living, breathing entity. What brands will stay? How many workers will keep their jobs?

People are nervous because the CEO of the new enterprise, Carlos Tavares, has a history of being fearless when it comes to eliminating unprofitable operations and processes in the pursuit of corporate profit. One need only look at how what he did with former General Motors’ subsidiary Opel. A money-loser for a decade, he had it in the black in one year.

(FCA CEO Manley gets new assignment following Stellantis merger.)

“Stellantis faces a mixed outlook as U.S. stimulus plans may buoy Chrysler vs. a more uncertain outlook for Peugeot in Europe,” Michael Dean, BI automotive analyst told Bloomberg. “Former PSA CEO Carlos Tavares takes the helm and, similar to his handling of PSA’s takeover of Opel in 2017, we anticipate a new strategy in the first 100 days of his stewardship. All regions face a difficult 1H amid continued lockdowns.”

Quirky name aside, investors gave Stellantis a warm welcome when it began trading Monday.

The two companies have worked to allay fears of major cutbacks in France and Italy. While top managers have outlined plans to trim costs by $6 billion following the merger, they insist they will be able to do that without closing any plants. They have outlined 40% of those cost savings coming from purchasing, 40% from combining product development efforts, and 20% from marketing and other operations.

However, it’s unclear how Tavares plans to tackle other issues such as improving the company’s performance in China, the world’s largest automotive market, and bolstering its electrification efforts, especially in the aforementioned China as well as in the U.S. Just addressing those two issues are likely to require billions of dollars and euros. Some of plans for these things and more may get touched on Tuesday, Marco Santino, a partner at consulting firm Oliver Wyman, told Reuters.

(Fiat Chrysler and PSA not exactly a “merger of equals.”)

“He has proven to be the kind of person who prefers action to words, so I don’t think he will make loud statements or try to over-sell targets,” he said.

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