Tag Archives: Technology

South Korean Chip Maker Planning New Factory in Michigan

August 25, 2021 admin

With demand for semiconductors soaring, SK Siltron, a South Korean semiconductor wafer maker, plans to build a $300 million manufacturing plant in the heart of U.S. auto industry, a little more than 110 miles north of Detroit.

GM recently announced plans to temporarily shutdown its Orion plant where it builds the Bolt due to the chip shortage.

The new facility in Monitor Township, which is just outside Bay City, Michigan, will support electric vehicle growth, creating up to 150 jobs. The company is investing $302 million to build the new operation. It is the company’s second facility in the state.

The project also builds on Michigan’s position in semiconductor supply chain, electric vehicle development by producing more of the chips the auto industry in Michigan, according to the Michigan Economic Development Corp.

Automakers across the globe have been scrambling for supplies of semiconductors, which have been in short supply. The shortages have curtailed production for the past several months, prompting President Joe Biden to call for the expansion of semiconductor manufacturing capacity in the United States.

Electric vehicle development spurring development

Biden waves at CEO Chip Summit — President Joe Biden has repeatedly pushed for expanding semiconductor production capability in the U.S.

“The growth of electric vehicles is opening an exciting new chapter for the auto industry as it provides consumers with more environmentally friendly transportation options,” said Jianwei Dong, chief executive officer for SK Siltron CSS.

Last month, the Michigan Strategic Fund announced support for Ford’s new battery center, dubbed Ion Park, providing further evidence that Michigan continues to emerge as an electric vehicle R&D and manufacturing leader, the MEDC said.

Ford will invest $185 million in its new global battery center of excellence, which will be home to as many as 200 employees focused on the development and production of lithium-ion as well as solid-state batteries

“Ford already is delivering on our plan to lead the electric revolution with strong new vehicles including Mustang Mach-E, 2022 E-Transit available late 2021 and the 2022 F-150 Lightning available from spring next year,” said Anand Sankaran, Ford Ion Park director.

2022 Ford F-150 Lightning charging — EVs use about $550 worth of semiconductors for the powertrain compared with just $80 for internal combustion engines.

“The new lab will help Ford speed up the battery development process to deliver even more capable, affordable batteries and is part of Ford’s renewed commitment to making Michigan a centerpiece of its focus on EVs.”

Semiconductor industry faces challenges

“Every car that gets smarter needs more semiconductors,” said Kroeger, who added during the interview he expected the shortages well into 2022.

Electric cars need very powerful and efficient semiconductors in order to get more range out of each kilowatt hour of battery, he added. The typical gas-powered model can use as many as 100 microprocessors — or more — to operate everything from their powertrain controls to their infotainment and digital safety systems.

With BEVs, that number can run into the hundreds, many of those chips required to monitor the health of the cells that make up a battery pack.

UBS analyst Francois-Xavier Bouvignies told CNBC last week that cars with internal combustion engines typically use around $80 worth of semiconductors in the powertrain, but electric vehicles use around $550 worth.

Ford Suffers Setbacks on Big Sellers: Bronco and Mustang Mach-E

August 12, 2021 admin

Ford’s enduring a tough day, forced to deal with big problems on two of its hottest vehicles: the Bronco and Mustang Mach-E.

Ford Bronco 4-door quality check — The roof problems with the new Bronco are still unresolved, forcing Ford to replace the parts on all owners’ vehicles while halting production.

The long-awaited Bronco’s problems with its removable hardtop still haven’t been resolved, forcing it to replace the pieces on existing models and halt production on new hardtop models to solve the issue. Soft top Broncos will continue to roll down the line.

Meanwhile stopping production is the problem for the Mach-E as it awaits — no surprise — more semiconductors. Perhaps no company’s been hit harder by the chip shortage than Ford. The company’s had to temporarily shut down builds on its biggest sellers, like the F-150, Explorer and now the Mach-E.

Bronco busted

The problem with the Bronco’s roof applies to the removable molded-in color plastic panels only, as reported by the website, bronco6g.com. The color and protective coating applied to the roof pieces is faulty, which becomes apparent a few weeks after the vehicle’s been exposed to the elements.

As a result, the coating comes off on the edges of the panels, which are not smooth. With a bit of time, weather can change the color of the panels. Reportedly, this issue’s plagued the design for some time now.

2021 Ford Bronco 2-Door - in brush — The Bronco roof issues apply to the two- and four-door models, but not soft tops.

The automaker’s telling owners who have already taken delivery of their vehicles that they will replace the panels at no cost. However, the real tough sell is for buyers who haven’t gotten their vehicles yet and will now be forced to wait even longer to get their vehicle — possibly until 2022.

Not only might you have to wait until next year, it may be next year’s model as well, which could make those who felt it was important get the first year offering angry. The exception is for the prospective owners who ordered a First Edition model, those will be 2021 vehicles.

Ford is offering reservation holders $1,100 in reward points, which can be used to buy Bronco accessories for their SUVs. Also anyone who made a reservation before March 21, 2020, are protected from any price increases that could be applied to 2022 vehicles.

Soft top owners are obviously excluded from the problem and are virtually assured of getting their vehicle a little sooner now.

Mach-E matters

2021 Ford Mustang Mach-E side barn — Production of the Mach-E will be delayed six weeks as the company secures more chips.

The Mustang Mach-E, which is sold out through the rest of the year, now faces the same delays that have plagued the F-150, the Explorer and other vehicles, due to the dearth of semiconductors.

According to MachEForum.com, new owners will now be forced to wait six weeks or more for their vehicles. Once the automaker gets the chips it needs, and installs them in the vehicles, it will update the owners via email about when they can expect to get their EV.

To smooth ruffled feathers, Ford is offering 250 kWh of free charging via the “Blue Oval Charge Network.”

The delays are another gut punch for the automaker, which sees the Mach-E’s turn in just 12 days. Not only that, but they’re also big additions to the bottom line as 95% of customers choose the Blue Oval Intelligence software state service. Sales of the Mach-E jumped 15.8% in July compared to June, and this is definitely going to stall that momentum.

The Bronco’s issues also hit the bottom line as they, as the automaker noted in its July sales release, play “a significant role in Ford’s transaction price expansion. Ford SUV transaction pricing in July is a record of $42,000 per SUV, up $6,200 over last year.”

Updated 2022 GMC Sierra to Add Newly Updated, Hands-Free Super Cruise

July 23, 2021 admin

When the 2022 GMC Sierra pickup comes to market in the months ahead, it not only will get some minor updates to its exterior and interior design but also add tech features such as a significantly updated version of General Motors’ hands-free Super Cruise system.

GMC Sierra towing with Super Cruise — The 2022 GMC Sierra will allow owners to use Super Cruise while towing.

Super Cruise, originally launched on the old Cadillac CT6 sedan, was one of the first semi-autonomous driving systems available, initially able to operate hands-free on about 120,000 miles of limited-access roadways. GM has since expanded that to 200,000 miles. The automaker also is rolling Super Cruise out on other product lines — and adding new functions.

The most notable new feature is the system’s ability to automatically pass a slower vehicle without the driver’s intervention. The GMC version of Super Cruise also will allow the Sierra pickup to operate in hands-free mode, even while pulling a trailer.

Since GM first introduced Super Cruise in late 2017, it has been an a series of relatively low-volume products, starting with the Cadillac CT6. It is now offered on several other Caddy models, as well as the new Chevrolet Bolt EUV battery-electric SUV.

Super Cruise moving to a new level

Introducing it on the Sierra “will truly bring (the technology) to a mass market,” said Chas Russell, the pickup’s marketing manager.

Demand for the truck has gone up steadily in recent years, jumping from 217,943 in 2017 to a record 253,014 last year — an increase all the more notable considering the overall decline of the U.S. market in 2021 due to the pandemic.

Super Cruise push button activation GMC Sierra — Activating Super Cruise on the 2022 GMC Sierra starts with the push of a button.

GM’s expansion of Super Cruise-approved roads to 200,000 miles, includes some roads with occasional grade crossings.

While there are other “autonomous” systems that permit a driver to briefly go hands-free, most require a motorist to maintain at least a light grip on the steering wheel. In spite of its hype, that includes Tesla’s Autopilot. With Super Cruise, drivers can take hands off the wheel as long as they’re on a “mapped” section of road. These have been mapped to a much higher level of precision than what a conventional in-car navigation system is capable of — typically down to a few inches.

Drivers still need to stay attentive and ready to retake control in an emergency — or when reaching the end of a mapped road. A special camera system monitors the driver and the vehicle will slow down if they grow inattentive or, say, distracted while using a smartphone.

Changing lanes

GM’s goal is to steadily add more features to Super Cruise. Last year, it added “Lane Change on Demand.” That let a driver tap the turn signal to change lanes, as long as the system thought it safe.

Super Cruise icon on GMC Sierra — Drivers know their GMC Sierra can use Super Cruise when the icon lights up on the gauge cluster.

The update on Sierra won’t even require driver input, as I discovered during a series of laps of the high-speed test track at the General Motors Proving Grounds in Milford, Michigan. When another vehicle cut in front and then slowed down, the pickup I was driving automatically moved to the left lane, executed a pass and then moved back over again.

The updated Super Cruise system continues to allow a driver to manually call for it to make a lane change by tapping the turn signal. I could also cancel an auto-pass by tightly gripping the steering wheel or tapping the turn signal in the other direction.

The 2022 GMC Sierra will also be able to use Super Cruise while towing — a common situation with the popular truck. However, the pickup won’t be able to executive auto lane changes or lane changes on demand while towing.

That’s because Super Cruise relies on a “sensor fusion” using cameras as well as an assortment of forward, side and rear-facing radar units. A trailer blocks out those looking rearward.

Additional advantages while towing

But another new Sierra feature is a welcome consolation prize. The current version of the truck can provide a driver 15 different camera views. These include side views, a look at the cargo bed and even a “transparent trailer” mode that uses a remote camera mounted on the back of the trailer to make it look like you can see through it.

Super Cruise driver assistance technology will launch on the GMC Sierra 1500 Denali in late 2021 or early 2022.

For 2022, the video display on the center console will appear to project a red box on the roadway that shows where another vehicle might be hidden in the trailer’s blind spot. That should make it easier and safer to change lanes while towing.

GMC is keeping mum about other changes to the 2022 model and made a point of noting the prototypes we drove were not accurate representations of the updated vehicle — just the new technology.

The 2022 GMC Sierra will go on sale some time late this year or early next year as a late ’22 entry. The ongoing shortage of semiconductor chips appears to be partly responsible for the slow rollout.

GMC officials also aren’t discussing pricing for the Super Cruise option. It is offered on different product lines for $2,500 and up. Meanwhile, GM plans to go to a subscription model that will offer buyers three years of free usage and then charge a $25 monthly fee after that.

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Rivian Electric SUV Shuttles Astronauts to the Pad

July 20, 2021 admin

A prototype Rivian SUV played a cameo role in today’s launch of Amazon founder Jeff Bezos and three other astronauts into space.

Amazon founder Jeff Bezos, second from left, rode to to the launch pad in a Rivian R1S.

The R1S is one of several battery-electric SUV and pickup prototypes used by Bezos’s Blue Origin rocket company at its launch site in Texas, and it “assist(ed) with launch-day transportation,” Rivian spokesperson Tanya Miller confirmed in an e-mail to TheDetroitBureau.com.

While the R1S may have played a secondary role in the events of the day, it was nonetheless a high-profile breakthrough for Rivian, which plans to put its first retail models into production this year. While Bezos’s launch got off on time, Rivian’s plans have been put on temporary hold.

A battery-electric car in the space race

The founder of online retail giant Amazon — and, until July 5, its CEO, Bezos is one of a small group of billionaires launching their own manned rocket companies. Tesla CEO Elon Musk’s SpaceX already serves as a taxi service for NASA astronauts and is planning a mission to Mars. British entrepreneur Richard Branson was one of several passengers on a hybrid Virgin Galactic rocket-plane to reach the edge of space earlier this month.

Bezos’s flight was shorter, but higher — at just 10 minutes, but a peak altitude of 66.5 miles — than Branson’s. Now Amazon’s executive chairman, he was joined by brother Mark Bezos, as well as Mary Wallace “Wally” Funk, and teenager Oliver Daemen, lifting off from a Texas launch pad atop Blue Origin’s New Shepard rocket. They eventually reached an altitude of just over 66 miles during their 10 minutes in space. At 82, Funk became the oldest person ever to earn astronaut wings, with 18-year-old Daemen the youngest.

Bezos drove a Rivian R1T back to the landing site later in the day.

The four, in their spacesuits, squeezed into a Rivian R1S for the drive from Blue Origin’s mission control to the pad where a Blue Origin New Shepard rocket waited for liftoff at 9 a.m. EDT.

More than serendipity

The use of the Rivian SUV wasn’t just serendipitous. Amazon is one of the startup’s biggest investors — as well as a major customer. A handful of all-electric Rivian vans are now being field-tested by Amazon Prime. The delivery service expects to field 100,000 this decade.

The R1S, along with the similarly sized R1T pickup, ride on a skateboard-like platform with batteries and motors mounted under the floorboards. Several different versions of the two models will be offered. The top-end R1S will use a 180 kilowatt-hour battery pack capable of up to 400 miles range per charge. Four electric motors, one driving each wheel, will deliver up to 800 horsepower and will be able to launch the battery-SUV from 0 to 60 in about 3 seconds. Prices will start at around $67,000.

They were supposed to go into production this month, but while the factory is slowly rolling out prototypes, volume production has now been pushed back until at least September, company sources confirmed.

Rivian CEO RJ Scaringe says issues related to the pandemic has pushed back the production starting time of the R1T and R1S.

Looking forward

“The cascading impacts of the pandemic have had a compounding effect greater than anyone anticipated,” Rivian CEO RJ Scaringe wrote to customers who have placed orders for the vehicles.

The auto industry, as a whole, has been hammered by the pandemic. The entire North American automotive manufacturing network closed for about two months in spring 2020, creating a huge shortage of not only fully assembled vehicles but automotive parts and components. The situation has grown even worse in recent months due to short supplies of semiconductors. That’s a particularly serious problem for electric vehicles that use even more microchips than conventional vehicles.

Along with the R1S, R1T, and the Amazon delivery van, Rivian is expected to launch a line-up of other products. It is also working with other investors, notably Ford Motor Co. The Detroit automaker had planned to develop a Rivian-based SUV for its Lincoln brand. That project has been scrapped but Ford and Rivian have signaled that they will jointly bring other products to market in the future.

Lexus Finally Gets Charged Up Over EVs

July 9, 2021 admin

The first Lexus electric vehicle will be a rapid, five-passenger SUV with a dramatic shape that previews the future of the Japanese luxury brand. As The Detroit Bureau has previously noted, Lexus and its parent company, Toyota, have not always been enamored by EVs. Toyota’s President and CEO, Akio Toyoda, called BEVs overhyped late last year, and he’s questioned their environmental benefits as countries plan to phase out sales of gas and diesel-powered automobiles.

While the debut of the Lexus LF-Z Concept and Toyota bZ4X show the two brands are moving ahead with full-electric models, their ambitions for EV models is far more muted than rivals like Volkswagen and General Motors. In total, Lexus will have 10 “electrified” vehicles in its lineup by 2025.

Keep in mind that Toyota and Lexus count hybrid models, even those without any electric-only range, as falling into the electrified category. This being said, Lexus’ first dedicated EV will be part of this grouping and promises to have the performance to match competing model like the Audi e-tron, Jaguar I-Pace, and Tesla Model X.

What you see is what you’ll get

In terms of design, the production version of the LF-Z should remain close to the concept. This includes highly sculpted sides, tapering tail, and a grille-less version of Lexus’ signature (and still controversial) spindle grille. The gaping maw found on current Lexus vehicles has been blanked off on the LF-Z Concept – and arguably looks better for it. Similar to today’s Jaguar I-Pace, the LF-Z seeks to bridge the gap between swept-back sedan and high-riding

2021 Lexus LF-Z concept rear — The 2021 LF-Z concept is just the latest LF concept car shown by Lexus.

The cabin of the LF-Z Concept offers fewer hints about what to expect when Lexus’ electric SUV rolls into dealerships within the next 3 years. The driver sits in a pod-like enclosure in which the right-side bottom of the seat sweeps upward and connects to the dash.

No big surprise, the dashboard consists of touch screens, three of them to be exact. And true to concept car norms, the end result looks extremely futuristic, mostly unfeasible for production, and incredibly uncomfortable. Why do concept car seats never have cushions of any sort?

What we know so far

Details like pricing, performance, and range are still under lock and key. While the Lexus EV will be based on the same platform as the Toyota bZ4X and Subaru Solterra, very few specifics about these joint-venture-engineered vehicles has been released up till now.

All three ride on versions of the jointly developed e-TNGA platform, and the Lexus variant will certainly have the upper hand when it comes to outright performance. While the LF-Z Concept boasted in excess of 500 horsepower and a range of nearly 400 miles, we expect those figures to float slightly back to Earth in the production model.

2021 Lexus LF-Z concept cockpit — The LF-Z’s battery-electric concept interior

A range of 250 to 350 miles sounds realistic, as does a 0-60 mph time of roughly 4.0 seconds – the LF-Z supposedly needed only 3.0 seconds for the same acceleration run. Lexus has stated its electric SUV will feature an advanced all-wheel drive system capable of shuttling power and grip extremely fast from wheel to wheel.

Lexus has said even less about pricing than it has any mechanical aspects of its first dedicated EV (the brand presently sells an electrified version of the UX crossover in Europe). An educated guess would put the production version of the LF-Z around $60,000-$70,000, which is right on point with rivals from Audi, Jaguar, and Tesla.

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CEO Musk Cancels New Model S Plaid+, Says “No Need”

June 7, 2021 admin

Tesla CEO Elon Musk revealed the long-awaited Model S Plaid+ has been cancelled.

Tesla CEO Elon Musk said the Model S Plaid+ was cancelled because the “regular” version was so good.

Normally, the sudden elimination of an entire trim level would be cause for alarm, but Musk — who as usual announced the move via Twitter — said the long-range Plaid was given the Ziggy because there was “No need, as Plaid is just so good.”

The new vehicle makes its public debut courtesy of a live stream delivery event at the company’s Fremont, California plant where it’s built June 10 at 10 p.m. EDT. Ever the promoter, Musk offered a little hype for the new model tweeting, “0 to 60mph in under 2 secs. Quickest production car ever made of any kind. Has to be felt to be believed.”

Musk introduced the Plaid not long after Lucid Motors began hyping the performance of its soon-to-arrive Air sedan. He wasn’t content to sit on the sidelines after the recent of introduction of the Lucid Air essentially put “Baby in the corner” with a 500-mile-plus range and stunning track times.

Performance beast

In addition to the sub-2-second sprint to 60, the Plaid runs the quarter mile in just 9 seconds — both besting Lucid’s public times for the Air — and with a range of at least 520 miles. Yup. It’s pricey, starting at $134,000, and it can be ordered now with delivery, according to the website in “late 2021.”

Musk also talked about the Plaid’s performance at Laguna Seca, which it scorched in a time of 1:30.3 and it could be about “3 seconds lower,” he noted during the company’s Battery Day last September.

It was rumored last week that Musk was contemplating adding rockets to the Plaid to get the 0 to 60 time down to 1.1 seconds. The tale claims Musk could source a pair of small rockets from SpaceX; however, it was quickly scuttled by experts noting that rocket power is notoriously uneven, which would cause the vehicle to be dangerously difficult to control.

Musk nor Tesla officials never commented on the possibility — for the Model S Plaid. However, the company confirmed in January they remain a possibility for the Roadster. It’s likely the rumor was a conflation of the details of the Roadster, which is also set to race from 0 to 60 in less than 2 seconds.

Competition from Lucid

Prior to the announcement of the Plaid edition, Lucid appeared to have stolen some thunder from Tesla, if only briefly. The sedan races to 60 mph in just 2.5 mph and handles the quarter mile in 9.9 seconds, although CEO Peter Rawlinson said he’s personally bested that time.

The sedan achieved what would be an industry-record 517 miles per charge in an EPA simulation run by the independent EV consulting firm FEV North America. That’s over 100 miles more than the newest and longest-range version of the Tesla Model S — prior to the Plaid — with only a slightly larger, 110 kilowatt-hour battery pack.

Rawlinson has made a big thing about the efficiency of the overall package known as the Lucid Air. Based on what we’ve learned so far, the sedan can muster an impressive 4.58 miles per kWh compared with 4.02 for the most efficient Tesla Model S.How much that efficiency will drop when you’ve got your foot to the floor is uncertain but you’ll certainly feel some neck-snapping performance, the Air claimed to hit 60 in 2.5 seconds, or about 0.2 seconds slower than the highest-rated version of the Tesla sedan.

2022 BMW 2 Series Coupes Coming Soon

May 28, 2021 admin

The 2022 BMW 2 Series coupes are on their way. Dynamic testing, drivetrain, and suspension tuning on the two-door compact are nearing conclusion. Production begins in the late summer of 2021.

The new BMW 2 Series is being described as more nimble, agile, and powerful than previous models.

Tuning and testing at Nurburgring’s Nordschleife and on public roads around Munich, the new 2’s drivability is key.

The 230i and M240i AWD will be the first out of the gate, with the 230i xDrive and M240i to follow.

The M240i xDrive has a 3.0 liter, inline 6-cylinder TwinPower turbo under hood, producing 382 horsepower. Backed up by a standard 8-speed sport Steptronic automatic, alas there’s no mention of a manual transmission option.

xDrive AWD systems have an M sport rear differential to add traction and stability while accelerating, according to BMW.

There’s a front lip spoiler, splitter, air curtains, deflectors, and underfloor covers for the fuel tank and rear differential. BMW attributes a 50-percent reduction in front-end lift to the aerodynamic package.

Twelve percent more torsionally rigid than its predecessor, BMW has also increased front and rear tracks to add rigidity.

New shocks enhance ride comfort, while better responding to road conditions. The optional Adaptive M suspension adds electronically-controlled shocks with settings that are more dynamic or comfort-oriented.

Improved road feel comes from new, stiffer front axle support bearings. Another option, variable sports steering, reduces steering effort while improving driving feel.

Meanwhile, the 2 Series is out there killing cones in pursuit of fine-tuning the suspension. We’ve not yet reached the point of cone conservation.

[Images: BMW]

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Connected Vehicle Sales Grow by 20 Percent in 2021

May 8, 2021 admin

Connected vehicle sales will grow 20 percent in 2021, with a 10.4 percent compound annual growth rate (CAGR) between 2020-2026 according to ABI Research, a tech market advisory group.

2020 new car sales dropped 15 percent, although it was less than anticipated. Consumers rallied at the end of 2020 and the first quarter of 2021, catching automakers with their days supply down. End users have become more demanding about their infotainment systems. According to ABI, there’s strong interest in connected vehicles, an opportunity OEMs are missing.

Hyundai’s partnering with Nvidia to standardize AI-based infotainment systems is one example. In ABI’s study, connected vehicles are reshaping the industry with more powerful infotainment systems. Nvidia, Qualcomm, Xilinx, NXP, and TSMC have platforms with greater AI-based functionality, and headroom for updates and apps.

Vehicles with connected infotainment will grow by 23 percent in 2021, returning to pre-pandemic levels, ABI claims. They say this is due to increased penetration in emerging market regions. The Ford and Google alliance shift to Android’s OS will double its penetration in 2023 and 2024. Google’s advantage occurred due to poor embedded system reviews, and existing smartphone dominance.

At present, connected vehicle subscriptions are not profitable. Sensor data marketplaces, OTA updates, and in-vehicle commerce could monetize connectivity during the vehicle’s lifecycle. To realize this potential, OEMs need to offer more compelling user experiences to increase touch points with their embedded systems, ABI advised.

Tesla, Mercedes-Benz, Volvo/Polestar, Harman, Visteon, and Aptiv are OEMs and tier ones heavily investing in connected vehicle technology. ABI Research’s connected cars report was the source. ABI provides research and guidance to technology firms, innovators, and decision makers, focusing on technologies that are changing industries, economies, and work forces. Their aim is to empower clients to stay ahead of the market and their competition, a lofty goal in the midst of chip shortages and divergent platforms.

[Image: Cadillac]

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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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Lyft Sells Self-Driving Business Unit to Toyota for $500 Million

April 27, 2021 admin

Lyft has been using the autonomous prototypes in the Las Vegas market.

Lyft Inc. sold its autonomous vehicle technology unit, Level 5, to Toyota Motor Co. for $550 million, following the lead of its rival, Uber Inc.

The company launched Level 5 in 2017 to build a self-driving system for its network of vehicles. The goal, ultimately, was to eliminate the need for drivers. The company grew to nearly 400 employees, but as Lyft continues to lose money overall, it needed to find ways to end its string of quarterly losses.

Not only will it get $550 million from Toyota, it will also stop funneling multiple millions of dollars into a development project with no finish line in sight for a payoff. Lyft gets $200 million immediately and the remaining $350 million will be paid in installments during the next five years.

Uber finalized a similar deal last fall, selling its autonomous vehicle unit called Advanced Technology Group to Aurora led by former Waymo chief Chris Urmson for $400 million.

Immediate financial relief

Lyft has provided 100,000 self-driving rides as part of its autonomous technology development.

The ride-hailing company said selling its Level 5 subsidiary puts it back on the path to profitability. First and foremost, it cuts $100 million of annualized non-GAAP operating expenses on a net basis, Co-founder and President John Zimmer noted in the announcement.

“Assuming the transaction closes within the expected timeframe and the COVID recovery continues, we are confident that we can achieve Adjusted EBITDA profitability in the third quarter of this year,” Zimmer said in a statement.

The company isn’t getting out of the robotaxi business. It’s already partnered with Motional and Waymo to develop self-driving tech and now it will just rely on that partnership to move toward autonomous vehicles. Working with the pair, Lyft’s already provided more than 100,000 self-driving rides in its vehicles in the last three years.

However, Lyft can now focus on what it can do best with autonomous vehicles by offering services such as routing, consumer interface and managing, and maintaining and cleaning partners’ autonomous vehicle fleets, which could mean added revenue, it said.

Uber made a similar choice

Lyft’s deal is similar to Uber’s move last December to sell its Advanced Technology Group, or ATG, to Aurora, the autonomous vehicle technology company founded by Google and Waymo veteran Chris Urmson. The deal came in at $400 million.

Uber CEO Dara Khosrowshahi noted after the sale of its ATG unit the company’s path to profitability had been shortened.

AVs were a critical component of the path to profitability by Uber, which now relies on part-time drivers or gig workers to ferry passengers, using its celebrated phone app. Uber invested huge sums in its internal AV project; however, was crippled in 2018 when one of its test vehicles struck and killed a pedestrian in Tempe, Arizona. It never really recovered.

Uber also ended up with a 26% ownership interest in Aurora on a fully diluted basis, the company said in a filing.

Aurora and Uber agreed to collaborate to launch self-driving vehicles on its ride-hailing and food delivery network. Uber is also working on building out its freight logistics platform but is not operating its own trucks at present.

The completion of the deal caused Uber’s CEO Dara Khosrowshahi to utter a familiar refrain to Reuters: “This essentially advances our path to profitability.” He said the deal should put the company on track for profitability by the end of this year, largely due to the fact Uber would no longer be investing vast sums of cash into ATG.

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