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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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EV Interest on the Rise, But Purchases Coming When Prices Drop, Study Says

April 12, 2021 admin

Interest in electric vehicle ownership continues to grow, but prospective buyers want prices to drop before they commit to buying one.

While EVs have been in the news a lot lately, consumer concerns about the cost of an initial purchase are a real thing.

Those worries came to light as part of a survey by OC&C Strategy Consultants, Reuters reported. Consumers around the world are much more interested in purchasing EVs than ever before, the study showed, but remain wary about the price of battery-powered cars, which are generally more expensive than their internal combustion engine counterparts.

The report shows that more than half of potential new-car buyers in Italy and France are interested in purchasing an EV. Numbers in the U.K. and the U.S. are even higher — 81% and 61%, respectively.

This problem is nothing new. U.S. News & World Report reported last year EVs are frequently more expensive up front than comparable gas-powered vehicles. “Sticker shock” can turn shoppers away from EVs, especially since initial prices are more widely considered than the overall cost to own.

But concerns about initial cost remain a barrier.

Automakers are preparing an overwhelming number of electric vehicles for U.S. consumers.

Of the consumers likely to buy an EV, 69% said they would not pay more than a $500 premium compared to a gasoline-powered car — an unlikely scenario without government subsidies.

Countries with purchase incentives have seen a faster uptick in EV sales and European countries have introduced several generous incentives.

Help might be on the way in the U.S.

President Joe Biden recently unveiled a $2.3 trillion infrastructure plan for the country. Included is a proposed $174 billion to promote U.S. EV manufacturing, sales and the development of infrastructure.

Part of the sales promotion part is to give EV buyers “point of sale” rebates and tax incentives to buy American-made EVs. This reflects the reality that consumers are still worrying about purchase costs.

And OEMs are also aware of the cost problem. One solution is to reduce the cost of EVs, and some are moving in that direction. GM spokesman Phil Lienert said that GM sees a lot of promising technological improvements that will really help reduce EV costs to the consumer.

GM showed of its third-generation global electric vehicle platform with its Ultium battery technology.

“Our third-generation EVs will use the Ultium platform,” Lienert said. “This is about 40% less expensive than the Bolt EV platform. We are working to get that number closer to 60% less expensive.”

And as production of EVs ramp up, economies of scale kick in, further reducing EV prices. But despite the dropping costs of batteries and EVs, it is believed that consumers still need incentives to buy more expensive electric cars.

To help with that, Biden plans to extend the current $7,500 federal tax credit, an amount that diminishes for vehicles built by automakers including Tesla and General Motors that already have sold more than 200,000 electric vehicles. Biden could eliminate that 200,000 ceiling as well as enhance incentives for EV buyers in disadvantaged communities.

Incentives matter

“EV buyers love their cars, even there are challenges along the way,” said Joel Levin, executive director of Plug In America, an EV owners advocacy group in February.

Already the top seller of EVs in the world, Tesla would definitely benefit from the reinstatement of the $7,500 tax credit for buying a battery-powered car.

The phase out of federal tax credits, said Levin. Both Tesla and General Motors no longer can offer the $7,500 incentives after hitting a Congressionally mandated sales threshold. Nissan and Ford are approaching the phase-out point, as well.

“It certainly hurts the market, especially for those who want to buy American,” said Levin.

While the upfront cost of purchasing an EV might be higher than an ICE car, there are other cost factors to consider.

Throughout a vehicle’s lifetime, the cost maintaining the typical vehicle powered by an internal combustion engine will add up to around 6.1 cents per mile, according to research by Consumer Reports. By comparison, BEV owners can expect to spend about 3.1 cents per mile. Surprisingly, the study found that maintaining a plug-in hybrid, such as the Toyota Prius Prime, can be even slightly less expensive, at 3 cents per mile.

“Electric vehicle owners don’t need a coupon to get half-off typical maintenance and repair costs from their dealer, it comes standard,” said Senior Transportation Policy Analyst Chris Harto, author of the study which is based on real-world data from Consumer Reports. “These savings are going a long way to offset the upfront costs for consumers.”

The 2021 Ford Mustang Mach-E Premium is part of the wave of new EVs coming available.

Sell the concept, not individual concerns

GM spokesman Stuart Fowle said the company’s goal is to reach beyond early adaptors and tech nerds. To do that GM plans to launch 30 new EV models by 2025.

“I have two children,” Fowle said. “I need a car bigger than a Bolt but I don’t need one as big as a Hummer. Once you get a line-up that matches consumer needs, you can sell EVs.”

But selling EVs is not about going line by line and saying they are cheaper in the long run or easier to maintain or improving range, Fowle said. It’s about getting the public comfortable with the tech.

As more consumers see friends and neighbors drive EVs, a tipping point will be reached where people will feel left out if they don’t buy an EV.

“That day is coming sooner than many people think,” Fowle said.

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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If You’ve Gotten a Dog, It May be Time to Get a Different Car

August 24, 2020 admin

Nissan’s Rogue Rogue project shows off the maker’s ability to make travel safe and convenient for dogs, which is important as National Dog Day approaches.

People are coping with being cooped up inside in different ways, including expanding their families by adopting pets at a rapid rate. Adding a pet is a big responsibility, making sure you have everything you need at home is important – as is getting that new family member home.

Fortunately, finding the right vehicle for your new family member won’t be as difficult as you may think. Each of the last seven years in honor of National Dog Day on Aug. 26, AutoTrader.com partners with Dogtrader.com to create a list of top vehicles for dogs.

“Trips around town or to local destinations have become an important part of our lives these last few months and for many people, that means bringing along their pets as they hit the road,” said Brian Moody, executive editor at Autotrader.

(Subaru lets the dogs out.)

Automakers offer a variety of accessories that allow man’s best friend to travel in comfort and safety.

“To help new car buyers that are traveling with four-legged friends, we’ve carefully curated a list of the best cars that offer great comfort and safety features while also making the lives of pet parents just a little easier.”

To get on the list, these vehicles must offer some form of unique advantage to dog owners. The vehicles on this year’s list are in alphabetical order and include:

2020 Audi Q5
2020 Chrysler Pacifica
2020 Honda Fit
2020 Hyundai Kona
2020 Jeep Wrangler
2020 Kia Soul
2020 Subaru Outback
2020 Tesla Model Y
2021 Toyota Sienna
2020 Volvo V60

These vehicles have features aimed at keeping both humans and dogs safe for the ride ahead – including large rear doors, low cargo floors and even “dog mode.”

(Nissan Rogue projects cater to canines.)

Several automakers offer pet-related accessories that can be purchased from dealers, ranging from seat covers to safety harnesses (i.e. seat belts) to pet ramps or stairs. Tesla even offers Dog Mode in its vehicles, which keeps the car at a safe temperature for dogs while posting a note on its center screen letting anyone who looks inside the dogs are safe and the owner will be back shortly.

Tesla has Dog Mode in its vehicles.

In addition to the top car recommendations, Autotrader also provides the top tips for traveling with your pets, how to keep your car looking its best for summer road trips and a list of pet friendly car accessories.

To celebrate National Dog Day, AutoTrader and DogTrader features limited-edition dog vests, to make dog hair clean up quick and easy while on the road, keeping your vehicle looking its best. Available exclusively on Autotrader’s dog-focused website, Dogtrader.com, dog parents can enter for a chance to win this limited-edition accessory for their furry companion from Aug. 24 through Sept. 14.

(Tesla pushing for FCC approval on sensor for child detection system.)

Prospective pet parents can also search for local dogs on Dogtrader.com, searching for that perfect make and model to become a new part of their family. Through a donation to Adopt-a-Pet.com, Autotrader is also driving home its mission is to help get homeless dogs out of shelters and into loving homes.

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