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☆ Luminar CFO defends lidar maker's pricing and revenue in the wake of a Goldman downgrade
▼ + stars: | 2023-03-24 | by ( John Rosevear | ) www.cnbc.com time to read: +3 min

A Mercedes-Benz van retrofitted with different types of lidar systems, including Luminar's Iris, to showcase the differences in the technologies. Lidar maker Luminar Technologies , stung by a recent Wall Street downgrade, is responding in an unusual way: taking its case directly to the shareholders. "We continue to see Luminar as one of a handful of leaders in the very competitive lidar industry," Delaney wrote. "'Premium pricing' isn't a theoretical concept we are forecasting, but an achievement we have already made in our major customer contracts," Fennimore wrote in the shareholder letter. And the second point Fennimore says Goldman missed: The time frame Delaney chose to compare Luminar's valuation against those of its rivals.

☆ From Tesla to under-the-radar battery stocks: Wall Street has a playbook for the EV boom
▼ + stars: | 2023-03-20 | by ( Zavier Ong | ) www.cnbc.com time to read: +4 min

The bank's "Battery Electric Vehicles Basket" comprises several stocks across the EV supply chain, including automakers Rivian , Lucid and Li Auto . This may be the opportune moment for Chinese EV brands to knock on the doors of Europe." Among the Chinese EV makers, BYD, Nio and Xpeng are "the ones to watch," according to Bernstein. "We expect Chinese EV players to find better success targeting the compact, mass market EV segment that has so far been under-penetrated in Europe," the bank said. Tesla and under-the-radar plays Tesla is one of Deutsche Bank 's top picks in the EV space.

☆ Volvo Buses to restructure in Europe, hitting 1,600 jobs
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

OSLO, March 16 (Reuters) - Volvo Group (VOLVb.ST) will restructure its European bus-making operation in a bid to restore it to profitability, divesting from a Polish plant and axing 1,600 jobs, the Swedish company said on Thursday. Volvo Buses will change its business model in Europe to focus on chassis production while cooperating with external companies for the bodybuilding, in line with a strategy pursued in other markets, it said. "The decision to end the production of complete buses and coaches will impact approximately 1,600 positions at Volvo Buses, whereof around 1,500 are based in Wroclaw," the group said in a statement. Volvo will still have more than 2,100 employees in Poland working at Volvo Trucks, Volvo Construction Equipment and group support functions, the company added. ($1 = 10.5567 Swedish crowns)Reporting by Terje Solsvik, editing by Gwladys FoucheOur Standards: The Thomson Reuters Trust Principles.

☆ Automakers are using a legal loophole to get customers an extra $7,500 tax credit — and business is booming
▼ + stars: | 2023-03-09 | by ( Alexa St. John | ) www.businessinsider.com time to read: +4 min

Automakers might pass along the commercial EV credit to customers that lease their EVs. Last summer's Inflation Reduction Act introduced rules for new and used EVs to qualify for crucial tax credits. Startup Lucid, along with at least 10 "traditional" automakers, are leveraging the commercial credit, according to data from J.D. Meanwhile, automakers are interested in leasing EVs in part due to the commercial and used EV tax credits. Being able to pass along the commercial EV credit could bring in customers that might not have otherwise considered electric.

☆ Startup from ex-Apple team raises $100 million, works with OpenAI
▼ + stars: | 2023-03-08 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

March 8 (Reuters) - Humane Inc, a startup founded by former Apple Inc (AAPL.O) employees, said on Wednesday it has raised $100 million and will release its first products this spring. Sam Altman, OpenAI's founder and a previous Humane investor, participated in funding round on Wednesday, the company said. Humane also said that Microsoft Corp (MSFT.O), which has built a massive cloud computing infrastructure specifically for AI, took part in the funding round. Humane said it will partner with Microsoft's cloud to bring Humane's software services platform to market. Reporting by Stephen Nellis in San Francisco Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ His Porsche Looks Like a Glass of Rosé on Wheels
▼ + stars: | 2023-03-04 | by ( A.J. Baime | Photographs Winni Wintermeyer For The Wall Street Journal | ) www.wsj.com time to read: 1 min

John Paolo Canton , 40, head of communications at Polestar (an electric-vehicle brand recently launched by Volvo Cars), who lives in San Francisco, on his 1968 Porsche 912, as told to A.J. In 2005, I met a new friend named Pete at the Road America racetrack in Wisconsin. He had a Ducati dealership and was involved in racing, and I worked with racing motorcycles. On the day I met him, he had this Porsche 912 with him. He had restored the car and painted it a strawberry-red that was highly unusual, not just for a Porsche, but for any car.

☆ Volvo Cars' sales rise 22% in February
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: 1 min

COPENHAGEN, March 3 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Friday sales grew 22% year-on-year in February to 51,286 cars helped by a jump for its recharge models, sending its shares up. Volvo Cars, which is majority-owned by China's Geely Holding (0175.HK), said in a statement sales of fully electric cars soared 187% to account for 19% of total sales. All recharge models, also including those not fully electric, were up 49% to account for 40% of total sales. Volvo Cars' shares rose 3% in early trade. In January, the group's total car sales were up 2% as they were held back in China by Chinese New Year calendar effects.

"We will not engage in a price war...we are aiming to become a very premium sportscar company...," chief executive Thomas Ingenlath told Reuters. "It's very clear that this is a completely different aim from where Tesla is going, with 20 million cars per year." Demand for electric cars has weakened for U.S. EV startups Rivian (RIVN.O) and Lucid (LCID.O), with both carmakers forecasting 2023 production well below analyst estimates. But Polestar reaffirmed the 2023 production outlook it gave in January of 80,000 cars, up from the roughly 51,000 it delivered in 2022. The company reported a gross profit of $61.9 million versus a loss of $0.2 million in the same quarter in 2021.

☆ Polestar cuts annual losses in half as it ramps up EV production
▼ + stars: | 2023-03-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Swedish electric vehicle maker Polestar cut its annual net losses in half last year, while revenue surged and it attempted to set itself apart from other EV startups. The company on Thursday reported an 84% increase in revenue for 2022 to roughly $2.5 billion as it exceeded a 50,000-vehicle delivery target. The majority of that increase will come from an updated Polestar 2 EV, according to Ingenlath. The company is releasing two new EVs this year – Polestar 3 and Polestar 4 – that are expected to hit their production strides in 2024. Polestar's relatively positive results come after other EV startups like Lucid , Nikola and Rivian reported ongoing problems with supply chains and production, causing them to miss production or sales targets.

☆ U.S. business equipment borrowings grow 6% in January - ELFA
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

Feb 24 (Reuters) - U.S. companies borrowed 6% more in January to finance equipment investments from a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Friday. New business volume, however, was down 32% month-on-month after the typical end-of-quarter, end-of-year spike in new business activity. ELFA, which reports economic activity for the $1 trillion equipment finance sector, said credit approvals were 75.1%, down from 76.6% in December. Washington-based ELFA's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in February stood at 51.8, an increase from 48.5 in January.

☆ Luminar, Mercedes-Benz expand deal for self-driving tech
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - Self-driving sensor maker Luminar Technologies Inc (LAZR.O) announced an expanded partnership with Mercedes-Benz Group (MBGn.DE) on Wednesday to enable fully automated driving for its next-generation vehicles. Automakers from Tesla Inc (TSLA.O) to General Motors (GM.N) are focusing on autonomous vehicles, but technological and regulatory hurdles remain. Tech firms such as Alphabet Inc's (GOOGL.O) Waymo and Aptiv-Hyundai Motor joint venture, Motional, are also looking to develop autonomous vehicles for commercial use. Luminar and Mercedes-Benz had announced a partnership in January last year. Palo Alto, California-based Luminar also said it plans to build a factory in Asia to support the multi-billion dollar deal.

☆ These are the best car brands of 2023
▼ + stars: | 2023-02-17 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Consumer Reports released a list of top car brands Thursday. Consumer Reports released its list of the top car brands for 2023 on Thursday. Taking the bottom five spots are Mitsubishi, Alfa Romeo, Jaguar, Jeep, and Land Rover, with Land Rover at the very bottom. Consumer Reports ranked brands first by determining a road-test score using braking, handling, comfort, convenience, and fuel economy evaluations. The other domestic brands fell in the bottom-third of the rankings.

☆ Ford warned F-150 Lightning owners about separate EV battery issue before this month's fire
▼ + stars: | 2023-02-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

DETROIT – A defective battery that caused a Ford F-150 Lightning in the company's possession to catch fire earlier this month isn't the only problem the Detroit automaker has recently experienced with its new all-electric pickup truck. For Ford, the F-150 Lightning problems are part of ongoing quality and operational issues, as outlined by CEO Jim Farley to investors days before the fire occurred in a Ford holding yard. The amount of "customer service actions" Ford has issued for the F-150 Lightning since its launch in April 2022 was not immediately available. The F-150 Lightning is being closely watched by investors, as it's the first mainstream electric pickup truck on the market and a major launch for Ford. Ford does not release production data for the F-150 Lightning, however the company sold more than 2,200 of the vehicles last month.

☆ Hyundai starts EV subscriptions for those who only need a car sometimes
▼ + stars: | 2023-02-10 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

Users can reserve Hyundai electric vehicles using a smartphone app. Porsche also has a car subscription program available in 14 cities, according to Porsche’s web site. However, the Hyundai Evolve+ program doesn’t include any support for charging such as help installing a home charger or included access to public chargers. “We’re currently exploring ways to include the charging with the subscription,” Hyundai spokesman Miles Johnson said in an email. “It also could be a way to help drive the adoption of electric vehicles, providing EV intenders a platform to test electric vehicles without the long-term commitment.”

☆ Where EV trucks are going to hit the road first
▼ + stars: | 2023-02-10 | by ( Kaitlin Balasaygun | ) www.cnbc.com time to read: +5 min

Due to the limitations that EV truck batteries face in mileage range, they're best suited for drayage transportation, or the movement of goods across short distances. So, trucking companies are making efforts to develop short-haul EV trucks and put them to use at ports and intermodal logistics facilities. How electric trucks navigate long-haul shipping is one of the main issues that the trucking industry faces as it looks to expand EV usage. Performance Team, a subsidiary of shipping giant Maersk, deployed Volvo short-haul EV trucks in Southern California for distribution facilities and warehouses starting last October. Regardless of how these EV trucks are being deployed to lower carbon emissions, the goal is also for them to save the trucking companies money.

☆ Gigapresses - the giant die casts reshaping car manufacturing
▼ + stars: | 2023-02-10 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +5 min

GIGAPRESS 9,000Metal and plastic die casting has been largely used in manufacturing, but its application to large aluminium underbodies in carmaking is relatively new. The global aluminium die casting market was worth almost $73 billion last year and is projected to top $126 billion by 2032, according to an AlixPartners analysis based on Apollo Reports data. Ralf Bechmann of manufacturing consultant EFESO said the benefits of die casting would push it "to be applied to an increasing number of new models of BEV vehicles, also by other manufacturers". Yet not all automakers are convinced, and EFESO's Bechmann cautioned that large module die casting required product design to be "super solid". After initially considering die casting for its upcoming Trinity model, Volkswagen (VOWG_p.DE) has backtracked, while BMW (BMWG.DE) has never expressed an interest.

"We don't see (price cuts) at this point in time," Rowan told Reuters. "Demand for our (battery electric vehicles) is the highest that we've ever seen, the backlog for that as well." Those price cuts are expected to hit EV startups like U.S. firm Rivian RIVN.O more than established brands. Henrik Fisker, CEO of U.S. EV maker Fisker (FSR.N), told Reuters he also has no plans to lower prices, arguing that the EV startup's cars were already competitively priced. Despite the price cuts, some suppliers say they have seen no EV production surge so far.

☆ UK scientists found a way to slash nearly 90% of carbon emissions from the country's steel industry
▼ + stars: | 2023-02-09 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

Now, researchers at the University of Birmingham have developed a process to clean up the most carbon-intensive part of the steelmaking process: blast furnaces. Currently, coking coal and iron ore are fed into furnaces and heated to sky-high temperatures to create liquid iron, which is then refined into steel. About 70% of steel used around the world for buildings, cars, and household appliances is made this way. For every metric ton of steel produced, nearly two metric tons of carbon dioxide is released into the atmosphere, according to the World Steel Organization. Kildahl described it as a "closed-loop" system that captures and recycles carbon dioxide to trigger the chemical reactions that convert iron ore into steel.

☆ The Magic of Your First Car
▼ + stars: | 2023-02-09 | by ( Adali Schell | Remy Tumin | ) www.nytimes.com time to read: +1 min

The ability to get behind the wheel of a car for the first time and go anywhere is a distinct American rite of passage. For many young people, their first car grants them a freedom to explore their city on an intimate level, with their windows down and music blasting – and away from the prying eyes of parents. The photographer Adali Schell, 21, grew up in Los Angeles and spent last summer documenting the members of his creative community in their cars. Finding a place to belong “feels so scarce” in L.A., Adali said. But in the confines of an old Mercedes Benz (now powered by vegetable oil), a former taxi cab, a beat-up Volvo and a “mom” car, this group of artists and students found “a stronger sense of self and sense of security.”

Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding (0175.HK), said its fourth-quarter operating profit dropped to 3.4 billion crowns ($322.2 million)from 3.7 billion crowns a year earlier. "Despite the global turbulence, uncertainty and our recent price increases, we continue to see healthy demand for our cars," Volvo Cars said, adding it expected a "solid" double-digit growth in retail sales during 2023. Volvo Cars and its peers have faced lingering chip shortages over the past year that have periodically hit manufacturing with the Sweden-based company forced at times to halt production at some factories temporarily. However, Volvo Cars reaffirmed its mid-decade targets, which include by 2025 selling 1.2 million cars per year. This, like Volvo, is despite its vehicles sales rising.

☆ A Swedish-made fighter jet could tip the scales against Russia in Ukraine, but it might not get there any time soon
▼ + stars: | 2023-02-05 | by ( Sebastien Roblin | ) www.businessinsider.com time to read: +16 min

Ukraine's air force remains in the fight almost a year after Russia's shambolic invasion. Sooner or later, Ukraine must induct new jet fighters into service — and they sure aren't buying them from Russia. JAS-39 Gripen: background and capabilitiesA Swedish JAS 39 Gripen at Bobo, Norway in October 2018. A Hungarian Air Force JAS-39 Gripen in August 2010. JAS-39 Gripen vs. F-16A US Air Force F-16 takes off from Aviano Air Base in Italy in June 2020.

☆ Chinese New Year slows Volvo Cars' sales growth in January
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

Volvo Cars, which is majority-owned by China's Geely Holding (0175.HK), said the increase at group level was led by markets such as Britain, Italy and Belgium while in China sales fell 20% due to the timing of the Chinese New Year. It said fully electric vehicles accounted for 16% of total sales. Recharge models, also including those not fully electric, accounted for 41%. In December, the car sales growth stood at 13%. In 2022, sales were down 12% for the full year.

☆ Exclusive: Volvo readies EV blitz in biggest product revamp under Geely
▼ + stars: | 2023-02-02 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +3 min

[1/5] A Volvo S60 is displayed during the inauguration of Volvo Cars first U.S. production plant in Ridgeville, South Carolina, U.S., June 20, 2018. The Swedish carmaker, wholly owned by China’s Zhejiang Geely Holding Group, is expected to launch at least six new battery electric vehicles through 2026, the two people told Reuters. The previously unreported product plans amount to the largest revamp of Volvo’s model line-up since Geely acquired the brand from Ford Motor Co (F.N) in 2010. Under Geely, Volvo initially started to share technologies such as car platforms with Geely. Volvo has carved out and sold its gasoline engine and hybrid powertrain operations to Geely.

☆ Factbox: Investments flow to automated vehicles in non-auto settings
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

Feb 1 (Reuters) - Corporate and private investors have turned from funding autonomous trucks and passenger cars to companies and applications in a variety of non-automotive settings, from construction and mining to airports and agriculture. Among them:Company: Aurrigo (AURR.L)Headquarters: Coventry, UKStatus: publicFounded: 1993Focus: urban & airport shuttlesMarket capitalization: $40 millionCompany: OxboticaHeadquarters: Oxford, UKStatus: privateFounded: 2014Focus: passenger shuttles, warehouse vehicles, last-mile deliveryInvestors: ZF, BP, Ocado, Eneos, AXA, TencentMoney raised: $256 millionValuation: $720 millionPartners: ZF, BP, OcadoCompany: EinrideHeadquarters: Stockholm, SwedenStatus: privateFounded: 2016Focus: logistics yardsInvestors: Maersk, Ericsson, TemasekMoney raised: $655 millionPartners: Maersk, Bridgestone, InBev, GECompany: OutriderHeadquarters: Golden Colorado, USAStatus: privateFounded: 2017Focus: yard & warehouse vehiclesInvestors: Nvidia, Sumitomo, Abu Dhabi Investment FundMoney raised: $200 millionValuation: $550 millionCustomers: Georgia-PacificCompany: TeleoHeadquarters: Palo Alto, California, USAStatus: privateFounded: 2019Focus: construction & mining equipmentInvestors: UP Partners, Trucks, F-Prime, K9Money raised: $12 millionValuation: $44 millionCompany: Parallel SystemsHeadquarters: Los Angeles, USAStatus: privateFounded: 2020Focus: railcarsInvestors: Anthos, Congruent, Embark, RiotMoney raised: $53 millionValuation: $188 millionCompany: KodiakHeadquarters: Mountain View, California, USAStatus: privateFounded: 2018Focus: trucks, defense vehiclesInvestors: BMW, Bridgestone, PilotMoney raised: $198 millionValuation: $506 millionCustomers: IkeaCompany: Fox RoboticsHeadquarters: Austin, Texas, USAStatus: privateFounded: 2017Focus: forkliftsInvestors: Menlo, Eniac, Congruent, AMEMoney raised: $33 millionCompany: Apex.AIHeadquarters: Palo Alto, California, USAStatus: privateFounded: 2017Focus: agriculture equipmentInvestors: Toyota, Airbus, Agco, Daimler Truck, ZF, Jaguar Land Rover, Volvo Group, Hella, ContinentalMoney raised: $74 millionValuation: $297 millionSources: PitchBook, companiesReporting by Paul Lienert in Detroit Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

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LONDON/HONG KONG, Feb 1 (Reuters Breakingviews) - China has been a golden goose for western carmakers like Volkswagen (VOWG_p.DE) and BMW (BMWG.DE). Chinese groups like electric vehicle leader BYD (002594.SZ), (1211.HK) are targeting foreign markets. At JATO’s estimate of 56,000 euros, the average price of an electric vehicle in Europe is still too high for most punters. The lower cost of manufacturing in China may help Chinese carmakers absorb tariffs, while western groups could suffer from reprisals. The result may be that western groups have to jostle for a smaller place in their home markets but also cut prices, hurting profitability.

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