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Recent Posts
- Toyota Selects North Carolina for New Battery Plant
- Hagerty Debuts as a Publicly Traded NYSE Company
- First 2022 Toyota Tundra Built in Texas
- Mercedes-Benz to invest €60B to be Electric Only
- Immunomedics CFO Charged with Insider Trading
- Ford Motor US Sales Up in November
- EV Gold Rush – GM, Posco to Build New Plant
- Solid State Batteries: Factorial Energy Parade Adds Stellantis
- Solid State Batteries Lure Mercedes-Benz to Factorial Energy
- Volkswagen Recalls Atlas SUVs for Sudden Air Bag Explosions
- Stellantis Has Lithium Supply Deal with Vulcan Energy
- Don’t Aim Holiday Laser-Light Displays at the Sky
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- Mercedes-Benz to invest €60B to be Electric Only | AutoInformed on Shareholders Vote to Spin-off of Daimler Truck, Rename Daimler AG to Mercedes-Benz Group
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Hagerty Debuts as a Publicly Traded NYSE Company
The transaction values Hagerty* at a pro forma enterprise of, gulp, ~$3.1 billion. Net proceeds of ~$265 million it’s claimed will be used to advance Hagerty’s growth. Hagerty is self-described as an automotive lifestyle brand and a leading specialty insurance provider focused on the global automotive enthusiast market. The firm has been close to the automotive Concourse scene with financial support, particularly in the US. It also sponsors classic car ride-and-drives associated with classic auto shows or events. Continue reading
First 2022 Toyota Tundra Built in Texas
In 2019, TMMTX announced an investment of $391 million to prepare for production of the 2022 Tundra, pushing its cumulative investment to more than $3.1 billion. The investment helped TMMTX prepare for production of the next generation Tundra by expanding its facility by 141,000 linear feet – equivalent to 470 football fields – for un-named new processes and technologies to bring the redesigned truck to customers. This included preparations to assemble a hybrid electric version Tundra – the brand’s 12th electrified vehicle. TMMTX is relatively small with the annual capacity to only build 208,000 vehicles. Continue reading
Mercedes-Benz to invest €60B to be Electric Only
The Supervisory Board agreed to an investment plan for the years 2022 to 2026 of more than €60 billion. Mercedes-Benz claims it will reduce capex, research and development expenses for the electrification of the product portfolio and digitalization processes, including steps towards automated driving, albeit at an admittedly high level. Needed to do this is an increase net revenues per vehicle. In addition, a gradual shift toward a direct sales model, which includes control over pricing, is being sought. Rising revenue from digital services will further support results. Continue reading
Immunomedics CFO Charged with Insider Trading
Herewith the, err, lowlights from the SEC legal action: while serving as CFO of Immunomedics, Usama Malik learned that the FDA had permitted the company to halt a clinical trial for a breast cancer drug because the existing trial data provided compelling evidence that the drug was effective. Malik – who was subject to a trading “black-out” that prohibited him and anyone living in his household from purchasing Immunomedics stock – immediately told Lauren S. Wood, with whom he lived at the time, as well as three family members. Wood and two of the family members then bought Immunomedics stock, as did an account in the name of the third family member’s spouse. Continue reading
Ford Motor US Sales Up in November
As usual Ford Motor should consider changing its name to Ford Truck. Ford brand SUVs achieved record November retail sales on the success of new products. Sales increased 25.6% y-o-y to a total of 66,390 vehicles. The Bronco family had its highest combined sales since launch – totaling 19,773 SUVs, which to put it in perspective is less than the output of one assembly plant on an annual basis. Sales of Lincoln’s new Nautilus increased 24.9% y-o-y. Year-to-date, sales of the new Nautilus are up 14.6%. While inventory is scant, Lincoln took in a record number of new retail vehicle orders last month, totaling 2,600. Mustang Mach-E sales increased 8.4% from October on sales of 3,088 SUVs, though as a latecomer it still trails Tesla’s Model Y by a wide margin. Continue reading
EV Gold Rush – GM, Posco to Build New Plant
“We are building a sustainable and resilient North America-focused supply chain for EVs covering the entire ecosystem from raw materials to battery cell manufacturing and recycling,” said Doug Parks, GM executive vice president, Global Product Development, Purchasing and Supply Chain. Analysts will not that Korean owned Posco’s operating income and net income have declined in 2019 and 2020. The GM deal – if it works – will be beneficial to the company, which also has close business ties with China. Continue reading
Solid State Batteries: Factorial Energy Parade Adds Stellantis
The agreement also includes a strategic investment from Stellantis. Mercedes-Benz also has invested in Factorial in what were in effect concurrent announcements. Stellantis announced in July 2021 its target of having the first competitive solid state battery technology introduced by 2026. Solid-state batteries exist as automotive vaporware currently so all the usual caveats about Forward Looking Statements apply. Continue reading
Toyota Selects North Carolina for New Battery Plant
The $1.29 billion investment made by Toyota and Toyota Tsusho is partially funded from a total investment of approximately $3.4 billion previously announced in October. The plant is expected to create 1,750 new American jobs. Continue reading →