Daimler is doing better, Nikola has become less convincing in the sun, Foxconn is getting more than cars, and BMW has given a recall due to fire. All that and more The Morning Shift for October 16, 2020.
1st Gear: Daimler Is Better Than Expected In The Third Quarter
So is Volvo, but that’s Volvo the truck manufacturer not Volvo the car maker. This rebound is not expected by analysts, but you have to think that a rebound of car sales will take place sooner or later.
Daimler shares rose 4.5% on Friday after the expensive carmaker posted results beating third-quarter results, boosted by a better-than-expected rebound in luxury car sales in September. .
European car registration rose sharply in September, the first increase this year, industry data showed on Friday, suggesting a recovery in the auto sector in some European markets where coronavirus infections are lower .
Sweden truckmaker AB Volvo VOLVb.ST also posted third-quarter earnings above the forecasts thanks to a healthy jump in orders.
Daimler’s third-quarter earnings before interest and taxes reached 3.07 billion euros ($ 3.59 billion), he said late Thursday, beating the 2.14 billion euro Refinitiv consensus.
2nd Gear: Foxconn Climbs Cars
You can find out about Foxconn as the maker of iPhones and a ton of other electronics. The Taiwanese company also has an interest in cars, where Bloomberg says it becomes more serious.
On Friday, it announced the first electric vehicle chassis as well as a software platform aimed at helping EV makers deliver models to market faster. The company has also unveiled plans to release a solid-state battery before 2024 that could replace the more commonly used lithium-ion batteries in electric vehicles.
Chairman Young Liu, who took over from founder Terry Gou in July 2019, turned to the emerging automotive, robotics and medical applications sectors to boost profitability amid the growth of smartphone units in the past. years. Apple Inc. still accounts for nearly 50% of Hon Hai’s overall sales, also known as Foxconn Technology Group, but the company seeks to diversify from its role as collector of consumer electronic goods such as Macbooks and Sony Playstations.
The company targets a 10% share of the EV market by 2025, with approximately 3 million vehicles using its platform, Liu told reporters on Friday.
3rd Gear: Nikola Is Not Too Afraid Of Badger Yet
The start of the electric truck which was run over problem then problem and may in fact be a complex fraud not to mention its Badger, according to the Financial Times.
“Badger is an interesting and exciting project for some shareholders, but our institutional shareholders are more focused on the business plan,” Mark Russell, Nikola’s boss, told the Financial Times on Thursday.
“Our main business plan since before we were listed publicly has always been focused on heavy trucks and hydrogen infrastructure.”
Mr. Russell described Badger differently in February, four months before he moved to the company to become chief executive. He called it “a game changer” that “would help lower the cost of fuel-cell components in our semi-truck while accelerating the launch of the hydrogen station”.
Everything Nikola said just included an understanding that this company would not do ever do it over the line.
4th Gear: Oh, No, Just a few BMW Fires
The company has issued a recall on some plug-in hybrids due to “heating events.”
From Automatic News:
BMW recalled 26,900 plug-in hybrids worldwide after discovering a problem inside the battery that could cause a fire.
The models cover a wide range of BMW plug-in hybrids, from 2-Series Active Tourer to 7-Series flagship sedan, and “most” in Europe the company said, without giving a number.
BMW’s recall includes 4,509 vehicles in US NHTSA documents indicating that the battery manufacturer is Korea’s supplier Samsung. BMW said it has not received any reports, nor is it aware of, any accidents or injuries associated with the defect, but it also acknowledged a “warm-up incident” that occurred.
“On August 4, 2020, BMW was aware of a field incident involving a Model Year 2021 BMW X5 in which the vehicle experienced a heating event,” BMW told NHTSA documents. “An assessment has begun. Between early August and mid-September, BMW is aware of three additional incidents in the field.”
Now, a recall of hybrids is a serious onethreatens us for any automaker playing ball in Europe—Remembering the Ford hybrid there means it fears a huge fine for missing CO2 targets if it does not buy emissions credits from another automaker. BMW claims it is not a concern, per AN:
Although the return on the delivery of plug-in hybrids will be delayed, BMW said it still expects to reach the new, more stringent CO2 emissions target in Europe this year.Look
Go to NHTSA’s website to check the memories for your own car that is not BMW.
5th Gear: New York City Car Culture
The New York Times was cast a glance in New York City’s “crazy culture” car culture, a car culture – speaking as a person living in Queens, where most of the NYT story takes place – that isn’t crazy or particularly strong. There was car noise I was listening to daily sticking to my window, but the buses were louder. Also the sounds of cars when delivering double park trucks and stopping traffic.
This article reads like someone wrote just discovered cars and mod culture, which, you know, maybe that.
Here is a snippet:
There are different levels of strength, however. A particular point of frustration with those who hate these cars – an issue that divides even their fans – is a tweak called a straight tube. These tailpipes, after fixing to a car’s computer, produce exhaust sounds like gunfire, emitting a buildup of air with a rapid fire pow-pow-pow.
Manmeet Nijjar, 26, an aviation management student at Farmingdale State College, said he found inner peace in the Midtown Tunnel. That’s where he launches his windows, turns off his radio and turns on his engine (of course, his car doesn’t have a muffler). “I just love that sound!” Said Mr. Nijjar from a mechanic shop in Willets Point, Queens, while a technician added several bells and whistles to his car.
The article has a strong “reefer madness” energy.
Gear heads, hot rods and their impromptu, sometimes poorly rallyed, have long existed in the corners of the city where subways are sparse and car ownership is not a foreign concept. But in the long, tedious month of pandemic lockdown, more people seem to flow into the hobby, according to interviews and noise complaints.
The increase in noise complaints came as bored young men (mostly men) demanded a social shift but were relatively far from social. Each person is sealed in his or her own car, after all.
While some city mechanics have reported a boom in orders to change cars, devotees say the pandemic has given them time to make their changes. Some said their checks helped boost; half of what [Zejy Rodriguez, 20,] obtained from the government this spring went straight to his BMW.
So government stimulus checks are really a bad idea because some people use some of the money to change their cars. You got it, NYT. I’m glad people noticed but please do better next time!
Reverse: Hell Yes
Neutral: How are you?
I am driving to Shelter Island this weekend because I have not been there yet and my birthday is tomorrow. I plan to do nothing but inject alcohol into my veins. This is 36.