Daimler is doing better, Nikola is becoming less convincing for the day, Foxconn is getting more into cars, and BMW has issued a recall because of fire. All that and more in The morning shift to 16 October 2020.
1st gear: Daimler did better than expected in the third quarter
Volvo did the same, but it is Volvo, the truck manufacturer, not Volvo, the car manufacturer. This rebound was not expected by analysts, but you had to believe that a rebound of car sales would happen sooner or later.
Daimler shares rose 4.5% on Friday after luxury carmaker released forecasts hitting third-quarter results, encouraged by a better-than-expected rope in luxury car sales in September.
European car registrations rose slightly in September, the first increase this year, industry data show on Friday, suggesting a recovery in the car sector in some European markets where coronavirus infections were lower.
The Swedish truck manufacturer AB Volvo VOLVb.ST also announced core earnings in the third quarter well above forecasts thanks to a healthy order increase.
Daimler’s earnings in the third quarter before interest and tax reached 3.07 billion euros, it said late Thursday, hitting the Refinitive consensus of 2.14 billion euros.
2nd gear: Foxconn is gaining momentum with cars
You may know Foxconn as the manufacturer of iPhones and a whole lot of other electronics. The Taiwanese company also has an interest in cars, which Bloomberg say it gets a lot more serious.
On Friday, it announced its first electric vehicle chassis as well as a software platform aimed at helping EV manufacturers deliver models to the market faster. The company also outlined plans to release a solid-state battery by 2024 that could potentially displace the more commonly used lithium-ion batteries in electric vehicles.
Chairman Young Liu, who took over from founder Terry Gou in July 2019, has approached the new automotive, robotics and medical application sectors to increase profitability due to plateauing growth in smartphone devices in recent years. Apple Inc. still accounts for about 50% of total sales of Hon Hai, also known as Foxconn Technology Group, but the company seeks to spread from its role as a collector of consumer electronics such as Macbooks and Sony Playstations.
The company is targeting a 10% share of the EV market as early as 2025, with around 3 million vehicles using its platform, Liu told reporters on Friday.
3rd gear: Nikola is not so hot on the badger anymore
The start of the electric truck encountered problem after problem and can actually be one complicated scams no longer talking about his badger, according to the Financial Times.
“Badger was an interesting and exciting project for some shareholders, but our institutional shareholders are mostly focused on the business plan,” Mark Russell, Nikola’s chief executive, told the Financial Times on Thursday.
“Our core business plan since before we were listed always focused on heavy trucks and hydrogen infrastructure.”
Sir. Russell described Badger differently in February, four months before he moved up the company to become CEO. He called it “a game changer” that would “help reduce the cost of the fuel cell components on our semi-truck while speeding up the hydrogen station rollout”.
Everything Nikola says just unites the perception that this company will not ever do it over the line.
4th gear: Oh, nothing, just some BMW fires
The company has issued a recall of some of its plug-in hybrids due to “thermal events.”
From Automotive News:
BMW has recalled 26,900 plug-in hybrids globally after discovering a battery problem that could potentially cause a fire.
The models span BMW’s extensive range of plug-in hybrids, from the 2-Series Active Tourer to the 7-Series flagship sedan, and are “mostly” in Europe, the company said without giving a number.
BMW’s recall includes 4,509 vehicles in the US NHTSA documents show that the battery manufacturer is the Korean supplier Samsung. BMW said it had not received any reports, nor was it aware of any accidents or injuries related to the defect, but it also acknowledged that a “thermal event” had occurred.
“On August 4, 2020, BMW became aware of a field incident involving a model year 2021 BMW X5 in which the vehicle experienced a thermal event,” BMW said in the NHTSA documents. “An analysis was initiated. Between early August and mid-September, BMW became aware of three more field incidents. ”
Now a recall of hybrids is a serious threat to any carmaker playing ball in Europe –Ford’s hybrid call over there meant it feared incurring large fines for failure its CO2 targets if it did not purchase emission credits from another automaker. BMW claims it is not concerned per AN:
Although the recall will delay the delivery of the plug-in hybrids, BMW said it still expects to reach its new, tougher target for the fleet’s CO2 emissions in Europe this year.
Go to NHTSA website to check recalls for your own car that are not from BMW.
5th gear: New York City Car Culture
New York Times has cast his gaze about the “insanely high” car culture in New York City, a car culture – which speaks like a person living in Queens, where much of NYT’s history takes place – that is neither insane nor particularly loud. There is car noise, I listen to everyday tubes into my window, but the buses are louder. It is also the sound of cars when delivery vans double park and stop traffic.
This article reads as if it was written by someone who just discovered cars and counterculture as you probably were.
Here is an excerpt:
However, there are different degrees of volume. A particular rage among those who detest these cars – a problem that even their fans share – is a tweak called a straight pipe. These exhaust pipes, after an adjustment to a car’s computer, make the exhaust sound like gunfire and expel an accumulation of air with a quick-fire-pow-pow-pow.
Manmeet Nijjar, 26, an aviation administration student at Farmingdale State College, said he finds inner peace in the Midtown Tunnel. This is where he rolls down the windows, turns off the radio and keys the engine (of course, his car is muffler-free). “I just love that sound!” Sir. Nijjar said from a mechanic shop in Willets Point, Queens, while a technician added more bells and whistles to his car.
The article has strong “refrigerator” energy.
Gear heads, hot rods and their impromptu, sometimes dicey rally, have long existed in corners of the city where subways are sparse and car ownership is no stranger to concept. But in the long, tedious months of pandemic shutdown, more people seem to have flocked to the hobby, according to interviews and noise complaints.
The rise in noise complaints has come as bored young men (it’s mostly men) have sought a diversion that is social but somewhat socially distant. After all, each person is sealed in their own car.
While few city mechanics reported a boom in orders to change cars, devotees say the pandemic has given them time to make the changes themselves. Some said their stimulus control helped; half of what [Zejy Rodriguez, 20,] got from the government this spring went straight into his BMW.
So government stimulus control was actually a bad idea because some people used some of the money to change their cars. Okay, NYT. I’m so glad you noticed, but do better next time!
Conversely: Hell Yes
Neutral: How are you?
I’m driving to Shelter Island this weekend because I’ve never been there and it’s my birthday tomorrow. I plan on doing nothing but injecting alcohol into my veins. This is 36.