Bye-Bye Continental & GIMS
Ford reported that it will end production of the Lincoln Continental at the end of 2020 in the U.S. and in China in 2021.
The 2021 Geneva International Motor Show is officially canceled. Exhibitors surveyed stated that they most likely would not participate in a 2021 edition in and that they would prefer to have a GIMS in 2022.
Short on Cash You Can Have Tesla Shorts for $70
If you can’t buy a Tesla you may be able to afford a pair of non-electric Tesla Short Shorts–
The Tesla store is now selling very short shorts.
“Celebrate summer with Tesla Short Shorts. Run like the wind or entertain like Liberace with our red satin and gold trim design. Relax poolside or lounge indoors year-round with our limited-edition Tesla Short Shorts, featuring our signatur”e Tesla logo in front with “S3XY” across the back. Enjoy exceptional comfort from the closing bell.
At $69.42. TSS (Telsa Short Shorts) are cheaper than the $120 corporate jacket. Since it doesn’t say if the shorts are lycra or nylon—we’re not sure if it is yet another Musk marketing tactic. Musk describes the color as radiant red in satin–but does not state on Twitter if it poly satin or silk stain. If they are silk they may shrink even shorter.
Meanwhile Tesla has cut the warranty on the troubled media unit and touchscreen down to 2-year or 25,000-mile limit. The same device that is under investigation by NHTSA.
NIO Inc. China’s premium smart electric vehicle market, announced that the investors have substantially completed the cash injection obligations for the first two installments of their investments in NIO China. NIO (Anhui) Holding Co., Ltd., or NIO Anhui, the legal entity of NIO China wholly owned by the Company prior to the investments, has received from the investors RMB4.8 billion out of the RMB5 billion of cash investments for the first two installments. The remaining RMB200 million of the first installment would be paid prior to September 30, 2020 by the applicable investor according to the agreed payment schedule.
Veoneer Splits with Zenuity
The automotive technology company, Veoneer, Inc. (NYSE: VNE and SSE: VNE SDB), has finalized the split of Zenuity, its software and ADAS joint venture with Volvo Cars. As part of the split, Veoneer received IP licenses and strengthened its software and systems team with around 200 software engineers joining the Company.
On April 2, Veoneer and Volvo Cars announced a preliminary agreement to split the software joint venture Zenuity in order for each company to more effectively drive their respective strategies. The parties entered into definitive agreements on July 1. As part of the split, Veoneer received IP licenses and added around 200 software engineers, located in Germany, the US and Sweden, which strengthens its software and systems team focused on the development and commercialization of advanced driver assistance system (ADAS) software for collaborative driving.
As announced earlier, Veoneer expects to achieve annual savings of around $30 – $40 million as a result of the split. As part of the transaction, Veoneer receives cash of around $15 million.
“During the next decade, more than 90% of our available market will be for advanced driver assistance systems and collaborative driving. I would like to give a warm welcome to the talented people that are now joining us, they will be key contributors in our pursuit for leadership in the growing ADAS market”, says Jan Carlson, Chairman, President & CEO, of Veoneer.
MBZ Neutralizes By Investing Farasis
Mercedes-Benz is taking another important step on its journey towards CO2–neutral mobility. The Stuttgart-based luxury car manufacturer has launched a far-reaching strategic partnership with the Chinese battery cell manufacturer Farasis Energy (Ganzhou) Co., Ltd., including taking an equity stake. This move represents another important milestone towards Mercedes-Benz’s “Ambition2039” CO2-neutral goal. Key elements of the agreement include the development and industrialization of highly advanced cell technologies, accompanied by ambitious goals for cost competitiveness. The technological focus is on significant increases in range through advances in energy density and the reduction of charging times. The contract will provide a secure source of supply of battery cells for Mercedes-Benz’s electrification strategy, while Farasis gains security for its planned construction of production capacity. In order to be able to meet increasing demand for German Mercedes-Benz plants in the future, Farasis is building a plant for battery cells in Bitterfeld-Wolfen; creating up to 2,000 new jobs. The East German site is designed as a CO2-neutral factory.
Faraday Future’s Founder Bankrupt
-Faraday Future (FF), a California-based global shared intelligent mobility company, officially confirmed the bankruptcy reorganization procedures of its founder and CPUO (Chief Product and User Ecosystem Officer), YT Jia (YT), have been completed. The Reorganization Plan has officially become effective, and his Creditor Trust has also been officially established and begun operations.
Approval of YT Jia’s Restructuring Plan removes the biggest hurdle in FF’s equity financing efforts and the implementation of the US-China dual home market strategy, allowing FF to work vigorously towards its equity financing targets including an IPO.
FF aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the internet and new usership models. With the FF 91, FF has envisioned a vehicle that redefines transportation, mobility, and connectivity, creating a true “third internet living space,” complementing users’ home and smartphone internet experience.
According to FF’s new production launch plan, FF 91 will kick off deliveries approximately 9 months following the closing of successful equity funding. FF is currently integrating.
Jolta is EV-Ready
Jolta is poised to revolutionize the electric vehicle industry this fall. A one-stop-shop for all EV-related needs, the new venture will be comprised of three main components: a curation of EVs, onsite charging stations, and charging solutions and installation services.
As the first EV dealership of its kind, Jolta will offer a curation of e-cars, e-bikes, e-scooters, e-motorcycles, and more – all from premium brands such as Gocycle, Unagi, Rayvolt plus a selection of electric car manufacturers including new-to-market brands.
“Jolta was founded with a vision to protect the environment and move toward sustainability. Our modes of transportation heavily affect environmental efforts, and the impact of Covid-19 has led people to consider even more eco-friendly ways of getting around. We strongly believe that we can seize this momentum and become part of this change by making EVs accessible to all,” said Nathan Cohen, the CEO and founder of Jolt.
Otonomo Agrees with Greater Than
Otonomo, a pioneering automotive data services platform provider, announced its agreement with Greater Than, the leading AI technology-based insurtech company. Otonomo plans to provide Greater Than with privacy-compliant, near real-time, connected car data from cars in Germany and the United States. Otonomo’s connected car data will be used by Greater Than to enable the expansion of direct sales of risk insights profoundly without any intermediate insurance product, hardware, or apps. Delivering stand-alone AI-based risk data to fleets and insurers facilitates and simplifies the access to an in-depth risk insight of its existing motor book.
“The big barrier to our growth has been efficient and scalable data capture.”, explains Liselott Johansson, Greater Than CEO. “With the Otonomo collaboration, we take a long-awaited step and can deliver our risk insight as a single offer without our customers having to change anything in their policies or offerings.”
The availability of embedded car data and innovation among service providers has resulted in a maturing market of tailored automotive-related services. By capturing embedded data from Otonomo, Greater Than can enrich and expand its offering beyond the data captured by aftermarket devices. This increases accessibility and facilitates the distribution of risk insights. As Greater Than recently launched an app2car connectivity, Greater Than will be able to connect any car to Otonomo’s diverse value-added services portfolio regardless of car model, fuel consumption, traffic, weather, cargo, or geographic position of the vehicle.
Hyudai Mobis’ Investing Strategy
Hyundai Mobiswhich has been devoted to securing future car technologies by developing proprietary technologies and investing directly in global leaders, is diversifying its investment strategies by investing in global venture funds, etc.
Hyundai Mobis announced on the 2nd that it would invest a total of $20 million in ‘ACVC Partners’ and ‘MOTUS Ventures,’ US tech funds in Silicon Valley. This decision was made with the aim of securing future mobility technologies and growth engines in various ways to help contend with the rapidly changing business environment. By so doing, Hyundai Mobis will be able to preemptively secure global allies necessary for its strategies represented by autonomous driving, electrification and connectivity.
Until now, Hyundai Mobis has been investing KRW 1 trillion each year as R&D expenditures, and concentrating on securing proprietary technologies with the Technical Center of Korea and four global R&D centers playing the central role. The company succeeded in developing the radar sensor, which used to depend entirely on imports, with its own technology in 2018, and independently secured the camera systems for commercial vehicles and the in-cabin sensing technology.
Additionally, Hyundai Mobis has been engaging in direct investments in leading companies at home and abroad. Back in 2018, the company invested in StradVision (Korea), a deep-learning-based camera sensor maker. Last year, it invested $50 million in Velodyne, a global leader in lidar technology, and directly invested in the joint venture between Hyundai Motor Group and Aptiv.
ParkMobile Contacless for OC
– ParkMobile, the leading provider of smart parking and mobility solutions in the United States, announced a new partnership with South Orange Parking Authority to provide contactless payments in the area. ParkMobile will replace the MobileNOW! app which shut down in May. The ParkMobile app offers all the same features and functionality as MobileNOW! but is available in many more locations in New Jersey and across the country. Other differences include ParkMobile’s 24/7/365 customer service and additional payment options like PayPal and ApplePay. The app will be available at over 1,100 on-street and off-street parking spaces throughout South Orange. During the current COVID-19 health crisis, many city leaders are encouraging drivers to use the app to pay for parking instead of touching the meter.