Toyota in no hurry to switch completely to tram, Lordstown Motors finally started production of new pickups and several manufacturers are closing factories in the south due to Hurricane Ian. All that and more in Morning shift for Friday, September 30, 2022.
First gear: Toyota’s slow adoption of electric vehicles
Toyota has no plans to adopt a full EV lineup in the near future. The company’s CEO, Akio Toyoda, said there are concerns about how soon customers will actually want to own electric cars.
Reports say that while the company plans to introduce some EVs to the market, Toyota still plans to offer some gas, hybrid and hydrogen powered vehicles. Are from Bloomberg:
Toyoda, grandson of the automaker’s founder, told dealers to gather in Las Vegas. He is committed to providing the “widest possible” range of powertrains to push cars clean.
“That’s our strategy and we’re sticking to it,” he said.
Toyota’s stance reflects many and sometimes contradictory considerations for automakers seeking to boost sales, serve diverse customer bases and meet today’s environmental standards. stricter in many countries. The decision contrasts with those of competitors such as General Motors Co., which has pledged to go all-electric by 2035.
Environmentalists and shareholders have criticized Toyota for falsifying electric vehicle adoption, while Greenpeace ranks the brand last in its rankings of efforts. decarbonization of global automakers. Critics have accused Toyota of clinging to its 25-year history with the Prius petrol-electric hybrid, which has earned Toyota plenty of praise.
Despite the lack of a rush to sell EVs, Toyota still pledged last year to spend 4 trillion yen ($28 billion) to produce 30 different EV models by 2030. That may sound like a lot of cash, but Bloomberg points out that is a little more than half of what Ford is spending on EVs through 2026.
Despite the apparent disparity, Toyoda said his company already has been investing in battery-powered hybrids for more than two decades. He contends that makes Toyota the “top runner” in reducing carbon emissions from vehicles worldwide.
“Our investments may appear smaller than others’, but when you look at what Toyota has been doing over the last 20 years, the total amount might not necessarily be small,” Toyoda said.
He continued that the lack of sufficient infrastructure will slow down electric vehicle adoption rates. That’s the main reason behind Toyota’s hesitancy to fully commit to the EV life.
2nd Gear: Lordstown Motors Makes A Truck
Lordstown Motors has reportedly started to slowly ramp up production of the Endurance pickup truck — the company’s first model.
When I say slowly, it’s a bit of an understatement. Lordstown has built two trucks so far, but don’t worry. A third is on the way soon. The company says it plans to ramp up production soon depending on quality and parts availability. Fingers crossed, Lordstown says it expects to deliver 50 trucks to customers this year. That’ll go along with the 450 it plans to build in the first half of next year. That number, of course, depends on if it can raise enough capital.
Needless to say, it’s been a slow-going process for the EV upstart. From the Detroit Free Press:
The trucks are being built in a former General Motors small car assembly plant in Lordstown, Ohio, near Cleveland, which was purchased last year by Taiwan’s Foxconn Technology Group, an electronics maker. the world’s largest. Lordstown said it will look to Foxconn and other partners as a source of new capital.
“We expect to ramp up production in November and December,” Chief Executive Edward Hightower said in the statement. Earlier this year, Lordstown said it expected to produce 3,000 of its flagship Endurance electric trucks before the end of 2023.
The company has struggled to raise money and get trucks out of the factory for customers. In its quarterly filing with the U.S. Securities and Exchange Commission, its auditors cast doubt that the automaker will be in business next year.
Freep said the company expects to close the third quarter of 2022 with only about $195 million in cash. That’s not a ton of money for a car company. However, Lordstown’s cash outlook is actually $75 million better than its previous outlook, so I guess good for Lordstown.
3rd item: HurriCane Ian Shutter Factory
Mercedes-Benz, Volvo, Boeing and several seaports supporting regional manufacturers are suspending their operations in South Carolina on Friday because of the probable path that Hurricane Ian could take.
Ian landed (twice) at rank 4 hstorm on the west coast of Florida. While passing the state, it deteriorated into a tropical storm. However, it has now returned to the Atlantic Ocean, regained strength, and again ahHurricane. Now, it is looking to make a third landfall in South Carolina. The US National Hurricane Center issued Hurricane warning for the entire South Carolina coast. Are from Reuters:
“Due to the potential impact of Hurricane Ian on the greater Charleston area and to focus on the safety of our team members, our facility in Ladson, South Carolina, will be closed on tomorrow,” Mercedes spokeswoman Andrea Berg said in a statement on Thursday.
The Mercedes plant in Ladson, South Carolina, outside Charleston, employs about 1,600 people and builds Mercedes Sprinter and Metris trucks.
“Due to the anticipated effects of Tropical Storm Ian, Boeing will suspend operations at both Boeing South Carolina facilities following a second shift this evening,” the company said in a statement, citing safety. entire staff. “We will continue to assess the impact of the storm on our employees and operations.”
Volvo Cars closed its plant in Ridgeville, a suburb of Charleston, at around 11 a.m. ET (1500 GMT) on Thursday and will close on Friday.
BMW has its own plant in Greer, South Carolina, but it will not close the plant. The company says its factory is far enough away that it won’t affect activities.
Boeing said it expected to resume normal operations on Sunday. Boeing conducts final assembly of the 787 Dreamliner in South Carolina and also fabricates, assembles, and installs systems for the rear fuselages of the Boeing 787 Dreamliner and joins and integrates the midbody sections.
Boeing employs more than 5,500 employees in its South Carolina operations.
Ports in Charleston and Georgetown will also close all marine terminals on Friday.
4th gear: Poor automatic brake system check
A new study from AAA on automatic braking systems on vehicles shows that that there is still a lot of work to be done regarding for technology.
The organization has crash-tested four vehicles from four different manufacturers using the technology: a 2022 Chevrolet Equinox LT, a 2022 Ford Explorer XLT, a 2022 Honda CR-V, and a Toyota RAV4 LE in 2022. From Automotive News:
Rear crash performance, a test in which the car accelerates to the other side directly from behind, is better than in other forms – but still has some issues, especially around speed .
At 30 mph, the vehicles prevented a collision 85% of the time. When accelerating to 40 mph, that speed drops to 30%.
Matt Lum, an automotive engineering engineer with AAA, says much of that difference comes from automakers needing to balance the sensitivity of their automatic braking systems.
“Part of the balance between minimizing false positives while maximizing efficiency or effectiveness is that at higher speeds, there will be a lot of cases where the impact cannot be completely avoided,” says Lum. arrive Automotive News.
Intersection-based incidents, such as those that occur on left turns, are even worse. None of the systems tested prevented a crash – and notably did not warn the driver or slow down the vehicle.
“I don’t think these current systems, whether from a hardware or software perspective, are more or less equipped to handle those kinds of situations,” says Lum.
AAA’s research is based on a similar one was released in late August by the Insurance Institute for Highway Safety to test vehicles’ nighttime pedestrian detection capabilities. It shows that the automatic braking system is underperforming in that situation.
Regarding what can be done to fix the problems, Lum says that’s all car manufacturers research and develop.
“We think, obviously, additional R&D on these things will be very conservative and resources well spent,” Lum said. “Further developments in both hardware and software will make future systems more efficient in these more complex situations.”
5th gear: CarMax and terrible timing, horrible, not good, very bad
CarMax is doing it right now. The company said it sold fewer used cars than expected in the second fiscal quarter.
The used car retailer reported a non-remarkable net income of $125.9 million for the third quarter – ended Aug. 31. That sounds like a lot of money, but it’s actually down 56% year-over-year. However, its net sales are up two percent from the same time last year – 8.1 billion dollars. Are from Automotive News:
It retailed a total of 216,939 used vehicles during the quarter, down 6.4% year-on-year. Sales of used cars at comparison stores fell 8.3%. CarMax said vehicle affordability challenges during this period stem from more inflationary pressures, escalating interest rates and low consumer confidence, conditions that also pervade the retailer. in the first quarter.
The company said it bought 342,731 vehicles from consumers and dealers, down 8.1 percent year-on-year. It said 322,543 of those cars were purchased from consumers, down 11.5% from the same period last year. However, 20,188 vehicles were collected through MaxOffer, the company’s digital appraisal tool for dealers. This is up 130.4% year-on-year and 18% up from the first quarter.
The company opened three new locations in Stockton, Calif., Wayne, NJ and East Meadow, NY, this quarter, part of a plan to open 10 new locations in the US by fiscal year 2023.
“While this has been a challenging quarter for the used auto industry, our ongoing progress in consolidating and expanding omnichannel experiences continues to make a positive difference for us and allows us to increase our market share,” CarMax CEO Bill Nash said in a statement. “As we weather the short-term pressures facing our industry, we are deepening our focus further on driving additional operational efficiencies across our entire business. .”
All of this bad news sparked a sell-off in CarMax stock. It closed down nearly 25% as trading ended on Thursday.
Reverse: Aaron Judge laughst Your achievements
Neutral: I’m afraid I’ll fall in love with my car again
My car and I really “won’t, right?” relationship. I kept thinking about selling it, but then I drove it away and the feeling went away. Last weekend, my girlfriend and I took a spontaneous weekend trip to Newport, Rhode Island, and I’m sad to announce that I’ve fallen in love with it all over again. That’s too bad, because right now it’s worth more than ever, and any moment now something else will break. Ah well, I’ll enjoy it while it lasts.