AD #3004 – Tesla Reveals Updated Model S & X; GM to Supply Navistar with Fuel Cells; Toyota Takes Back Sales Crown
January 28th, 2021 at 12:03pm
Listen to “AD #3004 – Tesla Reveals Updated Model S and X; GM to Supply Navistar with Fuel Cells; Toyota Takes Back Sales Crown” on Spreaker.
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Runtime: 9:34
0:07 Tesla 2020 Earnings Improve but Investors Disappointed
1:13 Mixed Results for EV Startups
1:36 Tesla Reveals Updated Model S & X
4:27 GM to Supply Navistar with Fuel Cells
5:23 Chip Shortage Could Cost Automakers $61 Billion
6:55 Spin Adds Remote Control Feature To E-Scooters
7:56 Ford to Make Mustang Mach-E in China
8:38 Toyota Takes Back Sales Crown
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TESLA 2020 EARNINGS IMPROVE BUT INVESTORS DISAPPOINTED
Tesla reported its earnings for 2020 and it posted huge improvements across the board. It delivered just under half a million cars, up 36%. Revenue shot up 31% to just over $27 billion. It posted an operating profit of $2 billion versus a small loss the year before that. And it posted a net profit of $721 million versus a loss of $862 million in 2019. Normally you’d say, “Wow!” But investors were disappointed with the numbers. They expected more. And Tesla’s stock dropped 2%. Here’s something else the investment community was uncomfortable with. Tesla earned nearly $1.6 billion from selling regulatory credits, which was two-and-a-half times more than the year before. Without those credits it would not be profitable. And investors who are long on Tesla must be wondering what will happen when other automakers no longer have to buy those credits.
| Tesla 2020 Earnings | ||
|---|---|---|
| Sales | 499,647 | +35.9% |
| Revenue | $27.2 Billion | +31% |
| Operating Profit | $1.99 Billion | —– |
| Net Profit | $721 Million | —– |
MIXED RESULTS FOR EV STARTUPS
So Wall street turned its attention to three other EV startups yesterday. Nikola posted a solid double digit gain, while Fisker and Workhorse benefitted from more buyers than sellers, and had nice returns for the day. But other EV startups like Hyliion, Canoo and Lordstown had a down day and the entire market took a downturn.
| Company | Current Price | $ Change | % Change |
|---|---|---|---|
| Tesla | $864.16 | -$18.93 | -2.1% |
| Nikola | $28.58 | +$2.94 | +11.5% |
| Fisker | $16.63 | +$1.30 | +8.5% |
| Workhorse | $38.80 | +$2.62 | +8.1% |
| Hyliion | $18.06 | -$1.37 | -7.1% |
| Canoo | $15.14 | -$1.07 | -6.6% |
| Lordstown | $26.06 | -$0.39 | -1.5% |
TESLA REVEALS UPDATED MODEL S & X
But back to Tesla, as it introduced the refreshed versions of the Model S and X. Let’s start with the S, which gets a slight exterior update but the most notable changes are to the interior, especially its steering wheel, which looks like it’s from a race car. Tesla calls it a “yoke” and it doesn’t have any stalks. The center display screen is now horizontally mounted and the instrument cluster is smaller than before. The company also added a display screen for rear seat passengers that’s integrated into the back of the center console. And it gets a new glass roof. Tesla got rid of the Performance version and replaced it with the Plaid and Plaid Plus. We think some of the exterior styling changes and even the steering wheel may be exclusive to these models. The Long Range Plus now gets 412 miles of range, the Plaid is slightly lower at 390 miles and the Plaid Plus is expected to have more than 520 miles of range. Tesla also dropped the Model S’s starting price which is now $80,000 and production kicks off sometime this quarter. The Model X also gets a slight exterior design update and the interior is similar to the new Model S. Like the S, the X is dropping the Performance version and replacing it with Plaid but unlike the S, the X didn’t get the Plaid Plus version. The SUVs got a boost in range to 360 miles. Pricing for the new X starts at $90,000 and like the S goes into production this quarter.
GM TO SUPPLY NAVISTAR WITH FUEL CELLS
We keep hearing more and more fuel cell news, especially for heavy trucks, where the application currently seems to make the most sense. Truck maker Navistar announced it’s collaborating with GM and OneH2 to supply customers with trucks, fuel and service. The Navistar International RH Series trucks will be fitted with two of GM’s HydroTech fuel cell power cubes, which each feature 300+ fuel cells as well as thermal and power management systems. Navistar is targeting a range of over 500 miles and a refueling time of less than 15 minutes. OneH2, which handles hydrogen production, storage, delivery and safety, will provide the fuel for Navistar’s customers. Tests kick off next year and the first trucks available to customers should come in 2024.
CHIP SHORTAGE COULD COST AUTOMAKERS $61 BILLION
We’re getting more details on how much the computer chip shortage is going to impact the auto industry. Earlier in the week, LMC Automotive said automakers will produce one million fewer vehicles globally during the first quarter. And now AlixPartners estimates that automakers will lose $14 billion in the first three months of the year and $61 billion for all of 2021. The problem started when auto production shut down during the pandemic, which led chip manufacturers to look to other markets, like consumer electronics. But now that auto production is up and running again, the semiconductor industry can’t keep up with demand.
I know this is going to sound impossible, but a couple of inventors claim they can make a car completely hack proof. And it has nothing to do with better encryption. They’ve designed a wiring system that they say is physically impossible to hack. And if you don’t believe them, see if they can convince you on Autoline After Hours this afternoon. We’ve got one of those inventors, Dan Greene, coming on the show. Henry Payne, the car critic from the Detroit News, will also be along for the ride. So join John and Gary for a peek into what could turn out to be something of a breakthrough.
SPIN ADDS REMOTE CONTROL FEATURE TO E-SCOOTERS
E-scooters can be a cheap and easy way to get around a city but they’re often left all over the place once a rider is finished using it. That’s why Ford’s electric scooter subsidiary Spin, is partnering with software company Tortoise, to launch remotely operated e-scooters. Once a rider is done with the scooter, the technology allows a remote operations team to move the scooter if it’s blocking a sidewalk or street traffic. In the future, it will also allow riders to hail a scooter from several blocks away. Spin will use three-wheeled scooters for this service, instead of the two-wheeled scooters that are more common. Co-developed with Segway-Ninebot, the S-200 e-scooters feature an enhanced suspension, three independent braking systems and turn signals. Spin will test 300 of these e-scooters in Boise, Idaho this spring and will roll them out to other cities in North America and Europe over the next year.
FORD TO MAKE MUSTANG MACH-E IN CHINA
Speaking of Ford, here’s something that kind of surprised us. The automaker announced it’s going to make the Mustang Mach-E in China with local partner Changan for Chinese consumers. As you probably know, the Mach-E is currently made exclusively in Mexico. We thought Mexico had a free trade agreement with China, so shipping the EV should not have been a big issue. However, Ford says it will localize some production, meaning it will use Chinese sourced parts, including for the performance version of the Mach-E. We think that could mean not only the motors but also the batteries as well. The EV will go on sales in China later this year.
TOYOTA TAKES BACK TOP SELLING CROWN
The numbers are coming in for how much the global pandemic impacted Toyota. The automaker, including its Daihatsu and Hino brands, sold more than 9.5 million vehicles worldwide last year. That represents a drop of 11.3% compared to the year before. But despite the hit on sales Toyota was able to take back the crown for #1 selling automaker in the world. It beat out Volkswagen, whose sales fell over 15% to a little more than 9.3 million vehicles.
But that’s it for today, thanks for watching and we’ll see you again tomorrow.
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Comments (27)
January 28th, 2021 at 12:40 pm
Since Tesla continues not to be able to be profitable without regulatory credits only proves to me that they aren’t quite there yet.
And the model S and X at a starting price of $80 and $ 90 thousand…well good luck with that!
I find nothing wrong with Foed making the Mach-E in CVhina as long as these parts and cars don’t reach our shores. Hopefully, this administration will keep their promise to promote “Made in America.”
And finally, another show of EV makers intent to offer their product which won’t hit the market for, AGAIN, for another couple years!
How many years have we been waiting already?
January 28th, 2021 at 12:45 pm
@TESLA: great work on the updates. Especially the interior, including the steering wheel.
January 28th, 2021 at 12:50 pm
I haven’t seen E-scooters to be a sucess in any city thus far. They tried to rent Segways in my home town vacation spot which didn’t last more than a couple years. Now they will be tried in Boise Idaho, of all places! Good luck in the winter snow.
January 28th, 2021 at 12:55 pm
Just read that the Tesla S Plaid+ can hit 0-60 in 1.99 seconds. They claim it is the fastest sedan in the world with a top speed over 200 mph.Those numbers are pretty scary for a street driven car and priced to sell too.
January 28th, 2021 at 1:04 pm
I think Tesla has an opportunity here, that the Big Three and the other US Upstarts may not be in a position to jump on. The Biden administration wants their vehicle fleet to be EV’s, but currently there are not many choices. Now when they say fleet vehicles, I do not know if that includes law enforcement, so that may be excluded from their intentions. That being said, the Chevy Bolt many be too small. The Mach-E is built in Mexico, so it’s use may raise the ire on Americans, especially the UAW. Rivian and Lucid has yet to have a road worthy vehicle and with Lucid’s having Middle eastern financing and backers, again, this may not sit well with Americans in the know. However, Tesla, a wholly American company, that, outside of some aesthetic quality control issues, has product and technology that has proven itself for nearly 10 years. They have a recharging infrastructure in place to refuel their vehicles. With fewer moving parts, the bigger upfront costs can be recaptured over time. And while the retail side does more to help Tesla’s bottom line, it’s still a good business case with almost guaranteed repeat business (just look at Ford and their emergency/law enforcement vehicles). It may be several years before other local start-ups and the Big Three will have a product to fit this space. When they do, the question will be, with them being new, how reliable will they be? Where as Telsa has been doing this for going on a decade. An order of about 100K, single motor, non-FSD, 300 plus mile MODEL 3, Y or even the new S may be just the beginning of a beautiful relationship between Tesla and the federal government.
January 28th, 2021 at 1:04 pm
Back in October, Elon dropped the base price of the Model S twice in one week, to $69,420, after Lucid announced the price of the Air model. I guess that didn’t last too long.
I think the yoke steering wheel is a joke. If you think about the different ways you hold the wheel now, this yoke is going to eliminate most of those. Maybe they think it will encourage more owners to use Autopilot because using the yoke is such a pain?
January 28th, 2021 at 1:10 pm
4 Is that 0-60 in 1.99 seconds on street tires, or on some kind of drag slicks? It would take seriously sticky tires to do that, even with 4wd.
January 28th, 2021 at 1:19 pm
@8: I am wondering how practical that 1.99 second acceleration is. Now, I may be a Slowski, but a friend of mine was yelling “go faster, go faster” at me when he let me drive his normal TESLA Model S. I did not dare to floor the acceleration pedal of that “normal” S and the headrest made the back of my head flat for the rest of my life
January 28th, 2021 at 1:20 pm
I meant @7 instead of @8
January 28th, 2021 at 1:23 pm
Ford must expect to sell a lot of Mach-Es, to start building them in China in addition to Mexico, even before much is known about demand.
As far as parts sourcing, parts for all vehicles come from all over the world. I’d expect a lot of Mach-E parts, maybe motors and batteries to come from China, even for the ones built in Mexico.
January 28th, 2021 at 1:29 pm
8 Even the “slow” ~4 second 0-60 of my Corvette is quick enough that I’ve only checked it out from zero about once in the 4 years I’ve had the car.
January 28th, 2021 at 1:57 pm
Noticed your constant cheer leading for EV mileage numbers but never comparing the range numbers for a comparable ICE powered vehicle. And you avoid revealing the range numbers for weather conditions. If you are reporting correctly for the auto enthusiast…. what are the range of mileage as influenced by weather That is the measure of convenience. Be complete in your reporting.
January 28th, 2021 at 2:18 pm
6 The Model S base price is $79,990 on the Tesla web site.
https://www.tesla.com/models/design#overview
Do they have cheaper versions that the stores stock?
January 28th, 2021 at 2:35 pm
Making Mustang EV’s in China will not sit well with Mustang fans, I’m sure. It’s like saying Corvettes will be made in China.
January 28th, 2021 at 2:45 pm
14 The Mach-Es sold in the US will come from Mexico, not China. That might not sit well either, though.
January 28th, 2021 at 2:47 pm
Hack proof???
The Only Secure Computer Is One That’s Unplugged, Locked In A Safe, And Buried 20 Feet Under The Ground In A Secret Location. And I’m not even sure if that’s secure.
January 28th, 2021 at 2:57 pm
Does that steering wheel in the Model S mean that the steering will be about 180 degrees lock to lock, like an F1 car? That wheel wouldn’t work very well for turning much past 90 degrees in each direction.
January 28th, 2021 at 3:27 pm
Kit, the pricing on the Tesla website now is for the newly updated Model S, which is now in production. I did not see any inventory at Tesla stores anywhere, and I tried four different zip codes in different regions of the US.
Another good point on the steering yoke. That lock to lock ratio is going to take a lot of getting used to compared to existing steering wheels. Many people will be put off by them in the showroom. I expect a regular steering wheel may quickly become an option.
January 28th, 2021 at 3:29 pm
14 The Mach Es made in China will be for the Chinese market – currently the largest EV market in the world – and probably always will be. That also means those vehicles won’t be subject to the rather stiff import tariffs, making them much more competitive. Tesla builds vehicles there for that market for the same reason.
January 28th, 2021 at 3:34 pm
Regarding the new steering on the Tesla S/X, having 180 lock-to-lock is still a lot of arm twist… but manageable. But, I hope it is a speed-dependent variable ratio system… otherwise the steering ratio will be much too fast at highway speeds, resulting in a darty experience.
January 28th, 2021 at 3:35 pm
19
I understand that. It’s good for American companies and for China–as long those cars stay there.
January 28th, 2021 at 4:23 pm
20 I’m thinking 90 degrees in each direction, 180 degrees L to L, which I think is about what F1 cars have. I’d think the steering on a road car would need to be greatly desensitized at higher speed using such “fast” steering, to make it possible to stay in your lane, and not weave horribly, etc.
January 28th, 2021 at 4:27 pm
21 They will probably stay in China, or at least not come to the US. They may sell the Chinese ones in other countries, with maybe a sizable market in Japan and Australia, if they make RHD versions. I don’t know if that is planned or not.
January 28th, 2021 at 8:56 pm
Top Gear says there will be RHD Mach-Es, probably from Mexico initially, but maybe later from China.
January 29th, 2021 at 6:08 am
I applaud the idea of the new Tesla’s refresh with a instrument cluster forward facing to the driver but they could lose the yoke style steering wheel. Perusing the ‘net’ there is much division on the operation of the steering appliance; mostly negative, with some calling it a safety issue (too quick steering that may be prone to oversteering if hitting a bump, etc.). This is another ‘in your face’ que from Tesla, to perhaps, just to be different, which in this case, I don’t see working.
January 29th, 2021 at 7:38 am
16, Keith: watch this week’s AAH; they make a very strong argument that hackproof is not a misnomer. And this technology is also better in other ways; less wiring, redundancies, weight reductions, etc. It’s worth the watch (it is the first 30 minutes of the show.
January 29th, 2021 at 7:58 am
25 I’d think using the “yoke” would require variable ratio steering which would get much “slower” as car speed increased. Still, there would be less option of where to put your hands, and less steering precision when fitting the car through a narrow space, etc. Driving a road car is not the same as driving an F1 car, flying an airplane, or playing a video game. Maybe there is a good reason that cars still have steering wheels, even though there has been technology for years that would allow other types of steering controls.