AD #3067 – Tesla Reports Spectacular Q1; Virtual Tools Shorten GM’s Development; Next-Gen F-150 BEV Coming in 2025
April 27th, 2021 at 11:36am
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Runtime: 9:52
0:07 Tesla Reports Spectacular Q1 Earnings
0:51 Why Tesla’s Stock Didn’t Climb More
1:38 Toyota Buying Lyft’s AV Division
2:21 GM Using Virtual Tools To Speed Up Development
3:40 More Hyundai Kona N Details
4:29 Honda Reveals Future Interior Concept
5:07 Next-Gen Ford F-150 BEV Coming in 2025
5:40 Ford Investing in Romania Plant for New LCV
7:03 Buick Envision Nice But Pricey
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This is Autoline Daily, the show dedicated to enthusiasts of the global automotive industry.
TESLA REPORTS SPECTACULAR Q1 EARNINGS
Tesla reported its first quarter earnings and the numbers are spectacular. It sold nearly 185,000 cars worldwide, up 76% from a year ago. Revenue hit $10.4 billion, up 74%. And it posted a net profit of $438 million, up 2,638%. That’s an incredible gain, but keep in mind it barely made a profit a year ago. Even so, it was the highest profit the company ever reported. Strangely, the stock market pretty much shrugged at the news. Tesla’s stock was up 1%, the lowest gain of all the U.S. EV companies.
| Tesla Q1, 2021 Earnings | ||
|---|---|---|
| Sales | 184,877 | +76% |
| Revenue | $10.4 Billion | +74% |
| Net Profit | $438 Million | +2,638% |
WHY TESLA’S STOCK DIDN’T CLIMB MORE
One reason investors may have been looking for more is that Tesla earned $518 million from selling EV credits. And it pocketed over $100 million from selling some of its Bitcoin stash. If you take those numbers out, then Tesla actually lost money on its core operations. So some investors may be waiting for Tesla to post a profit simply from selling cars. Even so, Tesla’s financial performance was so strong that Elon Musk is now on track to earn a bonus worth $11 billion in stock options. Musk doesn’t earn a salary at Tesla. All his compensation is based on market cap and top line growth and paid for in stock.
TOYOTA BUYING LYFT’S AV DIVISION
Toyota’s Woven Planet subsidiary, which it created to develop mobility solutions and other advanced technologies, is acquiring Lyft’s self-driving division, called Level 5. The automaker is paying $550 million for the company, which will expand Woven Planet’s footprint beyond Tokyo with engineering teams in Silicon Valley and London. This is the latest in a number of autonomous partnerships Toyota has formed and our question is why? The automaker announced a big in-house development effort, so why is it making acquisitions and forming partnerships, instead of developing the technology on its own?
GM USING VIRTUAL TOOLS TO SPEED UP DEVELOPMENT
When Cadillac first revealed its all-electric Lyriq SUV last year, we wondered why it showed it off then, since it was still two years away from going on sale. But last week it unveiled the production version nine-months ahead of schedule thanks to virtually testing and validating the vehicle. Some of the things it enhanced in the virtual world was cabin comfort for all passengers, aerodynamic improvements to boost range and creating a quieter interior. Thanks to the sped-up development process, the Lyriq is now scheduled to go into production in the first quarter of next year. GM says the virtual tools are reducing its engineering costs by $1.5 billion a year.
MORE HYUNDAI KONA N DETAILS
It does not look like the Hyundai Kona N will be the first N model with all-wheel drive, but we’re learning more about the performance SUV. We talked previously about its roughly 275 horsepower 2.0L turbo engine and 8-speed DCT, which has been specially tuned for the Kona. It’s also going to feature an electronic limited slip differential, which controls torque to the wheels and helps improve cornering. Hyundai claims the Kona N will do 0-100 km/h in 5.5 seconds. No surprise that you’ll find sporty seats on the inside, but it also gets a new 10-inch infotainment screen and digital cluster, along with a head-up display. Now we’re just waiting for price and our chance to drive it.
HONDA SHOWS FUTURE INTERIOR CONCEPT
Honda is showing off an interior design philosophy that its future vehicles will be modeled after. Honda says it’s going for a simplistic look without a lot of visual noise. Some of the things Honda keys in on is only having a few knobs and buttons, creating good visibility for the driver and adding a little character like the air vents that stretch across the entire cabin. The all-new Civic will be the first vehicle with its new interior design philosophy and we’re guessing this design sketch shown in a video released along with the story will be similar to the one in the new Civic.
NEXT-GEN FORD F-150 BEV COMING IN 2025
Speaking of future product, Autoforecast Solutions reports that the next-generation Ford F-150 BEV will go into production in 2025. That’s an interesting timeline. The electric F-150 that Ford only recently announced is expected to come out in the middle of next year. To us it looks like Ford rushed to get an EV pickup to the market and may have been spurred on by competition like Lordstown, Rivian and Tesla. It clearly did not want to be late to the game.
FORD EXPANDING ROMANIA PLANT FOR NEW LCV
In other Ford EV news, it’s going to invest $300 million at its plant in Romania to build a new light commercial vehicle. Production kicks off in 2023, whilce an all-electric version follows the year after that. The Romania plant currently produces the EcoSport and Puma.
Have you heard of Arrival? That’s the British startup that’s going to make electric vans. But what set’s Arrival apart from the rest is that it’s going to make them in mini factories, instead of giant ones. This could be the beginning for a revolution in micro manufacturing. Our guest on Autoline After Hours this week is Mike Abelson, the CEO of the company. So join John and Gary for some of the best insights as to where the auto industry is headed.
BUICK ENVISION VERY NICE BUT PRICEY
The new Buick Envision made its way through the Autoline Garage and we were keenly interested in taking it for a test drive. The Envision is made in China and we were eager to see how well it’s made. We found that the fit and finish both inside and out, as well as the paint job, are world class.
From a styling standpoint, it’s a good looking vehicle, with excellent proportions and balance. All the design elements are well resolved and tidy. Under the hood is a 2-liter turbo coupled to a 9-speed automatic. All wheel drive is optional, but we drove a front wheel drive model. The engine produces a very respectable 228 horsepower and 258 pound feet of torque. Our only quibble with the powertrain is that we encountered some mildly clunky 3-2 and 2-1 downshifts. But it was a sporadic issue that we found hard to replicate.
Inside, the Envision is comfortable, well laid out, and pleasing to look at. It offers various levels of connectivity, including Amazon Alexa, wireless Apple Car Play and Android Auto, and 4G Wi-Fi via OnStar. It also comes with a full suite of safety technology, including automatic front pedestrian braking. One aspect we really liked is that the rear seat area has a deep floor. So when you sit in the rear seats you get better thigh support than in most other crossovers where you seem to be sitting on your tailbone.
But then we come to the price. We drove an Avenir, which is the top of the line model. With nearly $4,000 in options and over $1,000 in destination charges the total came to over $45,300. The base model is $33,000. Since it’s imported from China, General Motors has to pay a 27.5% import tariff, and that may well explain why it’s so expensive. Even so, the Envision sells really well in the US market. It’s tied for second with the Enclave as the best selling model in Buick’s lineup.
But that’s it for today, thanks for watching.
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Comments (23)
April 27th, 2021 at 12:00 pm
I would say all CEOs should get paid like Elon however performance based salaries seem to make many decisions favor short term returns at the expense of the companies long term health.
I do believe that Elon has a personal interest in the long haul for Tesla that may be lacking of other auto CEO’s.
April 27th, 2021 at 12:00 pm
Jeez, does Buick make much in this country anymore? I know they sourced a lot of components and sub assemblies from China in the last so many years so I guess this was inevitable. Hopefully “made in China” sells well here for their sake. It would just be nice to see more Americans put to work.
April 27th, 2021 at 12:07 pm
2 Enclave is made in the US.
April 27th, 2021 at 12:41 pm
But you are forgetten those Buick discounts and that no pays MSRP. The Envision MSRP is lower for 2021 than 2020 for the 2.0T engine.
The 2021 Envision 2.0T can be had for $24-26K on autotrader. As a premium, near-luxury brand why would consider an economy suv from Japan? The top spec Avenir is down to $35K.
April 27th, 2021 at 12:44 pm
I saw a video with Jonathan Norman who was explaining Honda’s new interior design language.
My comment to Jonathan is to take a look at the interior cockpit design of the new Subaru Outback, and rethink Honda’s interior design language.
April 27th, 2021 at 12:50 pm
The 2.0 Liter Turbo engine in the New Envision needs to make it’s way into the 2022 GMC Terrain! Looking at the Sales Numbers comparing Q1 2020 to Q1 2021 the Terrain was down a huge -33.11%.
The refresh of the front and rear of the 2022 GMC Terrain should improve sales along with the addition of the stop / start defeat button.
Only having one engine choice, and being that it is the smaller 1.5 L Turbo, is killing Terrain sales, IMHO!
April 27th, 2021 at 12:54 pm
2 & 3) It would be nice if everything sold was built here, but they have been following the trend from others like phones, TV’s and other electronics. Its just that a vehicle is such a big financial purchase, that it would be nice if the individuals who built it were in the same place where it is expected to be sold. But, with GM growing into an all electric manufacturer, the fact that Lyriq, Hummer SUT and SUV and other BEV’s are scheduled to be built here is good news. The question becomes, for how long will that be the case? China is already waaaaay ahead of the US in putting EV’s on the road and therefore may, arguably, be considered a ‘center of excellence’ to some. This and a lower cost to build maybe the recipe to move more work to Oceanic region of the world. Big business and their profits! Smh.
With Ford just introducing the latest F-150 this year, I guess it would make since to update the new BEV version at the same time, even though it’s not due until next year. 2025 would be about the time for the this year’s 150′s mid cycle refresh, so to update the EV version on that occasion may improve efficiency during construction, maybe?! One thing is for certain, waiting until 2025 to introduce the actual BEV F-150 would put Ford so far behind the competition, perceptually. And trying to catch up with what is already on the market is a task easier said then done! Especially, if the competition turns out to be as good, as it is believed it will be.
April 27th, 2021 at 12:54 pm
2 There are plenty of jobs (of all types) currently unfilled in the US. Not enough people available or willing to fill them. This situation preceded the pandemic and I foresee it continuing until the stimulus dollars are fundamentally consumed.
April 27th, 2021 at 1:19 pm
General Motors should be building the Envision here in the US and avoiding the 27.5% import tariff! Biden promised well paying jobs for who the Chinese or Americans?
This whole Chip Shortage is due to the pandemic and corporate greed. Biden is coming up with another “Bailout” which will benefit the Auto Industry directly with taxpayer money. Sandy Munro is correct when he blames the MBAs for some of Detroit’s shrinking market share and quality.
The Envision is just the first example of what high quality automotive produces the Chinese are able to produce. Without the 27.5% tariff the envision should sell at approximately $35K is built in the USA.
April 27th, 2021 at 1:30 pm
That Honda Civic interior makes the equally boring TESLA model 3 interior look stylish. Way to go Honda!
April 27th, 2021 at 1:43 pm
I wouldn’t buy any vehicle built in China. I want the jobs to be here in the US and buying Chinese built GM cars benefits only GM and the Chinese.
Hey Lex don’t blame Biden for the Envision blame Trump and GM. This is a long term GM plan to cut US workers salaries. Most foreign manufacturers have opened US plants to bring jobs here GM has moved production to China to move jobs there. They could build the Envision in the US avoid the tariff and sell it for the same or less.
One day the Chinese government will walk in and say OK we know all your manufacturing secrets, now we are nationalizing all your plants you can go home now. See you later…
April 27th, 2021 at 1:47 pm
6 The non-defeatable stop/start cost Buick the sale of a LaCrosse to a friend a few years ago. Stop/Start is defeatable, in my Cayman, but you have to push the defeat button every time you start. I’d rather it “stored” the defeat.
Maybe they no longer have the 2.0 turbo in the Terrain, to help sell more Acadias.
April 27th, 2021 at 1:57 pm
Just read in one of the EV websites that Elon Musk says they are more of a robotics and AI company,the FSD with beta upgrade did impress Sandy Munro in his test ride along with one of the Tesla owners it was released on,you can see it in Youtube in Munro live, and watch his interview with Elon Musk during their stop in Texas in the SpaceX HQ.
Ford? They are being forced to make F150 EPickups, or lose quite a bit of sales to the CYBRTRK, and 2025 will be quite late by the Teslas CYBRTRK will be selling all they can make, allowing for 4680 battery cell supply constraints, Elon just said recently to all the battery cell suppliers that Tesla will buy all the cells they can make @ an affordable price.
April 27th, 2021 at 2:47 pm
Aboutthe Toyota investment in LYFT,I believe it was Honda or Acura who is offering something more advanced or equal to Tesla Autopilot, but only in Japan and select highways, i thought Toyota had something similar, what Tesla is working on in FSD is going to be Vision based , like in cameras and AI along with its on board HW3 computer, the most advanced installed in any car.Teslas Autopilot and FSD are two different things,FSD being a $10,000 option.
April 27th, 2021 at 2:58 pm
Cybertruck’s main competition will be Model Y, and maybe Model X for the “loaded” Cybertruck, not F-150.
April 27th, 2021 at 4:10 pm
By the specs Cybertruck competition should be any of the 250-350 trucks and not so much in line with 150s.
However much like my 1/2 ton the towing capacity exceeds what I could actually tow due to tongue weight being properly adequate % for the amount being towed.
April 27th, 2021 at 6:15 pm
The main market for the Cybertruck will probably be as a really funny looking, really big sedan, with a big trunk. The roll top desk bed cover will make it handy for hauling “normal” stuff, and about 100 cubic feet of it.
It will be capable of towing, but it’s not something you’ll want to use for a cross country trip pulling a big Airstream. The long range versions will have a ~200 kWh battery, and unless it is set up to charge using two superchargers at once, the charge time per mile, if towing, will be quite slow. Also, in most cases, you’d probably need to unhitch the trailer to charge the vehicle.
April 28th, 2021 at 5:55 am
1 Lambo – Tesla always had the advantage of a very clear mission that goes hand-in-hand with overcoming obstacles and opposition. If Elon Musk seems pushy, that’s sometimes the only way to move things.
I don’t know if that focus can be replicated, but fully agree that the long-term competitiveness of a company should be a key metric of management remuneration.
There are many US companies that have been swallowed by their foreign peers who learned to serve and thrive in the world market.
17 – Cybertruck as a sedan – now there’s a thought I need to remember. Smooth and silent propulsion does add refinement. Definitely only in America.
What about an Airstream with its own battery pack that might be connected to the truck? Anyway, a costly setup for now. One could make a dozen or so metro-runabouts with all those cells.
April 28th, 2021 at 7:48 am
18 Yeah, an Airstream with enough batteries, connected to the truck, to give enough range for a long days driving, and hookups at R/V parks capable of charging the entire rig overnight. When a new Airstream can easily cost more than $100K, what’s another $40K for batteries, if the weight could be dealt with.
April 28th, 2021 at 8:13 am
17 You thinking the trailer would need to be disconnected solely to park at the charging station? Yea never thought about that but yes most of the charging stations I have seen are set up for a single vehicle and a trailer of almost any length would be a problem.
It actually quite a funny paradox that EVs have fallen into. They started out as these econo-box commuters that didn’t sell well because of cost and consumers felt they were paying luxury car prices for a entry level car. So everyone started to make performance luxury EVs and then the biggest issue was range, cause who doesn’t want to be able to take their luxury car on long trips. Also sedan sales started tanking so they looked to making EV pick-ups cause they can obviously support a 50-60k price tag and so everyone jumped on making an EV truck that no one asked for. So now they will realize that if you plan to do any towing the range will make them useless and they will probably be looking to the large SUVs like a Hummer. EVs trying to find the niche that will support the high cost yet deliver some of the features expected of a 60K vehicles is a problem.
Bringing that cost down is still key and at least to me still makes fleet local delivery vehicles the ideal candidates for EVs. Amazon, UPS and Fed Ex as well as our USPS should be looking at making the switch.
April 28th, 2021 at 11:03 am
Creating plus-size charging stations really isn’t a problem.
While it definitely was Tesla who showed the world EVs could be hellishly quick off the mark. And unlike ICEs, the penalty in decreased efficiency is small, though added costs remain.
Fleet EVs should be happening right now. Perfect market.
I actually came back to say something of import. Sigh… anywho, how about an Airstream with an integrated generator? Kinda neat – when you need to move the trailer long-distance, your Cybertruck becomes a hybrid.
April 28th, 2021 at 11:36 am
21. The generator in the Airstream for long trips is a great idea. It would take some special electrical interface between the generator and vehicle, but would be much lighter weight and less expensive than 200 kWh of battery in the trailer.
May 1st, 2021 at 6:29 pm
If Elon can order any extra battery volume from the main battery makers, it means the “old” car makers must fund their own battery plants and that takes years. Meantime they keep paying tesla carbon credits as they cannot source the batteries. WinWIn for Elon. All these extra battery plants must source the raw materials and presto China either mines it or owns the mines worldwide. Even solid state will need other raw materials.
The US invented solar panels, nuclear power yet an alergic reaction to gov investment meant China took all the inventions and took the industry.