Listen to “AD #3069 – Ford's Q1 Impressive; Honda Reveals All-New Civic; GTX Adds AWD to the VW ID.4” on Spreaker.
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Runtime: 11:06
0:07 Ford Posts Impressive Q1
0:59 Toyota Expanding Its Indiana Plant
1:51 Daimler & Volvo Name Fuel Cell JV cellcentric
3:15 Honda Reveals All-New Civic
4:24 GTX Adds AWD to the VW ID.4
5:30 Huawei in Talks to Buy Chinese EV Company
7:17 Strategy Suppliers Should Take in EV Transition
9:17 GM Trying to Make Charging Easier
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FORD POSTS IMPRESSIVE Q1, BUT WILL BE HURT BY CHIP SHORTAGE
Thanks to the popularity of new vehicles like the Bronco Sport and Mustang Mach-E, along with the all-new F-150, Ford posted impressive first quarter earnings. While its overall sales were down 6%, the automaker’s revenue actually increased 6% compared to a year ago. And it posted a net income of $3.3 billion compared to a net loss of $2 billion last year. And while these are strong numbers for Ford, the company warns its earnings for the rest of the year will be impacted by the semiconductor shortage. It now expects to lose 1.1 million units of production this year and it’s forecasting its full-year adjusted EBIT will be between $5.5 and $6.5 billion, down from the $8 to $9 billion it previously predicted.
Ford Q1, 2021 Earnings | ||
---|---|---|
Sales | 1,062,000 | -6% |
Revenue | $36.2 Billion | +6% |
Net Profit | $3.3 Billion | +$5.2 Billion |
TOYOTA EXPANDING ITS PLANT IN INDIANA
Toyota announced its investing over $800 million to upgrade its plant in Indiana to build two new SUVs. One will be for Toyota, the other for Lexus, which will be the first Lexus model built at that plant. While the company will reveal the models later, it did share some details about them. They’ll have three rows and seat up to eight passengers. And they’ll be available with a semi-automated driving system, which will allow for hands-free driving in certain situations. Other available technology includes remote parking and a digital key, which are both controlled by a smartphone. Toyota says the SUVs will “join a diverse, electrified product portfolio,” so it sounds like hybrid or plug-in hybrid versions will be available as well.
DAIMLER & VOLVO NAME FUEL CELL JV CELLCENTRIC
We now have a name for the fuel cell joint venture between Daimler and Volvo Trucks. It’s called cellcentric. The goal is to start customer tests in about three years and be producing a common fuel cell stack for both companies at a yet-to-be-determined site by 2025. Daimler and Volvo believe hydrogen power is the better option for zero emission long haul trucking, while battery-only power is better suited for lighter loads and shorter trips. But the two know they won’t hit their goals on their own, so cellcentric is calling on EU policy makers to build out the refueling infrastructure – 300 stations by 2025 and 1,000 by 2030 – as well as purchase incentives to bring down the price of entry.
NEW CIVIC HAS MORE POWER & BETTER HANDLING
On Monday we speculated this design rendering was the interior for the all-new Civic. Turns out we were right. It’s highlighted by a long, thin air vent that stretches across the entire dash and a high-mounted center screen, which is available in 7- or 9-inches. Styling wise, the Civic now looks a lot more like the Accord, which we think is highlighted by a long hood and fast-back-like rear as well as the nose element that flows down into the Honda badge in the grille. It’s body-color on the Civic, rather than chrome, but you can see the similarity. More than looks, Honda says it also increased body rigidity, which will improve ride, handling and NVH. Power comes in the form of two 4-cylinder engines; the standard naturally aspirated 2.0L, which makes 158 horsepower or a 180 horsepower 1.5L turbo. Both are mated exclusively to a CVT. The Civic sedan will continue to be made in Canada and, for the first time, the Civic Hatchback will be made in the U.S.
GTX MODEL BRINGS AWD TO VW’S ID.4
Volkswagen is billing the new ID.4 GTX as the sporty version of the EV, but we think the real appeal will be its all-wheel drive capability to buyers in snowy climates. The two motor setup combines for 220 kW or roughly 300 horsepower and helps return a 0-100 km/h time of 6.2 seconds. The GTX is distinguished by a unique bumper with new LED DRLs and an overlapping 3D effect in the rear taillights as well as a black roof, spoiler and dark-colored pillars. The interior is much more colorful with blue panels on the dash and door that are highlighted by red accents. Look for the ID.4 GTX to go on sale in Europe this summer with a starting price in Germany of 50,414 euros. Volkswagen will sell a dual motor, all-wheel drive version of the ID.4 in the U.S. but likely won’t get the GTX badging and its unique elements.
HUAWEI IN TALKS TO BUY CHINESE EV MAKER
Apple and Foxconn aren’t the only electronics companies looking to make EVs. Reuters reports that China’s Huawei is in talks to buy Jinkang New Energy Automobile, which is the EV subsidiary of another Chinese company, called Chongqing Sokon. Huawei has said it wants to start equipping cars with its own operating system, which this move would allow it to do, along with the added bonus of churning out cars with its name right on them. Here’s something we find interesting about the deal. As you likely know, the U.S. placed a number of sanctions on Huawei, which cut access to key supply chains. Well, the company it’s trying to buy, Jinkang, owns U.S.-based EV maker Seres, which used to be called SF Motors and purchased the old AM General plant in Mishawaka, Indiana. In 2019, Seres cancelled its launch of an SUV in the U.S. and hired former Cadillac executive Jim Taylor to help turn things around. We wonder if this move by Huawei is, in part, a way to open supply chains back up in the U.S.?
STRATEGY SUPPLIERS SHOULD TAKE IN EV TRANSITION
As we reported yesterday, the Motor & Equipment Manufacturers Association, which represents auto suppliers, warned that a quick transition to electric vehicles could cost up to 30% of jobs in the supplier industry. But with governments around the world moving forward with ICE bans, suppliers need to adjust. On Autoline This Week, Alicia Masse from B. Riley Advisory Services, a company that consults with auto suppliers, gave advice on what strategy suppliers should take in the transition from ICE to BEVs.
“I’ve worked with suppliers who lost their way in their strategy decision making and have fallen on difficult financial times. So, what you always want to do with a company is to understand first and foremost what is their strategic competence. What is it they bring to the table for their customers? And build around that a strategy. A strategy could be ‘hey maybe I don’t belong in automotive anymore, maybe I can do these same things for a different industry.’ So it really does depend on what are the competencies of the company, their management team and number one and number two, what are their financial resources. And through those two things you can help them define what their best strategy is. Whether it is acquisitions, whether it is divestitures, whether it is a dual strategy of keeping their ICE but developing the EV. It really does depend on the competencies of their team, what they have accomplished and what they have financially.”
You can watch that episode right now on our website or YouTube channel.
GM TRYING TO MAKE CHARGING EASIER
GM is making a big push into electric vehicles and it knows one of the things holding back EV adoption is the lack of a charging network. So it’s giving customers more options to charge vehicles. It created Ultium 360, which will integrate charging networks, GM vehicle mobile apps and other products and services to simplify charging. In addition, it’s collaborating with seven charging networks to give customers access to more than 60,000 plugs in the U.S. and Canada. And GM and EVgo launched its first fast-charging stations in Washington, California and Florida. The companies expect to launch 500 more fast-charger sites by the end of the year.
And be sure to join us for Autoline After Hours this afternoon. Our special guest is Mike Abelson, the CEO of Arrival, the electric commercial vehicle startup based out of the UK. Instead of using giant factories to make its vehicles, it’s going to use mini ones. And this could be the beginning of a revolution in micro manufacturing. So join us at 3PM eastern time for some of the best insights as to where the auto industry is headed.
But that wraps up today’s show, thanks for watching.
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John McElroy is an influential thought leader in the automotive industry. He is a journalist, lecturer, commentator and entrepreneur. He created “Autoline Daily,” the first industry webcast of industry news and analysis.