Ford is raising the base price F-150 Lightning Pro give second time in two monthsPorsche is now Europe’s Most Valuable Car Manufacturer after the IPO, and Honda’s motobike is planning to sharply cut vehicle output at two plants in Japan in October this year. All the good things about that auto and more in Morning shift for Thursday, October 6, 2022.
First gear: Ford F-150 Lightning Pro Price go BRRRRRR
Ford has once again raised the price of the entry-level F-150 Lightning Pro. This is the second price hike in as many months, and Ford says it’s related to rising raw material costs and supply chain issues.
The entry-level electric van will now set buyers back $53,769 to start, including the $1,795 destination fee. That’s a base price of $48,769 with a destination set in August. When the Lightning Pro first went on sale, it cost less than $40,000. Are from Automotive News:
Ford at the time said it was able to price Lightning very aggressively because of its size and by sharing some common parts with its existing full-size pickup trucks.
“We have an aluminum body car that has led its market. At the time, we didn’t need to completely retool, said Darren Palmer, vice president of Ford’s electric vehicle program. “As a result, we were able to offer a car at that price point with this entire lineup and make money from it.”
However, executives have noted in recent months that rising commodity costs have wiped out the initial profits of the Mustang Mach-E and other electric vehicles.
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JX Fitness Dumbbell Rack
Gains but tidy
Has a three-tier design to help store more weights more conveniently, can safely support up to 1000lbs of weight, which should be enough for most people, has a triangle base for stability, and also features anti-scratch feet which is great if you’ve built your own studio or workout in your garage.
Auto News reports that Ford says inflation-related supplier costs are going to be about $1 billion higher than expected in the third quarter of 2022. The company also says it will finish that time period with between 40,000 and 50,000 unfinished vehicles that are waiting on parts. Most of them are reportedly pickup trucks and other utility vehicles.
2nd Gear: Move Over VW, Porsche is the New Top Dog
Porsche has now become Europe’s most valuable automaker. It overtook former parent company Volkswagen on Thursday. The brand now has a valuation of 85 billion euros (about $84 billion).
In comparison, Volkswagen is only valued at about 77.7 billion euros. Rounding out the top five most valuable automakers in Europe are Mercedes-Benz (57.2 billion euros), BMW (47.5 billion euros) and Stellantis (39.7 billion euros). From Reuters:
“Inflation data from Europe and the United States, recent worries about energy supplies in Europe and the escalation of the war in Ukraine last Thursday have led to fluctuations that make stabilization measures Small-scale regulation becomes necessary,” a Volkswagen spokesman said.
The shares purchased between September 29 and October 4 accounted for about 11% of total trading volume since the listing, including about 34 million shares, the spokesperson added.
Overall, up to 14.85 million shares worth 1.2 billion euros are available through the greenshoe option in the four weeks following the offering as a measure of stability.
Ya know what, good for Porsche. It’s rare for such a weakling to do so well. Also, before you get mad at me in the comments, I promise that this is an irony. Adjust the writing time to know when Volkswagen overtakes Porsche, and we’ll go around.
3rd gear: Honda Cuts made in Japan
Honda has announced it will reduce vehicle production by 40% at two plants in Japan for the rest of October. That’s a deviation from previous plans, because the company is dealing with – you guess it – supply chain problems. Wild, I know.
Two production lines at Honda’s Suzuka plant in Japan will cut output by about 20 percent in October. Those are small potatoes compared to the cuts it will see at another plant in Saitama Prefecture. Honda plans to cut production by nearly 40% for the rest of this month.
The cuts fall outside of the planned Honda that announced a 40% cut in production in Suzuka in October and a 30% cut in Saitama during the same period. Are from Reuters:
Honda blamed delays in parts receipt and logistics on the COVID-19 outbreak and semiconductor shortages. The production reductions will affect vehicles including the Vezel sport utility vehicle, the Stepwgn minivan and the Civic compact car.
Honda’s production at its two plants returned to normal in June after an earlier decline, but it began adjusting again in July.
[…]
That announcement came about a week after it lowered its production target for that month to about 800,000, about 100,000 below its average monthly production plan.
In a similar but less drastic move, Toyota is also lowering its October production target by 6.3% because of a semiconductor shortage.
4th device: $1.6 billion battery factory for Michigan
Next Energy Inc. Our (ONE) is one The EV battery startup is joined by many former Apple executives, and it’s about to invest $1.6 billion in a Michigan factory with the goal of producing enough batteries to power 200,000. EVs per year.
On Wednesday, the state approved $200 million in funding for an upcoming project in the town of Van Buren, about 10 miles west of Detroit’s airport. The goal is that it will be fully operational by the end of 2027 and create 2,112 new jobs. If the company fails to meet that employment goal, it could lead to Michigan getting its money back. Are from The Wall Street Journal:
The investment is part of a line of battery capacity being built in the US as companies race to give automakers the cells they’ll need for all the electric vehicles they’re building. plan. That effort was only ramped up after the enactment of the Inflation Reduction Act, which aims to kickstart battery production in the country. The law binds consumption tax credits on electric vehicle purchases to the amount of battery material produced in the country.
The Inflation Reduction Act was really [our] Mujeeb Ijaz, founder and chief executive officer of the company, known as ONE, said in an interview. “We see a lot of emphasis on US supply chains and US cell manufacturing.”
The company says it plans to produce at full capacity 20 gigawatt-hours, including lithium iron phosphate batteries, annually or the equivalent of battery packs for about 200,000 vehicles per year. ONE has not said which automakers it will supply.
The US auto industry is primarily focused on another type of cell technology – lithium-ion cells – which have a higher energy density but can also be volatile. The so-called LFP technology is less volatile and less expensive but usually has less range. LFPs have been given a new look by some automakers concerned about battery fires, and some automakers concerned about battery fires take a new look as an alternative to some material shortages. raw in the industry.
It is reported that ONE has raised $197 million and is aiming to raise around $150 million by the end of the year.
Many former Apple car employees have joined ONE’s ranks, including Steve Kaye, who joined the company as ONE’s chief technology officer. Former Apple vice president of special projects Steve Zadesky also joined as an advisor to ONE.
5th gear: GM Finance pays for being snatched
GM Financial has agreed to pay more than $3.5 million for allegedly violating a U.S. federal law that provides certain benefits and protections to certain eligible service members, according to the Department of Justice. Are from Automotive News:
GM Financial is accused of violating the Service Members Civil Relief Act by illegally recalling 71 service members’ vehicles and denying or mishandling more than 1,000 car rental termination requests. , the Justice Department said in a statement on Wednesday.
GM Financial did not immediately respond to a request for comment. It is a wholly owned subsidiary of General Motors and provides financing for vehicle sales and rentals. In 2021, GM Financial has revenue exceeding 13 billion USD.
In its complaint filed with the United States District Court in Dallas, the department alleges that since 2015 GM Financial has improperly denied service members’ requests to terminate service agreements, the service charged an early termination fee or an inappropriate amount of rent after the termination date and failed to provide timely refunds to service members for the rent they prepaid.
The Justice Department said GM Financial had agreed to pay $3.5 million in damages to affected service members and a $65,480 civil penalty to the U.S. government.
After a potential violation involving a U.S. military commanding officer was brought to the attention of the Justice Department, the Justice Department began an investigation. GM Financial.
$3.5 million doesn’t sound like much, but I suppose it’s something.
Reverse: First draft of High speed train written
Neutral: I see Don’t worry, honey And It Stunk
I went into this movie with some very low expectations. In fact, they’re so low that throughout the movie, I find myself really enjoying it. Obviously, I went too far in the opposite direction to defeat my prejudice against it. When it ended the first time, I actually left the theater thinking it was good.
Then… disaster. I thought about it more, and I realized it really is bullshit. That’s a real beggar. However, you should still watch it, because participating in discussions is always fun.
