Canada’s Magna will strengthen its ADAS product line by acquiring Sweden’s Veoneer, spun off from Autoliv in 2018. Magna can provide a substantial proportion of a automobile’s elements and likewise operates a contract meeting unit. Magna mentioned Veoneer’s complementary merchandise and functionality would “strengthen and broaden” its ADAS product line and business place. The deal would add “vital engineering and software program experience, together with in sensor notion and drive coverage software program.” Beneath a definitive merger settlement, Magna would purchase all Veoneer shares for US$31.25 money every, or $3.8bn. The merger would broaden Magna’s ADAS enterprise with main prospects and open entry to new prospects and areas, particularly Asia. Magna would function Veoneer’s Arriver sensor notion and drive coverage software program platform as an unbiased enterprise unit, as Veoneer does at the moment. Magna can also be buying Veoneer’s “main international place in restraint management methods”.
Ford Ion Park might be located in Romulus, Michigan, the automaker introduced. It will likely be a battery and cell analysis and improvement centre with manufacturing to comply with later. Ford Ion Park director Anand Sankaran mentioned: “The brand new lab will assist us pace up the battery improvement course of to ship much more succesful, reasonably priced batteries and is a part of our renewed dedication to creating Michigan a centerpiece of our give attention to EVs.” A brand new ‘collaborative studying lab’ will open in 2022. The Romulus facility will account for US$100m of the $185m the automaker is spending on growing, testing, and constructing automobile battery cells and cell arrays. Ford in 2010 determined to give attention to EVs in Michigan and chosen Romulus “with collaboration and expedited tech sharing in thoughts”. At Romulus, Ford will refurbish an current 270,000 sq ft facility to deal with 200 engineers and pilot-scale gear for electrode, cell and array design and manufacturing engineering and innovation. The lab will pilot new manufacturing strategies for breakthrough battery cell designs with novel supplies as a part of its plan to vertically combine battery cells and batteries.
Lucid Motors has begun trading on the Nasdaq stock exchange as Lucid Group underneath the brand new ticker image LCID after finishing a merger with Churchill Capital Corp IV. Lucid accomplished the beforehand introduced merger on 23 July, 2021. The corporate mentioned the transaction brings in $4.4bn which it should use to speed up progress and enhance manufacturing capability to capitalise on anticipated demand.
Basic Motors and its Cruise robo-taxi subsidiary reportedly have filed a lawsuit to stop Ford from using the name BlueCruise to market its hands-free driving expertise. GM mentioned Ford use of the BlueCruise title infringed on GM’s Tremendous Cruise trademark, in addition to Cruise’s trademark. “Whereas GM had hoped to resolve the trademark infringement matter with Ford amicably, we have been left with no selection however to vigorously defend our manufacturers and defend the fairness our merchandise and expertise have earned over a number of years available in the market,” GM mentioned. GM additionally mentioned the automakers had held “protracted discussions” over the matter however didn’t resolve the dispute. GM was claiming trademark infringement and unfair competitors within the lawsuit and had requested the court docket for an order to ban Ford from utilizing the BlueCruise title plus unspecified damages. Ford known as the lawsuit, filed in federal court docket in California, “meritless and frivolous”.
Geely-owned Volvo Automobiles has reported the best half-year results in terms of sales and operating profit in its 94-year history. The corporate achieved a income of 141 billion SEK, up 26 per cent, pushed by sturdy demand and optimistic combine results, with increased gross sales of electrical vehicles, it mentioned. Working revenue was 13 billion SEK within the first six months of 2021, representing an working margin of 9.4 per cent. Gross sales volumes rebounded 41 per cent in comparison with the pandemic-affected interval in 2020, however the firm additionally noticed sturdy progress of 12 per cent in comparison with the primary six months of 2019, a extra related comparability with out the pandemic disruption. The 12-month rolling gross sales quantity is roughly 775,000 vehicles, simply shy of the 800,000 goal set 10 years in the past. Volvo mentioned the attraction of ITS electrical vehicles was demonstrated within the first half by the demand for its Recharge fashions. Gross sales of each its absolutely electrical and plug-in hybrid vehicles grew considerably, now making up 25 per cent of the worldwide quantity. That is the very best electrification share as a proportion of whole gross sales amongst conventional automobile makers, the corporate maintains. As a part of the transfer in direction of full electrification, Volvo has launched its second absolutely electrical mannequin, the Volvo C40 Recharge.
Ford has raised its 2021 profit outlook after posting stronger-than-expected financial results in the second quarter as quantity soared in North America versus year-ago ranges. The corporate reported an working revenue (adjusted EBIT) for the second quarter of $1.1bn, which compares with a lack of $1.9bn in the identical quarter of final yr. Ford raised its anticipated full-year 2021 adjusted EBIT and adjusted free money stream, respectively, to between $9 billion and $10 billion (up by $3.5bn) and between $4 billion and $5 billion. It additionally mentioned it’s managing by means of semiconductor provide shortages. Ford had beforehand mentioned it anticipated to lose about 50% of its deliberate second quarter manufacturing, which might have resulted in a loss within the interval. Actually, Ford mentioned it did higher than anticipated, leveraging sturdy demand to optimize income and income by means of decrease incentives and a beneficial mixture of autos, to generate the working revenue of $1.1bn. As demand restoration accelerated within the US, Ford’s auto enterprise in North America delivered optimistic EBIT within the quarter on a year-over-year enhance of $1.1 billion. Exiting the second quarter, the mixed U.S. customer-sold retail order financial institution for autos was seven instances bigger than on the identical level in 2020. The enterprise is “spring loaded” for a rebound when semiconductor provides stabilize and extra carefully match demand and total quantity is anticipated to extend by about 30% sequentially from the primary to the second half of the yr, driving an enchancment in market elements internet of manufacturing prices.
Visteon has posted a second-quarter net loss of US$11m, whereas internet gross sales rose 59% to US$610m. The provider gained US$3.2bn in new enterprise throughout the first half of the yr. This included a US$640m second-quarter growth of a beforehand awarded digital cluster programme, bringing whole lifetime worth for that programme to US$1.5bn.
Denso has posted first-quarter revenue up 77.3% to US$12.3bn, with consolidated revenue attributable to homeowners of the mother or father firm, totalling US$808m. “Income elevated resulting from restoration of car gross sales and manufacturing towards COVID-19 from the earlier yr,” mentioned senior govt officer, Yasushi Matsui. “Working revenue elevated resulting from increased manufacturing quantity and revenue enhancements created by company reform from the earlier yr. Though it’s tough to challenge how the enterprise setting would possibly change resulting from elements like COVID-19 and semiconductor provide, we’ve achieved a beneficial end in our first quarter and raised our full-year forecast.” Income and working revenue elevated in all areas resulting from restoration in automobile gross sales and manufacturing.
Volkswagen Group has posted record first half earnings, pushed by sturdy Audi and Porsche gross sales. The corporate lifted its revenue margin outlook for the yr, saying it expects an working return on gross sales of 6.0-7.5%, versus 5.5-7% beforehand. First half working revenue reached document EUR11.4bn (earlier EUR10bn document posted in pre-pandemic 2019) and VW mentioned the impacts of the Covid-19 pandemic and international scarcity of semiconductors have been ‘efficiently contained’. VW mentioned the document working revenue was pushed specifically by Audi and Porsche and by Volkswagen Monetary Providers. H1 deliveries elevated by 27.9 p.c to five.0 (3.9) million autos over the weaker prior-year interval, which was impacted by the pandemic. Gross sales income even rose extra strongly by 34.9 p.c to EUR 129.7 (96.1) billion. Greater earnings have been primarily resulting from elevated automobile gross sales, enhancements within the product combine and costs in addition to optimistic results from the valuation of uncooked materials hedges. One-off restructuring bills of EUR 0.7 billion had a destructive influence. VW mentioned Audi and Porsche posted document deliveries for the primary half of the yr and a double-digit working return on gross sales of 10.7 and 17.6 p.c, respectively. Attributable to elevated automobile gross sales and stronger demand for higher-margin fashions, group gross sales income rose considerably by 34.9 p.c to EUR 129.7 (96.1) billion. A complete of 171,000 all-electric autos (BEVs) have been delivered worldwide by the tip of June, greater than twice as many as within the prior-year interval (+165 p.c). After 60,000 BEVs have been delivered to prospects within the first quarter, that determine elevated considerably as deliberate to 111,000 BEVs within the second quarter. The share of autos primarily based on the Modular Electrical Drive Toolkit (MEB) relative to all BEVs was already over 60 p.c within the second quarter. The BEV ramp up will speed up additional in the midst of the yr as a result of expanded mannequin vary. The Group has additionally systematically ex-panded its portfolio of fashions with a plug-in hybrid drive (PHEV) – and there’s excessive buyer demand for them: 171,000 PHEVs have been delivered within the first half of the yr, greater than thrice the determine within the prior-year interval (+204 p.c). In a cautious observe, VW mentioned the danger of bottlenecks and disruption within the provide of semiconductor elements has intensified all through the business and it expects opposed impacts “will are likely to have an effect on the second half of the yr.”
Have a pleasant weekend.
Graeme Roberts, Deputy Editor, just-auto.com