Could Lucid Run Out of Money?; NIO Launching Affordable Brands in Europe – Autoline Daily 3806
this is autoline daily the show dedicated to enthusiasts of the global automotive industry Lucid Motors reported its first quarter results and the EV startup sold more vehicles and cut its losses but it still has some hurdles to clear Lucid delivered just under 2,000 air sedans in q1 which is an increase of 40% compared to last year and it says it’s on track to make about 9,000 EVS for the whole year the vehicles at did sell brought in $173 million in Revenue an increase of 16% and Lucid caught its losses but it’s still reported a net loss of $685 million as it gears up to launch new models the gravity SUV is supposed to launch before the end of the year and then it says it will come out with a new midsize EV in late 2026 that costs around $48,000 right now Lucid has just over $5 billion of total liquidity which it says will last it through next year obviously that’s not a lot of time and its production numbers are still low as well but unlike other EV startups Lucid is majority owned by the Saudi public investment fund and so far it’s had absolutely no problem raising more money when it needs to as recently as March it invested another billion dollars in Lucid bringing its total investment to 5.4 billion billion dollars since 2018 Chinese automaker Neo sold about 160,000 premium EVS last year while it’s been able to increase deliveries with new models like most EV makers its sales have sort of started to Plateau so Neo announced a new more affordable sub brand called anvo that it hopes to boost its volumes with Reports say the new EVS will use batteries from byd subsidiary fin dreams a first for Neo its other suppliers are catl and calb according to car news China Neo will launch envo in Europe later this year followed by another entry-level brand called Firestar that will have a starting price below €30,000 if that’s accurate it’s not going to be easy to launch two new brands when you’re currently selling under 200,000 Vehicles a year but speaking of Chinese automakers Zer which is a sub brand of gie expects to raise a bunch of money through a US IPO it’s going to make 17.5 million shares available on the New York Stock Exchange for $18 to $21 each that would raise nearly $370 million and give it a market cap of over $5.1 billion however most of that stock is going to investors companies like gie mobile ey and catl are subscribed to buying almost 300 50 of that nearly $370 million in shares and gie chairman Leu Fu will control about 75% of the shareholder voting power after the IPO the national highway traffic safety administration or Nitza is ramping up its investigation into Tesla’s handling of an autopilot recall last month it opened an investigation into Tesla’s overthe a update because 20 more crashes occurred after after the update was issued and now the safety agency has issued a deadline to Tesla to hand over information about the system it wants to know how much mileage owners are accumulating using autopilot and how many times drivers have been warned to put their hands on the wheel before and after the update Nitsa says Tesla has until July 1st to answer its questions and if the company fails to respond it could be fine more than $227,000 per day for each violation or up to $135 million in [Music] total Toyota is now filling up its vehicles coming off ships at the Port of Portland with renewable gasoline before forther sent off to dealers the fuel was made by Chevron and it contains more than 50% renewable content the oil company says it can reduce life cycle CO2 emissions by more than 40% compared to traditional gasoline and most importantly it fills up as fast as normal gas Toyota worked with Chevron to develop the fuel and last year the two companies filled up a Camry Rav 4 Prime and a Tundra with the fuel and drove the cars from Mississippi to Texas and now they’re expanding the operations to the port of Portland well this isn’t too surprising Magna which contract manufactures the ocean for Fisker says it doesn’t expect to continue building the model during the supplier’s first quarter earnings call Magna CEO Swami kotagiri said production of the ocean is currently idled at its plant in Austria so it laid off 500 workers there and it assumes no further production will take place as you know Fisker is strug strling back in March the New York Stock Exchange delisted the company because its shares dropped to abnormally low prices then shortly after that it slashed the price of the ocean by 39% to help raise money to avoid bankruptcy CEO Henrik Fisker is also selling his Mansion but that hasn’t helped and the company still has around 4,700 Ocean Models in its inventory and that’s why Magna isn’t expecting to build anymore going forward China’s catl is the largest battery maker in the world but it says Global battery production needs to be increased to meet future Eevee demand the company is building new plans to meet that demand but it also says it’s open to more agreements like the one it has with Ford who is licensing its technology to build batteries in Michigan catl claims that it’s in talks with a dozen automakers and even rival battery makers to boost production in addition to licensing its battery techn technology it will provide support for plant construction and operation services to companies to ensure that everything runs smoothly and while this will bring in more revenue for catl it also shows how concerned that it is that there isn’t enough capacity to meet future battery demand BMW is using Boston Dynamics robot dock to support the operations at its engine plant in the UK BMW changed the name from spot to spotto you know like Auto and engine and it’s equipped with visual acoustic and thermal sensors to help it navigate around the plant by itself BMW is using spato to collect data for the plan’s digital twin to help with quality assurance and production planning in addition to that the dog is being used to monitor the temperature of manufacturing equipment and identify leaks in compressed Airlines BMW says more applications for spot we being tested and it could be applied to other plants as well lots of people seem to think that Americans would drive lowcost EV like the byd seagull we may see that theory put to test you may remember Mike rollino wants to offer its iset like EV in the US which costs around $113,000 and now another company called Ellie electric wants to bring another micro car to the states the Ellie Z is like an enclosed golf cart that costs just under $122,000 and would be limited to 35 mph zones the company says it will come out with a US version with 90 Mi of range and it’s offering a $200 refundable deposit right now that’s a wrap for this show thanks for making autoline a part of your [Music] day autol line daily is brought to you by Bridgestone solutions for your journey Intrepid Control Systems over over the a engineering boost your game tajun Automotive Technologies the formula for better mobility and by ZF when the peace and quiet of your morning commute is as comforting as your morning macchiato that’s what really matters Bridgestone tonza EV tires less noise for more quiet comfort [Music] immerse yourself in engineering Innovation while enjoying a fun and engaging networking environment get ready for exciting new demonstrations and collaboration with Metro Detroit Automotive Engineers R&D operations professionals and Technical experts connect with professionals covering topics on software defined Vehicles wireless battery management virtual ecus the ongoing innovation in automotive ethernet 10 based t1s and much more calibrate your knowledge in the shift towards centralized Computing and softwar defined vehicles for free at intrepids STV social on Wednesday May 8th from 4: to 7: p.m. to register for this event visit Intrepid cs.com sdv social there’s nothing wrong with heavy metal hey light up but with worldclass composite material tajun Automotive Technologies makes Vehicles 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Autoline reports breaking global car news, with great insight and analysis. Also, top auto executive interviews. We cover electric vehicles (EV), autonomous vehicles (AV) and internal combustion engine technology (ICE), as well as car sales & financial earnings and new car reviews.
0:00 Could Lucid Run Out of Money?
1:32 NIO Launching New Affordable Brands in Europe
2:24 Zeekr Expects Big Bucks from U.S. IPO
3:12 NHTSA Ramps Up Autopilot Investigation
4:23 Toyota Fills Shipped Vehicles with Renewable Gas
5:03 Magna Lays Off Fisker Line Workers
5:59 CATL Wants to License Its Tech to Others
6:48 Robot Dog Helps BMW Make Engines in the UK
7:31 Eli Electric Bringing Micro Car to the U.S.
Story Links:
Lucid Q1 Earnings: https://lucidmotors.com/media-room/lucid-q1-2024-financial-results
Nio Launches New Brands:
Nio to launch a sub-30,000 EUR electric car in Europe in 2025 under Firefly brand
https://www.reuters.com/business/autos-transportation/chinas-nio-turns-rival-byd-power-new-ev-brand-sources-say-2024-05-07/
Zeekr Plans U.S. IPO: https://www.reuters.com/markets/deals/chinas-zeekr-close-3675-mln-new-york-ipo-one-day-early-source-says-2024-05-07/
NHTSA Ramps Up Autopilot Investigation: https://www.autoblog.com/2024/05/07/nhtsa-escalates-tesla-autopilot-probe-with-new-demand-for-data/
Toyota & Chevron Partner On Renewable Gas: https://pressroom.toyota.com/toyota-pilots-chevrons-renewable-gas-blend-for-first-fill-at-port-of-portland/
Magna Lays Off Fisker Line Workers: https://insideevs.com/news/718548/magna-ends-fisker-ocean-production/
CATL Wants To License Battery Tech: https://www.wardsauto.com/industry-news/catl-looks-share-battery-tech-boost-capacity
BMW Uses Robot Dog in Plant: https://www.press.bmwgroup.com/global/article/detail/T0441679EN?language=en
Eli Micro EV: https://electrek.co/2024/05/07/ev-maker-eli-launches-its-11900-electric-micro-car-in-the-us/
Read the transcript here: https://www.autoline.tv/daily/ad-3806-could-lucid-run-out-of-money-nio-launching-affordable-brands-in-europe-catl-wants-to-license-tech-to-others/
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28 Comments
The Biden admin needs to call off NHTSA from attacking Tesla. This is getting ridiculous and is an agency that is obviously going out of its way to attack Tesla. You don't see them doing this for Blue Cruise which doesn't require you to have your hands on the wheel at all!!!
What's will NHTSA do if they find out that stupid humans continue to take their hands off the wheel no matter how many times the car beeps, warns, etc?? What good does that do but to show how stupid people are? Is not Tesla's fault that their software is so dang good that people actually are trusting it…. but isn't that the idea and the point of ADAS??
Tesla firing tantrum resulted in this chaotic email to suppliers:
To all concerned:
You may be aware that there has been a recent adjustment with the Supercharger organization which is presently undergoing a sudden and thorough restructuring. If you have already received this email, please disregard it as we are attempting to connect with our suppliers and contractors. As part of this process, we are in the midst of establishing new leadership roles, prioritizing projects, and streamlining our payment procedures. Due to the transitional nature of this phase, we are asking for your patience with our response time.
I understand that this period of change may be challenging and that patience is not easy when expecting to be paid, however, I want to express my sincere appreciation for your understanding and support as we navigate through this transition. At this time, please hold on breaking ground on any newly awarded construction projects and planned pre-construction walks. If currently working on an active Supercharging construction site, please continue. Contact [email redacted] for further questions, comments, and concerns. Additionally, hold on working on any new material orders. Contact [email redacted] for further questions, comments, and concerns. If waiting on delayed payment, please contact [email redacted] for a status update. Thank you for your cooperation and patience.
"renewable gasoline" is complete and blatant greenwashing. there is nothing sustainable about burning hydrocarbons. full stop.
Some buy hobby farms…Saudis bought themselves a hobby EV factory …
Fisker needs to drop their $35k model to $25k. The $25k model is all sold out.
Renewable gas…
Toyota is so creative with their greenwashing ideas, I wish they were as creative with making desirable EVs.
What do Autoline viewers think of that EliZero "lithium golf cart"? Essentially an LSV, it has doors, wipers & lights, heater and air conditioning, and is priced similar to current regular open air golf carts.
The micro car is nothing like the subcompact seagull, except maybe the price
NHTSA is ruining Autopilot, clearly they have an agenda.
Henrick is gonna need the proceeds from his mansion to pay for his defence lawyers.
Could Lucid Run Out of Money? Yes, it's called Bankruptcy! Trump is going to end all of this EV nonsense in 10 months anyway.
yes.
Hard to imagine an owner with deeper pockets than the Saudi royal family.
Not to worry, our government is working on ways of slowing down gas fill-ups. Toyota's recycled gas will be stopped, as soon as possible. More regulation are on the way.
Automakers seem desperate to make cars ICE or BEV throwaway applainces that last. If they were charging applaince prices that would be fine. Instead they keep raising prices while lowering quality and pricing folks out.
Im all for cheap Chinese brands that will also be throwaway appliances if they are actually as cheap as everyone says they are. Car ownership is such a headache these days. No wonder more and more people keep talking about alternatives in transportation. Automakers have lost the plot.
Of course Lucid is going to run out of money. the CEO spent like a drunken sailor on leave, and he is confident that the Saudi's will bail them out. It's a Saudi money pit, and eventually the Saudi's will get sick of losing billions.
After watching your videos for a while one would think china is the only country making electric cars.
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Fisker has arrived
I'd rather the US just allow Japanese kei cars to be sold in the US market. Think of how fun they could be if we freed them from their 660cc engine limit!
I’ve said it before…Ask any kid if they want a Lucid
I wonder if Magna was paid already for all the Oceans produced,maybe of Henrik sold them fir $25,000 ea. theyedbe sold out as Rich Rebuilds say.😂🤑
Lucid is lucky that it has all that Saudi money
Lucid going bankrupt makes a good clickbait headline but anyone paying attention knows that is all it is. The PIF, a roughly trillion dollar sovereign wealth fund, has funded Lucid with over $6 billion, but that is less than 1% of their assets while developing "Green" industries is a national priority policy. I'm not saying that LCID stock is a good investment for the average investor, but I have been driving one of their cars for the last two years and it is absolutely bewitching. I honestly think that the Lucid Air sedan is the best all-around car made today. Their forthcoming SUV should sell well in the full-size Luxe SUV segment, and the forthcoming mid-size vehicles are quite likely to scare the heck out of BMW. See Misha Charoudin's recent laps on that famous German 'Ring.
ալգորիթմ (Algorithm in Armenian)
I see Lucid Saudi Camel traders and Riders being the Managers and Indians and developing countries as the main Labour force in the Saudi Lucid factories, oh those workers wiĺ be abused like OFWs and Maids from the Developing countries.!
Renewable Gasoline??? What kind of bs are you peddling this time?
More EV garbage. Keep your duracells. I wonder what happens when a solar fkare or major magnetic event disrupts an EVs computer systems… or when they start getting hacked, like ALL computers eventually do. Not putting my kid in the care of AI, or a remote shutoff situation, that's for sure.