Tesla is confident of finishing the year strong, Volkswagen is turning to new benefactors to separate Porsche in the stock market, and automakers are finally starting to understand how the silicon business works. All this and more Morning shift in 2022 on Friday, August 5.
1st Gear: Tenth 20M
Last year, Tesla produced one million cars in all its factories. She wants by 2030 to build 20 million It looks, frankly, ridiculous, but CEO Elon Musk believes that with 10-12 g.igafactories (currently has five, one of which only manufactures solar panels at home) can achieve this goal. By the end of this year, it is expected to reach 2 million, but already only 500,000. From Car news:
Total Tesla Production in 2021 amounted to slightly more than 1 million vehicles, but Musk said Thursday that 1.5 million are currently in service. vehicles from four factories: Fremont, California; Shanghai; Berlin-Brandenburg, Germany; and Austin, Texas.
“If everything goes as planned, in 2022 we will leave 2 million annual turnover,” Musk said, adding that production at Tesla’s two newest factories, in Germany and Texas, was facing “10,000” small problems that were being addressed. one by one.”
Musk added that Tesla could announce a new Gigafactory location before the end of the year and that production of the Cybertruck would begin in 2023. in the middle By then – assuming the timing is accurate – there will be range of alternative battery-electric pickups sold from all American brands. The Cybertruck will be popular because it’s a Tesla, but how will it compare in terms of quality? Anyway, that’s the question on my mind.
2nd Gear: The Mythical Porsche IPO
Volkswagen really, really wants Porsche’s IPO to happen, but it happened takes longer than expected. It is reported that the company has turned to investments from a Middle Eastern state to ease the situation. From Bloomberg:
Porsche is trying to secure investment from some of the Middle East’s biggest sovereign wealth funds, as the storied sports carmaker hopes to retreat to one of Europe’s biggest bourses amid market headwinds and valuation concerns, people familiar with the matter said.
Abu Dhabi’s Mubadala Investment Co. and ADQ are among those considering financing the listing of a unit of Volkswagen AG, according to the people, who asked not to be identified discussing confidential information. State-owned companies in other Gulf markets, including Saudi Arabia, are also exploring investments, they said.
It’s getting a little desperate for Volkswagen, which has long announced its desire to shut down Porsche, but had to go through with the plan late last year. Around that time, word got out on the street that the German automaker was aiming for a €90 billion IPO. That target seems to have softened along with the stock market cooling:
Securing more major sponsors would be a confidence boost as the German automaker expects Porsche to command the highest price. The German state of Lower Saxony, another Volkswagen shareholder, and the controlling Porsche-Piech family are seeking a valuation of at least 60 billion euros ($62 billion), the people said.
Investors still have many questions, especially how Porsche could be independent under such a scheme:
In early meetings with portfolio managers, the IPO was pitched as an opportunity to invest in a company that combines top car-making rivals such as Ferrari NV with luxury brands such as Louis Vuitton. But some investors are concerned about a listing structure that fails to make Porsche independent of its parent company, as well as headwinds in the IPO market, people familiar with the matter said earlier.
Last month’s decision to put Porsche CEO Oliver Blume in charge of parent company Volkswagen also caught the eye of investors. Bernstein & Co. in a survey of 58 fund managers, 71% said Blume’s dual role was a clear negative for the IPO.
The plan looks less appealing every day, but Volkswagen has clearly decided that this is Porsche’s destiny.
Gear 3: Speaking of…
July was far from a successful month for car sales in Germany, with consumers purchasing 13 percent fewer vehicles compared to June. Car news reports:
Electric car maker Tesla was the month’s biggest gainer, with registrations up 142 percent and a 0.6 percent market share.
Total sales of battery electric vehicles rose 13 percent to 28,815, with a 14 percent market share.
Other winners for the month were Land Rover, 62 percent; “Dacia” – 24 percent; Seat, 9 percent; Porsche – 5 percent; and Toyota – 3.9 percent.
German premium brands had a bad month, with Mercedes-Benz down 23 percent; BMW fell 15 percent; and Audi decreased by 7 percent.
Registrations for the VW brand, Germany’s market leader, fell by 20 percent, while Ford’s fell by 30 percent and Opel’s by 12 percent.
in 2022 so far, Germany has seen the lowest number of new car registrations in three decades – even worse than during the first seven months of the COVID-19 pandemic in 2020.
4th gear: Carmakers go head-to-head with chipmakers
The global shortage of semiconductors is shrinking—you can now buy a graphics card for close to MSRP, for example—but the automakers were naturally spooked. And even when supply returns to where it was by 2020, the relationship between automakers and silicon suppliers isn’t rebounding, as a glowing report by Reuters tells us:
CC Wei, CEO of Taiwan Semiconductor Manufacturing Co., the world’s largest chipmaker, said he had never received a call from an auto industry executive until he had a desperate problem.
“For the past two years, they’ve been calling me and treating me like my best friend,” he told a laughing crowd of TSMC partners and customers in Silicon Valley recently. One automaker called and requested 25 plates urgently, said Wei, who is used to placing orders for 25,000 plates. “No wonder you can’t get support.”
Thomas Caulfield, CEO of GlobalFoundries Inc, said the auto industry is realizing it can no longer leave the risk of building multibillion-dollar chip factories to chipmakers.
“You can’t let one element of the industry carry water for the rest of the industry,” he told Reuters. “We’re not going to add capacity unless that customer is committed to it and owns that responsibility.”
Car companies use older custom components that are obsolete as far as the consumer electronics industry is concerned. Automakers are just one class of customer for manufacturers like TSMC, which also supply Apple and Samsung.
At the same time, automakers have desperately tried to rebrand themselves over the past decade as tech companies that have been in the public eye, jealous of Apple’s attention, but have made no moves to actually be to become to technology companies and is taking a more hands-on approach to chip sourcing and manufacturing. The lack of a supply chain has shown where they are. They seem to understand it now.
“We realized that we are part of the semiconductor industry,” said Berthold Hellenthal, Volkswagen Group’s senior manager of semiconductor management. “We now have people dedicated solely to the strategic management of semiconductors.
5th Gear: BMW hasn’t given up on hydrogen yet
The Neue Klasse platform will be the basis for BMW’s future electric cars. However, the automaker is also not completely abandoning hydrogen fuel cell technology, as the company’s CEO believes it is still relevant in some markets. From Car news:
“In our view, hydrogen is the missing piece of the puzzle that can fill places in electromobility where battery-electric drivetrains can’t gain traction,” Zipse said in the company’s call for proposals on Wednesday.
The first cars on new class The platform should appear in 2025. and will initially include a sedan similar to the 3 Series midsize car and a “SUV,” Zipse said. “We could also imagine a hydrogen drive for this new generation of vehicles,” he added.
BMW will begin limited production of a hydrogen fuel cell version of the large X5 crossover called the iX5 Hydrogen later this year. “We’re already thinking about a possible next time,” Zipse said.
There is an argument for hydrogen in the commercial sector. But most hydrogen still comes from fossil fuels, and with the eternal infrastructure struggle, the case will never be more compelling.
Reverse: Before that, they were literally gaseous
On this day 108 years ago, someone said to himself, “I think I can beat this,” as he looked into the light for the first time:
Okay, no really — was the first traffic signal with a yellow light deployed six years later. Then we really began to tempt fate.
Neutral: What should I do?
…to have the newly revealed Honda Fit RS in my life? (I know the answer to this question too unfortunately (The naturalization process is long and difficult in many countries.)