GM Dumps Lordstown Motors
Lordstown Motors has gone from the savior of Ohio to just another blowhard electric vehicle startup. Last year, it became the focus of investment research firm Hindenburg Research and an incredibly damning report that accused the company of fraudulent behavior. The paper cited thousands of non-binding, no-deposit orders and was proven right a few months later when the startup announced it didn’t actually have enough money to commence commercial production. By June, Lordstown was under investigation and losing top-ranking executive with nothing to show for itself other than a factory it purchased from General Motors at a discount where it installed a pointless solar panel array. The company said it would be selling the plant to Foxconn Technology Group (Hon Hai Technology Group) in October, along with $50 million in stock, with the plan being to make the Taiwanese firm a contract assembler for the Lordstown Endurance pickup.
It’s going to need that money too because GM is severing ties with the startup and has confirmed it offloaded its remaining stock over the holidays. While the Detroit-based automaker only held about $7.5 million worth of shares, it still represented about 5 percent of Lordstown and continued support of a business that looked to be foundering.
Rivian Completes First Production Vehicles Intended for Customers
Despite EV startups taking a lot of flak for habitually overpromising, sometimes on a level that approaches criminal fraud, things appear to be going rather well at the Rivian factory. Founder and CEO Robert Joseph “RJ” Scaringe announced that the company started building its very first production units on Tuesday.
With the necessary regulatory certifications in hand, Rivian can now begin delivering vehicles directly to customers and the timing couldn’t be much better. The electric brand had said it was basically done with prototypes and ready to spin up the assembly lines for the final product late last month. While this still placed it a bit behind schedule, the company now says it has all the necessary certifications from the relevant regulatory agencies (NHTSA, EPA, CARB, etc.) and an automobile that’s been federally approved for sale.
Any Takers? Chevrolet Previews Rear-Wheel Steering on Silverado EV
With Ford currently enjoying the brunt of the all-electric pickup coverage, General Motors needed to something to help highlight its Silverado EV and come up with rear-wheel steering. It’s something the upcoming electric F-150 will lack and could give the Chevy some advantages when moseying around a cluttered construction site or tight urban landscape.
In addition to a tighter turning radius, rear-wheel steering should also help the Silverado EV tackle trailers with a more ease. There are few things more terrifying than feeling the load you’re pulling start trying to have its way with the back half of your vehicle. Having the back wheels pivot to account for sway could be another big advantage Chevrolet could lean on once its electric pickup is going head-to-head with Ford’s.
Lordstown Deathwatch: Another Unflattering SEC Filing Emerges
We’ve got more bad news about Lordstown Motors. Following several volleys of bad mojo ending with the departure of its upper management, the EV startup has informed the Securities and Exchange Commission (SEC) on Thursday that it doesn’t have any binding purchase orders or commitments.
That’s not what the company was saying several months ago. Hell, that wasn’t even what it said earlier this week when President Rich Schmidt told the Automotive Press Association the company had enough orders to support two years of production. Since the ability to sell automobiles is a somewhat relevant factor in an automaker’s long-term success, we’re getting concerned that Lordstown isn’t long for this world.
Lordstown Motors Deathwatch: EV Startup Loses CEO
Starting a car brand has to be among the more foolhardy endeavors one can embark upon. The industry is saturated with giant, multinational companies that don’t want competition and a regulatory environment that requires a ludicrous amount of wealth and plenty of time to overcome. Despite this, we’ve seen countless electric vehicle startups attempting to accrete into something profitable over the last few years. But even the winners have found themselves wholly dependent upon government-backed. carbon-credit schemes or blank-check firms designed to guarantee their IPOs are astronomically high — often before they’ve shown a functional prototype.
This makes distinguishing a company with potential from those that are dead on arrival incredibly difficult. Though it’s getting easier to see which side of the fence Lordstown Motors will be occupying after a particularly grim string of months. One of its prototypes spontaneously combusted during testing last March, at roughly the same time Hindenburg Research was accusing it of fraud. More recently, the business lost CEO Steve Burns and confessed that it was in desperate need of money to start production.
Ford Says Electric Super Duty Trucks Aren't Happening
While Ford’s F-150 is slated for electrification, Super Duty versions of the F-Series are not. On Monday, the automaker told industry analysts that HD EVs weren’t in the cards — adding that customers can still expect all-electric versions of the Mach-E “Mustang” and Transit van.
“Our goal is to build a profitable electric vehicle portfolio,” John Lawler, Ford chief financial officer, explained during the forum hosted by Dan Levy of Credit Suisse. “To do that, we need to leverage our strengths and the scale that we have. We’re being very strategic about the platforms that we choose.”
Badger Begins: Nikola Now Taking Reservations
Early adopters willing to toss cash at an exciting idea have been the lifeblood of modern-day electric vehicles. Without investors believing in Tesla and cramming its sweet cheeks full of cash, it never would have gotten to a point where it could actually manufacture cars. The same is true for the thousands of people dropping deposits on vehicles that have yet to be produced, let alone tested by the community.
It’s time to do the same for American hybrid truck designer Nikola, true believers. The all-electric startup is now accepting deposits on its prospective pickup truck. Due to arrive in a few years, the unit currently has no prototype. Under normal circumstances, we’d continue ribbing the company via monthly updates until it dissolves like Faraday Future. But its ludicrous market valuation seems to indicate that the hype is very real, even if the same cannot be said about its products.
Tesla Pickup Arrives in November, Still Sounds Insane
No one really expected electric pickup trucks to take off as a concept, save for the people developing them. While EVs still need to improve their maximum range to truly surpass combustion-reliant vehicles, modern examples perform much better than their predecessors. But battery size and vehicle weight remain important issues for the segment, making the idea of an electric work vehicle seem about as useful as an edible diaper.
Then the concepts started arriving, sucking far less than most of us expected. There were loads of new ideas, like interesting storage solutions and auxiliary power ports for tools — all stemming from electrification. What’s more is that the vehicle itself seems like it could benefit from the instant torque and lower center of gravity furnished by electric powertrains. Battery packs can also be made larger (improving range), as pickups have more areas to stash cells without intruding into the passenger compartment. Maybe this wasn’t a dumb idea after all.
Ford and General Motors have both confirmed the development of electric pickups, with the former currently running prototypes. Meanwhile, Rivian and Bollinger have already shown off their designs. EV darling Tesla had a truck it wanted to debut over the summer, but the model saw its release pushed back. Now, CEO Elon Musk has confirmed that the vehicle will emerge next month.
Tesla Teases Upcoming Model Y; Promises Revolutionary New Assembly Method
Tesla Motors has released its first official teaser image of the Model Y, a future entry in the highly profitable compact crossover segment. At a shareholder meeting yesterday, CEO Elon Musk said he believes the Model Y will eventually outsell the Model 3. While he made similar claims about Model X volume before the vehicle entered production — a prediction which did not pan out — Musk says the company has learned from the errors made in the larger CUV’s development.
Unlike the Model X, the Model Y will use a unique platform and receive a dedicated assembly line at its own factory. Musk also told investors that production expenditures would be significantly lower for the small crossover, compared to the Model 3.