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Archive for the ‘Funding’ Category

Renault-Nissan-Mitsubishi Alliance Partnering With Google

Move marks beginning of post-Ghosn era.

by on Feb.18, 2019

The Renault-Nissan-Mitsubishi Alliance is making plans with Waymo to find ways to exploit the ever-changing mobility world.

The Renault-Nissan-Mitsubishi Alliance, which is preparing to hang together in the post-Ghosn era, plans to join Google’s camp for developing autonomous taxis and other services using self-driving vehicles.

The automakers intend to work with Waymo, a Google spinoff that is among the leaders in technology for self-driving cars. The companies are in the final phase of talks, and plan to announce the arrangement as early as spring, according to a Japanese news service.

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The partnership would unite a car alliance whose global sales totaled 10.8 million automobiles in 2018 with a developer whose self-driving vehicles have traveled more than 10 million miles on U.S. public roads as of October. Waymo has forged similar deals with Fiat Chrysler Automobiles and Jaguar Land Rover, but the Nissan-Renault-Mitsubishi alliance boasts greater scale. (more…)

Amazon Becoming Lead Investor in Rivian

Rumored GM investment could yet follow.

by on Feb.15, 2019

The Rivian R1T pickup will boast 400 miles range, according to the company.

Just a week after announcing a major investment in an autonomous vehicle development company, online retailer Amazon said Friday it will become the lead investor in a new, $700 million round of financing for Rivian, the Detroit-based battery-electric company.

Rivian is in the final stages of developing two all-electric models, the full-size R1T pickup and R1S sport-utility vehicle. It is aiming to challenge not only electric vehicle rival Tesla but the established Detroit automakers that have long dominated the full-size pickup market.

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Rumors of a deal between Amazon and Rivian began to circulate earlier this week, though some reports had suggested that General Motors would also come up with some financing. Sources tell TheDetroitBureau.com that this remains a possibility and suggest that Rivian could have more announcements coming. The automaker has scheduled a news conference for the New York International Auto Show in mid-April. (more…)

Waymo to Build Self-Driving Cars in Michigan

Company in the market for a used auto plant.

by on Jan.22, 2019

Waymo is moving east to Michigan to build Level 4 autonomous vehicles in metro Detroit.

More and more automakers looking to develop their autonomous vehicles are finding their way to Michigan, and now add Waymo to the list. The Google spinoff plans to produce robot cars at a to-be-determined location in southeast Michigan.

The company has been testing its self-driving vehicles largely in the southwest, and had planned to find a cold weather state (i.e. a state with snow) to continue testing. However, this plant will be the first-ever site to churn out Level 4 autonomous vehicles.

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“Waymo will first identify a facility in Southeast Michigan and, over the next few years, aim to create hundreds of local jobs in the community,” the company said in a statement. “We’ll be looking for engineers, operations experts and fleet coordinators to join our team and help assemble and deploy our self-driving cars.”  (more…)

Ford, VW Announce 1st in Promised Series of Joint Ventures

Carmakers will focus first on midsize pickups, light commercial vehicles.

by on Jan.15, 2019

Ford CEO Jim Hackett, left, and VW AG CEO Herbert Diess downplayed the immediate impact their new deal.

Confirming months of rumors, Ford Motor Co. and Volkswagen announced Tuesday that they will launch the first of what they suggested will be a series of joint ventures, focusing initially on midsize pickups and light commercial vehicles.

Moving forward, they anticipate adding projects that will pair their costly efforts on electrified and autonomous vehicles, while Herbert Diess, the CEO of VW, said during a joint teleconference that the new partners could work together on “other” products in the future.

Breaking News!

Alliances are becoming more commonplace in an industry where changing consumer tastes and emerging technologies are stretching thin the budgets of even the most well-funded manufacturers, said Diess, who added that, “In such an environment, it just makes sense to share investments, pool innovation capabilities and create scale effects that are clearly defined.” (more…)

GM Expects Bigger Profits, More Transformation in 2019

Company wants to make workforce changes during strong labor market.

by on Jan.11, 2019

GM CEO Mary Barra is leading the transformation of the company's manufacturing footprint.

General Motors Co. expects earnings to grow in 2019 as it restructures, picks up the pace of moving towards what Chairman Mary Barra described as an “all-electric” future, and maintains its market share in China.

“We will continue to strengthen our core business and invest in the technologies that will transform the future of mobility. Managing both well is critical to position General Motors for success for generations to come,” Barra said, adding that it was better to tackle this restructuring during a strong labor market.

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“We are committed to driving significant shareholder value over the long term as we drive the transformation,” she added. (more…)

Ford and VW Ready to Announce New Partnership, Sources Say

Auto giants to form alliances in multiple areas, Reuters reports.

by on Jan.09, 2019

Ford CEO Jim Hackett, left, and Chairman Bill Ford earlier confirmed the talks with Volkswagen. Might they announce a deal next week?

The lengthy talks between Ford Motor Co. and Volkswagen AG to forge some sort of money-saving, product-expediting partnership appear to be coming to a conclusion with an announcement coming sometime next week during the North American International Auto Show in Detroit.

“A global alliance is expected to be announced,” one person familiar with the talks told Reuters, adding that the pact will be unveiled next Tuesday during the Detroit auto show. Another official echoed similar sentiments to TheDetroitBureau.com earlier today.

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It’s possible that an announcement could come as early as this evening as Ford is hosting an event tonight in Detroit. (more…)

Daimler Spending $500M on Automated Truck Development

Company looking to push to Level 4 with big rigs.

by on Jan.08, 2019

Daimler AG is investing more than $500 million into the development of automated big rigs.

Daimler AG plans to invest $570 million and create 200 jobs at its truck-oriented technical center in Portland, Oregon, to expedite the development automated driving for heavy-duty commercial trucks.

“As a leader of our industry, we’ve been pioneering automated trucking,” said Martin Daum, member of the Board of Management of Daimler AG with responsibility for Daimler Trucks & Buses

News You Can Trust!

“In 2015, our Freightliner Inspiration Truck got the first road license ever for an automated commercial vehicle. Now we take automated trucking to the next level: we’re ready to launch the first partially automated new Freightliner Cascadia in 2019 – and next, we tackle highly automated trucks,” Daum said. (more…)

Faraday Future May Have a Future, After All

Start-up settles dispute with primary investor.

by on Jan.07, 2019

Faraday Future has been at death's door for several months now, but a new deal with an investor may clear the way for its return to life.

Only a week ago, it seemed, EV start-up Faraday Future was down for the count. Now, however, it may have a new lease on life, after appearing to resolve a dispute with its primary investor.

That said, the California-based carmaker isn’t out of the woods. That investor, China’s Evergrande Health, has simply agreed to step back on its stake in the company. Faraday must now find a new primary investor that will help it resume operations, starting with bringing back a major portion of its workforce laid off in recent weeks.

Beyond the Headlines!

Under the agreement, the two parties will “terminate the previous investment contract, withdraw and waive all litigation and arbitration proceedings, and release all security including the asset preservation pledge and equity financing rights,” Faraday said in a statement. (more…)

Tesla Pushing Midnight Sales to Clear Backlog of 3K Model 3s

Musk offers big incentives to Tesla employees to buy a new car.

by on Dec.31, 2018

Tesla's Elon Musk is looking to sell Model 3s all the way til midnight to make sure buyers get the full $7,500 tax credit.

Two nights ago, Tesla boss Elon Musk sent out a tweet telling his millions of followers that there was 48 hours left to buy a new EV and still qualify for the full $7,500 tax credit from the U.S. government.

Nothing wrong for being a shill for your company and its products on social media, but it’s becoming more clear as to why he was so motivated to try to drum of up sales for a company that supposedly has a lengthy waiting list for new Model 3 sedans.

Happy New Year!

Tesla has more than 3,000 Model 3s left in inventory in the United States as of Sunday, according to website Electrek, which cited people familiar with the matter. (more…)

Senate Ignores Important Automotive Legislation

EV tax credit, autonomous vehicle testing bills on hold until 2019.

by on Dec.20, 2018

Michigan Senator Gary Peters is concerned by the delay of legislation that would set guidelines for testing autonomous vehicles.

The news out of Washington just got worse for automakers as two pieces of legislation they’d hoped would be passed by the end of the year won’t even be considered, putting off them off until 2019.

The two measures – one to accelerate the adoption of self-driving car technology and a second to extend the $7,500 tax credit for electric vehicles – were not attached to last funding bill for 2018, thus will not get approved in 2018.

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Sens. John Thune (R-South Dakota) and Gary Peters (D-Michigan) were pushing legislation that would allow exemptions to automakers for testing autonomous vehicles on public roads. The goal was to homogenize the rules for all states, making it easier to get the testing complete in more states. (more…)