Good morning! It’s Tuesday, August 15, 2023, and that is The Morning Shift, your each day roundup of the highest automotive headlines from around the globe, in a single place. Here are the essential tales it is advisable know.
1st Gear: Cheaper, Worse Tesla Model S and X Are Here
Telsa has reportedly reduce the value of its Model S and Model X flagships by $10,000. However, it’s not only a common worth reduce. These are literally worse variations of the identical automobiles with much less battery vary and slower acceleration. The new trims are referred to as “standard range” by Tesla.
It’s the most recent transfer within the U.S. EV worth wars, and it’s an opportunity to try to rejuvenate lagging Model S and X gross sales. From Automotive News:
According to knowledge from Experian, Model S registrations fell 55 % within the January-June interval — in contrast with the primary half of final yr — to six,964. Model X registrations fell 5.8 % to 12,341 for a similar interval, Experian stated.
[…]
In the U.S., Tesla stated the Model S customary vary begins at $80,130 with delivery, and has 320 miles of vary. The common Model S is rated at 405 miles and is now the center trim.
The Model X customary vary begins at $90,130 with 269 miles of vary. The common X is rated at 348 miles, in line with Tesla’s web site.
[…]
Tesla quotes 0 to 60 mph for the Model S customary vary at 3.7 seconds in contrast with 3.1 seconds for the common trim. The efficiency Plaid trim has an official 0-to-60 mph time of 1.99 seconds and begins at $110,130 with delivery.
The Model X customary vary is rated at 4.4 seconds to 60 mph, in contrast with the common model at 3.8 seconds. The Model X Plaid goes to 60 mph in 2.5 seconds and begins at $110,130, Tesla stated on its web site.
Numerous people on social media and different consultants have reportedly identified that this actually isn’t that good of a price, particularly for Tesla’s flagships at what remains to be a reasonably excessive worth level. I suppose the automobiles’ price is now for shoppers to determine.
The S and X now be part of the three and Y in having three totally different trim ranges: customary vary, lengthy vary, and efficiency.
2nd Gear: Ford Snags Apple VP To Lead Software
Ford has reportedly tapped Peter Stern, a former vice chairman at Apple, to guide the newly shaped Ford Integrated Services unit that intention “to lead customer experiences powered by software and services. He’ll be reportedly directly to CEO Jim Farley. Previously, Stern oversaw areas including Apple TV+, iCloud, Apple News+, Apple Books, Apple Arcade, Apple One and Apple Fitness+. From The Detroit Free Press:
The plan, Ford said, is for Stern to “build a world-class team to create and market innovative customer experiences by integrating hardware, software and services across Ford Blue, Model e and Ford Pro.
This latest move is part of an overall strategy outlined by Farley to create high-profit services through subscriptions and other digital revenue. Ford’s competitors, including General Motors, are making similar moves.
Immediate priorities for Stern include building out the business tied to Ford’s BlueCruise hands-free driving system, in addition to safety/security services, and oversee physical services, services marketing and Ford Next.
Ford said in its news release Stern’s to-do list looks like this:
Build out the business tied to Ford’s BlueCruise hands-free highway driving systemand productivity and safety/security services, including those from the Ford ProIntelligence business
Imagine and deliver exciting new high-value services, and
Lead services marketing, certain out-of-vehicle customer experiences and Ford Next.
Franck Louis-Victor, CEO of Ford Next, has been on leave since a domestic incident in July. While felony charges were dismissed, he has not returned to work.
When asked why Farley hired Stern, he reportedly said that strengthening this area of expertise would allow Ford to build more shareholder value for investors, increase revenue and profits, and improve customer loyalty. It’s a similar playbook to what Apple has done with its customer base.
3rd Gear: Even Fisker Is In On Tesla NACS Chargers
Electric vehicle maker startup Fisker says it has signed a deal with Tesla to adopt the automaker’s North American Charging Standard. The move will give Fisker customers access to Teslas Supercharger network by 2025.
It’ll join a number of automakers, including Ford and GM, in moving away from the standard Combined Charging System connector to Tesla’s once-proprietary charger design, which now looks ready to dominate the industry. From Reuters:
Fisker said its vehicles made 2025 onwards will have the NACS port for charging, while other customers can use an adapter to access Tesla’s 12,000-strong network of public fast chargers in the U.S. and Canada.
The company will continue to provide an adapter for the CCS if customers wish to continue using the technology, the EV maker said.
Tesla’s recent deals represent major strides in displacing a rival standard, CCS, that earlier exclusively had the backing of President Joe Biden’s administration.
The government is offering $7.5 billion in funding to speed the deployment of EV chargers in the United States.
The outlet reports that most other automakers have decided not to build large charging networks since installation and maintenance chargers require a lot of money with not a ton of returns.
4th Gear: VinFast Goes Public
Vietnamese electric vehicle maker VinFast is making its debut on the Nasdaq Tuesday morning after a special purpose acquisition company (SPAC) deal that is estimated to be worth $23 billion. The valuation, which VinFast’s partner Black Spade Acquisition calculated using EV maker Lucid as a benchmark, is the fourth-highest SPAC deal in history.
After the merger, Black Spade more than doubled its value in premarket trading which only involved less than four percent of its shares. From Reuters:
Several other EV makers have also listed via such SPAC deals, which have attracted increased scrutiny from both investors and regulators, especially as competition in the EV market heats up and China’s auto market, the world’s largest, is locked in a price war.
Some of VinFast’s rivals, including Nikola Corp (NKLA.O) and Lucid, have seen their valuations plunge after their SPAC listings. Nikola now commands a market value of $1.4 billion, versus $13.9 billion before listing while Lucid has a current market value of $15.5 billion, versus $24 billion during its 2021 SPAC deal.
[…]
VinFast is a unit of Vietnam’s largest conglomerate Vingroup.
It is still unclear how many of the company shares will trade on Tuesday and at what price.
VinFast’s founder, Vietnam’s richest man Pham Nhat Vuong, pledged $2.5 billion in April to bolster the EV maker, including $1 billion from his personal fortune. He is the beneficial owner of 99% of the ordinary shares of the EV maker after the merger.
Reuters reports that VinFast plans to build a $4 billion plant in North Carolina and boost car shipments from its factory in Vietnam to the U.S. It has already shipped about 3,000 crossovers to the U.S., and deliveries began back in March. However, only 137 vehicles were sold through June, which is not good.
Reverse: Anti-Semite Quits Job
Neutral: Running Shoes
Does anyone have any recommendations for indoor running/workout sneakers? Unfortunately, mine finally gave up after years of moderate use. I now have a blister on the back of my foot.
On The Radio: Jonas Brothers – “Waffle House”
Source: jalopnik.com