Chevy Bolt Strong In South Korea, GM Korea Expands EV Availability

GM Korea has announced an increase in the number of Chevy Bolt EV showrooms and service centers as deliveries continue to rise year over year. Last summer, General Motors shifted a large portion of Chevy Bolt EV production abroad, particularly focusing on exports to South Korea. By the end of the year, nearly 5,000 South Koreans scooped… Continue reading Chevy Bolt Strong In South Korea, GM Korea Expands EV Availability

Uber prices IPO at $45 per share, toward the low end of range

VIDEO3:3403:34Needs to be path to profitability to go publicPower LunchUber priced its IPO at $45 per share Thursday, toward the low end of its stated range.
At the IPO price of $45 per share, the company will be valued on a non-diluted basis at about $75.46 billion, which will put the stock's market cap right around the size of Caterpillar's and make it one of the most valuable companies ever to go public. On a fully diluted basis, Uber has an implied market valuation of $82.4 billion.
Early reports suggested Uber was seeking a valuation of up to $120 billion. Its expected rangewas between$44 and $50 per share, according to a filing last month.
The company is offering 180 million shares of common stock, which means it could raise around $8.1 billion on Friday, with an option for underwriters to buy an additional 27 million shares.
A ride-hailing pioneer and Silicon Valley darling, Uber made on-demand transportation a new norm throughout the world, while accumulating massive losses and controversy along the way.
In 2018, Uber's revenue reached $11.3 billion for the year, up 43% from 2017, while reporting adjusted losses of $1.8 billion, an improvement over losses of $2.6 billion in 2017, according to its IPO filing. The company has never turned a profit.
To cover these losses and fund its rapid expansion, the company raised more than $24 billion from a wide range of investors since its founding a decade ago, according to Crunchbase. Investors have included traditional VC firms like Benchmark, and companies with interests in transportation like Alphabet and Toyota. Its biggest shareholder is Japanese tech conglomerate SoftBank, which invested more than $8 billion through its Vision Fund and owns 16.3% of the company pre-IPO.
“Uber is a great reminder to venture capitalists that the biggest opportunities lie in our most common needs as humans,” said Shawn Carolan, an early Uber investor and partner at Menlo Ventures. “When a start-up presents, look beyond the current product, which often feels trivial, to the underlying need being served. An on-demand black car service was easy to dismiss, but nearly everyone needs transportation.”
At Uber, CEO Dara Khosrowshahi replaced co-founder Travis Kalanick in 2017 after myriad missteps for the company. Kalanick's ouster was preceded by revelations about unchecked sexism within Uber's ranks, and a high-stakes lawsuit over trade secrets from Waymo, Alphabet's self-driving car business.
While Khosrowshahi is working to restore Uber's reputation, the company faced driver strikes in major cities this week leading up to the IPO.
Personal mobility remains Uber's core business. Its ride-hailing services reach into 63 countries and more than 700 cities. But its ambitions and revenue streams have diversified into bike and scooter rentals, food delivery and freight. Uber is also developing air taxis and driverless car technology, among other things.
Uber is engaged in an intense pricing battle with its chief competitor in the U.S., Lyft, as the companies try to attract and retain riders with low fares, while paying drivers just enough to keep them on the platform. Lyft went public in late March. Its stock has fallen more than 25% since its IPO.
The companyplans to list on Friday with the ticker UBER.
CNBC's Leslie Picker contributed to this article.
Clarification: Uber priced its IPO at $45 per share on Thursday, toward the low end of its stated range. The relation of the price to the stated range was unclear in an earlier version of this article.

Vacuum-maker Dyson releases patents for new electric vehicle line set to debut in 2021

James DysonLarry Busacca | WireImage | Getty ImagesDyson, a British manufacturer best known for vacuums, fans, air purifiers and hand dryers, could add electric vehicles to its product portfolio, the company confirmed this week, releasing images of new patents it has received.
“We've been researching motors, batteries, aerodynamics, vision systems and robotics for 22 years. Now the time is right to bring all our knowledge and experience together into one big project – an electric car,” founder and CEO Sir James Dyson said in a statement on the company's website.
The UK firm has been dropping hints of its interest in electric vehicles since mid-decade, last November revealing plans to set up an assembly line in Singapore, with Dyson indicating the project will cost around $2.7 billion to bring to market.
The patent images, among other things, show what looks like a three-row crossover-utility vehicle that follows the latest industry approach to electric vehicle design, with its battery pack and motors mounted below the floorboards. But while the patents “provide a glimpse” of what the company is working on, the Dyson founder wrote that they “don't reveal what our vehicle will really look like or give any specifics around what it will do.”
Launched in 1991, Dyson Ltd. today offers a broad array of products, mostly consumer household goods like the vacuums and fans that are widely advertised. But Dyson has done little to hide his interest in getting into the auto industry.
In 2015, he underscored his commitment with the purchase of Michigan-based Sakti3, a start-up that was developing a new type of battery known as solid state. Proponents contend the technology could offer significant advantages over the more familiar lithium-ion technology in widespread use today by boosting range and reducing charge times, particular pluses for electric vehicles, but also useful for the cordless appliances Dyson has been shifting towards.
Questions about the vehicle program cropped up last year when Dyson wrote off £46 million, or about $60 million, of its £58 million investment in the University of Michigan spin-off due to problems with the technology. But it subsequently announced new details that made it clear the automotive venture was moving forward. That included word that it would build an assembly plant in Singapore, which the company now says will be complete next year.
“Singapore has a comparatively high cost base, but also great technology expertise and focus,” CEO Jim Rowan told employees in a letter last November. “It is therefore the right place to make high quality technology loaded machines, and the right place to make our electric vehicle.”
The founder's latest e-mail revealed that the project is centered at the old RAF base at Hullavington Airport, 2.5 hours west of London and employees about 500 workers, though with testing set to accelerate next month, that job count is expected to grow.
“Our bespoke automotive development site at Hullavington, UK is a £200m investment in the Dyson electric car. It's 517 acres house restored hangars, with some of the most advanced Research, Design and Development (RDD) labs in the world,” the company says on its website.
Dyson said the patent filings reveal an “androgynous vehicle,” rather than a specific product under development. But he did offer a few hints at what is coming.
“Significantly, many of our competitors base their electric vehicles on existing formats and adapt them for electric propulsion systems,” Dyson wrote in an email to employees. “Such an approach is cost effective, however, it tends to miss opportunities for mass-reduction and aerodynamic improvements which would improve the energy efficiency of the vehicle. Another approach has been to focus on smaller vehicles, as this generally keeps the mass of the vehicle low which can extend driving range. However, the size and ride comfort of such vehicles tends to limit their attractiveness and utility.”
Referencing the patent renderings, Dyson did note that the basic shape, a bit lower than today's typical SUV and CUV, would reduce aerodynamic drag while “the long wheel base could be employed, increasing the driving range and enabling a larger cabin capacity.”
Based on comments James Dyson has made over the last year and reports in various news outlets, the expectation is that three vehicles are in various stages of development, company officials indicating production should launch by 2021. They have offered no details on pricing nor where they plan to launch the product line, though Dyson is expected to set up its own dealer network.
The outspoken company founder has, meanwhile, taken a publicly proactive position in support of a proposal now being studied by Britain's government that would eliminate the sale of all new gas and diesel vehicles. The original concept set a target date of 2040 but British regulators have begun considering the option of pushing that up to 2035. Dyson, for his part, would like the ban to go into effect in 2030.
Similar measures are under study in a number of countries, including China, India, Germany and France. In Norway, where electric vehicles currently account for more than half of the new car market, a ban has already been approved.
Such a move would improve the odds that start-ups like Dyson could carve out a market niche, though traditional automakers like Daimler AG, General Motors and Volkswagen, are intent on reclaiming market dominance. That said, the arrival of upstart Tesla has shown the potential for new entrants, of which plenty more are looking to launch, such as Rivian and Faraday Future. There is also Apple, the technology giant working on its own vehicle program, though it has sent a number of conflicting signals about what it is developing in recent years.

Dyson EV takes form, Maserati keeps engines, EVgo going all-renewable: Today’s Car News

2020 Opel Grandland X Hybrid4
British vacuum-cleaner maker Dyson patents some designs for a future electric car. Maserati boss says not all carmakers will go all-electric. EVgo commits to all-renewable energy sources. And an annual AAA survey on electric cars shows that more Americans think cars will drive themselves in 2030 than will be all-electric. All this and more on Green Car Reports.

New patent filings from electric-car hopeful and famous British vacuum maker Dyson show its first electric car could be an efficient crossover people-mover to compete with the Tesla Model X.

Maserati's North American boss says the brand won't go all electric, but will retain some gas engines to give its cars “character.”

EVgo, the largest network of fast-charge stations for electric cars, will commit to buying all renewable power for its chargers, going forward.

A new AAA survey shows that 40 percent of Americans think all cars will be electric by 2030—and 50 percent think they will be self-driving by then.

Rich Benoit, who became famous on YouTube for rebuilding a flooded, salvage Tesla and helping others with their Tesla problems, plans to expand his service by building his own shop.

Opel introduces its first extended-range electric vehicle in Europe, the Granland X Hybrid4 SUV.

Finally, BMW is teaming up with Microsoft to develop the next-generation voice assistant for cars. The two plan to develop an open-source voice recognition system that others could build on.

_______________________________________

Follow Green Car Reports on Facebook and Twitter

GM CEO Barra Confirms Electric Pickups Are Coming

General Motors will have a complete line of electric vehicles and that includes pickup trucks, CEO Mary Barra confirmed today. GM will not cede leadership in trucks or electric vehicles, Barra told investors on a call to discuss first-quarter earnings. Barra said further details on the development of its electric trucks will come later, but… Continue reading GM CEO Barra Confirms Electric Pickups Are Coming

Opel/Vauxhall Present Grandland X Hybrid4 PHEV

With a 13.2 kWh battery it will go up to 50 km (31 miles) under the WLTP test cycle Opel, together with its British brand Vauxhall, is introducing a plug-in hybrid version of the Grandland X crossover, which will be available for sale in the coming weeks with first deliveries planned in early 2020. The… Continue reading Opel/Vauxhall Present Grandland X Hybrid4 PHEV

All Charged Up: Opel Grandland X All-Wheel Drive Plug-In Hybrid

300hp and AWD: New Grandland X Hybrid4 version tops Opel’s SUV family Four driving modes: Fully electric, hybrid, AWD and sport Convenient: Lithium ion battery fully charged in as little as one hour 50 minutes Efficient: Regenerative braking converts deceleration to electrical energy Opel goes electric: Entire product portfolio electrified by 2024 Rüsselsheim.  Opel goes… Continue reading All Charged Up: Opel Grandland X All-Wheel Drive Plug-In Hybrid

EPA Recognizes GM for Green Power Leadership

EPA Recognizes GM for Green Power Leadership GM Ranks No. 29 on EPA’s National Top 100 List of Green Power Users 2019-04-29 DETROIT — General Motors has earned a spot on the U.S. Environmental Protection Agency’s National Top 100 List of the largest green power users from the Green Power Partnership. Ranked No. 29, GM… Continue reading EPA Recognizes GM for Green Power Leadership

Equity Shot: Judging Uber’s less-than-grand opening day

Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. We are back, as promised. Kate Clark and Alex Wilhelm re-convened today to discuss the latest from the Uber IPO. Namely that it opened down, and then kept falling. A few questions spring to mind. Why did Uber… Continue reading Equity Shot: Judging Uber’s less-than-grand opening day

GM Canada and Unifor reach agreement to save hundreds of jobs with a C$170 million investment in Oshawa

GM Canada and Unifor reach agreement to save hundreds of jobs with a C$170 million investment in Oshawa 2019-05-08 OSHAWA, Ont – General Motors Canada and Unifor today announced that they have reached a “Transformation Agreement” that will transition the GM Oshawa Assembly operations to parts manufacturing and advanced vehicle testing. The Agreement includes the following:… Continue reading GM Canada and Unifor reach agreement to save hundreds of jobs with a C$170 million investment in Oshawa