Tag: Morgan

Union hack: British company offers electric classic Mini conversion

The Mini Cooper SE revealed last week and the planned electric Mini Rocketman city car represent a new push from the official owner of the Mini brand, BMW.

While neither of those models has arrived quite yet, the UK-based company electric bicycle company Swind has already started making a limited number of electric conversions of classic Minis for British customers.

The specs read like something of a cross between the Mini Cooper SE and the electric Rocketman: The classic Minis get a 24 kilowatt-hour battery (about 2/3 the size of the modern Cooper SE) that delivers a potentially similar 125 miles of electric range. An internal estimate from Mini pegged the upcoming Cooper SE at 114 miles on the EPA cycle.

It has 110-horsepower electric motor, which is significantly short of the Cooper SE's 181 horsepower, but in the smaller, lighter original Mini, the effect is only slightly slower acceleration of 0-60 mph in 9.2 seconds. Swind limits the top speed of the electric Mini to 80 mph, which is perhaps wise, since the chassis was never designed to go that fast with its original gas engine.

Classic Mini Cooper electric conversion by Swind
Classic Mini Cooper electric conversion by Swind
Classic Mini Cooper electric conversion by Swind

Swind installs the battery underneath the floor, which it says improves the classic Mini's balance. It's still nose-heavy, with 57 percent of its weight in the nose, versus 68 percent for the original. Taking out the gas tank even leaves 7 cubic-feet of trunk space.

The original Mini is even smaller than the Mini Rocketman concept, which was designed to be a city car to compete with the modern Smart. It's just over 120 inches feet long, 55 inches wide, and 53 inches tall. The tiny Rocketman is more than a foot longer and wider.

The updated cars will offer USB charge ports and heaters for the front seats, windshield and rear windows, and under-floor radiant heat. Buyers can opt to add a navigation system, power steering, air conditioning, and a full-length cloth sunroof in addition to performance upgrades and custom paint colors—but of course these conversions are lacking most modern safety features. Swind offers a one-year warranty.

The classic electric Mini conversion is the latest in a cottage industry of electric-car conversions in Britain, including Jaguar E-Types that the automaker has begun to sell, Porsche 911s, Aston Martins, and Morgan roadsters.

Swind started building the electric Minis in February and plans to make up to 100 of the Mini electric conversions in customers' choice of right- or left-hand drive.

The conversions cost 79,000 British pounds (almost $88,000). With new Mini Cooper SE prices expected to start around $30,000 before tax credits, you could buy three of them for about the price of a converted original.

A Ford-VW alliance with Argo could redraw self-driving sector

DETROIT, July 11 (Reuters) – An expanded alliance between Ford Motor Co and Volkswagen AG that includes a partnership in Ford self-driving unit Argo AI could redraw the balance of power in autonomous vehicles. A Ford-VW collaboration with Argo, the Pittsburgh-based start-up that has spearheaded Ford’s self-driving development since 2017, could help reduce the engineering… Continue reading A Ford-VW alliance with Argo could redraw self-driving sector

Tesla proved it can hit production targets. Now investors want to see profits

Workers assemble cars on the line at Tesla's factory in Fremont.David Butow | Corbis News | Getty ImagesTesla CEO Elon Musk proved to analysts Tuesday that he can hit his lofty production and delivery targets, but now investors want to know if he can do the same with profits.
The company's second-quarter production and delivery numbers, released late Tuesday, eased investors' concerns about demand for its electric cars and SUVs with the company delivering a record 95,200 vehicles in the last quarter. Tesla's stock shot up by as much as 8% in after-market trading Tuesday and was up by about 5% Wednesday afternoon.
“While there were a good amount of 'leaked' emails and reports prophesizing a potential 'record quarter' for deliveries, we had not spoken to any investors that expected deliveries to be this high,” Morgan Stanley analyst Adam Jonas said in a research note.
The results mark “a turning point for the Tesla story,” Gene Munster, an analyst Loup Ventures, said in an interview on CNBC. “The key takeaway here is there is an undeniable truth that is starting to happen, and that is that demand of EVs is starting to go up.”
VIDEO6:2706:27Tesla reported 2nd-quarter numbers—Here's what 6 experts say to watchTrading NationInvestors want to know whether the quarter's performance is repeatable, especially after losing several key production executives ahead of the announcement. They also want to see whether Tesla sacrificed profit margins in its efforts to ramp up production.
“Tesla may/is likely to overproduce in a quarter or two this year, and investors will have no sense if the excess production ended up entirely in inventory, or is legitimately destined for customers,” analysts at Bernstein research wrote in a note to investors Wednesday.
The company delivered 77,750 of its best-selling Model 3 sedan, beating analysts' estimates by 3,650, according to data compiled by FactSet.
Dan Ives, an analyst at Wedbush Securities, called the Model 3 results the “linchpin of the Tesla growth story for the coming years.”
To be sure, Tesla's buyers lost part of a key tax credit that subsidized the cost of the electric cars and the company cut prices on several models throughout the quarter to boost demand. The federal tax credit for Tesla's cars was cut from $7,750 last year to just $1,875 on Monday. Musk even took to Twitter to remind people to take advantage before the credit shrank. That's something that could “weigh on profitability” when the company reports its earnings in a few weeks, analysts said.
“The Q2 delivery beat does not change our cautious view on Q2 earnings,” UBS analyst Colin Langan said in a note to investors. “Price reductions, the wider availability of cheaper versions of the Model 3, and the phase out of the US EV tax credit ($1,875) helped Q2 deliveries. The price cuts will likely result in margin pressure.”
The company is also facing increased competition in the high-end electric sports car market as automakers from Ford to Jaguar invest billions of dollars to develop their own electric lineups. It's something analysts at Goldman Sachs pointed to as they saw Tesla's competitive lead beginning to wane in the face of other EV launches. Volkswagen and Mercedes-Benz began taking orders in May for new battery-electric vehicles with plans to roll out more models in the coming years. Jaguar's I-Pace all-electric SUV swept industry awards at the New York Auto Show in April.
The report however, gave some analysts reason for optimism.
“After what's been, in my opinion, the darkest chapter in the company's history, finally some good news for Tesla going into a holiday weekend,” Ives said.

It Appears Electric Bus Maker Proterra Is Preparing For An IPO

The IPO would reveal the financial results and perspectives of the electric bus business U.S. electric bus manufacturer Proterra has reportedly hired banks in preparation for an initial public offering (IPO), according to unofficial sources. It’s not known when company will move forward, and details are scarce, but it could be interesting as Proterra has attracted high-profile… Continue reading It Appears Electric Bus Maker Proterra Is Preparing For An IPO

MG Motor UK adds Cinderford dealership to its network

MG Motor UK has added Cinderford MG in Gloucestershire to its franchise dealer network. The dealership offers customers a full suite of sales and aftersales support thanks to a large showroom with space for up to six new cars, along with a six-car workshop for servicing and maintenance. Cinderford MG’s facilities also include two electric… Continue reading MG Motor UK adds Cinderford dealership to its network

Electric bus maker Proterra hires banks for IPO -sources

(Reuters) – Proterra Inc, the U.S. electric bus manufacturer whose investors include car makers Daimler AG (DAIGn.DE) and BMW AG (BMWG.DE), has hired investment banks to prepare for an initial public offering (IPO), according to people familiar with the matter. Proterra has brought down the cost of electric batteries in its buses, making them more… Continue reading Electric bus maker Proterra hires banks for IPO -sources

Cummins To Acquire Hydrogenics

COLUMBUS, Ind.–(BUSINESS WIRE)–Cummins Inc. (NYSE: CMI) today announced that it has entered into a definitive agreement to acquire, through a wholly-owned subsidiary, all the issued and outstanding shares of fuel cell systems provider Hydrogenics Corporation (NASDAQ: HYGS: TSX: HYG) for US$15.00 per share in cash, other than shares already owned by The Hydrogen Company, representing… Continue reading Cummins To Acquire Hydrogenics

Electric dreams in danger as funding dwindles for China’s Tesla challengers

HONG KONG/BEIJING (Reuters) – Last year, Wei Qing and his private equity investment team visited more than 20 Chinese electric vehicle manufacturing startups. An employee works on assembling an electric vehicle (EV) at a factory of Suda Electric Vehicle Technology Co, in Sanmenxia, Henan province, China March 19, 2019. Picture taken March 19, 2019. REUTERS/Stringer… Continue reading Electric dreams in danger as funding dwindles for China’s Tesla challengers

Tesla is having its best week since October, but investor says bear case is still strong

VIDEO1:5401:54The bear case for Tesla remains strong, market watcher saysTrading NationTesla is back in gear.
The stock has rallied 12% this week in its best weekly stretch since October. Since a low Monday morning, it has revved 17% higher.
“For the bulls on Tesla you're really happy that the month of May is over and June has come. What a rally in the stock,” John Petrides, managing director and portfolio manager at Point View Wealth Management, said Thursday on CNBC's “Trading Nation. ”
Now Tesla faces two potential paths, he said.
“I really do think the stock is at a crossroads here. Tesla is a very polarizing name. You either have a strong conviction on the upside or you have a strong conviction on the downside – there's no in between,” Petrides said.
While bulls have rushed in this week, Tesla still generates a lot of skepticism on Wall Street. The stock is one of the most heavily shorted at 31.4% of its float. High short interest levels indicate a large number of investors are making a bet the shares will move lower.
Petrides said both the bulls and the bears have their talking points, but he leans toward one of those arguments.
“If you're buying here today, you're buying it for the long term. You think that Tesla will continue to dominate the electronic market five years from now. Or you think they're going to drown in their own debt and burn through cash and the stock is going to go consistently lower,” he said. “We're on the case of the bear side.”
Tesla's high debt load has caused concern among Wall Street firms and investors. Morgan Stanley recently cited Tesla's debt load and access to capital alongside weaker demand as reasons for concern over its stock price. The firm said its worst-case scenario would take the stock down to $10.
“We think that valuation is just not attractive for this capital-intensive business where more competition has come into the market,” added Petrides.
Tesla's price-earnings ratio, a measure of valuation, still trades as high as 121 times forward earnings even after the stock's steep decline this year. The Invesco QQQ ETF, which tracks the Nasdaq 100, trades at just 20 times forward earnings.
Even with this week's rally, Tesla shares remain on track for their worst annual performance ever. The stock has fallen 37% since the beginning of the year.

GM’s Mary Barra stands by Cruise’s cautious strategy amid Tesla’s full self-driving push – Teslarati

By Simon Alvarez Posted on June 17, 2019 A recent interview with GM CEO Mary Barra from Axios has provided some of the executive’s insights about full self-driving solutions, competition from Tesla, and the Detroit-based company’s strategy for the deployment of its autonomous driving tech. Barra proved conservative, emphasizing that GM will not deploy its… Continue reading GM’s Mary Barra stands by Cruise’s cautious strategy amid Tesla’s full self-driving push – Teslarati