Toyota, Hino Team Up to Build Fuel Cell Electric Trucks for North American Market
Toyota Motor Corp.'s North America subsidiary and Hino Trucks announced Monday an agreement to jointly develop a heavy duty (Class 8) fuel cell electric truck for the North America market, reports MarketWatch. The initial demonstration is expected in the first half of 2021. The companies said the collaboration, which will use the Hino XL Series chassis and Toyota's fuel cell technology, expands upon the agreement announced earlier this year to develop a 25-ton fuel cell electric truck (FCET) for the Japanese market. Toyota had acquired majority ownership of Hino Motors in 2001. Toyota's stock, which rose 0.1% in afternoon trading, has lost 6.2% year to date, while shares of electric truck maker Nikola Corp. have run up 126.6% this year and the S&P 500 has gained 5.1%. Read more here (Source: MarketWatch).
Daimler to Cut Fixed Costs by More Than 20% by 2025
Daimler said Tuesday it will cut fixed costs, capital expenditures and R&D spending by more than 20 percent by 2025 compared with 2019 levels as part of a strategy overhaul to reposition Mercedes-Benz. By 2025, Mercedes-Benz is aiming for a return on sales within a mid to high single-digit range, even under unfavorable market conditions, the carmaker said. The company’s ambition is to achieve a double-digit margin in a strong market environment, Daimler said in a statement. Investors are looking for clarity on several other issues at Daimler’s capital markets day, including an update on electric and hybrid model rollouts to meet stricter emissions regulations. Read more here (Source: Automotive News).
Hyundai Confident on Flying Cars, Steps Up Plans for Full Lineup
South Korea’s biggest automaker is stepping up its pursuit of flying cars, planning a full lineup of aerial vehicles that it envisages zigzagging city skies within a decade, reports Bloomberg. Hyundai Motor Group is developing models that will carry five or six people within metropolitan areas and a bigger version to fly between cities, Jaiwon Shin, head of its urban air mobility unit, said in an interview. The company expects to enter the market in 2028, he said. “People who are always stuck in traffic on the road will realize how convenient it is to move via aerial vehicles,” said Shin, 61. “That is when we will see demand explode.” Unfazed by regulatory and safety hurdles, a slew of planemakers, auto manufacturers and startups are seeking to disrupt the transport industry with flying cars and parcel-hauling drones. Morgan Stanley analysts, in their most bullish estimates, predict such technology could lead to a $2.9 trillion industry by 2040 – and even their most pessimistic view pegs the value at $615 billion. Read more here (Source: Bloomberg).
2021 Nissan Rogue's New Features, Performance, Value Ready to Pressure RAV4 and CR-V
Nissan is poised to challenge a couple of America’s bestselling vehicles when the new 2021 Rogue compact SUV arrives in dealerships in October, reports USA Today. The Rogue’s already a big league player. The old model is probably the No. 3 non-pickup in the country, although it’s impossible to be sure because Nissan insists on counting sales of the Rogue and the smaller, less expensive Rogue Sport as a single vehicle. The new 2021 no-adjective Rogue is primed to be a hit, one of the bestselling compact SUVs in the country. Value, looks, and space make the 2021 Rogue even more competitive with the class-leading Toyota RAV4 and Honda CR-V, both of which are getting on a bit in age. The Rogue’s other key competitors include the Hyundai Santa Fe and Kia Sorento, both of which have new models debuting shortly, as well as the Chevrolet Equinox, Ford Escape and VW Tiguan. The competition is intense because the loosely defined compact SUV class has become one of America’s bestsellers as buyers move away from sedans. Read more here (Source: USA Today).
Ex-VW CEO Mueller Joins Piech EV Startup as Chairman
Matthias Mueller, the former CEO of Volkswagen Group, has been named chairman of Piech Automotive, an electric-car startup run by the son of the late former VW Group Chairman Ferdinand PIech. According to Automotive News, Mueller is one of a number of high-profile figures involved in Piech Automotive, which was founded by Toni Piech and Rea Stark Rajcic, a Swiss designer and entrepreneur. They include tech investor Peter Thiel – a co-founder of PayPal and an early investor in Facebook. Piech Automotive said in a statement that it had completed its first round of investment with Thiel’s involvement, but did not provide further details. It announced that a second round to raise capital to launch a production car would be managed in the coming months under the leadership of UBS. Read more here (Source: Automotive News).
Webinar: October Update on COVID-19's Impact on U.S. Auto Sales
Cox Automotive Senior Economist Charlie Chesbrough returns to AutoTalk for an update this week on Thursday, October 8, at 2 p.m.
Topics to be reviewed include:
-
Economic forecast and impact going into the fourth quarter
-
Consumer sentiment and buying behaviors
-
Stock market, interest rates, and employment
-
An outlook for vehicle sales
-
Current view of new and used retail sales and prices
Around the Web
2022 Subaru BRZ: Everything We Know About the Miata Fighter [MotorTrend]
2022 BMW X4 Spy Shots: Mid-Cycle Refresh on the Way [MotorAuthority]
2020 Beijing Auto Show's 14 Most Interesting Cars and Concepts [Car and Driver]
