Nearly two months after its Super Bowl debut, DeLorean Motor is close to revealing itself to the public.
The electric car maker, which shares the name of the car from the “Back to the Future” movie franchise, made its debut 15 seconds later at this year’s Big Game.
DeLorean Motor is not the original company by that name – the company that John DeLorean founded in 1975 and closed seven years later. But the new company has the right to the original name and brand DMC. The new company was founded at the end of November.
DeLorean Motor has a lot of work to do if it wants to catch up with Tesla (TSLA) – Get a Tesla Inc . report So are old automakers and young challengers in the electric vehicle space.
DeLorean is going with a “less is better” way to announce its rollout.
On Tuesday, DeLorean released its first peek into its EV.
The company says the concept car will be fully displayed on August 18 at the awards gala at the Pebble Beach Concours d’Elegance.
DeLorean says the car will be revealed over a nine-day period at Monterey Car Week in Pebble Beach in August “through a series of activations and events” during the auto show.
General Motors and Honda want to sell low-cost electric cars
At some point during the conference call on Tuesday, a reporter asked for a definition of the word “affordable.” The question was posed to Ken Morris, Executive Vice President of Electric, Autonomous and Fuel Cell Programs at General Motors (GM) – Get the General Motors reportand Rick Chostik, Executive Vice President of Corporate Operations at Honda of America (Hamad Medical Corporation) – Obtain the report of Honda Motor Co., Ltd..
The two executives announced that their company will develop a series of affordable electric vehicles based on a new common platform, allowing production of millions of vehicles starting in 2027.
Morris said the cars are expected to cost less than $30,000, which would make them cheaper than most electric vehicles on the market.
The average price for a 2022 Chevrolet Bolt starts at $31,995, but the future of this mass-market electric vehicle is somewhat murky, given the Bolt’s low delivery numbers last year. Ford F Electric Mustang Will Be $43,895 And VW ID. 4 starts at $41,230.
Several commentators have dismissed the automakers’ plans for an EV below $30,000.
“General Motors and Honda will not produce enough electric cars in the next five years to push the price below $30,000, and if they do, they will lose thousands on every car they sell,” one person said. chirp.
Tesla is the EV maker other automakers have been coveting as greyhounds after the electric rabbit.
Consumers have good news for electric car makers
Electric car manufacturers are frustrated. Although they want to produce more vehicles, their hands are tied due to the continuing disruptions in supply chains caused by the Covid-19 pandemic. These problems have now been exacerbated by the invasion of Ukraine by Russia, a major nickel exporter. Nickel, palladium, and aluminum are important elements in the manufacture and assembly of electric vehicles.
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These factors frustrate the desires of car manufacturers to meet demand. This brought up an unprecedented fact: the question now is not whether consumers are interested in electric cars, but whether car manufacturers can meet demand.
Signals from the flea market reinforce this new dynamic.
“This has turned a lot of people who were fascinated with electrics or somewhat interested in electrics but didn’t make the decision,” Pat Ryan, CEO and founder of CoPilot, told TheStreet. CoPilot tracks prices at car dealerships nationwide.
“They’re going to leave this crisis behind, and electricity buyers will leave this crisis with a much larger market willing to buy electric cars,” Ryan said.
Interestingly, strong demand is also taking place as manufacturers continue to raise prices to maintain margins in the face of higher raw material prices. In other words, the rising cost of electric cars doesn’t seem to deter consumers.
Here are more of the top electric car stocks to watch this week:
Tesla shares fell on Tuesday as authorities in Shanghai extended shutdown orders in China’s largest city, which could extend the shutdown of the carmaker’s giant factory. With the number of Covid cases in the city of 26 million rising to 13,000 – the highest level since the pandemic began more than two years ago – Shanghai officials have extended a lockdown order by nine days as testing and vaccines ramp up, to nearly the entire country’s financial hub. Meanwhile, Tesla will likely need to extend the shutdown of its Shanghai factory, which has been dark since March 28, as restrictions on travel in and out of the city intensified.
Elon Musk has become a Twitter account (TWTR) – Get a Twitter, Inc. report. largest shareholder. And he was given a seat on the microblogging site’s board of directors. Tesla’s CEO made the surprising disclosure on Monday about the stake in a Securities and Exchange Commission filing. In this document, by announcing that the Tesla CEO owns 9.2% of Twitter, there are certain details that are noteworthy. Musk acquired his stake in Twitter on March 14, according to the disclosure. He said the investment was negative. He chose a disclosure form indicating that he did not plan to control the company or influence the people who control it.
TheStreet Quantings reviews Tesla as a C+ contract.
General Motors is lining up to confront and attack its competitors in the electric vehicle market. The Detroit giant recently started production of the much-anticipated Lyriq SUV/Crossover, the vehicle that aims to compete with Tesla and Ford’s Model Y SUV. (F) – Get a Ford Motor Company report Mustang Mach-E SUV. The Lyriq, Cadillac’s first electric car, is ahead of schedule: General Motors plans to start delivering the first units before the middle of the year. The automaker resumed production of its entry-level electric car on April 4.
Production of the Chevy Bolt sedan and Chevy Bolt EUV SUV has been suspended for several months due to battery issues. The company has decided to halt production of the two EVs while it replaces defective batteries in cars already sold, according to a recall notice.
In the fall of 2023, the Bolt will no longer be GM’s entry-level EV. That distinction will go to what will be the Chevy Equinox EV. Another incentive for GM: Demand for electric versions of the Hummer exceeds the automaker’s most optimistic expectations. In particular, reservations accelerated during March.
TheStreet Quantings reviews GM as a buy with a B rating.
The first quarter was tough for Rivian (countryside) – Get a report from Rivian Automotive, Inc. from first class. The stock took a hit on Wall Street after the company failed to deliver on its vehicle delivery promises. The difficulties he faced in managing the production surge operations due to a partial shortage of its suppliers exacerbated matters and cast doubt on its future.
The PR problem was born of its decision to increase the prices of its R1T pickups and R1S SUV without warning and then cancel that decision in the face of the wrath of its customers. The episode left traces of both her image and financial situation.
The young electric car maker hopes the rest of 2022 will be less of a surprise. Rivian, which is Amazon (AMZN) – Get an Amazon.com, Inc. report., Ford, and billionaire George Soros as shareholders, are on Time’s list of the 100 most influential companies. The company just launched an appeal to persuade investors to arm themselves with patience because Rivian is a “growing company.” Rivian was founded in 2009 and went public in 2021.
TheStreet Quantities does not have a rating for Rivian.
Vietnamese electric car maker VinFast decided to challenge Tesla, Ford, GM and Lucid Group (LCID) – Get a Lucid Group, Inc. report. on American soil. VinFast will build a plant in North Carolina this year. This production site will be located at the massive Triangle Innovation Point site in Chatham County, covering an area of 800 hectares, with 3 main areas: electric vehicle and bus production and assembly, EV battery production, and supplier auxiliary industries, the company said in a press release.
Construction of the site will begin after obtaining the necessary permit, says VinFast, which hopes to start production of cars there in July 2024. The initial capacity is expected to be 150,000 vehicles per year. The group will initially invest $2 billion to sell cars to Americans.
TheStreet Quantings reviews have no VinFast rating.
Faraday the smart future of electricity
Faraday the smart future of electricity (FIE) – Get the Faraday Future Intelligent Electric Inc. report. It had long been seen as the electric car maker that would challenge Tesla’s dominance. The company has even embraced the title of Tesla’s No. 1 competitor. It’s clear that the two groups no longer play in the same yard. Tesla now cares for more than one million cars produced annually. To bring this point home, Tesla’s market capitalization is well over $1.12 trillion, while Faraday’s is barely up to $1.60 billion, upon recent examination.
The gap between the two companies continued to grow against Faraday. It could expand further as Faraday faces a wall of investigation. The company announced last week that the Securities and Exchange Commission (SEC) has opened an investigation into Faraday’s comments about pre-orders for its only electric car in the lead-up to its public offering. Faraday became public through a merger with a special purpose acquisition company, or SPAC, called Property Solutions Acquisition Corp. That saved the beleaguered automaker $1 billion.
TheStreet Quant Ratings does not have a rating for Faraday Future Intelligent Electric.
Japanese car manufacturer Toyota Motor (TM) – Get the Toyota Motor Corp. report Seems to be off the radar. This position seems to suit the company. It is as if the manufacturer of Corolla and Camry sedan cars likes to highlight its main competitors and at the same time focus the group on its activities. Since the beginning of the year, attention has focused on Tesla, Ford, General Motors and Volkswagen (VWAGY) – Get a Volkswagen AG reportand new players like Rivian, Lucid and Nikola (NKLA) – Get Nikola’s report. Their advertisements for electric cars permeate the daily life of the auto industry. We almost forgot that in 2021, Toyota ended its dominance of the American auto market by General Motors.
Toyota Motor sold 2.3 million vehicles in the United States in 2021, up 10.4% from 2020, compared to 2.2 million for General Motors, down 13%. Critics of the Japanese automaker and supporters of the Detroit group pointed out that it was only temporary. However, three months later, Toyota just repeated this feat. The automaker sold 514,592 cars in the first quarter of 2022 on US soil. That number, however, is down 14.7% compared to the same period in 2021, but it’s good enough to keep GM at bay. General Motors sold only 512,846 vehicles, down 20 percent, in the United States during the first three months of the year, according to a press release.
Quantitative ratings on TheStreet Toyota Motor classify it as a buy with an A- rating.
Ford is transitioning to electrification like other old automakers. To rapidly gain market share in this competitive segment, the group, led by CEO Jim Farley, is developing electric versions of its legendary models as well as electric versions of its bestselling. Such is the case for the F-150 pickup truck, one of the best-selling vehicles in North America since its launch. Its electric version, the F-150 Lightning, is eagerly awaited in the coming months.
Ford recently confirmed that the first deliveries scheduled from the spring will be on schedule. Basically, there will be no delays, as consumers who have placed an order may fear due to continued disruption to supply chains, chip shortages and rising raw material prices.
TheStreet Quantings reviews classify the Ford as a buy with a B rating.