Newsflash: McLaren vervangt 720S door 750S

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+++ Last night, speaking with the press, senior vice president and head of ALFA ROMEO North America Larry Dominique gave us an idea of the Alfa lineup in the near future. The brand will be expanding its offerings, but not by too much. Alfa Romeo will eventually have 5 key models. It will have 2 offerings in the C-segment (Tonale-size), 2 offerings in the D-Segment (Giulia/Stelvio-size) and 1 in the E-segment (larger than Giulia/Stelvio). And as implied by my size clarification, we already know what most of those are, with the Tonale taking the C-segment SUV slot, and the Giulia and Stelvio for the D-segment. Dominique said the second C-segment vehicle would be something more car-like than the Tonale, though he wouldn’t commit to saying it would specifically be a sedan or hatchback. So it’s possible it could be some kind of a coupe-like SUV. He was more vague about the E-segment vehicle. Considering the car market, some kind of SUV would seem most likely. As previously reported, this E-segment machine will arrive in 2027 with a wide range of electric powertrains from 300 to 1.000 horsepower. All of these new models will be fully electric. That includes the next-generation Giulia and Stelvio. The Tonale won’t be going completely electric just yet, but it seems reasonable to assume a new generation model will be. Dominique noted that the Tonale, which is only offered with a plug-in hybrid in the U.S., is a good way to start introducing both dealers and customers to the idea of electrified Alfas. Apparently, these 5 segments are the limit for Alfa for the time being. Dominique said that those models will cover more than 80% of premium buyers, and Alfa is trying to be “efficient” with how it covers the market. So don’t expect the myriad bodystyles and niches from German brands such as BMW and Mercedes. There is 1 possible exception: a sports car. Dominique said that they’re always interested in a sports car or halo product. He wouldn’t commit in any way to such a product, though. With that being said, there’s already been one teaser for something that might be just such a special sports car, maybe called 6C, a few weeks ago. We doubt that Alfa will launch a sports car that will stick around like the 4C, it will probably just be limited production cars that can be sold out quickly. +++

+++ The one and only BUGATTI Chiron Profilée has become the most expensive new car ever sold at an auction. RM Sotheby’s sold it in Paris for precisely €9.792.500 including the buyer’s premium, a sum that represents approximately $10.8 million at the current conversion rate. For context, the Profilée makes the standard Chiron (which is sold-out) look like a bargain. Bugatti charged about $3 million for it, meaning the anonymous collector who took home the 1-off car could have bought 3 regular Chiron models instead. With that said, I’m not 100% surprised by the result: in addition to being a unique car, the Profilée stands out as the last W16-powered car available from Bugatti. Bugatti didn’t envision the Profilée as a one-off; far from it. The model was developed with limited production in mind as a toned-down version of the Pur Sport that puts a bigger focus on touring than on handling. Changes such as wider front air dams, a bigger grille, and a small rear wing with a hollow middle section change the coupe’s aerodynamic profile, and Bugatti also tweaked the steering and suspension systems. Shorter ratios in the 7-speed dual-clutch automatic transmission make the Profilée the quickest evolution of the Chiron. Production should have been capped at 30 units globally, but Bugatti canned the project after it filled all of the available Chiron build slots. There’s no word on who bought the Chiron Profilée or where it’s off to, so keep your eyes peeled at the next cars and coffee gathering. +++

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+++ FORD shares tumbled Friday after the carmaker missed earnings expectations, blaming poor execution and continued supply shortages. The results show Ford is struggling to balance the transition to electric cars from combustion vehicles. The company is counting on strong sales of gas-burning F-Series pickups and Bronco SUVs to help foot the $50 billion that CEO Jim Farley has committed to developing and building EVs. The automaker reported 4th quarter profit excluding some items of 51 cents a share, short of the 62-cent average of analysts’ estimates. On that basis, earnings before interest and taxes came to $2.6 billion, Ford said after the close Thursday, shy of the $3.45 billion analysts expected. Ford shares fell as much as 8.4% in premarket trading Friday in New York. The stock had climbed 23% this year before the earnings report. “We should have done much better last year”, Farley said in a statement. “We left about $2 billion in profits on the table that were within our control, and we’re going to correct that with improved execution and performance”. “To say I’m frustrated is an understatement”, the CEO later told analysts on a conference call. Ford is expanding its cost-cutting efforts, now looking to eliminate “considerably more” than the $3 billion in annualized expenses previously targeted by mid-decade, chief financial officer John Lawler told reporters on a call. Additional job cuts will be part of that, he said. In August, Ford eliminated about 3.000 positions, most of which were in the U.S., and the German union IG Metall warned last month that it’s expecting about 3.200 more jobs will be cut across Europe. “We’re going to be very aggressive”, Lawler said. “Everything is on the table”, het said when asked about headcount reductions. “We just need to do more with less”, the CFO said. “You have to drive productivity improvements. We’re not where we need to be and so we’re going to get there”. Ford faces about $5 billion worth of headwinds this year, Lawler said, listing factors ranging from lower profit from its lending unit to higher spending on incentives. He expects Ford’s pricing to be “flattish” even as average new-vehicle prices drop around 5%. Ford anticipates a “mild” recession in the US this year and a “moderate” one in Europe. It’s also expecting a strong US dollar to drag on results. For this year, Ford forecast adjusted earnings of $9 billion to $11 billion before interest and taxes, compared with an average estimate of $9.94 billion. The company earned $10.4 billion on that basis in 2022. Ford aims to increase production of EVs to 600.000 annually by the end of this year and reach a 2-million-vehicle yearly run rate by the end of 2026. But with competition in the EV segment accelerating and growth slowing, Ford was forced to slash prices on its plug-in pony car, the Mustang Mach-E, in response to deep price cuts by market leader Tesla. Ford’s revenue in the 4th quarter increased 17% to $44 billion, beating the $39.8 billion that analysts expected. 4th quarter revenue at General Motors totaled $43.1 billion, while Tesla posted $24.3 billion. Ford more than doubled sales of EVs in the U.S. last year and fortified its position as the No. 2 seller of battery-powered models, behind Tesla, which controls almost two-thirds of the American EV market. +++

+++ Ford is officially coming back to FORMULA 1 racing as an engine supplier. The Blue Oval is set to make its return for the 2026 season when all-new engine regulations are set to go into effect. This is the second big American manufacturer to announce intentions to hop into Formula 1 as of late: Andretti Motorsport and Cadillac just announced their proposed team and engine supplier bid a month ago. As for the teams, Ford will be partnering with to supply engines to, Ford announced that it will partner with Red Bull and Red Bull’s sister team, Alpha Tauri. Yes, the same Red Bull that has won the past 2 driver’s championships and last season’s constructors’ championship. It’s hard to dream up a more ideal situation for Ford when it comes to partnering with a competent F1 team, as Red Bull is really on its game these days. Of course, so much depends on the powertrain in F1, so Ford will need to be at the top of its game to put the Red Bull cars on the podium, too. The last time Ford participated in F1 was 2004, but Ford has a long and storied history in the sport to point to as evidence it can succeed today. Ford has played part in 10 constructors’ championships and 13 driver’s championships since the company’s debut in 1968 as a Lotus partner. Ford’s most recent major success came in 1994 with Benetton when Michael Schumacher won the driver’s championship. “This is the start of a thrilling new chapter in Ford’s motorsports story that began when my great-grandfather Henry Ford won a race that helped launch our company”, said Bill Ford, executive chairman of Ford. “Ford is returning to the pinnacle of the sport, bringing Ford’s long tradition of innovation, sustainability and electrification to one of the world’s most visible stages”. The new regulations requiring increasing electrification and the use of sustainable fuels is a huge catalyst for Ford getting into the sport. More and more teams are getting involved with F1 as a result of the changing 2026 regulations. Porsche was originally pegged as a Red Bull engine supplier before that fizzled out, and Audi is officially bought into Sauber (currently branded as Alfa Romeo) for 2026. +++

+++ MCLAREN quietly put the 720S out to pasture in late 2022, but the model’s spot in the range won’t stay empty for very long. Its successor will allegedly inaugurate the 750S nameplate when it makes its global debut in early 2023. The 750S will receive more power and a new-look design, among other changes. It will carry on with the twin-turbocharged, 4.0-liter V8 that powered the 720S, and it won’t get any hybrid tech from the Artura. Output will grow from 720 to about 750 horsepower. One of the sources said the car is “not as extreme as the 765LT, but it is a little more aggressive than the 720S”. And at 765 horsepower, the LT will remain the most powerful example of the modelline. This all supports previous reporting that suggested the 750S will be a significant update to the 720S. Styling would be updated significantly. Of course if it’s still related to 720S, that may show through in the bodywork. The 750S will make its debut as a coupe and as a convertible in April, and it’s scheduled to disembark on American shores the following September. The new model will cost about 10% more than its predecessor, but the increase hasn’t curbed the car’s appeal: the car is sold out in the United States into 2024. +++

+++ RIVIAN Automotive is laying off 6% of its workforce in an effort to cut costs as the EV maker, already grappling with falling cash reserves, braces for an industry-wide price war. The company is focusing resources on ramping up vehicle production and reaching profitability, chief executive R.J. Scaringe said in an email to employees announcing the job cuts. Layoffs at Rivian come amid falling EV prices kicked off by cuts made recently by Elon Musk-led Tesla and Ford. The price cuts by Tesla and Ford are expected to hurt EV upstarts such as Rivian, Lucid Group and British startup Arrival, which Monday said it would lay off half its staff. Despite a blockbuster initial public offering in November 2021, Rivian’s shares have fallen nearly 90% from their peak that month to Tuesday’s close. Rivian’s stock was trading down 4% on Nasdaq on Wednesday, paring some losses after news of the job cuts. “We must focus our resources on ramp and our path to profitability”, Scaringe said in the email, in which he apologized to employees for the necessity of the cuts. A Rivian spokesman confirmed the email was sent, but declined further comment.”They’re bleeding cash and would like to grow at a much faster rate, but they continue to struggle with their EV production ramp and have been unable to meaningfully drive down unit costs”, CFRA Research analyst Garrett Nelson said. “We think that is what’s behind this decision”. Rivian is focusing on ramping up production of its R1 pick-up and EDV delivery vans for top shareholder Amazon.com, and launching its R2 platform, he said. “The changes we are announcing today reflect this focused roadmap”. Irvine, California-based Rivian, which has about 14.000 employees, will let go of about 840 staff in a move that will not affect manufacturing operations at its plant in Normal, Illinois. Rivian, which has been losing money on every vehicle it builds, narrowly missed its full-year production target of 25.000 vehicles last year as it dealt with supply-chain disruptions caused by the Covid-19 pandemic. It had previously halved that target. To further conserve its cash, Rivian late last year shelved plans to build delivery vans in Europe with Mercedes. Rivian had earlier pushed back by a year to 2026 the planned launch of a smaller R2 vehicle family at the $5 billion plant it is building in Georgia. Last July, Rivian, which is scheduled to report 4th quarter results on February 28, laid off staff and suspended some programs as part of a broader restructuring. The company has a market valuation of $17.8 billion. Its cash and cash equivalents stood at $13.27 billion as of Sept. 30, 2022, down from over $18 billion a year earlier. +++

+++ During his recent visit to China, VOLKSWAGEN chairman, Oliver Blume stated that China is the most important market for the Volkswagen group. While speaking during a recent interview with Xinhua News Agency, he also stated that Volkswagen was open to more collaboration with China in the future. As early as 1978, Volkswagen was one of the first international automakers to make connections in China. Its first joint venture was with SAIC. Established in October 1984, SAIC Volkswagen is the second-oldest Sino-foreign car-making joint venture in China (after Beijing-Jeep). The company is a joint venture between the Volkswagen Group and Shanghai Automotive Industry Corporation (SAIC). In 2022, SAIC Volkswagen became the first automaker in China to sell 22 million cars. Volkswagen also has another JV with China FAW. The FAW Group sold 3.2 million vehicles in 2022 with profits of over 49 billion yuan. With its location in Changchun, capital of Jilin Province, Volkswagen views its JV with China FAW group as one of the most important. Jilin province has been promoting policies to attract automakers into the area and hopes its auto industry will bring in one trillion yuan ($148.96 billion) by 2025. “We have had very successful cooperation with FAW Group over the past 30 years, and we will continue working hard and cooperating sincerely in the future”, said Blume. Volkswagen runs a handful of brands in China including Skoda, Audi and Porsche. So far, the German automaker has found incredible success in the Chinese automotive landscape with 50% of its overall sales coming from China alone in 2021. In 2022, Volkswagen Group China delivered over 3.18 million vehicles in Hong Kong and mainland China. New energy vehicles accounted for 206.500 units of the total number. In November 2022, Blume visited China alongside German chancellor Olaf Scholz, where he met with key government officials to discuss future cooperation. After the Spring Festival, Blume visited again, this time touching the cities of Shanghai, Changchun and Hefei. “It is very important to me to be able to come to China after the Spring Festival. We have developed in China for nearly 40 years. We hope to continue to develop together with our partners and joint venture partners”, he said. According to Blume, Volkswagen is not only interested in the Chinese market but also in future cooperation, especially in the electrification and high-tech sectors. Only last year, Volkswagen revealed its partnership with Chinese automotive chip manufacturer Horizon Robotics. Blume also noted that while VW will continue to push its success in the ICE segment, it was also looking to focus on electric vehicles in China. Data from the China Association of Automobile Manufacturers shows that in 2022, China’s automobile production and sales reached 27.021 million and 26.864 million vehicles, respectively. Out of this figure, NEVs accounted for 7.06 million and 6.89 million units in production and sales, respectively. Blume was also optimistic about Germany-China relations. “Germany has been an important partner in China’s technological development over the past few decades. We have formulated a clear strategy and will continue to invest heavily in products and technologies in China in the next few years”, he said. +++

+++ VOLVO is gearing up for an electric blitz to convert all its mainstay models (3 SUVs and 2 sedans/stationwagons) into electric vehicles and to introduce a luxury electric van aimed at boosting sales in Asia, 2 people with knowledge of the plans said. The Swedish carmaker, 82%-owned by China’s Zhejiang Geely Holding Group, is expected to launch at least 6 new battery electric vehicles through 2026, the 2 people told. Volvo has announced an objective to make its entire lineup fully electric by 2030. The company’s Australia unit has said it plans to sell only EVs in that market by 2026. The previously unreported product plans amount to the largest revamp of Volvo’s model line-up since Geely acquired the brand from Ford in 2010. Under Geely, Volvo initially started to share technologies such as car platforms with Geely. The makeover for Volvo, a Swedish brand that built a reputation for safety and utilitarian design, follows from a greater focus on customer trends in Asia and a push to win sales there, the people said. The 2 people with knowledge of Volvo’s planning asked not to be named because details have not been announced by the company. Among the new battery electric cars being planned for the next 4 years is a Volvo-branded MPV or van that would be based on a vehicle Geely’s Zeekr brand sells in China. Called the Zeekr 009, the hulking, battery-electric van pictured above, which starts at about 500.000 yuan ($74.179), offers 3 rows of seating. The vehicle competes against the likes of the Toyota Alphard, a business or family van with airplane business class-like seats for passengers that has proven popular in Asian markets such as China and Japan as a limousine alternative. Volvo has moved development work on sedans and the coming people-mover model to its Shanghai research and development hub, they said. That center, which has tripled its design staff to about 60 people, has recently moved to a new and larger building in Shanghai, one of the sources said. The first of Volvo’s new planned electric models, the EX90, was unveiled late last year. It is expected to hit showrooms in early 2024. Other battery electric cars in the pipeline include electric versions of Volvo’s mainline products (the SUV vehicles XC90, XC60 and XC40 plus the S60 and S90 sedans), the sources said. Those mainline cars will follow Volvo’s established, simple design cues, but the new MPV will target buyers in China and other markets with a more “emotional” design that builds from the Zeekr 009, which features a massive, LED-illuminated grille, one of the sources said. Volvo has carved out and sold its gasoline engine and hybrid powertrain operations to Geely. The Chinese automaker has moved to combine all of its gasoline powertrain assets, including those from Volvo, with factories being carved out of Renault to create a new company focused on hybrid and gasoline engines. Renault and Geely are working to finalize a deal to bring Saudi Aramco in as an investor and partner in that venture. +++

+++ SGMW has announced that since the launch of the WULING MINI EV on July 24, 2020, the cumulative global sales of this model had reached 1.11 million, and it has won the international sales champion of small pure EVs. At the same time, Wuling launched time-limited promotional activities. From January 30 to March 31, the minimum selling price of Wuling Mini EV dropped from 32.800 RMB to 29.800 RMB (from 4.800 USD to 4.400 USD). Wuling sold 554.067 Mini EV vehicles in 2022, up 30%. It accounted for 9.5% of all pure electric vehicle sales in China in 2022, ranking first. In the micro EV market, Wuling accounts for more than 50% of the market. Wuling’s biggest competitors are Chery and Changan, which account for more than 30% of the market segment. The Wuling Mini EV is a mini 4-seat pure electric car. There are 4 versions: The Basic version, the Makaron, the Gameboy  and the Convertible. The price range is 32.800 – 99.900 RMB (4.800 – 14.700 USD). The Basic and Makaron versions account for over 90% of the total sales. As a micro EV, Wuling Mini EV’s length is 2.920 mm and its wheelbase is 1.940 mm. Due to its small size, its turning radius is only 4.2 meter. The Wuling Mini EV is equipped with 4 compact seats. The rear seats can be put down as storage space, and the max storage space is 741 liter. Except for the minimum configuration, other versions are equipped with airconditioning. It is equipped with an LCD instrument panel and supports the mobile APP to query the running status of the car. In terms of power, the Basic version is equipped with a 27 horsepower single motor, and the Gameboy version is equipped with a 41 horsepower single motor. It is fitted with ternary (NMC) and LFP batteries, and consumers can choose the type of battery by themselves. Its range is 120 – 300km (CLTC). The official commitment is that the warranty period of the whole vehicle is 3 years or 100.000 km, and the warranty period for the battery, motor, and electrical control system is 8 years or 120.000 km. +++

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+++ XPENG has launched its flagship SUV, the G9, and the refreshed P7 sedan to some European countries. Both vehicles will be displayed from February 3rd to February 5th at the eCar Expo in Stockholm, Sweden. Moreover, potential buyers in Norway, Denmark, Sweden and the Netherlands can begin to place orders. Xpeng entered Norway in 2020 and currently sells G3i SUV and P7 sedan. Also, at the beginning of 2022, Xpeng entered the EU through the Netherlands and Sweden, where it now offers a P7 sedan for preorders with a delivery date of 2023. In September 2022, Xpeng launched the G9 in China with 2 versions. The base version has 313 hp, while the dual-motor AWD model boasts 560 hp, 700 Nm of torque and 700 km of range. Xpeng also stated that the G9 could go from 0-100 in 3.9 seconds, and both models had a top speed limit of 200 km/h. Additionally, it can tow up to 1.500 kg and has an 800 Volt high voltage Silicon Carbide (SiC) system and a high-voltage overcharge capability of more than 480 kW. This technology will allow the G9 to charge up to 200 km in 5 minutes. Xpeng projects many expectations for the premium SUV as they desperately need to boost their sales in China, facing brutal competition. The founder, He Xiaopeng, even mentioned that the Xpeng G9 could rival Porsche in China.

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Although the exterior is unchanged, the P7 now has faster charging, a new interior design, and a better range. It also gets a LiDAR version. Unlike other NEV models, the refreshed P7’s lidar is positioned in the headlights. Additionally, the P7 will adopt the same steering wheel as the G9 but will not get 800 Volt charging. The most significant change, however, is the DC fast charging. The P7 is now compatible with 175 kW charging power and can charge from 10% to 80% in under 30 minutes. The rear-wheel drive version also gets up to 576 km driving range. Some other new features include soft-closing doors, a heat pump system, a heated steering wheel, and an automatic tailgate. Both models are equipped with Xpeng’s Xpilot, which has 29 sensors, including ultrasonic sensors, millimeter-wave radars, high perception cameras, and surround view. +++

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