The AP [via Google] reports that Tesla has revised its IPO offering to $14 to $16 per share, for a total capital raising of up to $185m. The WSJ [sub] estimates the IPO’s take at $178m. Previously Tesla had valued its offering at $100m. This revision is not inconsequential: the offering is now valued higher than Tesla’s cumulative revenue since 2003, which now stands at $147.6m. The company has lost nearly $300m since 2003, and will continue to lose money until the Model S sedan starts selling. Especially with $100m-$125m in capital expenditures planned for this year. GM’ it seems, won’t be the only auto firm sweating an IPO this year.
So, Nissan has released video of its production Leaf making “forward” (above) and “backward” noises, but it seems that there may still be some details to work out. For one thing, the Leaf’s official battery range stretches from 138 miles to 47 miles, according to gm-volt.com. Your mileage may vary, etcetera. But wait, there’s more! One blogger recently tried to insure a Leaf… actually, he tried to get an insurance quote for a Leaf. Can you tell where this is going? (Read More…)
The National Academy of Science’s National Research Council has released a comprehensive report on fuel-saving technologies and their associated costs [full report available online here, summary in PDF format here], and it’s data-licious. Just about every currently-available (within the next five years) efficiency-improving technology was assessed, not just for efficiency gains, but for cost as well… but let’s wait on the cost part for just one moment. Above, you can see the study’s findings in regard to efficiency gain available through various near-term technologies, as applied to vehicles with 4, 6 and 8-cylinder engines. It should come as no surprise to find that conversion to Hybrids, diesels and dual-clutch or continuously-variable transmissions offer some of the greatest benefits… but what about those costs?
Google Trends says it’s so, according to gm-volt.com [via Autoblog]. The Leaf also has 54,000 Facebook fans to the Volt’s 24,000. Plus, the Leaf has 130,000 people on its official “interest list” while the Volt boasts a mere 42,000. The danger here: that Leaf beats the Volt to becoming the EV segment’s first successful brand, earning it “the new Prius” status that Bob Lutz so badly wanted to bring home to Detroit. [Hat Tip: gslippy]
Worried about the high MSRPs on most of the electric vehicles scheduled for launch over the next year? Don’t forget to include the cost of buying and installing a home charging station. Nissan reckons the charger for its Leaf will cost about $2,200, including a home electrical inspection[er, that’s a medical marijuana grow…] and installation. Oh, and it won’t be Nissan coming into your home: Aerovironment, a firm otherwise best known for its Unmanned Aerial Vehicles, has the contract to supply and install the Leaf’s charger. Coulomb Technologies supplies the home charger for Ford’s first EV, the Transit Connect EV, and according to Automotive News [sub], they’re partnering with Ford to give chargers away to the first 2,000 buyers of the electric-drive delivery van. But, as usual with good news in the EV sector, the charger giveaway is actually being funded by tax dollars…
Coda Automotive may not be claiming to have paid back the US government, but this video [via greencarreports] sure is one of the more misleading spots we’ve seen in a while. The term “all-American innovation” probably does great with focus groups, but it’s hardly an accurate description for a rolling-chassis Chinese sedan with some Chinese-made (unless the DOE gives Coda a loan for US cell manufacturing) lithium-ion cells bunged into it somewhere in California. Likewise, the fact that internal combustion engines operate at relatively low efficiency is fascinating, but it’s hardly relevant to potential customers. Especially considering this Coda EV is likely to cost about $45k before tax breaks. At that price point, a Chinese-market sedan should run at 110 percent efficiency, and be powered by melted-down AMG tires. And its makers should still have the decency to admit that, like so much in life, we’re entirely dependent on the Chinese to actually build the damn thing.
The Detroit News reports that two versions of the Electric Drive Vehicle Deployment Act of 2010 will be introduced today in the House and Senate. Both bills would spend about $11b by sending $800 million to $1 billion five to eight “deployment communities.” One of the EDVDA’s bipartisan sponsors, Rep Judy Biggert (R-IL) explains that these funds
will help regional communities establish themselves as models for the development and installation of the next generation of transportation infrastructure, including public charging stations
The bill is being backed by several small EV firms, like A123 Systems and Bright Automotive, under the rubric of the Electrification Coalition. And despite the fact that everyone loves a good subsidy, the mainstream automakers are not amused.
GM’s plan to develop an electric version of its (previous-generation) Chevrolet Spark city car for developing markets had been dependent on a joint development deal with REVA, the Indian firm responsible for such vehicles as the REVAi (known to Brits andTop Gear fans as the G-Whiz). But with the AP [via BusinessWeek] reporting that Mahindra & Mahindra has bought a 55 percent stake in REVA, GM’s deal to use REVA’s technology in its Daewoo-developed hatchback appears to be off. GM had already scaled back its cooperation with REVA, delaying the planned release of the Spark EV and focusing on fleet testing the car. But, says GM India President Karl Slym
Now we’ve stopped the test fleet as well. We were doing it purely as something to learn. Now there’s no real benefit to that. We may as well stay with the GM solutions.
This week marked another important step forward for the development of U.S. based automotive battery and electric vehicle manufacturing as Coda Automotive, Nissan and Ford announced plans to build batteries at plants in Ohio, Tennessee and Michigan respectively.
While these facilities only exist as blueprints today, our Brownstown Township battery pack assembly plant has been manufacturing advanced lithium-ion batteries since January, and our Detroit-Hamtramck assembly plant is currently producing pre-production Chevrolet Volts.
GM VP for global product development Jon Lauckner takes a petty swipe at the competition over at chevroletvoltage.com. First of all, Mr Lauckner, taking petty swipes is our job. Back off. Second of all, are you familiar with the adage that begins with “people in glass houses…”?
A lot of people have been shaking their heads at the Toyota/Tesla deal. Was it just an elegant way to unload the NUMMI plant? As in “here are $50m, please buy my plant with it?” Or is it part of a grand strategy, the beginning of Toyota’s foray into an all-electric future? As usual, the truth is stranger than business plans. (Read More…)
Akio Toyoda has often warned his company of the risks of “big company syndrome,” doubtless with the GM’s spectacular decades-long fall from dominance in mind. Today, he framed Toyota’s announcement of a partnership with EV startup Tesla as way to reconnect with a lost underdog mentality, saying
By partnering with Tesla, my hope is that all Toyota employees will recall that venture business spirit
Of course, he also said that only a recent return to profitability allowed Toyota to even consider this deal in the first place. And what of the deal? Toyota will buy $50m worth of Tesla shares “in a private placement to close immediately subsequent to the closing of Tesla’s currently planned initial public offering,” as a Tesla presser puts it. In exchange, Tesla is buying “site two” of the NUMMI plant for what Tesla CEO Elon Musk terms “a great price.” NUMMI will be the production site for Tesla’s Model S, a $30k Tesla, and a jointly-developed sub-$30k vehicle. The two firms also intend to cooperate on the development of EV components as well as production system and engineering support
The San Francisco Chronicle is reporting that California Governor Arnold Schwarzenegger has said that Toyota will team up with Tesla to “build electric cars in California.” The governor made this shocking revelation at Google’s I/O Conference today, and told reporters [via the Sacramento Bee]
Today is a very exciting day for me because … I am also going over to the Bay Area to talk about Tesla and Toyota forming a partnership, where they take one of the Toyota cars and make them electric. And again, they’re going to do that here in California.
The obvious scenarios involve joint manufacturing at Toyota’s former GM joint-venture plant NUMMI in Fremont, CA, although there has been no confirmation of these or any other details yet. [UPDATE: According to insidebayarea.com, a Downey, CA city councilman
confirms that Tesla will build the Model S at NUMMI. The Downey City Council had planned to approve a lease deal for a Tesla factory site, but Tesla CEO Elon Musk called to announce that his firm would be setting up shop at NUMMI]
On the strength of Coda Automotive’s plan to launch a $45,000 EV conversion of a Chinese Hafei sedan, our coverage of the EV startup (formed from the ashes of Miles Electric Vehicles) has pretty much been limited to the conclusion that it “make the Volt look good.” And as the competition has moved forward, the venture isn’t looking any better by comparison. With news that Nissan will be able to manufacture its Leaf batteries for the low, low price of under $400 per kWh (if all goes to plan, anyway) rocking the EV community, Coda’s proposition of asking $45,000 for a 33.8 kWh lithium-ion battery with a Chinese compact sedan attached to it has not aged well (conservatively assuming the Hafei costs $15k, that still breaks out to nearly $900 per battery kWh, as crude as the comparison may be). But don’t let a little common sense worry you about Coda’s future: according to a company press release [via PRNewswire] the firm just scored a cool $58m in an oversubscribed fundraising round that leaves it with over $125 in total investments.
Nissan made quite a stir in EV-watcher circles by announcing that its UK-produced Leaf battery packs would cost under $400/kWh, but as we noted at the time, those numbers are being supported by various government incentives. Now, with a new government taking over number 10 Downing Street, Nissan’s UK Leaf production incentive might be on its way out. With the UK’s new Conservative-led government facing profound budget challenges (try a $240b deficit on for size), The Telegraph reports that a $30.5m grant approved by the outgoing government could fall victim to an overarching review of new expenditures by the incoming government. And that’s just the beginning…
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