Automotive Intelligence Gathering
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- Writer -- 150,000 customers have placed orders for the new Ford Bronco. Hooray! This is the first time we’ve seen anyone quickly rack up a serious six digit pre-order number that merits mention in the same sentence as Tesla Model 3 or Cybertruck. But is talking about it off the cuff in an earnings call, as opposed to social media manipulation, the right way to build buzz?
- Shout -- Workhorse published their IPO prospectus this week. The firm hopes to raise $675 million to move its truck from the prototype stage into production. Slide 23 illustrates some of the problems in the maths for start-ups… even though the company plans to build lots of expensive trucks, there isn’t anything in there for working capital -- potentially a three digit million sum for the initial inventory. Is this an oversight or have they invented a way to get negative working capital?
- This Is What You Came For -- After 2025, PSA says fully electric is the way forward. They showed off a new midsize car platform they’ve designed to have a big battery in the middle. If you don’t want (or can’t afford) a fully electric model, you can fit a hybrid in the front and reduce the battery size. It all sounds very like the E-FIRST proposal Ad Punctum and Evercore ISI made in late 2018: put the compromise on the internal combustion engine, not the electric bit. Coming in the same week as Renault’s new CEO sang the praises of the E-Tech motor-as-generator cars he has been driving, should other brands revisit their architectures?