AD #3612 – GM Still Struggling to Make Ultium EVs; Competition Impacting CATL; Folding Steering Wheel Coming Soon

This is Autoline Daily, the show dedicated to enthusiasts of the global automotive industry.

PROFIT UP, BUT GM STILL STRUGGLING TO BUILD ULTIUM EVs
General Motors reported its earnings for the second quarter and the results are good. The automaker sold nearly 692,000 vehicles, which is up 19% compared to a year ago. However, only 15,000 of those were EVs and the majority came from the Bolt, which it’s discontinuing. GM still struggles to make Ultium EVs, selling a little over 1,300 Lyriqs and 47 Hummer EVs. But its revenue increased by 25% to $44.7 billion. It posted a net profit of $2.6 billion, which was up a whopping 51% and its EBIT was $3.2 billion, up 38% compared to a year ago. And thanks to those results, GM increased its full-year profit guidance and it now expects to hit a net income of $9.3 to $10.7 billion, up from $8.4 to $9.9 billion in a previous forecast.

CATL LOSING STEAM TO COMPETITION
And Chinese battery maker CATL also had a strong quarter. It posted a net profit of $1.5 billion, which is up 63% compared to a year ago. But its growth slowed from the first quarter when its net profit surged 558%. That’s because CATL is facing more competition and has been losing market share to BYD.

HYUNDAI INVESTS IN BATTERY RESEARCH
And speaking of EV batteries, the Hyundai Group just opened a new battery research center in Korea with Seoul National University and is investing $23 million by 2030 in the collaboration. A total of 22 research projects will be carried out in four divisions, including lithium metal batteries, solid-state batteries, battery management systems and battery process technology. Hyundai believes it can cut battery costs 75% by 2026 and another 45% by 2030.

TESLA KICKING OFF INDIA TALKS SOON
Earlier this month, it was reported Tesla is in talks with the Indian government to produce EVs in the country. And now Reuters reports that Tesla representatives will meet with India’s commerce minister soon to discuss the plant and about setting up a supply chain. The factory will reportedly build a model that starts at just $24,000, which is 25% cheaper than its current least expensive model. But we don’t know for sure yet if it’s an all-new model. But it won’t be sold in just India. It will be exported to other markets as well. The Indian car market is growing fast and it’s now the third largest in the world. However, electric vehicles account for less than 2% of sales.

ZF’S FOLDING STEERING WHEEL FINDS CHINESE CUSTOMER
The giant German supplier showed off this foldable steering wheel about 7 years ago and everyone kind of laughed at it. The thinking was that it only made sense for autonomous driving and everyone knew autonomy was years away. But ZF says a Chinese automaker is going to intro the folding steering wheel in just a couple of months. It’s for drivers who are waiting in a parking lot while family members shop, or for a baseball practice to end, so now they can watch a movie on the center screen without the steering wheel blocking part of their view.

MERCEDES USING SUSPENSION DATA TO HELP IMPROVE ROADS
Mercedes is putting connected car tech and the sensors on its cars to good use. It’s teaming up with the city of Boston in the U.S. on a pilot project that will use data generated by vehicle suspension systems to help identify infrastructure issues, like potholes. City planners can then send someone out to inspect the road or monitor potential problem areas over time. Here’s a couple other quick notes about the project:
– All the data is collected anonymously from Mercedes owners that have opted into data sharing on the Mercedes me app.
– There’s no indication of how long the pilot will last.
– But Mercedes has several similar trials going on in Europe right now.
It also indicates other sensors, like those used for driver assistance systems, could provide even more data to improve city infrastructures. And we would think info as simple as tire pressure data would be useful as well. So, it seems like there’s an opportunity for anyone with a connected vehicle to get involved in a similar project.

HYUNDAI TRIES TO SPEED UP SOFTWARE FIX
Hyundai is trying to speed up the rate at which its vehicles get a software fix that’s related to a surge in thefts. It makes it sound like some dealers have been overwhelmed by the number of customers wanting the fix, so Hyundai is hosting a mobile service center at RFK Stadium in Washington D.C. It reached out to roughly 37,000 owners in the area and will have a number of trained technicians on hand to complete the software upgrade, which it says should take less than an hour. The wave of thefts came after viral videos showed how to easily start some Hyundai/Kia models without an engine immobilizer.

MUSTANG GT FEELS MORE LIKE GRAND TOURER
As I said yesterday, I can talk about the Mustang GT today. So, let’s get into it. I drove a convertible version with the manual transmission, but without the performance pack, which means no MagneRide suspension or Brembo brakes. Even so, the setup was well balanced, doing a good job of providing feedback while approaching the limits. It made the car feel stable and gave me confidence as a driver. But compared to the lighter EcoBoost with MagneRide suspension and Brembo brakes, the GT I drove felt more well suited for sport grand touring driving than tight twisting bends. The manual is a 6-speed unit from Getrag and it had a really long 3rd gear that allowed good power delivery from 35-85 MPH. There’s also a 10-speed automatic available. The 4th-gen Coyote 5.0L V8 features dual air intakes that lead into dual throttle bodies for the first time, which help it make more power; 480 horsepower to be exact or 486 with an optional active exhaust system. I know this video of a colleague doing a hard launch is underwhelming, but the seat-of-your-pants is really good thanks to 415 lb-ft of torque. Lastly, the new Mustang is full of Easter Eggs and in spirit of talking about the V8, I’ll share a couple of under hood Easter Eggs that were shown to me. Under the air filter cover on the passenger side is the old famous Ford V8 logo and on the driver’s side are the different generations of V8 engine displacements.

And with that we wrap up today’s show. Thanks for tuning in.