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  • Tesla Sets New Records with Q1 Results

    Tesla set another quarterly record for deliveries during the first quarter of 2021.

    As predicted by many, Tesla Inc. set another quarterly record for production and deliveries during the first quarter of 2021 while rolling out another profitable quarter.

    The delivery numbers eclipsed the previous record by more than 4,000 units, coming in at 184,877 vehicles during the quarter. The overwhelming majority of the deliveries were Model 3 and Model Y at 182,847 vehicles – at 140% increase compared to the year-ago number. It’s also a 21,000-plus unit jump compared with the previous quarter.

    The company’s automotive revenue came in at $9 billion, an increase of 75% compared with Q1 2020. Overall, the company’s total revenue came in at $10.4 billion with a net income of $438 million or 39 cents per share. It also reported an adjusted EBITDA of $1.8 billion for the quarter with operating income reported at $594 million with a 5.7% operating margin.

    Big results — again

    Tesla’s Elon Musk is taking on a new role: host of Saturday Night Live.

    Quarter-end and cash equivalents to $17.1 billion in Q1, driven mainly by a net cash outflow of $1.2 billion in cryptocurrency (Bitcoin) purchases, net debt and finance lease repaymenbts of $1.2 billion, partially offset by free cash flow of $293 million.

    “There’s no guarantee that Elon Musk’s appearance on SNL will garner big laughs, but it’s certain that he’s laughing all the way to the bank,” said Jessic Caldwell, Edmunds’ executive director of insights.

    “Tesla had a record-breaking first quarter, and seems to be doing particularly well compared to its more traditional OEM competitors who are starting to flounder in light of the unique market conditions squeezing the industry right now. It’s pretty ironic that as an automaker known for producing computers on wheels, Tesla’s deliveries in a quarter marred by a global chip shortage have proven to be so strong.

    The big numbers came despite the fact the average selling price for one of its vehicles fell during the quarter. However, officials seem almost pleased by that, noting that lowering “the average cost of the vehicles we produce is essential to our mission.”

    The exterior of the new Model S is a little more angular than its predecessor.

    Big sales — again

    The company was quick to note that with production of its Model 3 basically coming from one plant (Shanghai), it is the best-selling premium sedan “in the world.” It outsold its top competitors, the BMW 3 Series and Mercedes E-Class.

    “This demonstrates that an electric vehicle can be a category leader and outsell its gas-powered counterparts. We believe Model Y can become not just a category leader, but also the best-selling vehicle of any kind globally,” the company told investors.

    With the strong performance of those two, production of the 2021 Model S — the vehicle that really started it all — “should start very shortly.” Officials noted that production of the Model Y production rate in Shanghai continues to improve and “two new factories — Berlin and Texas — are making progress. There is a lot to be excited about in 2021.”

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  • MG Returns to its Roots with Electric Cyberster Roadster

    MG Cyberster concept front

    Not your father’s MG ragtop for certain. The once-British, now-Chinese company developed has a new Roadster concept car.

    It’s a name most American motorists have long forgotten but there was a time when the products of British brand MG were a common sight on U.S. roadways. Once known for its droptop roadsters, MG is today owned by China’s SAIC which has turned it into a relatively mainstream producer of crossovers, sedans and hatchbacks.

    Now, though, MG is returning to its roots — more or less. It has been hinting for some time it was developing a two-seat ragtop and, weeks ahead of its formal debut at this year’s Shanghai Motor Show, we’ve gotten a sneak peek at the new MG Cyberster.

    This is no retromobile. As the name suggests, the MG Cyberster adopts a strikingly modern take on roadster design and technology, making use of high-tech features like its distinctive “Magic Eye” headlights which appear to vanish when turned off.

    Golden days gone

    The Cyberster is set to make its debut at the Shanghai Auto Show later this month.

    If anything carries over from the golden days of British sports cars, it’s the low, long and wide dimensions of the MG Cyberster. But, even there, you won’t confuse it for a classic MG TC. The nose is far more aggressively raked, with a very modern-style lower grille and splitter, all critical for aerodynamics.

    The back end goes with a relatively blunt, squared-off shape and the double-bubble rear deck features twin headrests serving dual duty as a built-in rollbar.

    The lighting is all LED and the Magic Eye lamps are perhaps the most distinctive feature. Much as Hyundai has done with the seemingly chromed strips on the latest Sonata that turn into light bars, the Cyberster’s round headlamps vanish entirely when turned off.

    Chinese-British collaboration

    Though MG may be Chinese-owned today, SAIC and its London-based design team paid homage to the brand’s origins by using strip-style taillights that recreate the familiar Union Jack.

    MG Cyberster concept dashboard

    The Cyberster concept features five screens, including one in the yoke-like steering wheel.

    Inside, the high-tech nature of the new roadster becomes even more apparent. There are fully five videoscreens on the instrument panel: one handles gauge cluster duties, another managing the infotainment system. A third has been mounted inside the yoke-style rectangular steering wheel. Two others display images from the small cameras that replace conventional sideview mirrors.

    We expect to learn more about the MG Cyberster during the Shanghai Motor Show later this month. That should include some specifics about its fully electric drivetrain. So far, we only know that the roadster is expected to deliver 500 miles per charge. That’s using the WLTP standard, but even if it were to be cut down a bit by the EPA it would make for an impressive number.

    Performance unlike classis MG roadsters

    The Cyberster also will be able to launch from 0-60 in under 3 seconds, according to MG. Keep in mind that classic British roadsters never made that much power or offered all that great acceleration. The real appeal was in the overall driving experience. The modern-day Mazda MX-5 Miata is the closest we have to that era. Among the questions to be answered: how many motors are used in the Cyberster. These days, it’s becoming commonplace to mount separate motors on each axle. Going the equivalent of all-wheel-drive would be a big change from traditional MG roadster design.

    MG Cyberster concept tail

    British designers found a way to incorporate some Union Jack-style stripes into the taillights.

    For now, at least, the MG Cyberster is a concept vehicle so another subject likely to be dealt with on April 21 in Shanghai is if a production version is in the works.

    Opportunity for a U.S. return?

    Of course, there’s also the question of whether a production MG might be used to open the door to the United States — much like Alfa Romeo turned to the 4C to relaunch itself in the States. MG left the  U.S. market in 1980 after years of declining sales. Its various owners have, throughout the years, repeatedly signaled a desire to make a return.

    Breaking in isn’t easy, as a number of brands have discovered the hard way. Peugeot last month scrapped brands for its own American revival. That said, the emergence of the EV appears to be shaking things up — as Tesla demonstrates. Perhaps, MG might see an opportunity to gain a foothold with the Cyberster alongside other totally new brands like Fisker, Lucid and Lordstown.

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  • Volts, er, Volkswagen’s April Fool’s Day Prank a Jolt to the System

    Oh those wacky Germans!! As quickly as it got here, VW took it away: Voltswagen is the company that never was.

    A lesson for wannabe pranksters: if you’re planning an April Fool’s Day joke, stick to April 1st.

    That lesson apparently got lost in translation over at Voltswagen, er, Volkswagen headquarters when the company intentionally leaked an “internal document” on March 29 indicating it was planning to change its name as a way to highlight a dramatic, mega-billion-dollar shift to battery-electric vehicles.

    Like so many others, automotive PR departments have often found ways to tweak the media on April 1 and the closer a supposed story hews to reality the better the joke — though news veterans have learned to tread cautiously with everything they see that day. VW’s gag, it seems, gained credibility because of the timing, even though it would have generated major skepticism had it come out two days later.

    But “There will be no renaming of Volkswagen of America,” the company now says after receiving numerous angry calls from those fooled by the supposed name change — including, we will admit, TheDetroitBureau.com.

    Good one, guys … good one

    Volkswagen of America chief Scott Keogh, left, and VW AG CEO Herbert Diess share a laugh, knowing what was going to be unleashed on the U.S. media.

    As readers will note, we did question whether this was part of a short-term marketing campaign, rather than a real, permanent name change. After all, other companies have taken similar steps. IHOP in 2018 announced it was becoming IHOB, a short-lived switch, it turned out, to promote the fact it offered more than just pancakes for breakfast.

    Indeed, the stunt was intended to highlight the launch of the Voltswagen, er, Volkswagen ID.4, the carmaker’s first long-range battery-electric vehicle targeting the U.S. market. It began rolling into American showrooms this month.

    “The alleged renaming was designed to be an announcement in the spirit of April Fool’s Day, highlighting the launch of the all-electric ID.4 SUV and signaling our commitment to bringing electric mobility to all,” said a statement from VW released the day after the rouse, 36 hours before April Fool’s Day.

    The right amount of credibility for a fake release

    The thread of credibility was, in fact, there for at least a short-term use of the name Voltswagen. The German company is going all-in on electrification, committing to spend more than $80 billion to bring at least 50 all-electric models to market by mid-decade. Its high-line Bentley brand will only sell battery-electric vehicles by 2030 and while the flagship VW brand hasn’t committed to going completely BEV, global CEO Herbert Diess has strongly hinted that is in the works.

    VW ID.4 driving

    Volkswagen has designated $86 billion to bring more than 50 EVs to market in the next few years, including the ID.4.

    “We have said, from the beginning of our shift to an electric future, that we will build EVs for the millions, not just millionaires. This name change signifies a nod to our past as the peoples’ car and our firm belief that our future is in being the peoples’ electric car,” said the fake VW release, purportedly quoting Scott Keogh, president and CEO of Volkswagen of America.

    VW already did adopt a new name for its electric vehicles. They are being grouped together under the ID banner. An all-electric hatchback, the ID.3, went on sale in Europe last year. Other models are coming, including the ID.Buzz, a modern, battery-powered take on the legendary VW Microbus.

    Volkswagen isn’t alone, one rival German automaker marketing its BEVs through the new Mercedes-EQ marque, another opting to call its electric models BMW i. And Hyundai just launched a new battery-car sub-brand called Ioniq.

    VW’s reaching out to promote its electrification efforts shouldn’t be surprising. The automaker’s global CEO Herbert Diess declared a goal of becoming the world’s leading EV manufacturer, his goal to “overtake” today’s top seller, Tesla.

    Whether the Voltswagen stunt will short-circuit the launch of the ID.4 isn’t certain. But wary journalists are likely to be far less willing to get charged up the next time a VW press release arrives.

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