Mobility On The Go: 9/11/2024

4 takeaways from Hyundai’s updated long-term strategy

ERIC WALZ 9-10-2024

Hyundai has announced is new EV strategy, called the “Hyundai Way” at its 2024 CEO Investor Day in Seoul, in an effort to become more competitive in the electric vehicle and hybrid vehicle market. The Hyundai Way focuses on four primary goals for the carmaker:

1. Hyundai will focus on the sale and production of affordable hybrid vehicles, especially in North America, planning to increase production to 690,000 units by 2030.
2. Hyundai plans to implement its “Hyundai Dynamic Capabilities strategy,” to equip its future hybrid vehicles with advanced technologies, such as regenerative braking and “vehicle-to-load bi-directional capabilities.”
3. Hyundai intends to launch its extended-range EVs with a small internal combustion engine to charge the vehicle’s battery.
4. While many carmakers have struggled with EV profitability, Hyundai is optimistic that the Hyundai Way will aid in a target profit margin of at least 10% in 2030.

Mobileye drops lidar development, axes 100 jobs to save $60M

SOPHIE SHULMAN 9-9-2024

Mobileye is discontinuing its lidar sensor development division employing 100 people, seeking internal positions for some employees but likely laying off most. This move aims to save costs as the division's expenses were projected at $60 million with no revenue. Mobileye currently uses sensors from Innoviz rather than completing internal lidar development. Advanced radar like lidar once promising, now faces price drops and questions about necessity due to AI advancements. Mobileye is prioritizing internal imaging radar development over lidar. With recent layoffs and concerns about revenue, Mobileye's value has dropped, prompting speculation about Intel selling its shares in the company.

Self-Driving Cars Gain Momentum in US

STEPHANIE BRINLEY 9-9-2024

The AV industry in the United States is currently experiencing a resurgence after a slump during 2022-2023. Waymo, leading the sector, recently announced a $5 billion investment from Alphabet, releasing its advanced sixth-generation Waymo Driver system and expanding its services in major cities like Phoenix, Los Angeles, and San Francisco. Despite safe advancements, Waymo remains under investigation by the NHTSA for safety concerns. GM’s Cruise also faced challenges, including a major setback in 2023 due to an accident which we covered extensively, leading to an overhaul in leadership and strategy. However, Cruise has resumed limited operations and plans deployments with Uber. Tesla persists in developing its “supervised full self-driving” technology, aiming for a self-driving reveal in October 2024. The AV market faces hurdles, such as financial constraints and slower-than-anticipated adoption, with forecasts predicting gradual growth in AV sales, particularly in the US and China. Overall, however, optimism blends with significant challenges in this expanding field.

Sweden’s Volvo Cars scraps plan to sell only electric vehicles by 2030

SAM MEREDITH 9-4-2024

Volvo Cars, owned by China’s Geely Holding, has revised its plan of exclusively selling electric vehicles, adopting a more “pragmatic and flexible” approach due to fluctuating market conditions and cooling demand. Initially a pioneer in the complete transition to EVs, Volvo now targets 90-100% of sales from fully electric or plug-in hybrids by 2030, allowing up to 10% for mild hybrids. This adjustment aligns Volvo with other carmakers like Mercedes-Benz and Volkswagen, which have also recalibrated their EV strategies. CEO Jim Rowan emphasized the positive driver experience of EVs but noted the uneven pace of market adoption. Citing inadequate charging infrastructure and diminishing government incentives, Volvo highlighted the need for robust policies to support EV growth. As of Q2 2024, EVs comprised 26% of Volvo’s sales, with 48% including plug-in hybrids.

Tesla self-driving promises are getting weaker on new cars

FRED LAMBERT 9-10-2024

Tesla has downgraded its promises of unsupervised self-driving on new cars in the online configurator. Elon Musk previously claimed that all Tesla cars produced since 2016 would have "level 5" self-driving capabilities, with a software update turning them into a "robotaxi fleet." However, Tesla has yet to achieve this level of self-driving, despite lowering the price of the Full Self-Driving (FSD) software package. The online configurator now only offers 'Full Self-Driving Supervised,' suggesting that buyers are not getting the fully autonomous version. Tesla still mentions that active driver supervision is required for currently enabled features, hinting at potential future autonomy. This shift in language raises questions about Tesla's previous promises of unsupervised self-driving.

Tesla Confirms Robotaxi Event in Los Angeles; Sign Up for a Chance to Attend

KARAN SINGH 9-11-2024

Tesla has officially confirmed its highly anticipated robotaxi unveiling event on October 10th at the Warner Bros. Discovery Studio in Los Angeles. To prepare for the event, Tesla has been gathering Full Self-Driving data in the area, likely for a demonstration of the Tesla robotaxi capabilities. While details of the event haven’t been announced, many are hoping for the opportunity to test the Tesla robotaxi firsthand, delivering passengers from one end of the Discovery Studios set to another.

Tesla is offering Tesla shareholders in the United States an opportunity to attend the event through an online sign-up, open through September 17, with higher chances of being selected for those who hold more Tesla shares.

ACEA releases state-of-the-art recommendations for vehicle automation

9-10-2024

The European Automobile Manufacturers’ Association (ACEA) has launched its #FutureDriven recommendations on automated driving, presenting a strategic roadmap for advancing automated technology. With significant progress already made through industry investments, ACEA outlines a vision across research, development, and deployment stages. The publication includes forecasts for automated driving’s short-to-medium-term future, categorized by specific applications. Pierre Millette, ACEA’s CTO, emphasized the industry’s advancements in automation, reflecting on achievements and planning future technology timelines to boost European competitiveness. Key recommendations focus on strengthening European innovative capabilities, standardizing legislation, enhancing infrastructure, updating approval schemes, and expanding vehicle applications in the EU. Additionally, ACEA calls for robust funding for passenger and freight services, protection for commercial drivers under labor laws, and making automation accessible and inclusive. The roadmap projects use case timelines heading into 2030 and beyond, aiming to create a green, smart, and competitive Europe through innovative automated vehicle developments. The full report can be viewed here.

Tesla says it will launch Full Self Driving product in Europe and China early next year

RYAN BROWNE 9-5-2024

Tesla has announced plans to launch its Full Self-Driving (FSD) software in Europe and China by the first quarter of 2025, contingent on regulatory approval. The company is assembling a team in China, confirmed by CEO Elon Musk, with expected regulatory clearance by the end of 2024. In Europe, recent regulatory shifts have eased the integration of advanced driver assistance features, leading to sightings and demonstrations of the FSD features, such as a demo for a Swedish transport official. The announcement also included upcoming features like Actually Smart Summon \and in-cabin eye tracking. Investors reacted positively, with Tesla’s shares increasing by over 7%, reflecting expectations for revenue growth as FSD expands globally. However, actual timelines depend on regulatory approvals.

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