RE: 5 months to go....5 Mar 2026 10:47
Isb - I will make a suggestion on this.
1 - The EU legislation does not require 24/7 monitoring, which is SEE's bread and butter. Like any ongoing subscription, that can be a huge financial commitment. I suspect that many fleet companies are happy to go cheap and monitor themselves.
2 - The economic background. The cost of living crisis across Europe is still very real. Then there is the constant threat and lunacy of Agent Orange in the White House, with his tariffs, threats of war, and actual war. My guess is that many fleet companies, especially the smaller ones, work to very tight margins - they don't want, or probably don't feel they need a fancy bit of kit that is expensive. Those ongoing payments for monitoring don't appeal.
3 - Relying on legislation to push sales can be a drag on performance. Legislation can be delayed, or watered down, or not introduced at all. Many companies probably don't like being told they have to do something that will hit their bottom line.
And as for DMS legislation being introduced across the world - not really. The EU leads the way, but who else and when? Even the UK doesn't have it (now out of the EU), but we tend to follow the EU line anyway (Farage must be sh--ting himself with rage), as the auto OEMS have no choice.
This is what C-GPT said.
The UK is actively working on implementing driver monitoring technologies akin to those mandated by the European Union. This push is part of a broader strategy aimed at enhancing road safety.
Alignment with EU Standards: The proposed technologies will closely align the UK with the EU General Safety Regulation (GSR), which implements safety measures across European vehicles.
Consultation and Legislative Process: The government is currently consulting on these changes as part of its commitment to improving road safety.
So, UK doesn't have it as yet.
3 - Whether GEN 1, 2 or 3, SEE have always struggled to sell it. GEN 2 was supposed to be the game changer, then GEN 3, yet they have only sold around 70,000 units in how many years? They've had the first to market advantage for years, but it just doesn't sell enough.
Finally, I remember Martin Ive talking about 45,000 GEN 3 sales for 26. They look miles off that target (this was when they were forecasting the "minimum revenue" $125 million for 26).
Around 20 minutes.
https://www.youtube.com/watch?v=2SwNqrdZZ4o
By now, they should be doing at least 50,000 units a year, especially as they are selling worldwide. That's what I would expect from a quality growth company that essentially has very little competition for its product. They should be averaging at least one decent contract a month, yet silence for months on end is the norm.
Truth is, it is expensive and a big commitment for the buyer, who makes no profit from it. The buyer will look at their own bottom line first. Look at it from their point of view. It is important to ask, why are they not buying?
Keep on truckin!
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