The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
This October interview from Ross Jatou (from On Semi) name drops SM a couple of times:
https://www.eetasia.com/interview-with-on-semis-ross-jatou-on-adas-avs/
He goes on to say:
[...if you have more processing capabilities, it opens the door for putting those [DMS] algorithms on existing processors. For example, you could have the driver monitoring sit on the same Mobileye chip, while the chip is doing the ADAS functions. You can use the performance headroom, if it is available.
So, this hasn’t been announced, but there is an open system that allows other algorithms, letting the driver monitoring folks through and letting them reside on that same processor.]
And this from our MOU RNS:
[...this collaboration represents the third pillar of the Company's recently launched Embedded Product Strategy which has been set out to license OcculaTM in ASIC form, to world-leading semiconductor companies for integration with any automotive compute platform.]
They could be talking about the same thing. If so then is the MOU with On Semiconductor or Mobileye?
I agree with Victor that the most interesting info yesterday was that '11 in the top 20' statement.
Victor has translated Smart Eye's stated '11 in the top 20' and found it to be '6 of the top 20', 2 of those 6 are 'shared' wins with SEE. So that leaves 4 out of the top 20 as what Victor describes as 'Smart Eye-affiliated' wins.
Looking at the list it does show how much is still up for grabs, especially as for example VW is one of those Victor has categorised as 'Smart Eye-affiliated' due to the previous Audi tie up.
VW 'SE-Afflicted'
Renault/Nissan/Mitsubishi 'SE-Afflicted'
GM 'Shared'
Hyundai/KIA 'SE-Afflicted'
BMW 'Shared'
Geely 'SE-Afflicted'
It does seem like Nvidia have developed their own DMS, likewise I have no idea if it is any good.
They had a webinar on their in-cabin developments:
https://developer.nvidia.com/drive/training
Then link to webinar for 'Developing Intelligent In-Cabin Experience Using DRIVE IX'
A few key points:
940nm IR (mentioned in the Q&A chat)
Currently uses 2M pixel camera at 60fps, but this can be adjusted
29:30 they talk about using a single camera to capture gestures etc
37:00 They talk about the development of their DMS, including dealing with driver wearing masks.
Some other info on their DMS: https://developer.nvidia.com/drive/drive-ix
SM will be in the F150, but I dont think we are in the F150 models launching tomorrow. I would love to be wrong on this!
The Veoneer win was for a number of components not just DMS. It may be that the DMS component of the win is not in all F150's, and it may be not in the initial F150 launch models.
Ford's DMS rollout is linked to Active Drive Assist, my opinion is that they will roll the hardware for Active Drive Assist (hence DMS) out to the F-150 in selected models, sometime after the launch. I think Ford will want to gauge acceptance of Active Drive Assist tech before launching it in every F150 model.
I will be very pleased if i am wrong!
Guessing that Volvo Highway Pilot will only be available if you have an ongoing subscription to Volvo. They will then use part of that subscription fee to pay for insurance, to cover Volvo's liability.
So Volvo would need to make sure they get the system safe enough to make this viable!
No sure there is anything new in this article, but interesting interview with Volvo Chief Technology Officer, Henrik Green. Full article is behind paywall here: https://europe.autonews.com/automakers/volvo-tech-boss-outlines-next-steps-toward-eyes-hands-driving
Some snippets:
"Volvo wants autonomous vehicles to make up one-third of its deliveries by 2025. A key step toward achieving that goal will be equipping next-generation models such as the XC90 with the capability to drive themselves on the highway."
Is there a roadmap for the rollout?
"We will see this rolled out organically... There will be a map with a couple of important commuter highways in key cities where we will begin and grow from there."
What will be the first markets for this technology?
"We haven't decided that yet. A lot will depend on how each state decides on the legality of it [unsupervised highway driving]. Then we have to decide on the most attractive markets for the technology"
Is it a stretch to say that by 2022 Volvo will have a Level 4 autonomous driving system on the road?
"Using levels does not correctly clarify what we are aiming for. The important distinction for us is that we are aiming for an unsupervised system, but we are doing so with the very specific limitation that this is for a particular set of highways...This system will not fulfill all of the requirements of a Level 4 system, but what makes it important to us is that it will allow unsupervised driving on a particular set of highways."
How much time are you building in to make sure the driver is ready to re-take control?
"This is one of the critical things we are working on to make sure this technology is both safe and reliable from a user-experience perspective. We have done a lot of research and we are continuing to work on this. We are saying that the car is responsible when it's unsupervised. The driver is not in the loop. But there comes a time when there needs to be a handover. That situation is critical so we are working very hard to define how to do this as seamlessly as possible. We are also working on what the car has to do if the handover is not working according to plan. How much time should we give the driver to re-take control? These are questions that we are working on."
The autonomous drive software comes from Zenuity, right?
"Yes, that's correct. The software for SPA2 will come from the new Zenuity that will be owned by Volvo Cars."
Was there any cross pollination from your work with Uber during this process?
"There was no direct collaboration with Uber on lidar technology. With Uber we are working to prepare the vehicle for the self-driving computer and sensor system. That is how we learned to develop the redundant brake system, how to deal with steering and more. That will be used in this context [for unsupervised highway driving]."
Ok, will take it as 30 trading days.
Page 20 of the Half Year Results, published 10 Mar 2020.
'Where less than 90% of the TSP is achieved 0% of the rights will vest. However, the performance rights issued under the tranche will have the opportunity to achieve 50% vesting two years later by way of re-test. The re-test feature is such that 50% will vest if the original TSP is achieved at the following two consecutive LTI vesting dates. The remaining 50% will lapse'
Thanks for the reminder, this is the '2019 CEO LTI Performance Rights' scheme.
Originally the details of this were on the website, but they seem to have been taken down, but it is in the half year results RNS on 10 March 2020. There target price for the scheme mentions the '30-day VWAP', is this 30 trading days or 30 calendar days? I am not sure, and could not find anything definitive to say whether it should be calendar days or trading days. The previous CEO incentive scheme specifically stated trading days, this one does not state it. When I read it , with omission of trading days in the description, I took it to as being calendar days (so it runs 1st June to 30th June), but I may be wrong.
But on the main point of the scheme, I would agree on it being a good incentive plan, if it was simply linked to this year's share price. However it turns out the scheme is more generous than that.
So don't feel too sorry for Paul if the share price doesn't hit the target this year. He gets a second bite of the cherry, the share price gets re-evaluated in the following two years. If it hits the target in both following years he will still get 50% of this year's tranche (so if it is at least 6.1p in June 2021 and June 2022 he will still get 50% of the 2020 year tranche).
If the share price is 6.1p on 30th June 2022, does that deserve a reward of 2.5M shares?
Thanks, I wasn't aware Paul M had said that LO would not go above 19.5%. Certainly if they had changed their approach between the CMD and now they would not need to inform us.
Interesting also that Mr Brown has been appointed to the remuneration committee, presumably at the behest of LO. Hopefully LO are aligned with the views of the PI's with regard to the generous share options previously awarded.
Just speculation on my part, but joining some dots. Looking at the timing of this Lombard appointment to the board. I wonder if it is connected to the share price spike on 5th and 6th May.
Lombard sold out a 4.7% stake in AVCT on 5th May. That same day, and the day after, SEE price spiked.
Lombard could have increased their holding from 19.02% to 19.99%, using a small amount of the cash they feed up in the AVCT sale. Using this as leverage to get an appointment on the board.
Lombard can also increase their holding above 20% sometime after 21st May 2020 without making a takeover offer. There is an allowance in Australian takeover rules for a holding above 20% without making an offer, under the 'creeping acquisition' rules. If the increase in ownership is less than 3% over a rolling 6 month period then they do not need to make a takeover offer.
Lombard reached 16.10% on 21st Nov 2019, and 17.36% on 16th Dec 2019. So at some point between 21st May 2020 and 16th June 2020, they would be allowed to exceed 20% without making a takeover offer.
Watch out for a 20% plus holding notification from Lombard after 21st May!
First post, for disclosure, I am a long term holder, but never posted before.
Going back a few days, looking at slide 9 of Veoneer results presentation, the volume given for the model with our DMS is approx 640k per year.
There is speculation that this Ford F series, but the model volume looks a bit light for that. Perhaps instead this is the Ram Pickup? F-Series 2019 sales were about 900k, versus the Ram Pickup which was about 630k.