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GM became more profitable in 2023 despite headwinds from the six-week UAW strike and its Cruise autonomous vehicle business. Executives forecast similar or greater earnings this year even if vehicle pricing softens.
CEO Mary Barra said GM also will postpone its March investor day for a second time to “later in the year” as software teams continue to work on upcoming vehicle launches and Cruise resets after one of its robotaxis struck a pedestrian in San Francisco.
rose 8 percent to $38.23 in afternoon trading in New York.
"As we begin 2024, I believe GM is well positioned for a year of strong financial performance that will build on everything we accomplished — and learned — in 2023," Barra said in a letter to shareholders Tuesday.
For 2024, the automaker projected net income of $9.8 billion to $11.2 billion and adjusted EBIT of $12 billion to $14 billion.
GM said its 2023 earnings were reduced by a nearly $800 million charge related to agreements with LG Electronics over a 2021 Chevrolet Bolt recall and a $1.7 billion accounting adjustment related to EV battery cell inventory that won't repeat in 2024.
GM CFO Paul Jacobson told analysts Tuesday on the company’s fourth-quarter earnings call that GM anticipates sales of roughly 16 million vehicles in 2024 and is planning for vehicle prices to fall by 2 to 2.5 percent this year, though he said such a decline is more of a planning assumption than a market expectation.
Ast month, Tesla recalled more than two million cars to implement stricter driver monitoring following an NHTSA investigation. It determined Tesla was too lax about keeping drivers engaged, and that this had caused several collisions with stationary emergency vehicles. But Tesla drivers can continue to misuse Autopilot, as cheap aftermarket gadgets can still fool the car into thinking drivers are engaged. Worse still, the way they work suggests Tesla ships software with lower safety standards in its North American cars.
Driver monitoring is a crucial safety measure in cars with automated driving tech. It ensures that the responsible party—the driver—doesn't check out, and leave the car to handle scenarios it's not capable of. In Teslas, it's particularly important due to the company's advertising, which has fostered an overconfidence in Tesla's autonomous driving tech that has allegedly led to multiple deaths. Tesla has even warned that its flagship driving software, Full Self-Driving Beta, "may do the wrong thing at the worst time."
Yet Tesla owners have been led to believe that driver monitoring is superfluous, in large part by its 2016 self-driving demo. In a video that employees say was staged, Tesla claimed that "the person in the driver's seat is only there for legal reasons" as the car navigated to a destination. Many owners took the ad at face value however, describing Autopilot's reminders to keep their hands on the wheel as "nagging" and trying to circumvent them. In the past, that has been done with everything from water bottles wedged in the steering wheel to weighted rings hung from it. Now, Tesla owners have resorted to fooling the software with aftermarket gadgets.
https://www.thedrive.com/news/tesla-autopilot-cheat-devices-reveal-us-cars-have-less-safe-software-than-exports
Baxter
Life has funny twists & turns...
I could spend a Week telling tales & funny stories of being close to biggish money. Next door won the Euro Millions lol
But seriously life throws things at you. I was one of 1st to buy in Dubai and everyone said iam mad at the time. I bought a villa & half share of an Apartment on the Palm early 2000s & the Apartment went up 4x and the agent said can sell it in 2 days for over £1m. I got the other owner to agree and put it to the agent as i felt in 2008 something was brewing for a crash. My Natwest bank manager said all was ok, i didnt believe her & wanted cash in b4 a crash i felt was coming. I think that was June 2008. I was asked for a copy of the deeds & my friend couldnt find them so i applied for replacements.
That took 3 months and i rang the agent to say got copies please sell.
the Dubai agent said property has crashed and the £1m has dropped to £250k. gutted!!!!
To rub salt in the wounds years later my partner sold it years later without the deeds that i had in my office in Uk, so it was possible at the time but we didnt know
Grrrr.........
So Iam all on black now almost with SEE. Lets see how it unfolds.
Baxter
Keep you chin up. Lots to look forward to in Feb to hopefully move the SP North?
1. TPIs
2. 1st half results
3. Magna Results
Aug 2013 I bought a load. One person told me Tesla and one said SEE.
As of today Tesla investment would be $12.5 million and at its peak in 2021 would of been $25 million. Instead iam £30k up for 10 1/2 yrs being in SEE with the initial purchases.
I take it on the chin and dont moan too much. Although as frustrated as everyone.
Iam sure not too long SEE will pop though
the best bit...
bmw group looks to be far in the lead already and is completely redefining the customer experience in the ****pit, by changing the human-vehicle interface to use a combination of hashtag#eyegaze, hashtag#gesture, hashtag#voice, and hashtag#touch. we will see more in the 2025 hashtag#neueklasse platform featuring idrive 10 when it is released next year. h/t critical techworks for some excellent design work.
in comparison it is bmw’s siblings that look to be at the bottom of the rankings, with the volkswagen group / cerence inc. demo winning this year’s ces booby prize, while mercedes-benz ag continues to take the translation of a "smartphone-on-wheels" far too literally and thinks integrating tiktok is the way ahead.
in the u.s., ford motor company and general motors have introduced strikingly similar ****pit designs to each other, with both adopting pillar-to-pillar screens. both companies are now far behind bmw in advanced ****pit development, which is the inevitable outcome of significant management focus and resource sunk into efforts to develop full autonomy.
so it seems like it is bmw that is doing something really special, with everyone else floundering with tech. details for idrive 10 are unconfirmed, but it could look something like a combination of qualcomm hashtag#socs, with valeo as the tier-1 (integrating the driving stack with the ****pit and ar-hud) and eye-gaze tracking provided by seeing machines.
bmw has developed its own hashtag#perception stack, which it is understood will be licensed to qualcomm on launch of the neue klasse, and is then set to become part of the qualcomm digital chassis. what a great outcome for bmw and qualcomm. 2025 will be an exciting year for sure.
as for apple, perhaps its best route now into the car business is to buy bmw.
see the below article for more thoughts from me on ces, in my latest piece in the ojo-yoshida report.
for institutional investors and financial analysts seeking an expert third-party source to discuss these developments in more detail, i can be booked for telephone-based consultancy via glg and guidepoint. just ask for me by name.
Today, Mobileye released its financial results for the three months ending December 31, 2023 and the full year 2023.
Read more here: https://lnkd.in/dDYXvm6K
https://www.linkedin.com/posts/mobileye_mobileye-releases-fourth-quarter-and-full-year-activity-7156272784778637313-2AXb?utm_source=share&utm_medium=member_desktop
SAN FRANCISCO (Reuters) -Tesla CEO Elon Musk said on Wednesday that Chinese automakers will "demolish" global rivals without trade barriers, underscoring the heat the U.S. electric vehicle market leader faces from the likes of BYD (SZ:002594), who are racing to expand worldwide.
Musk's comments come after Warren Buffett-backed BYD - with its cheaper models and a more varied lineup -overtook Tesla (NASDAQ:TSLA) as the world's top-selling EV company last quarter, despite the U.S. automaker's deep price cuts through 2023.
Chinese car companies were the "most competitive" and "will have significant success outside of China, depending on what kind of tariffs or trade barriers are established," Musk said on a post-earnings call with analysts on Wednesday.
"If there are no trade barriers established, they will pretty much demolish most other car companies in the world," he said. "They're extremely good."
Asked about Musk's comments, the Chinese foreign ministry said at a regular briefing on Thursday that it was unaware of the reports but advocated "maintaining a fair, just and open business environment".
Musk has reason to be concerned.
https://www.investing.com/news/stock-market-news/tesla-ceo-musk-chinese-ev-firms-will-demolish-rivals-without-trade-barriers-3282389?utm_source=responsys&utm_medium=email&utm_campaign=Daily_Digest&utm_term=Editorial_DailyDigest_Auto_WWW_LIVE_1375948&utm_content=subnews_headline
Magna uses a camera to detect drunken drivers, too, but it also has a breathalyzer integrated behind the steering wheel. The breathalyzer is fast, cheap ($50-$100 price target), unobtrusive and the driver does not need to blow into a tube. They just have to breathe normally and it measures the alcohol content on their breath automatically. And it won’t be fooled by innocent items that contain alcohol such as mouthwash or beard oil. You read that right, beard oil!
But there’s a problem: If these systems detect that a driver is drunk, no one is sure what to do. Do you disable the car, not let the engine start, or what? What if there’s a raging forest fire and someone who’s been drinking has to flee for their life? Or what if they’re being followed by a stalker in the parking lot outside of a bar and need to get away now? The suppliers who are developing these systems want no part of deciding what to do if the system detects that a driver is drunk. They’re dumping that decision in the laps of the automakers. I’m guessing that automakers are going to want some kind of legal immunity for edge cases like this.
At least a half-dozen suppliers are working on driver monitoring systems (DMS) that can detect if a driver is drunk. That’s because the U.S. Congress enacted legislation mandating that intoxication detection technology be in all vehicles starting in 2027. Bosch, for example, has a camera that monitors a driver’s eye movement. Longer fixation (staring) correlates with high levels of alcohol. It also measures what’s called saccade, which is the time lapse between your eyes moving from one point to another. Slower saccade is an indication of drunkenness. (There’s a new word for your automotive vocabulary.) The system checks to see if each eye is open and looks at your mouth to see if you’re yawning, which are other indications of intoxication or drowsiness. The only problem is, at this stage of development it takes about 60 seconds to assess if a driver has had one drink too many. I don’t think the public will tolerate waiting 60 seconds for their car to start while they wait for it to determine whether they’re sober. Clearly, more development work is needed.
https://www.wardsauto.com/industry-news/tech-trends-and-insights-ces-2024
On January 25th, Ford China announced via its WeChat account that the all-new Ford Mustang Dark Horse model will go on sale on February 19, with deliveries to be commenced in the second quarter.
https://news.metal.com/newscontent/102597828/Gasgoo-Daily:-Ford-Mustang-Dark-Horse-to-go-on-sale-in-China-on-February-19
GM’s Super Cruise Hands-Free Driving Feature Blew My Mind Over 2,000 Miles
On a road trip deep into Canada with the loaded GMC Yukon Denali Ultimate, one big thing stands out.
I remember trying out Tesla’s self-driving feature several years ago on a test drive. While I was impressed, it still felt like a novelty. I had similar feelings about Super Cruise until I began playing with it on the relatively short drive from NYC to my buddy Giuseppe’s place in New Paltz the day before we’d make the nearly 800-mile push from there to Murdochville.
I started with simple cruise control and adaptive braking, which is pretty handy for giving your foot a rest on the highway. Then, at the touch of a button, the light bar on the steering wheel illuminated blue and then green, and Super Cruise was happening.
The most striking thing is once you set a cruise control speed, you’ve empowered the vehicle to do what it can to maintain it, most notably by using its cameras and radar to detect road markings and other vehicles. Doing so, it can then not only stay in its lane but also engage the turn signal and automatically change lanes when the moment’s right. If you set the cruise control speed high enough, you’ll be zigging and zagging through traffic like a robotic Lewis Hamilton.
https://www.gearpatrol.com/cars/a43547786/gm-super-cruise-explained/
“Cadillac sedans continue to drive positive brand momentum, year over year,” says John Roth, vice president in charge of the Cadillac brand. “Last year, our sedans experienced their best sales since 2018 and CT5 is Cadillac’s best-selling model globally. As V-Series celebrates a record year, the importance of this option for those customers who value performance and power cannot be overstated.”
Cadillac’s U.S. sales were up 9.3% to 147,000 in 2023, per Wards Intelligence. In China, Cadillac sales were up 5.4% last year to 183,600. GM has also returned to Europe with its luxury brand via a direct-sales operation since it sold off its European operations a few years ago.
Both vehicles come standard with a three-year subscription to Super Cruise driver assistance technology with Driver Attention Assist. Google is built-in, with Google Assistant, Google Maps and Google Playavailable in most markets.
https://www.wardsauto.com/vehicles/2025-v-series-sedans-accelerate-cadillac-s-momentum
Least with Magna we should be in with a shout if it ever happens?
And the Apple Car won’t be self-driving … at least, at launch
A major leap forward for the Apple Car project, according to reports, was that it was supposed to offer Level 4 autonomy, which would mean the car could drive itself on public roads. Apple could even potentially launch such a vehicle without a steering wheel and pedals.
According to Bloomberg, Apple has ratcheted back those ambitions. The plan is now to launch the Apple Car with Level 2+ driver assistant software — similar to GM’s hands free Super Cruise technology. The plan would be to eventually move to a Level 4 system.
https://www.gearpatrol.com/cars/apple-car-2028/
Isb
The trouble with new tech and systems is that each OEM has to look to the future and consider
1. Cost
2. Reliability
3. What the client wants
As BMW found it wasnt what they thought so moved to SEE.
Every Tier 1 is battling for the business, promising a better, cheaper, more technical solution. Competition is fierce.
I bet OEMs are pickled what systems to implement last couple years. Adding OMS to DMS and a mirror product has probably made them step back and take a long hard look at it all. In the meantime everyone saying me sir me sir, we have the best, cheapest, the most techinical and reliable system.
No one is announcing big wins atm, so decisions not been made by the OEMs still.
We have 2 things we need to see happening now.
1. TPIs showing past contracts are ramping up with actual cars on the road
2. New contracts showing new business being won.
We only on 50% of this atm. And thats only in Auto atm. As iam sure with BMW and VW ramping up on top of existing SOP models the next 2/3 TPIs should start really showing the curve.
We need to now see Fleet ramping up with Gen 3 but will only see that over next 3/4 TPIs.
Whats needed most now is some big Auto wins to push up the SP. Heres hoping the next 3 months they start to land?
Chevrolet has been a trendsetter in the electric car market over the years, with models like the S-10 compact pickup truck, Volt, and Spark EV. Today, alongside Cadillac, Chevrolet is set to offer one of the most diverse and exciting EV range under the GM umbrella. The Chevrolet EV lineup comprises the Bolt EV, Bolt EUV, Blazer EV, Equinox EV, and the Silverado EV.
However, with the Bolt EV and its EUV sibling on a brief hiatus, the only Chevrolet EV available for immediate purchase in 2024 is the Blazer EV, which promises to shake up the electric SUV market. On the other hand, you can pre-order the upcoming Equinox EV and Silverado EV that Chevrolet plans to start delivering in early 2024 before hitting dealerships later in the year.
Since Chevrolet maintains its dedication to delivering EV options for everyone, we've broken down the highlights, trim levels, pros, and cons of each 2024 model, making it easier for you to pick the cheapest EV that suits your budget.
https://www.topspeed.com/cheapest-chevy-electric-cars-trucks-suvs-2024/#2024-chevrolet-equinox-ev-what-39-s-new
Collab king BMW crowned world’s best-selling luxury automaker
It’s official: BMW has secured the title of the best-selling luxury automaker in the world.
The German marque has driven its way to an unprecedented victory in the luxury automobile market, delivering an outstanding performance that surpassed its competitors by a substantial margin.
BMW’s stellar 2023 sales figure of 2,253,835 vehicles set a new record, boasting a 7 percent increase from the previous year, according to Automobile News.
https://jingdaily.com/posts/bmw-crowned-world-best-selling-luxury-automaker
LINCOLN CORSAIR PRODUCTION REBOUNDED IN DECEMBER 2023
https://fordauthority.com/2024/01/lincoln-corsair-production-rebounded-in-december-2023/
I think we need Colin to explain it :)
The new rules will improve driver monitoring in two ways.
The first improvement over the old rules is that a first warning should now be given not after 15 seconds, but 5 seconds–though this can be extended to 10 seconds if the system can confirm the driver is keeping their eyes on the road. If after another 10 seconds (instead of 30) the driver has not yet taken hold of the steering wheel, an acoustic warning should be given. This significantly reduces the time the driver can keep their hands off the steering wheel.
The second improvement is that the system shall now also monitor whether the driver is visually distracted. And given the importance for the driver to keep their gaze directed at the road, this is a significant step forward over the current rules.
It is of course not a bulletproof solution against distracted driving: there are still some question marks around the effectiveness of these systems (notably in relation to covering all variations in the population under different environmental conditions), the video above shows that they can also be tricked, and simply because having your eyes on the road doesn’t equate to having your mind with the driving task as well. But it is a promising improvement nonetheless.
I therefore hope that the countries voting on the new rules later this week will still reconsider revising the time limit down from five seconds to 3.5 seconds. Or better yet: set it at two seconds, in line with what is considered safe according to science.
As I mentioned earlier, while welcoming the improvements over the current situation, ETSC is also concerned about other aspects of the DCAS regulations, such as whether the system can be set to drive over the speed limit, or whether it should in the future be allowed to make lane changes by itself. I will look at those in a future article, so watch this space.
When drivers use assisted driving systems like Tesla’s Autopilot, they are more likely to get distracted. New rules on driver monitoring for these systems are being voted on in Geneva this week as part of work on a major new regulation on driver assistance systems that will apply in Europe in the future. ETSC’s automation expert Frank Mütze takes a look at what’s at stake, and argues that the time limit for the system to act when a driver is distracted should be shorter.
New technical rules are being finalised for assisted driving systems such as Tesla’s Autopilot, Volvo’s Pilot Assist, and BMW’s Driving Assistant Professional. The legislation on DCAS ‘Driver Control Assistance Systems’ is being developed at the World Forum for Harmonization of Vehicle Regulations (WP.29) of the United Nation Economic Commission for Europe (UNECE). A majority of the EU’s technical rules for vehicle systems are made there, in cooperation with countries outside of the EU and Europe.
Assisted driving systems automate part of the driving task, usually controlling a vehicle’s speed and keeping it in the centre of its lane. Unlike an automated driving system, the drivers remain responsible and are therefore ultimately in control.
Or at least they are supposed to be.
The assisted driving systems currently regulated for the European market have several shortcomings not least that drivers overestimate their capabilities and tend to over-rely on them, treating them as if they are automated driving systems that do not require human supervision.
In this briefing I will focus on the aspects of the new rules that are there to make sure drivers are not distracted and keep their attention on driving while using assisted driving systems. At ETSC, we are also satisfied with other improvements made through the DCAS regulation, yet remain concerned about other aspects, such as whether the system can be set to drive over the speed limit, or whether it should be allowed in the future to make lane changes by itself, but I will look at those in a future article.
First I will take a look at the risks of distracted driving while using assisted driving systems. I will then outline why the forthcoming rules could mean two steps forward, but one step back for road safety.
The Dangers of Distracted Driving
First a quick word on distraction in general. The European Commission recently published a report on distracted driving, showing that it is a significant risk factor. Although the exact number of crashes due to distracted driving is unknown, it is clear that it significantly increases the crash risk compared to attentive driving.
https://etsc.eu/new-driver-monitoring-requirements-for-assisted-driving-two-steps-forward-one-step-back/
Modest
I searched last week to see if we was there but couldn’t find anything. Magna was showing and think saw Mobileye on exhibitors aswell.
I would guess as last minute in a venue near the exhibition and not a planned exhibitor then CES may have gone really well & some Asian customers have woke up to the mirror solution possibly? Or just meetings built up with more OEMs?
Last minute must be a reason there somewhere otherwise Magna could of just showed it on their stand!