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The automotive industry is gearing up for a major shift toward hands-free driving. While current vehicles offer basic driver-assistance features such as lane-change assist, autonomous emergency braking and adaptive cruise control, the future promises a true hands-off experience. However, the current sensor suite, relying mainly on cameras and low-resolution radar, simply doesn’t cut it.
https://www.wardsauto.com/industry-news/path-toward-truly-safe-hands-free-driving
Today’s drivers are still required to keep their hands on the wheel in most situations. However, companies including BMW and Mercedes-Benz already offer limited hands-free options under specific conditions, and Chinese automakers also are pushing for more advanced features to gain a competitive edge in the market. Analysts predict 30% of new vehicles will boast hands-free capabilities within four years. The key hurdle? Building trust. Drivers need to have complete confidence in the system's reliability to truly relinquish control. Any misstep could shatter consumer confidence and stall progress.
The Role of Advanced Sensors
While crucial for providing data in challenging situations such as poor weather and long distances, current radars suffer from limitations. Their low-resolution struggle to accurately pinpoint smaller objects, detect the boundaries of vehicles and map free space, in addition to high false alarm rates due to few physical channels, hinder their effectiveness.
Likewise, cameras – despite their inherent resolution and color sensitivity – lack the ability to understand object materials and can be susceptible to weather and lighting variations. They may even require cleaning systems for volatile environments, highlighting the need for redundancy in the sensor suite. Additionally, optical sensors such as cameras and lidars fall short in providing crucial information like doppler (object speed and angular direction), long range and depth, limiting their effectiveness for 360-degree sensing.
Next-Gen Radar Technology
Perception radar is built based on a high channel count enabling both high resolution and a very low false alarm rate. This combination provides detailed and reliable information that enhances the safety of advanced ADAS features, including hands-free and eyes-off features. Perception radar provides real-time speed and depth data for all objects in the scene and is the only sensor that can detect small objects, like lost cargo at a 325-yard (300-m) range.
A synergy of cameras and high-resolution imaging radar is ideal. By addressing each other's weaknesses, these two technologies offer a combined sensing capability crucial for reliable hands-free driving. The combination of perception radar and cameras in the sensor suite will enable OEMs to make the leap to hands-free driving that is reliable, consistent and, of course, safe.
Smart Eye just announced that we have completed a directed share issue. We were pleased to see great interest from investors, resulting in oversubscription and a low discount.
We realize some people may wonder why we have decided to raise capital at this point.
There are 3 main reasons behind this:
1. This was a smart way to raise capital. After weighing different financing alternatives, we concluded that a directed share issue at this time was our best option. This capital raise comes from position of strength, and we believe the timing was ideal.
2. This capital raise allows us more strategic flexibility. By increasing the financial robustness of the company, we are de-risking Smart Eye as an investment case. After taking this action, we can feel very comfortable with our funding going forward.
3. We have had success beyond any expectations. The last six months have been incredible successful for Smart Eye, with multiple groundbreaking automotive deals won – both as a Tier 2 and Tier 1 supplier. Just this week we announced a major contract with one of the world’s largest truck manufacturers for our AIS #DriverMonitoring System (#DMS). On top of this, we have started winning business for our Automotive #InteriorSensing AI. In order to both catch up with our recent success and to keep winning future business, we want to strengthen our financial situation.
In the video below, Smart Eye’s CEO and Founder Martin Krantz and CFO Mats Benjaminsson offer more detail on the share issue, the reasons behind it, and Smart Eye’s financial strategy.
At 15.00 CET / 10 am ET today, Martin and Mats will participate in a Q&A hosted by Redeye AB to answer questions from investors. The link to the live stream will be posted shortly.
https://www.linkedin.com/posts/smart-eye_smart-eyes-ceo-cfo-comments-on-the-directed-activity-7176842333840162817--CyL?utm_source=share&utm_medium=member_ios
I do admire their RNS writer though. Delivers good news great & even makes bad news sound appealing. We should head hunt them.
Background and reasons for the Issue
The market for both of Smart Eye’s business areas, Automotive and Behavioral Research, remains very strong. During 2023, Smart Eye achieved an organic growth of 33 per cent and the organic growth for the fourth quarter of 2023 as compared to the fourth quarter of 2022 was 50 per cent.
The Company’s net sales during the first quarter of 2024 are expected to be in line with that of the fourth quarter of 2023. Behavioral Research net sales are expected to decrease slightly during the first quarter of 2024 as compared to the fourth quarter of 2023, largely explained by seasonal variation in demand amongst customers, where the first quarter is generally relatively weaker due to the customers’ budget cycles. Automotive net sales are expected to increase slightly during the first quarter of 2024 as compared to the fourth quarter of 2023, with the reservation that the Company does not have full insight into production volumes or license revenues before its customers report them, which occurs 4-6 weeks after the end of each quarter.
Furthermore, the Company assesses that the cash flow during the first quarter of 2024 will be more negative than that of the fourth quarter of 2023, primarily as a result of extraordinary items as well as accrual effects in the Company’s working capital, of which the latter is expected to have the opposite effect on the cash flow in the second quarter of 2024.
The EU’s Technical Committee on Motor Vehicles (TCMV) met behind closed doors this week and approved two ‘hands-off’ level 2 driver assist systems from Ford (‘BlueCruise’) and BMW for use across the EU. These systems do not meet current EU safety regulations but will now be permitted under an exemption procedure.
The next-generation BMW iX3 electric SUV will be the first model to debut on the company's Neue Klasse platform, with a concept providing a glimpse of what to expect.
The 2026 BMW iX3 has been previewed with the unveiling of the Vision Neue Klasse X concept, ahead of its public debut at the Beijing motor show next month.
Using BMW's new-generation design language – first previewed on the i Vision Dee concept in January 2023, and later on the Vision Neue Klasse concept sedan – the Neue Klasse X is expected to form the basis for the next iX3 electric SUV, due to launch in the second half of 2025.
The designs are a departure from the brand's current range of vehicles, which have been widely criticised for their oversized grilles and arguably disproportionate shapes.
According to BMW Group's Design Director, Adrian van Hooydonk, all future 'X' badged SUVs from the German car maker will feature upright 'kidney' grilles – as previewed on this latest SUV concept, borrowing from models from the 1980s – rather than the wide integrated grilles shown on the i Vision Dee.
Van Hooydonk says BMW will adopt LED lights where chrome would previously feature.
VIDEO: BMW previews future electric 3 Series with colour-changing concept
https://www.drive.com.au/news/bmw-vision-neue-klasse-x-previews-future-ix3/
General Motors (GM) looks to get back on track this year as executives believe EV “production hell” is behind it. After missing EV sales targets for the past two years, will 2024 be the year of execution, as GM says it will?
Is GM putting production hell behind it?
After delivering 75,883 EVs last year, GM (again) missed its target of selling 100,000 alone in the second half of 2023.
The automaker encountered freight delays, software glitches, and other issues that delayed timelines. After almost three months, GM lifted the Blazer EV stop-sale earlier this month. GM issued the stop-sale in December, four months after opening orders.
GM confirmed it was pausing sales to fix a software glitch. Chevy said the measure was non-safety-related and impacted a limited number of Blazer EV owners.
To make matters worse, GM ended production of its best-selling Chevy Bolt EV at the end of 2023, which accounted for 62,045 or over 81% of EV sales last year.
GM aims to build 200,000 to 300,000 Ultium-based EVs, or about 20 times more than it did in 2023. The goal is still well short of its previous target of making 400,000 EVs through mid-2024.
According to GM Authority sources, the start of regular production (SORP) for the 2025 Buick Enclave is scheduled to start on June 17th, 2024. Production will take place at the GM Lansing Township plant in Michigan. Additionally, GM Authority has learned that order banks for the all-new Enclave are expected to open on May 2nd, 2024.
Note that these dates are tentative and subject to change.
When it does finally make splashdown, the all-new 2025 Buick Enclave will debut new exterior styling that follows the brand’s latest design language, as pioneered by the Buick Wildcat EV concept unveiled in 2022. The new styling will include thin, angular upper lighting signatures, as well as prominent Y-shaped styling lines around a trapezoidal front intake. Squared-off lighting elements on the sides of the fascia will provide the primary forward lighting.
The cabin space will be totally overhauled as well, and will feature large digital screens, with a widescreen display for infotainment and a digital gauge cluster, similar to the Cadillac Lyriq. The GM Super Cruise system may be optional as well. The new Enclave is also expected to offer a fully loaded Avenir trim level with all the usual top-shelf goodies.
https://gmauthority.com/blog/2024/03/heres-when-2025-buick-enclave-production-will-start/amp/
I wish we had their PR & Marketing dept. Its amazing they announce a $14m lifetime contract and announce it. I cant believe we havent won anything.
Even the National Express article stating Guardian from a few days ago nothing from our PR or Marketing dept on it.
Pi55 poor really
Steven Jenkins, Vice President of Technology Strategy, Magna joined Grayson Brulte on The Road to Autonomy podcast to discuss Magna’s partner approach to developing autonomous driving systems.
The conversation begins with Steven discussing how Magna is approaching safety systems.
Magna is one of the only real few suppliers that has the entire set of enablers to make it happen and do a complete system. So we are thinking about the whole system as a package rather than individual pieces of the package, and that allows us to develop these market leading products that deliver the enhanced safety and convenience for the driver. – Steven Jenkins
The software defined vehicle will unlock continuous updates to the vehicle, unlocking new features and functions. Eventually these software updates will be able to upgrade vehicles to enable autonomous driving functionality depending on their sensor package.
As vehicles become more advanced with higher levels of autonomy, the debate around driver monitoring creeps into the conversation and ultimately leads to the question; when is the right time to introduce driver monitoring? That question ultimately comes down to the OEM. While the OEM makes that decision, Magna is working on a series of in-cabin monitoring solutions that benefit the driver and the passengers.
This approach will benefit their OEM customers as they introduce higher levels of autonomy. Magna is approaching autonomy as as a step-wise approach.
In a kind of autonomous scenario you are really taking a kind of huge leap in terms of what you can do with a vehicle, but you are not taking as big as a leap when it comes to technology. A lot of things are pretty similar. – Steven Jenkins
A hybrid market that comprises of both robotaxis and personally owned autonomous vehicles could emerge at some point in the future. How the economics of these models emerge will depend on the companies that make the product available and take the risk from a financing perspective. Either way, Magna will be there from a technological standpoint to help their partners and customers usher in the future of autonomy.
Wrapping up the conversation, Steven shares his opinion on the future of mobility.
Chapters:
0:00 Introduction
0:39 Magna'a Safety Complete System Approach
3:29 Software Defined Vehicles
5:09 Neural Network Approach to Autonomous Driving
9:28 Driver Monitoring
15:38 Magna's Approach to Autonomous Driving
30:10 New and Emerging Technologies
35:56 Staying Ahead of the Market
37:43 Future of Mobility
https://m.youtube.com/watch?v=7eWk5Li6UKc
“This confirms the strong customer appeal of the compact class models built in Regensburg, the BMW X1 and the BMW X2,” underlined Ebner. The second generation of the BMW X2 went into production in Regensburg in November. The global market launch of the vehicle manufactured exclusively at BMW Group Plant Regensburg took place on 2 March. Its main markets will be China, the US and Europe.
Ebner anticipates a further increase in the number of vehicles produced in Regensburg in 2024. To be more precise, the plant will be able to manufacture well over 300,000 units per year, if justified by market demand. Production of electric models, in particular, is expected to increase significantly. In 2024, at least one in three BMWs leaving the BMW Group’s Bavarian vehicle plants should be an electric car – and the same applies to Regensburg.
“With the BMW iX1 and BMW iX2, we will continue to inspire customers around the world with fully-electric driving pleasure from Regensburg,” said Ebner. Europe is a particularly important sales market for the fully-electric BMW iX2. In its domestic market of Germany, for instance, the BMW iX1 was Germany’s ninth most popular electric car, with 14,694 new vehicle registrations in 2023, according to the Federal Motor Transport Authority (KBA).
https://www.automotiveev.com/bmw-group-ramps-up-investment-and-hiring-in-upper-palatinate-plant-regensburg/
According to BMW, the Wackersdorf site will also become an important contributor to the shift to EV production: “The first deliverables from our new battery testing centre will enter into regular operation in Wackersdorf from mid-2024 onwards,” says Ebner. The new test centre will cover an area of more than 8,000 square metres and be integrated into the site’s existing building structures. High-voltage batteries and other electric drive components for future BMW Group models will be tested there at a very early stage of development – well before the start of production.
In 2023, a total of 238,301 new BMWs were built in Regensburg, and the plant manager expects higher numbers in 2024. “Since we added a night shift in autumn of last year, our daily production has already increased by about 300 vehicles, to 1,300 currently,” says Ebner. “We already hired more than 500 new staff in 2023. For 2024, we are planning on recruiting another 600 for our production.” BMW is looking to hire people in areas with skill shortages, such as maintenance and electronics.
https://www.electrive.com/2024/03/19/bmw-also-builds-neue-klasse-in-regensburg/#:~:text=In%202023%2C%20a%20total%20of,1%2C300%20currently%2C%E2%80%9D%20says%20Ebner.
Comprehensive Protection: Additional Safety Features of the 2024 Jeep Grand Wagoneer
Beyond the advanced driving assist and night vision capabilities, here are some additional safety features that solidify the Grand Wagoneer’s status as a guardian on the road:
Intersection collision assist: This system monitors cross traffic at intersections, warning you of potential collisions and engaging automatic braking, if necessary, to prevent an accident.
Traffic sign recognition: Stay informed and compliant with traffic laws. This intelligent feature detects and displays traffic signs directly on your dashboard, ensuring you never miss essential road information.
Drowsy driver detection: This system keeps a vigilant eye on your driving patterns. If signs of fatigue are detected, it alerts you to take a break, safeguarding against the dangers of drowsy driving.
Vehicle Safe with Touchpad Activation: Secure your valuables within the in-vehicle safe. Touchpad activation allows only authorized access, providing peace of mind when you step away from your SUV.
Each element works in concert to create an omnipresent shield around your vehicle. These meticulously engineered safety features allow drivers to enjoy their 2024 Jeep Grand Wagoneer journeys with security and confidence.
https://www.chrisnikel.com/blogs/4899/
Decent numbers sold 244,000 last year
Without fanfare, Stellantis entered the Level 2 hands-free driver-assist system game late in 2023.
Stellantis’ system is named Hands-Free Active Driving Assist, and it launched with the 2024 Jeep Grand Cherokee.
What is Hands-Free Active Driving Assist?
Confusingly, Stellantis offers an Active Driving Assist system and a Hands-Free Active Driving Assist system. The former is a fancy term for Stellantis’ active lane control, also known as lane-keeping assist, which requires hands on the wheel at all times. This system can be used on any road with visible lane markings.
Hands-Free Active Driving Assist is Stellantis’ new system, and it enables hands-free driving, but only on mapped roads.
Making matters more confusing, Jeep’s website swaps the two terms in certain places, but Hands-Free Active Driving Assist is more involved and has greater capabilities.
https://www.motorauthority.com/news/1142310_stellantis-hands-free-active-driving-assist-system-launched
A handy written version of the whole presentation of anyone missed it.
Earnings call: Seeing Machines reports H1 2024 growth and outlook
Company Outlook
The company forecasts a 100% compound annual growth rate in automotive royalties, a primary driver of profit and cash.
A continuous reduction in monthly cash burn is projected, aiming for a cash flow break-even run rate in FY’25.
Seeing Machines is confident in meeting the expectations set for the second half of the year and beyond.
Bearish Highlights
Despite a stable financial position, the company reported a free cash outflow of just under $14 million for the period.
Questions about the share price were raised, suggesting it does not reflect the company's current value.
Bullish Highlights
The Generation 3 product launch and potential growth in the enterprise market are anticipated to drive further expansion.
Significant revenue increase in the aviation sector due to the start of work for the Collins contract.
One-third of automotive royalties are backed by volume guarantees, providing confidence in future bookings.
Misses
The company addressed criticism about missing targets but maintained that they are on track with their plans.
Q&A Highlights
Management discussed the possibility of moving to NASDAQ in the future but confirmed no immediate plans.
The technical sales process and two-stage sales plan for the aftermarket segment were explained.
Progress with Collins and other training simulator manufacturers was updated, with ongoing programs and RFQs in progress.
The relationship with Qualcomm (NASDAQ:QCOM) was clarified amidst discussions of market competition and missed targets.
https://m.uk.investing.com/news/stock-market-news/earnings-call-seeing-machines-reports-h1-2024-growth-and-outlook-93CH-3387791
Brock
Here’s the correct estimate.
Looking ahead, Seeing Machines says it is well placed to deliver continued progress in the year ahead with a typical weighting to the second half. Chief Executive Officer Paul McGlone cites "balance sheet strength and proven technology supported by regulatory changes." The company anticipates that its financial performance for financial year 2024 will be in line with consensus. Says consensus is revenue of USD66.3 million, up 15% from USD57.8 million in financial 2023, cash loss before interest, tax, depreciation and amortisation of USD28.4 million, and a cash position of USD26.1 million, 28% lower compared to net cash of USD36.1 million at June 30, 2023.
#BusinessUpdate We have received a financing commitment of up to $150 million. In addition to this update, we have delivered approximately 1,300 vehicles so far in 2024.
See the Form 8-K Fisker filed with the SEC for more information here: https://lnkd.in/eP_xegUf