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Medium-Duty Sales Tumble 33% in May

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U.S. retail sales of medium-duty trucks fell across the board in May, landing below 15,000, WardsAuto.com reported — coming amid states’ uneven stay-at-home orders and the first nonessential services reopening in limited ways.

Sales of Classes 4-7 trucks in the month dropped 33.2% to 14,809 compared with 22,171 in the 2019 period.

Year-to-date, sales were 81,766, down 18.6% compared with 100,417 a year earlier. Only Classes 4-5 sales were positive in the five-month period, improving 6.3% to 43,370 compared with 40,810.

The diversity of end markets served by medium-duty trucks should continue to help blunt the severity and duration of the downturn, certainly in relation to the much more volatile heavy-duty truck market.

Dan Clark, head of BMO Transportation Finance

Dan Clark, head of BMO Transportation Finance

“The market for medium-duty trucks, which has been hit particularly hard by the shutdown of nonessential services, remains in the midst of a down cycle that we think will be sharper than the relatively modest pauses that we’ve become accustomed to,” Dan Clark, head of BMO Transportation Finance, told Transport Topics.

“That said, the diversity of end markets served by medium-duty trucks should continue to help blunt the severity and duration of the downturn, certainly in relation to the much more volatile heavy-duty truck market,” Clark said.

Class 7 sales dropped 30.2% to 3,442 compared with 4,934 a year earlier, and Class 6 plunged 60.9% to 2,898 from 7,414.

The leasing and rental business — primarily Class 6 — is “almost 50% of the entire medium-duty market, and that is still very constrained,” Navistar Inc. Chief Operating Officer Persio Lisboa said during the company’s latest earnings conference call.

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Those companies are drawing from their stock of rental units to fulfill requirements for a lease contract “instead of buying a new truck from a truck maker, like us. We haven’t seen any material recovery on leasing and rental at this point in time,” Lisboa said June 4.

International is Navistar’s truck brand. In Class 6, its sales fell to 455 compared with 2,342 a year earlier.

In Classes 4-5, industry sales fell 13.8% to 8,469 compared with 9,823 in May 2019.

Meanwhile, one analyst saw increasing changes in fuel preferences.

“Last-mile delivery companies have taken the lead in requiring alternative fuel vehicles due to their proximity to consumers, favorable economics and the enhancement of brand image,” said Andrew Wrobel, a commercial vehicle market forecaster with Rhein Associates. “That said, oil prices have plummeted, and fleets welcome the lower diesel costs, but we still see committed compressed natural gas users striving to meet corporate green initiatives with that fuel.”

Clark said accelerating growth in last-mile e-commerce during the shutdown will continue to be a much-needed lifeline for medium-duty truck demand.

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Source: https://www.ttnews.com/articles/medium-duty-sales-tumble-33-may

Automotive

Rivian shares details about the R1T’s premium cabin and its amenities

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Rivian released details of the R1T pickup truck’s interior, specifically those quipped with the company’s Adventure Package and Forest Edge interior. Based on the features outlined by the company, it is evident that Rivian brought its A-game when it fitted the all-electric pickup truck with its features and amenities.

Immediately noticeable in the R1T is its generous number of storage options. In both the first and second row, storage spaces are abound. There’s an open 14×11-inch space under the center display, a 33-inch wide storage bin under the R1T back seats, and smaller storage pullouts under the driver and passenger seats. These are complemented by four retractable cup holders and space for one 40-ounce water bottle in each door’s cargo compartment.

Credit: Rivian

Similar to Tesla’s interior, which keeps sustainability in mind, the Rivian R1T is fitted with vegan leather seats. Even the vehicle’s microfiber headliner is made from 100% recycled materials, and its lightweight Chilewich floormats are designed to be easily taken off, hosed down, and replaced. These, together with other smudge-resistant accents in the interior, ensure that owners can keep their R1Ts (relatively) clean while they enjoying the outdoors.

The R1T’s main controls are accessed through the all-electric pickup’s 16-inch center display, which provides pertinent information such as weather and climate controls thanks to its 4G connection. A 6.5-inch rear display, placed at the back of the center console, is also present. Six USB Type-C ports are placed around the cabin: two in the center console, two in the rear center console, and two more in the back of the front seat headrests. A wireless charger is also available, as well as a 12V outlet and a 120V outlet.

A possible favorite feature of Rivian R1T could be its capability to act as a Wi-Fi hotspot using its onboard 4G connection. This feature would likely be appreciated by owners who tend to travel with kids that love to access their favorite streaming services on their devices. Other toys and tools in the vehicle include a 1000-lumen flashlight and a weatherproof Camp Speaker with a dedicated low bass campground mode to keep owners’ sonic footprint from disturbing wildlife and fellow campers. An optional 130-piece Rivian Field Kit, which includes emergency essentials like a rescue blanket, poncho, and fold-up shovel, is also available.

Credit: Rivian

The full details of the Rivian R1T Adventure Package with Forest Edge interior could be accessed here.

Do you have anything to share with the Teslarati Team? We’d love to hear from you, email us at [email protected] or reach out to me at [email protected].

Rivian shares details about the R1T’s premium cabin and its amenities

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Source: https://www.teslarati.com/rivian-r1t-final-interior-details/

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Automotive

Tesla opens longest Supercharger route from east to west along China’s historic Silk Road

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Recently, Tesla China announced the opening of the longest Supercharger station route along the country’s historic Silk Road.

The Supercharger route spans a little over 3,100 miles (5,000 kms) with 27 stations. Tesla China announced the opening of the route via its official Twitter account.

Tesla’s video about China’s longest Supercharger route depicts travelers driving through historical sites “to revive historical epics.” Tesla China’s Supercharger Team has been focused on expanding Tesla drivers’ reach by placing stations in the most exciting locations. For instance, earlier this year, the Supercharger team announced a route leading up to Mt. Everest’s base camp.

The 3.1k-mile Supercharger route runs along China’s historic Silk Road from Zhoushan to Horgos. The historic Silk Road rose during China’s Han Dynasty (206 BCE – 22CE). It forged trade networks in Central Asian countries, including Afghanistan, Kazakhstan, Kyrgzstan, along with modern-day India and Pakistan. The road also extended into Europe.

(Credit: Tesla Greater China)

In 2013, President Xi launched China’s Belt and Road Initiative (BRI) initiative, now commonly known as the new Silk Road. BRI lays out China’s plan to build railways, ports, highways, and other infrastructure that will connect the East with the West. At least 100 countries have shown their interest in the new Silk Road.

The G7 may have plans to create their own Silk Road. Specific details of the G7’s plans have not been divulged as of this reporting.

The Teslarati team would appreciate hearing from you. If you have any tips, email us at [email protected] or reach out to me at [email protected].

Tesla opens longest Supercharger route from east to west along China’s historic Silk Road

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Source: https://www.teslarati.com/tesla-supercharger-china-silk-road-route-video/

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Automotive

Tesla stock among biggest potential winners over the next year: analysts

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Tesla (NASDAQ: TSLA) stock is just one of eight companies poised for a rally over the next twelve months, according to analysts who see major upside for some of 2021’s slowest movers.

Tesla, along with Penn National Gaming, Etsy, Mosaic, Mohawk Industries, Under Armour, Enphase Energy, and Freeport-McMoRan, is one of the stocks that has not had a great start to 2021 and has suffered a significant slide in comparison to the stock’s 52-week high. A report from Investors.com says that Tesla is poised for a big 52-week stretch as the automaker could hit its stride through major product developments over the next year that should provide a substantial boost to the company’s stock.

Tesla stock has not performed well in 2021, down 14.28% on the year at the time of writing. Interestingly, Tesla’s meteoric rise in 2020 still puts the automaker’s stock at 214.52% in the black over the past 52 weeks. Tesla shares exploded last year even though the COVID-19 pandemic struck. Despite last year being extremely tough for many companies, Tesla continued to report growth, profitability, an increasing adoption of electrification.

2021 hasn’t told the same story, unfortunately. Although Tesla has proven growth and profitability for seven consecutive quarters, released new, groundbreaking products like the 4680 battery and the Model S Plaid, the stock hasn’t been affected much for some reason. At least not in the positive direction.

But now, analysts are calling for Tesla to have a successful second half to 2021, and the momentum could continue into the first half of 2022. Shares are down 31% currently since its 52-week and record high of $900.40 a share that was reached in early 2021. Regardless, the shares are only down less than 15% on the year, and analysts expect the stock to hit an upside of 5% in one year, giving it a price of $654.03 per share.

While this sounds low, and many Tesla investors believe the stock could reach numbers as high as $700 or $800 if the company can achieve one million deliveries or production units this year thanks to two new production facilities, analysts have a reason for their prediction.

Investors.com says:

“No, that’s not a whopping gain for an S&P 500 stock that dominated in 2020. But simply seeing the stock move higher would be a welcome change. Additionally, analysts think fundamentals back up their target. Tesla’s profit is expected to jump more than 45% just this year to $6.68 a share. Profit growth is propping up Tesla’s still decent 75 IBD Composite Rating.”

Unfortunately, Tesla stock has lagged over the first six months of the year, plagued by media coverage that hasn’t necessarily told the most candid stories regarding the company. Everything from Teslas being banned on Chinese government bases to potential brake problems in China to a six-month delay at the German facility known as Giga Berlin have halted Tesla’s potential growth on Wall Street. Many of these claims have been disproven, yet the automaker hasn’t been able to rebound on Wall Street, not recovering to its record highs.

Despite this, Tesla is still the most valuable automaker on the planet and the ninth-most valuable company in the world. With a market cap of $604.91 billion, Tesla leads Toyota, the thirty-fifth most valuable company globally, with a market cap of $250.58 billion.

Disclosure: Joey Klender is a TSLA Shareholder.

Tesla stock among biggest potential winners over the next year: analysts

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Source: https://www.teslarati.com/tesla-tsla-biggest-winners-analysts-say-2021/

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Artificial Intelligence

Tesla Artificial Intelligence Day to take place in about a month, Elon Musk says

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Tesla will hold an Artificial Intelligence Day, according to CEO Elon Musk, who said it would occur in “about a month or so.”

Musk also stated that the company “will go over progress with Tesla AI software and hardware, both training & inference. Purpose is recruiting.”

The news of an Artificial Intelligence Day follows Tesla’s Senior Director of AI, Andrej Karpathy’s presentation last night at the 2021 Conference on Computer Vision and Pattern Recognition (CVPR 2021). Karpathy detailed Tesla’s current Supercomputer that is assisting the company’s Neural Network store some of the most important data for Tesla’s mission to introduce fully autonomous vehicles in the coming years.

Interestingly, Musk noted in his Tweet that the event’s objective is not necessarily to show the strides Tesla has made to the public in its AI program, but actually to entice the world’s engineers and other talents to come work for Tesla. For years, Tesla has tried to recruit high-caliber talent to several of its departments, and the AI team is no different.

In the coming years, the Artificial Intelligence team will be a keystone part of Tesla’s overall outlook as a company. As it surges toward self-driving efforts behind the scenes, the company is making obvious steps to prepare real-world drivers for a future in autonomous driving. The most recent was the inclusion of a gaming GPU that could run some of the world’s most powerful games, a demonstration Tesla put on display at its recent Plaid Model S delivery event.

Over the past few years, Tesla has held several days dedicated to the numerous parts of the business it conducts. In 2019, it held Autonomy Day, where it went over the real-world efforts it was making to surge toward a “feature complete” Full Self-Driving suite. Last year, Tesla held Battery Day in September, which was coupled with its Annual Shareholder’s Meeting. Tesla unveiled the next generation of electric vehicle batteries at the event, as the 4680 cell continues volume production at the Kato Road facility and will be implemented into cars at Gigafactory Berlin and Gigafactory Texas.

No concrete date for AI Day has been announced yet. Tesla will likely give more details in the coming weeks.

Tesla Artificial Intelligence Day to take place in about a month, Elon Musk says

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