December 31, 2010 is the last day hybrids will be allowed as solo drivers into the carpool lane in Calfiornia, unless the current bill on extending the privilege passes in the legislature.
Lawmakers are working on a bill extend HOV access to 'alternative fuel vehicles' including electric vehicles, plug-in hybrids and CNG vehicles into the diamond lane.
The reprieve for hybrid owners in the current bill would extend the end date to July 1, 2011.
Considering how much those car pool lane stickers are worth to owners, this is a big deal to hybrid car owners who don't want to be left behind just because electric and plug-in hybrid cars are coming.
Wednesday, 30 June 2010
Tuesday, 29 June 2010
New Standard for Measuring Hybrids and Plug-ins Fuel Economy
The trouble with measuring fuel efficiency of a vehicle that doesn't necessarily use gas is a tough one. Just look at the ridiculous numbers floating around for the Volt (230 mpg) and the Nissan Leaf (an electric vehicle!). I mean, really, what does an MPG rating for an electric vehicle mean to anyone?
You quickly get the idea that some sort of standard needs to be worked out. And not the same one that works for gas-only vehicles.
Plug-ins or Electric Range Extended Vehicles (E-REV), in particular, are tough. If you can drive 40 miles on all electric, then switch over to gas powered, you probably aren't interested in knowing your mpg as we know it. If you drive less than 40 miles a day, you may not need to worry about your 'fuel economy', but you may be very interested to know how much electricity your using. Or, if you do go over the 40 mile range, the traditional mpg rating could be very important, since you want to know how much gas you're using. Then throw in the whole city vs highway driving.
And just to complicate matters, you want to be able to compare the E-REV to the plug-in to the hybrid to the gas-only vehicle when you go out to buy one (otherwise what's on the sticker the dealer has to put there becomes worthless).
In order to combat the problem, a standard is needed and the SAE International says they have one.
The SAE International has released a new standard to measure the exhaust emissions and fuel economy of hybrids and plug-in hybrid electric vehicles (PHEV) and all their variants. The new standard is J1711 - Recommended Practice for Measuring the Exhaust Emissions and Fuel Economy of Hybrid Electric Vehicles, including Plug-in Hybrid.
It can be applied to any Hybrid Electric Vehicle (HEV). An HEV is defined as a road vehicle that can draw propulsion energy from both of the following sources of stored energy: 1) a consumable fuel and 2) a rechargeable energy storage system (RESS) that is recharged by an electric motor-generator system, an off-vehicle electric energy source, or both.
For more information about the standard, visit http://standards.sae.org/j1711_201006.
You quickly get the idea that some sort of standard needs to be worked out. And not the same one that works for gas-only vehicles.
Plug-ins or Electric Range Extended Vehicles (E-REV), in particular, are tough. If you can drive 40 miles on all electric, then switch over to gas powered, you probably aren't interested in knowing your mpg as we know it. If you drive less than 40 miles a day, you may not need to worry about your 'fuel economy', but you may be very interested to know how much electricity your using. Or, if you do go over the 40 mile range, the traditional mpg rating could be very important, since you want to know how much gas you're using. Then throw in the whole city vs highway driving.
And just to complicate matters, you want to be able to compare the E-REV to the plug-in to the hybrid to the gas-only vehicle when you go out to buy one (otherwise what's on the sticker the dealer has to put there becomes worthless).
In order to combat the problem, a standard is needed and the SAE International says they have one.
The SAE International has released a new standard to measure the exhaust emissions and fuel economy of hybrids and plug-in hybrid electric vehicles (PHEV) and all their variants. The new standard is J1711 - Recommended Practice for Measuring the Exhaust Emissions and Fuel Economy of Hybrid Electric Vehicles, including Plug-in Hybrid.
It can be applied to any Hybrid Electric Vehicle (HEV). An HEV is defined as a road vehicle that can draw propulsion energy from both of the following sources of stored energy: 1) a consumable fuel and 2) a rechargeable energy storage system (RESS) that is recharged by an electric motor-generator system, an off-vehicle electric energy source, or both.
For more information about the standard, visit http://standards.sae.org/j1711_201006.
Tesla IPO, the First Car IPO in 50 Years
Tesla announced their IPO at $17 a share, beginning today on NASDAQ. That's a dollar more than what was reported yesterday. It puts their market capitalization at nearly $1.6 billion.
In comparison, Ford who was the last car company to go public in 1956, was selling just under $10 this morning.
The company is still losing money and will continue to do so until they start selling the Model S in significant numbers. That doesn't bother the CEO, though.
"We are a Silicon Valley company. Closer to an Apple or Google than to a GM or Ford in the way we operate the company," Tesla Chief Executive Officer Elon Musk said.
Some analysts are skeptical, pointing out they are a manufacturing company in a competitive field. But that didn't seem to bother many as Tesla opened up today.
Press Release from Tesla follows:
Tesla Motors, Inc. (Nasdaq:TSLA), a manufacturer of highway-capable fully electric vehicles and electric vehicle powertrain components, today announced its initial public offering of 13,300,000 shares of its common stock at a price to the public of $17.00 per share. The shares will begin trading on Tuesday, June 29, 2010 on the NASDAQ Global Select Market under the ticker symbol “TSLA.” Of the shares in the offering, 11,880,600 shares are being offered by the company and 1,419,400 shares are being offered by selling stockholders. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional aggregate of 1,995,000 shares of common stock to cover over-allotments, if any. Tesla will not receive any proceeds from the sale of shares by the selling stockholders.
Goldman, Sachs & Co., Morgan Stanley, J.P. Morgan and Deutsche Bank Securities are acting as the joint book-running managers for the offering.
The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from Goldman, Sachs & Co., via telephone: (866) 471-2526; facsimile: (212) 902-9316; email: prospectus-ny@ny.email.gs.com; or standard mail at Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282-2198; from Morgan Stanley & Co. Incorporated, via telephone: (866) 718-1649; email: prospectus@morganstanley.com; or standard mail at Morgan Stanley & Co. Incorporated, Attn: Prospectus Department, 180 Varick Street, New York, NY 10014; from J.P. Morgan Securities Inc., via telephone: (718) 242-8002; or standard mail at c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; or from Deutsche Bank Securities Inc., via telephone: (800) 503-4611; or standard mail at 100 Plaza One, Jersey City, NJ 07311 Attn: Prospectus Department.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
In comparison, Ford who was the last car company to go public in 1956, was selling just under $10 this morning.
The company is still losing money and will continue to do so until they start selling the Model S in significant numbers. That doesn't bother the CEO, though.
"We are a Silicon Valley company. Closer to an Apple or Google than to a GM or Ford in the way we operate the company," Tesla Chief Executive Officer Elon Musk said.
Some analysts are skeptical, pointing out they are a manufacturing company in a competitive field. But that didn't seem to bother many as Tesla opened up today.
Press Release from Tesla follows:
Tesla Motors, Inc. (Nasdaq:TSLA), a manufacturer of highway-capable fully electric vehicles and electric vehicle powertrain components, today announced its initial public offering of 13,300,000 shares of its common stock at a price to the public of $17.00 per share. The shares will begin trading on Tuesday, June 29, 2010 on the NASDAQ Global Select Market under the ticker symbol “TSLA.” Of the shares in the offering, 11,880,600 shares are being offered by the company and 1,419,400 shares are being offered by selling stockholders. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional aggregate of 1,995,000 shares of common stock to cover over-allotments, if any. Tesla will not receive any proceeds from the sale of shares by the selling stockholders.
Goldman, Sachs & Co., Morgan Stanley, J.P. Morgan and Deutsche Bank Securities are acting as the joint book-running managers for the offering.
The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from Goldman, Sachs & Co., via telephone: (866) 471-2526; facsimile: (212) 902-9316; email: prospectus-ny@ny.email.gs.com; or standard mail at Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282-2198; from Morgan Stanley & Co. Incorporated, via telephone: (866) 718-1649; email: prospectus@morganstanley.com; or standard mail at Morgan Stanley & Co. Incorporated, Attn: Prospectus Department, 180 Varick Street, New York, NY 10014; from J.P. Morgan Securities Inc., via telephone: (718) 242-8002; or standard mail at c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; or from Deutsche Bank Securities Inc., via telephone: (800) 503-4611; or standard mail at 100 Plaza One, Jersey City, NJ 07311 Attn: Prospectus Department.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Monday, 28 June 2010
Tesla CEO Selling Million Shares During IPO Tomorrow
Tesla founder and CEO is adding an additional 909,212 of his personal shares to the IPO in one day of Tesla. Musk will still be the largest shareholder, with 28.4 percent, after the shares are sold. (Source: Techcrunch)
He and others (including Musk's family) are looking to cash out on some of their shares during the IPO. Shares are expected to sell between $14 and $16.
Other major shareholders include Daimler (through an investment arm called Blackstar Investco) with 8 percent of the shares, and the third largest will be the government of Abu Dhabi (through Al Wahada Capital Investment) with 7.8 percent of the shares. The two biggest VC shareholders will be Vantage Capital Partners with 6.6 percent and Valor Equity Partners with 5.25 percent.
Interesting information, if you ask me. On the one hand, I can't help wondering why the CEO is cashing out a million shares, but on the other hand, it's not like he's abandoning his shares either. He's probably invested so much time and money into it and maybe he just has another investment to make with that money. And I have no idea if this sort of initial 'cash out' is just the normal process during an IPO.
He and others (including Musk's family) are looking to cash out on some of their shares during the IPO. Shares are expected to sell between $14 and $16.
Other major shareholders include Daimler (through an investment arm called Blackstar Investco) with 8 percent of the shares, and the third largest will be the government of Abu Dhabi (through Al Wahada Capital Investment) with 7.8 percent of the shares. The two biggest VC shareholders will be Vantage Capital Partners with 6.6 percent and Valor Equity Partners with 5.25 percent.
Interesting information, if you ask me. On the one hand, I can't help wondering why the CEO is cashing out a million shares, but on the other hand, it's not like he's abandoning his shares either. He's probably invested so much time and money into it and maybe he just has another investment to make with that money. And I have no idea if this sort of initial 'cash out' is just the normal process during an IPO.
2010 HS 250h Safety Recall
The 2010 Lexus 250h is under recall for the possibility of excess fuel leak in an accident.
During a crash test, when the vehicle was rotated on its longitudinal axis to each successive increment of 90 degrees, fuel spillage exceeded a set amount limit. Since fuel leakage, in the presence of an ignition source, could result in a fire, the HS has been recalled.
Toyota has not provided a remedy for this campaign or has not determined when the safety recall is expected to begin. owners may contact lexus at 1-800-255-3987. Or owners can contact the national highway traffic safety administration's vehicle safety hotline at 1-888-327-4236 (tty 1-800-424-9153), or go to http://www.safercar.gov.
During a crash test, when the vehicle was rotated on its longitudinal axis to each successive increment of 90 degrees, fuel spillage exceeded a set amount limit. Since fuel leakage, in the presence of an ignition source, could result in a fire, the HS has been recalled.
Toyota has not provided a remedy for this campaign or has not determined when the safety recall is expected to begin. owners may contact lexus at 1-800-255-3987. Or owners can contact the national highway traffic safety administration's vehicle safety hotline at 1-888-327-4236 (tty 1-800-424-9153), or go to http://www.safercar.gov.
Thursday, 24 June 2010
Honda Fit Hybrid Will be the Cheapest Hybrid by Far
If this is true, the new Fit Hybrid really would become the hybrid for the rest of us (unlike the Insight).
Reuters has a report out of Japan putting the new Honda Fit Hybrid at 1.5 million yen ($16,570). That's 400,000 yen less than the Insight and only 200,000 yen more than the Fit.
That sort of pricing is exactly what people had hoped for when Honda said the Insight was going to be the hybrid for everyone. And it's exactly what most people hope for when they see a truly small hybrid car appear on the market.
Reuters has a report out of Japan putting the new Honda Fit Hybrid at 1.5 million yen ($16,570). That's 400,000 yen less than the Insight and only 200,000 yen more than the Fit.
That sort of pricing is exactly what people had hoped for when Honda said the Insight was going to be the hybrid for everyone. And it's exactly what most people hope for when they see a truly small hybrid car appear on the market.
Wednesday, 23 June 2010
Hyundai Hybrid News Goes Wild the Past Couple of Days
Hyundai has been in the news a few times the past few days, indicating very positive things for the car company (if you're into fuel economy and hybrids).
A couple of days ago, Hyundai chief executive officer John Krafcik let it be known they expect the Sonata hybrid to hit 40 mpg. That would, if it's true as well as the rumours on the price tag ($26,000), make it fiercely competitive with the Ford Hybrid.
Also, Hyundai will introduce a dedicated hybrid (no gas-only version) starting in 2012, with a plug-in version in the works for 2013. Both the hybrid and the plug-in hybrid will use lithium-ion battery packs.
And to top it off, Wayne Gerdes hypermiler extraordinaire, noted he was able to drive the Hyundai Sonata over 1,000 miles on less than one tank of gas. That means he was driving the Sonata at over 62 mpg!
It's no wonder than that people are beginning to question if Hyundai is going to catch Honda in efficiency.
A couple of days ago, Hyundai chief executive officer John Krafcik let it be known they expect the Sonata hybrid to hit 40 mpg. That would, if it's true as well as the rumours on the price tag ($26,000), make it fiercely competitive with the Ford Hybrid.
Also, Hyundai will introduce a dedicated hybrid (no gas-only version) starting in 2012, with a plug-in version in the works for 2013. Both the hybrid and the plug-in hybrid will use lithium-ion battery packs.
And to top it off, Wayne Gerdes hypermiler extraordinaire, noted he was able to drive the Hyundai Sonata over 1,000 miles on less than one tank of gas. That means he was driving the Sonata at over 62 mpg!
It's no wonder than that people are beginning to question if Hyundai is going to catch Honda in efficiency.
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