VW reportedly in talks with Foxconn, Magna to manufacture Scout brand EVs

Published

2 years ago

November 29, 2022

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Following an announcement in May that it would be reviving its off-road Scout brand for an all-electric future, Volkswagen is reportedly in talks with contract manufacturer Foxconn to help manufacture the vehicles. Additionally, VW is considering Magna Steyr as another notable option.

Scout is the classic nameplate that dates back to the International Harvester Scout – an off-road vehicle from the ’60s and ’70s. Following previous rumors that Volkswagen Group was considering a revival of the name, the German automaker confirmed its intentions earlier this year.

Better yet, it shared that Scout would return as an entirely-EV brand, targeting a similar demographic as the Rivian R1 EVs, but at a lower price point (probably). Two months later, Volkswagen Group president for North America Scott Keogh announced he was stepping down to become the new CEO of the reborn Scout brand.

Since then, news pertaining to the all-electric Scout vehicles has remained relatively quiet apart from the company’s new CEO proclaiming the potential to share EV technology to create future Volkswagen pickups, and the group’s global head of passenger cars saying otherwise.

In fact, we’ve only seen the teaser images of the potential Scout EVs displayed above and below. As Volkswagen morphs this off-road renaissance into a viable brand, it is reportedly seeking a partner… or at the very least, a seasoned contract manufacturer to help bring its designs to fruition.

VW looks to revive Scout with help of Foxconn (or Magna)

According to a report from Automobilwoche out of Germany, the sister site of Automotive News Europe has been in touch with multiple sources at Volkswagen that state the automaker is in talks with Foxconn to manufacture Scout EVs for it.

Foxconn is a Taiwanese contract manufacturer that specialized in personal electronics like iPhones before recently beginning to expand vehicle manufacturing. This past May, Foxconn officially closed on the purchase of a manufacturing facility in Lordstown, Ohio, previously owned by Lordstown Motors and GM before that. It is here that Foxconn now manufactures the Lordstown Endurance pickup, which kicked off production in September.

Additionally, Foxconn has manufacturing agreements with Indi EV, Monarch Tractors, and will soon build Fisker Inc’s second model, the PEAR, on US soil. Not to be outdone, Foxconn introduced two EV models of its own this past October, including a pickup. Due to its manufacturing experience, US a footprint with fresh funding, and EV platform technology in place, a deal between VW, Scout, and Foxconn would make a lot of sense… but not so fast.

The report also states that Volkswagen is also talking to rival contract manufacturer Magna-Steyr, which exists as an Austrian facility owned by Magna International. The sources say that Magna could potentially co-develop the off-road EVs alongside scout.

Earlier this month, Magna-Steyr began production of the Fisker Ocean in Graz, Austria and as we’ve previously reported, and been flirting with the idea of bringing EV manufacturing to US soil in order to qualify for federal tax credits under revised terms in the Inflation Reduction Act. That could be another sweetener in a potential deal, should Volkswagen go that route. However, Foxconn already has US manufacturing and might make more sense if VW wants Scout EVs to qualify for credits.

Volkswagen said it would not comment on any speculation about potential partnerships at this time, but a spokesperson for the company did share the following:

We are very pleased with the progress the Scout team is making and with the enthusiasm it’s already generating among current fans and future customers.

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Environment

Oil giant Saudi Aramco posts 15% drop in third-quarter profit but maintains dividend

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4 hours ago

November 5, 2024

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Oil giant Saudi Aramco posts 15% drop in third-quarter profit but maintains dividend

Saudi Aramco’s Ras Tanura oil refinery and oil terminal

Ahmed Jadallah | Reuters

Saudi state oil giant Aramco reported a 15.4% drop in net profit in the third-quarter on the back of “lower crude oil prices and weakening refining margins,” but maintained a 31.05 billion dividend.

The company reported net income of $27.56 billion in the July-September period, topping a company-provided estimate of $26.9 billion. The print is also a 5% drop from the previous quarter, which came in at $29.1 billion, as lower global oil prices, weaker demand and prolonged OPEC+ production cuts led by Saudi Arabia continue to impact crude prices.

The average selling price of oil for the second quarter of 2024 stood at $85 per barrel, but dropped to $78.7 per barrel during the third quarter, according to Saudi-based bank Al Rajhi capital, as non-OPEC supply volumes grew.

The oil firm said its year-on-year decline was partly offset by a “reduction in selling, administrative and general expenses primarily driven by a gain from derivative instruments, and a decrease in production royalties largely reflecting lower crude oil prices and a lower average effective royalty rate compared to the same quarter last year.”

Aramco’s dividend includes a base payout of $20.3 billion and an atypical performance-linked one of $10.8 billion. The Saudi government and the kingdom’s sovereign wealth vehicle, the Public Investment Fund, are the main beneficiaries of the dividend, holding stakes of roughly 81.5% and 16% in the company.

The remaining shareholding trades freely on Saudi Arabia’s Tadāwul stock exchange, with the company having finalized its second public share offering back in June.

Aramco’s earnings before Interest and Taxes (EBIT) came in at $51.45 billion in the third quarter, down 17% year-on-year. Aramco’s capital expenditure guidance was brought up 20% to $13.23 billion.

The company was trading at 27.45 riyals following the announcement, down 0.18% on the previous day.

The earnings align with a broader trend across oil majors, whose third-quarter profits have also suffered from declines in crude prices and refining margins. Aramco said it achieved average realized crude price of $79.3 per barrel in the third quarter, compared with $89.3 per barrel in the same period of last year.

Saudi Arabia, the world’s largest crude exporter who produces roughly 9 million barrels per day of crude at present, serves as the de facto leader of the OPEC+ oil producers’ alliance, a subset of whom agreed over the weekend to delay a planned December output hike by one month.

OPEC chief says delayed December output hike is 'nothing unusual'

“Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment,” CEO Amin Nasser said in a statement. “We also progressed our upstream developments, strengthened our downstream value chain, and advanced our new energies program as we continue to invest through cycles.”

The revenues will be a boon to the Saudi economy, which is currently undergoing a diversification process under Crown Prince Mohammed bin Salman’s legacy Vision 2030 scheme spanning a slew of high-cost infrastructure “gigaprojects.”

Earlier this year, Saudi Arabia’s Ministry of Finance cut the kingdom’s growth forecast to 0.8% in 2024, in a steep decline from a previous projection of 4.4%, and raised the outlook for the national budgetary shortfall to roughly 2.9% of GDP, from a prior indication of 1.9%.

Environment

Cybertruck backlog runs out, Model S gets stuck, GM hits a sales milestone

Published

10 hours ago

November 5, 2024

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Cybertruck backlog runs out, Model S gets stuck, GM hits a sales milestone

On today’s episode of Quick Charge, Tesla’s Cybertruck is now available in Canada – and, like in the US, there’s no waiting! Plus, we’ve got an “actually” smart summon Tesla that’s actually stuck, GM reaches a sales milestone, and we get a brand-new title sponsor!

Today’s episode is the first with our new title sponsor, BLUETTI – a leading provider of portable power stations, solar generators, and energy storage systems.

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New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonusLucid proves than an EV company can keep its promises while Xiaomi teams up with Chevrolet and Honda to prove – at least conceptually – that records are made to be broken. audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

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Environment

This ‘supercharger on wheels’ brings fast charging to you [update]

Published

12 hours ago

November 4, 2024

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This 'supercharger on wheels' brings fast charging to you [update]

Mobile car care company Yoshi Mobility launched a DC fast charging EV mobile unit that it likens to “a supercharger on wheels.”

November 4, 2024 update: Yoshi Mobility will only be charging EVs on the side of the road now – it announced today that it’s selling its fleet fueling operation to EZFill Holdings (Nasdaq: EZFL).

It was originally founded as a direct-to-consumer, mobile fueling business in 2016, but now it’s going to focus on mobile EV charging, virtual vehicle inspections for partners like Uber and Turo, and onsite preventative maintenance.

Bryan Frist, Yoshi Mobility’s CEO & cofounder, said, “By spinning off our fuel business and focusing all of our energy on solving hair-on-fire problems that fleet owners face, we are meeting the changing needs of enterprise customers while making the future of transportation safer, cleaner, and more sustainable.”

May 22, 2024: Yoshi Mobility saw that its existing customers needed mobile EV charging in places where infrastructure has yet to be installed, so the Nashville-based company decided to bring the mountain to Moses.

“We recognized a demand among our customers for convenient daily charging, reliable private charging networks, and proper charging infrastructure to support their fleet vehicles as they transition to electric,” said Dan Hunter, Yoshi Mobility’s chief EV officer and cofounder.

The company says its 240 kW mobile DC fast charger, which can turn “any EV” into a mobile charging unit, is the first fully electric mobile charger available. It can provide multiple charges in a single trip but doesn’t detail how they charge the DC fast charger or who manufactured it. (I asked for more details, and they replied that they won’t disclose client names or the manufacturer of its DC fast charger yet.)

Yoshi is launching its mobile charger on two GM BrightDrop Zevo 600s and will introduce additional vehicles throughout 2024. It aims for full commercialization by Q1 2025. (I wonder if the Zevo 600 ever charges itself? Yes, I asked that too.)

Yoshi Mobility says it’s already deployed its EV charging solutions to service “major OEMs, autonomous vehicle companies, and rideshare operators” across the US. Its initial customers are made up of large EV operators managing “hundreds” of light-duty vehicles requiring up to 1 megawatt of energy per day that don’t yet have grid-connected EV chargers. I’ve asked Yoshi for details of who it’s working with, and will update if they share that info.

The company says pricing is based on location and enterprise charging needs. Once under contract for service, the service will be deployed to US-based customers within 10 days.

To date, Yoshi Mobility has raised more than $60 million, with investments from GM Ventures, Bridgestone, ExxonMobil, and Y-Combinator in Silicon Valley.

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