Overnight News Heading into Friday August 28th 2020 (News Yet to be Traded 8:00 PM - 4:00 AM EST)
GLBI Global Indemnity Completes Redomestication to the United States
TSLA Musk confirms Tesla Nevada factory was target of 'serious' cyberattack
APO Distressed funds eye European companies as virus support schemes ease
SAEX SAExploration Enters into Restructuring Support Agreement for Comprehensive Balance Sheet Improvement
SNY Sanofi to commence tender offer for acquisition of Principia Biopharma Inc.
BA Manufacturing defect found in Boeing Dreamliners
End of Day and After Hours News Heading into Friday August 28th 2020 (News Traded 4:00 PM - 8:00 PM EST)
NIO NIO Announces Proposed Offering of 75,000,000 American Depositary Shares
GCI Ganeett Director buys more shares, stock +3.6% AH
JE ($0.31) Just Energy Announces Approval of its Recapitalization Plan
PER ($0.55) SandRidge Permian confirms Pedevco acquisition interest
ZAGG ($3.18) ZAGG to Present at the LD Micro 500 Virtual Conference
WSR ($6.52) Whitestone REIT To Present at the BMO 2020 Real Assets Virtual Conference
CASA ($4.40) Casa Systems appoints CFO; changes public accounting firm
XOM Exxon presses for government approval of third Guyana oil project
OSUR ($11.53) OraSure Technologies to Present at Upcoming Investor Conferences
XOM Oil steady as U.S. producers, refiners avoid worst of storm
TSLA Tesla China Goes On Hiring Spree As Gigafactory Shanghai Expansion Continues
VEEV Veeva Systems gains after raising full-year outlook
PHX ($210) PANHANDLE OIL AND GAS INC. Announces Two Acquisitions
IX ORIX Inks Deal with Envision Digital to Empower Digitised Operations Across Utility-scale Solar Farms in Japan
ZEN Zendesk to Present at Upcoming Investor Conferences
WLKP Westlake Chemical Partners Issues Statement on Lake Charles Operations
EIX SCE Gets Green Light for Expanded EV Charging Program
BLDR Builders FirstSource Merger Investigation: Halper Sadeh LLP Announces Investigation Into Whether The Merger Of Builders FirstSource, Inc. Is Fair To Shareholders; Investors Are Encouraged To Contact The Firm
AAPL Japan Display to sell screen plant to Sharp for $390 mln, repay debt to Apple
GPS Gap posts surprise rise in comparable sales as Old Navy, Athleta boost online demand
A Deep Dive into Nikola's FCEV Design and Price Model
Hey everyone. I'm a mechanical engineering student with a hobby interest in finance. I've spent the last few days figuring out if Nikola's leasing model is actually possible. There's some really wacky stuff going on in Nikola's presentations and financial projections, and I wanted to share my findings. This is an absolute wall of words, and I wouldn't be offended if you didn't want to read it all. In the first half, I try to tease out the cost per mile of an actual Fuel Cell Electric Vehicle (FCEV) given the specification Nikola lists. Next there is a portion where I look at the discrepancies between their Financial Projections and their Lease breakdown. Then a quick little peanut gallery where I look at their unrealistic assumptions and the hypocrisy of their comparisons. Finally, a more serious portion where I discuss the design, efficiency, and utility implications of Nikola's chosen power output and battery capacity. Hope you guys enjoy! Let's get started: Nikola claims that they have the industry first holistic leasing program, including maintenance, fuel, and use of the vehicle. They plan on leasing for $.95 per mile @ 30% margin. This implies an expense of $.73 $.67 per mile to Nikola. Hydrogen costs: According to the DoE, it currently costs $5.10/kg to produce, compress, and dispense hydrogen. Nikola claims they can do this for $2.47/kg. I highly doubt their estimate, and will elaborate on that later. Hydrogen has a specific energy 33.3 kWh/kg. A Fuel cell Electric Vehicle (FCEV) has an average thermal efficiency of 55%. A diesel semi tractor, which easily compares to Nikola’s offerings, consumes about 1.25 kWh of work per km (or 2.125 per mile) of useful work loaded. This implies the Nikola truck will use 3.86 kWh of hydrogen per mile, at a cost of $0.59 per mile, or $.29 using their estimates. The DoE estimate could be pretty rosy as well, Hindenburg cited a practical price of $16 per kg for hydrogen in their report. Nikola’s estimate in the leasing breakdown is 7.5 miles per kg of hydrogen @ $2.47 per kg. That works out to $.33/mile. Our estimates are pretty close, excluding hydrogen costs. It looks like, in a surprising twist, they actually overestimated the energy consumption of a tractor. Or maybe not. We’ll get to that ICCT Tractor-Trailer Fuel Consumption: https://theicct.org/sites/default/files/publications/EU_HDV_Testing_BriefingPaper_20180515a.pdf Why do I doubt their hydrogen cost estimates? $2.5 per kg implies $.075 per kWh of hydrogen produced The average price for Industrial electricity in Arizona, the state they are headquartered in, was $.068/kWh, some of the cheapest in the US. Of course, there isn’t a 1:1 conversion of electricity to hydrogen: an electrolyzer uses about 50 kWh per kg of hydrogen ( specific energy of 33.3kWh/kg), making the electricity expense alone in excess of $.10 per kWh of hydrogen. Electricity must also be used to compress the hydrogen. This would take another ~4 kWh, though we’re already over budget. God forbid they use California electricity at an average cost of $.15 per kWh. The electricity expense for the Electrolyzers alone exceeds their estimates, much less depreciation expense, cost of capital, maintenance expense, salary expense, etc. Clearly a bogus number. I suppose they can use renewable excess during off-hours for cheap, but the rapidly decreasing costs of energy storage will likely level out those low prices rather quickly. This also only works in Arizona and a select few other states; California not included. There is the issue of a startup paying to build huge electrolyzers that might have a utilization factor of ~30%, and additional high pressure storage will be needed. The abhorrent upfront capex needed to try and drive down operating costs is not viable for them. EIA electricity prices nationwide: https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=epmt_5_3 NREL H2 cost analysis from 2011. This is just about the most recent research I can find. The abject lack of new material tells me it’s not exactly a hoppin’ field: https://www.nrel.gov/hydrogen/production-cost-analysis.html#fn3 Fuel Cell costs: Part of the reason there are currently so few FCVs on the road today is the limited service life of a fuel cell. Fuel cells are precision manufactured components that degrade quickly when jostled & vibrated too violently. This is not good when combined with the rock-hard suspensions of semi tractors. The DoE targets a useful life of 150,000 miles for a fuel cell. Currently, there is no information confirming this target has been met. A Toyota Murai comes with a 100,000 mile warranty on its FC. For the sake of argument, I will assume Nikola FCs can meet this target. The DoE targets a cost of $40/kW for fuel cell production in 2020, provided mass hits 500,000. This hasn’t happened yet, but I will again assume this to give Nikola the best chance. As an aside: Nikola’s decision to use exclusively GM FC technology in their Badger pickup indicates to me they have nothing “up their sleeve” to make the technology more viable, despite my optimistic assumptions. I’ll assume the Nikola Two’s Fuel cell is 500 kW, less than the 750 kW claimed output. I think it likely their horsepower claim will be a peak power figure only achievable when the motors draw on the battery & FC. I cannot confirm this, because Nikola does not list the output of their motors and FC separately (along with myriad other questionable, or lack of, claims). I think this is reasonable, considering FC thermal efficiency is maximized between 20% and 30% load, and a semi will average ~90 kW of useful work required on the highway, translating to ~170 kW of FC usage. This is near the peak efficiency band of a PEMFC. This assumption also allows steady-state operation at 66% of the “rated” output. This implies an upfront cost of $20,000. A targeted useful life of 150,000 miles implies a depreciation expense of $.13 per mile. NREL Stack Durability and Performance vs load chart: https://www.nrel.gov/docs/fy19osti/73011.pdf Battery costs: Using BNEF 2023 battery cost estimates of $100/kWh, that equates to $25,000 of battery expense. Assuming a useful life of .25M miles, more than any existing warranty currently covers, that results in a depreciation expense of $.125 per mile. Chassis and the rest: Lastly, I extrapolated an FCEV COGS of $175,000 per truck from their Financial projections, minus the $45,000 of equipment already listed, and a 15% scrap value I pulled out of my ass to try and help nikola here, leaves $104,000 depreciated over 700k miles, or a $.15 depreciation expense per mile. Maintenance costs: Nikola assumed a $.061/mile maintenance cost. Any engineer should be able to see such a claim and immediately question it. Tires alone should account for $.03 per mile. That leaves…. $.031 for brakes, air lines, HVAC, wiring, electrical equipment, motors, inverters, those battery and FC expenses I already calculated, sensors, etc. They make no additional provisions for the battery/FC in their leasing breakdown. Pure, unadulterated bullshit. The ICCT puts BEV per mile maintenance at ~$.19/mile. How they squeezed 70% of those costs out, as an unproven startup, by going for a more complex FC-BEV hybrid is beyond me. Cost of trucking: https://www.thetruckersreport.com/infographics/cost-of-trucking/ Nikola Leasing cost breakdown, p19: https://d32st474bx6q5f.cloudfront.net/nikolamotouploads/investopresentation/presentation_file/5/NikolaInvestorRoadShowPresentation042720.pdf Leasing Conclusions: Adding their laughably low per mile maintenance expense of .061 + .15 + .125 + .13 +.59 gives us an aggregate $1.06 per mile expense for Nikola. Using their fuel expense estimate of $.29, this equates to $.76; still more than their projected gross expenses. The first estimate is 50% over they need for their claimed 30% gross margin at $.95 per mile. Note: I used a projected battery expense, projected FC service life target, and projected FC production expense. None of these have been met. I used the average resitive forces acting on a US tractor-trailer, which appear to be lower than the number Nikola uses. I did not include warranty expenses in my estimate. Additionally, these are EXPENSES, and includes 0 profit for the suppliers of these parts. The GM-Nikola deal clearly shows there will be little vertical integration in their production, and such allowances would have to be made. A more reasonable estimate, including a still optimistic 3% interest expense for truck capex, a .4% annual warranty expense (corresponding to their presented 3% estimated reserve). That reserve, btw, is very optimistic: Tesla used a higher reserve on the S for years, while building a simpler product with a warranty length/distance a literal order of magnitude lower than the Nikola truck. A *STILL* low maintenance expense of $.12, and a 10% margin for battery & FC production, we end up with an $.92 per mile expense, or more than Nikola can afford, even when using their untenable $2.5 per kg hydrogen estimate. This is before G&A expenses. Their leasing business model is not possible. Lease Projections v. Income Projections: Internal Chaos or Outright Fraud? It’s possible some of the folks at Nikola have already found those problems out, though. Nikola says they have plans to Lease their trucks. They’ve had presentation slides including the idea, and their truck descriptions on their website include a leasing plan. In their most recent presentation at the DB Global Auto Industry Conference in June, however, the Leasing cost breakdown slide was conspicuously missing. Their Financial projections slide showed 2,000 FCEV trucks being produced in 2023, and 470 million in revenue from FCEV sales. This represents $235,000 per truck, and their FCEV revenue scales exactly linearly into their 2024 projected sales; no room for residual from the 2023 trucks. They’re projecting to sell them! Revenue from maintenance and Hydrogen sales are also listed separately. Their Financial projections clearly show the upfront sale of trucks with additional Hydrogen fueling and maintenance revenue, and the leasing model slide has disappeared. It’s easy to see why. Their projected combined expenses and capex exceeds $7.5 billion through 2024, significantly more than their current $1 Billion in assets and a couple of lease payments would allow for. This would take some intense share dilution (not something I think Trevor would be on board with) or extremely expensive leverage. It’s not like they’re going to get cheap loans secured against their proprietary trucks, requiring their proprietary stations, to run only their customers’ preset routes. A bank wouldn’t want that kind of collateral. The leasing idea is a real mess. Nikla DB presentation, projections are 2nd to last page: https://d32st474bx6q5f.cloudfront.net/nikolamotouploads/investopresentation/presentation_file/7/Nikola_and_VectoIQ_Conference_Presentation_DB_Global_Auto_Conference__6.10.2020_.pdf One can claim that the lease model is still in the description of the trucks, but so are battery and fuel cell specifications for the Nikola one. The Nikola one was, ostensibly, never actually powered by hydrogen, and development has since been abandoned. It looks like their leasing Idea may have been abandoned as well. I’ll also point out that an expected 2024 FCEV maintenance revenue of 56 million on 7000 trucks sold, assuming an average of 50,000 miles per truck sold in 2024 (the average mileage if the trucks are sold at a constant rate through the FY) and 100,000 per truck in 2023, equates to 12.4 cents per mile, more than double the $.061 projected maintenance costs in the april lease presentation. Either they plan on making a killing from maintenance, or there was some aggressive re-shuffling of numbers when maintenance went from an expense to revenue stream, or vice versa. The same analysis of hydrogen expenses puts their per kg revenue at $4.08. Still low, but a hefty sum above their $2.47 cost average on the leasing slide. If we use their projected FCEV maintenance revenue of $.124, $4.08 per kg H2 revenue, and $235,000 truck price depreciated over 7 years w/no interest expense, the cost of ownership, according to their income projections, is $1 per mile for a 100,000 mile year. More than they say a diesel will cost. OOPS! That’s most of what I wanted to talk about. It’s pretty clear that Nikola cannot possibly make a profit with their lease model, and Nikola’s finance department has indirectly acknowledged this. Hydrogen tech is still many, many years away. Nikola’s move fast and break things approach (though I’m not convinced we’ve seen much moving outside of gravity assists) will end up a “move fast and bankrupt things” strategy. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I now want to take a few moments to look at some of the sillier things I found in my research: In a laughably exuberant turn of events, Nikola projects 25% gross margins during their first year of production. That’s downright cute! They plan on, ostensibly, slapping GM FCs & batteries on IVECO platforms, and beating the margins of all publicly traded auto companies sans Ferrari within a few months of production start. It's that easy. Get your shit together, Ford! On Nikola’s website under their trucks, they have a comparison of FCs, BEVs, and Diesel where they seem to forget their trucks have hundreds of kWhs of battery storage onboard. They claim “Hydrogen acts as a buffer and grid balance,” while “batteries are a drain on the grid.” You heard it hear first, folks, batteries can’t be used as a grid buffer, only a grid drain. They also claim H2 is the “most abundant element on the planet,” while “Batteries [are] made of non-renewable resources; dangerous/costly to mine.” Makes me wonder why they chose to put so many on their trucks. Also hilariously hypocritical, considering Platinum -required for PEMFCs- is one of the rarest metals on earth. Design considerations and odd choices: I want to take a moment to talk about chassis design and the implications of Nikola’s set power parameters. And I want to start with a quote from Elon Musk during the Tesla Semi reveal: “We designed the Tesla truck like a bullet,” Musk said. “A normal diesel truck is designed like a barn wall.” The Tesla Semi is more aerodynamic than a $2 million Bugatti Chiron sports car, he said. A bold claim, but I believe this to be correct. Cheesy, but correct. Why? Cooling requirements. The more cooling air you need, the less favorable aerodynamics you’ll have. In the simple representation of an engine, there is a fuel input, a work output, and a heat output. A gas engine -especially one not designed with fuel efficiency in mind like the Chiron’s- will likely only output ~20-25% of its fuel input as a work output. The Chiron makes 1,500 hp, and needs to reject 4,500-6,000 hp of heat at full throttle. The goal of a Chiron isn’t to slip through the air, au contraire. It’s designed suck in as much air as possible for cooling and brute it’s way to 270 mph through raw horsepower. Most modern sedans have more favorable aerodynamics than a Bugatti. On the other hand, about 90% of the inputs from an EV charger make it to the wheels -- a major factor that makes EVs so efficient. This means Elon can put, for example, 1000 hp of motors in his truck and only worry about rejecting 100 hp of heat at full load, an easy task. That’s less cooling than a Prius needs, and the truck can be designed with virtually zero air input constraints. He can swing his “3x the acceleration” dick around, and the only tradeoff is beefier driveline bits for the extra torque and bigger motors. C_D lists on wikipedia: Note almost every production car below Cd=.24 is either a small displacement diesel or electric. No supercars in sight. https://en.wikipedia.org/wiki/Automobile_drag_coefficient The Chiron’s standard Cd is .38. A 1995 ford windstar minivan has a standard Cd of .35. Not exactly a prestigious club, haha: https://www.roadandtrack.com/new-cars/car-technology/a32329/these-rare-development-photos-tell-the-full-bugatti-chiron-story/ Hydrogen is a different story. The thermal efficiency of a FCEV -above 50% load- will dip down into the 40-50% range. The average efficiency of a diesel truck is ~45%, and it will dip to ~35% at max rpm, full load. ‘Ever seen the video where Trevor says the production trucks won’t need as much cooling as their current prototypes? He’s lying through his teeth. A 1000 hp FC would need more than 1000 hp of cooling; as much if not more than a 500hp diesel. It's also important to note that less heat is lost in exhaust from a PEMFC, and lower operating temps mean that actual cooling airflow required is significantly more than an equivalent diesel would require. 500 hp diesels are already built like a brick with a front aftercooler & radiator the size of a football field. Trevor’s dick swinging has major consequences. More cooling means more drag, more weight in heat sinks/radiators, and more power draw to move coolant. These all create positive feedback loops, e.g. more air requirements mean less favorable aerodynamics & more drag, which means more power draw at speed, which means more cooling, which means more air requirements... It’s not all fun and games like the pure BEV Tesla is making. Daimler’s recently announced H2 semi offering only has 300 kW, and they can recycle their waste heat to warm up incoming liquid hydrogen, Nikola uses compressed hydrogen and won’t have the same luxury. Running so much horsepower is a real head scratcher; one would think their head of R&D’s only experience was pouring concrete or something. It’s also important to note US tractor-trailers are hard capped at 80,000 lbs. This means that every pound of tractor weight is a pound taken from potential cargo. Y’know… the part that actually makes money. One has to wonder why Nikola is keeping ~5000 lbs of batteries on the tractor; their website showed they aren’t fans of the stuff. It’s enough to run a loaded tractor two full hours on battery alone, more than a regenerative braking system would require or power peaking during a hill climb. It’s dumb; 100 kWh would be more than enough when an on-demand primemover like a hydrogen cell is also onboard. It’s an expensive and opulent display to the vexation of customers, who would, in all likelihood, much prefer an extra 2 tons of cargo capacity. Features like 1000 hp and 250 kWh of battery appeal more to retail investors than trucking companies. Actual conclusion time: I think that I pretty conclusively showed that:
Nikola’s hydrogen cost projections are bogus. There isn’t even enough money there to pay for the electrolysis and compression, much less maintenance, depreciation, or labor.
Nikola’s leasing costs undercutting diesel is bogus. One can disprove that with their own financial projections, much less the real costs of FCs and H2 electrolysis.
Nikola’s plan to lease the trucks is totally divorced from reality, according to their own financial projections.
Nikola’s projected per mile operating & maintenance expenses are beyond indefensible.
A myriad of odd, marketing focused design choices limit the trucks on-road efficiency and utility to potential customers.
To begin with, let's discuss what is electrification. A lot of people think that it is between BEVs and ICE cars - actually there's a pretty big middle ground. We have 5 levels:
Literally unchanged from gasoline, although new technologies such as Mazda's SPCCI and Hyundai's CVVD are likely to make the existing ICE fleet more fuel efficient.
A mild hybrid (called an MHEV) is an ICE with a small electric motor to assist in the propulsion of the vehicle. Fuel savings are typically in the 5-15% range. The engine can often be turned off during coasting, braking and idling, but not always.
The classic hybrid (HEV) like the well known Toyota Prius can offer a major fuel savings in city driving, but only minimal fuel savings on highway (such as during downhill). Net, a well designed hybrid can save around 1/3 of fuel, assuming a 50-50 ratio of highway to city driving.
A plugin hybrid (PHEV) can offer around 30-100 km (approximately 20 - 60 miles) of range on pure electric, but must rely on its ICE engine after that. This is considered useful as people can go to work or other errands within a city, and they have the option to use fuel while going on road trips, which mitigates the need for high wattage chargers that charge slower than refuelling a car, long range batteries that are expensive, and addresses range anxiety concerns.
Battery Electric Vehicles
These are full Battery Electric Vehicles (BEV), which is what Musk is pushing. BEVs tend to need very large batteries because they have to address range anxiety, new infrastructure along highways, and their batteries will wear with time, although fast charging will wear EV batteries even faster. On the upside, they do not have any ICE components.
A few things stand out:
As you go down the levels, the cost of per vehicle becomes progressively more expensive.
The size of battery required also becomes more large, which drives the costs. Batteries are the bottleneck in technology.
Weight will also go up with larger battery sizes, so road wear will also increase. Axial weight wears out roads by the fourth degree (ex: a vehicle with double the axial weight wears out roads 24 or 16x as fast, so a 20% increase in vehicle weight will more than double road wear, which may mean that EVs may have to pay higher road taxes. )
The more radical the changes that are required the more you go down the scale
Production of lithium and other specialized elements will be needed for society to make these changes
So these represent challenges in EV adoption.
What some internal forecasts say?
The forecasts that I've seen and to be honest, I would be unsurprised if they were inaccurate, are mostly focused on North America.
In North America, by 2030, BEVs are projected to be less than 15% of the market
HEV, PHEV, and MHEV are projected to make up around 25-35% of the North American market
This means that less than half the vehicles are projected to be electrified at all
Globally, the projections call for 50-70% electrification (including BEV, PHEV, HEV, and MHEV)
Hydrogen is expected to take off after 2030. The further one goes in the future, the less accurate projections are and even these projections are not expected to be accurate. It's not clear internally if BEVs or FCEVs are a better solution.
This is a "pessimistic" forecast, but also one that tries to take into account a number of challenges unique to the North American market and describes North America as a laggard. A lot of this information, I can't share more in depth with you. Actually, there's a lot I have kept for NDA and other reasons. You'll notice for example I never really participated a while back in the "quarterly delivery" estimates. I didn't plan on doing so for NDA reasons, as I am personally quite heavily involved with tier 1 and 2 suppliers or former suppliers for Tesla. I've also been careful here to give ranges. North America is likely to be a laggard for a number of reasons.
The size of the continent means that driving distances are much greater and people take longer trips more often
The low taxes on fuel and the political climate
The less generous government investment into the auto industry (China for example has huge state backed investment into the industry)
The higher swings from winter to summer (nations in Europe, even countries that are considered "cold" such as the Scandinavian nations or Finland have relatively mild winters compared to North America)
Incomes in North America will be a bottleneck because longer driving distances require larger batteries
The preference for larger cars, along with pickup trucks
A final problem is the uncertainty of the unknown is likely to be much stronger in North America knowing the limitations and lack of government support. It is a company's own cash rather than the public's that car makers are using, and that is in short supply in a recession.
There are other challenges, such as the higher demand for long range towing in North America (a weak point of EVs). https://www.youtube.com/watch?v=S4W-P5aCWJs I've mentioned that it is much harder to improve energy density than this person alludes.
Why a forecast with low EV demand for North America?
Generally, the forecasts I've seen are followed by more frank conversations than what the public will say. Most companies will put out an image that they want people to believe, but internally, companies will try to maximize their own revenue and ultimately, profit. EVs remain a money losing investment, and may remain so for decades. Actually if the Chinese government aggressively subsidizes EVs and if exports are allowed, EV manufacturing may never be profitable anywhere in the world because nobody will be able to compete with the combination of Chinese government subsidies and economies of scale (China also has the largest car market in the world). Even internally, the Chinese state backed car companies would be reliant on these subsidies. Remember, cars are a low margin product, so even a modest subsidy, absent of tariffs, could have huge impacts. Companies without as generous government support are effectively subsidizing with their ICE profits or investor money (like Tesla is, as they have to raise money every year). China is expected to win if this occurs the "EV race". On one hand, this will lead to cheaper EVs, but on the other hand, it will accelerate the decline of good jobs in North America, which means fewer people are able to afford EVs. It is important that we remember that the automotive sector remains a major employer and that many of these jobs are a ticket to the middle class, perhaps the only ticket, that many people in society have. Right now, due to the pandemic, companies right now are actually cutting investments in many cases to survive the COVID 19 recession. I can't go into details, but I can tell you that there have been some EV and H2 investments that have been delayed. In the case of the US, these barriers may be overwhelming. Most EVs that you see currently are aimed more domestically at the European and Chinese internal markets. They are smaller vehicles, and range is less important. In other words, larger vehicles with bigger batteries are needed for North America, but those cost too much. This would require much higher car prices to fill the demand for larger cars, but North American incomes are not higher than say, Norway (often held up as a model), which is a barrier. Norway is often held up as a an example of the future, but it is a rich oil rich nation that is not at all reflective of the world. Aloa helping Norway is the high availability od hydro electricity. Incomes are actually expected to fall in the next few years due to the COVID 19 recession. Here is a good discussion of the impacts: https://www.coxautoinc.com/wp-content/uploads/2020/09/Cox-Automotive-Mobility-EV-White-Paper-FINAL-9-21-20.pdf Targets for carbon emissions are also less strict than in Europe (although to be fair, that is carbon emissions, on other non-carbon emissions, there are times when the North American regulations are actually more strict than the EU is). Politically, it is less likely that there will be large increases in the gas tax for the next couple of years. Raising gas taxes is also politically unpopular during a recession when people have less income and those who do have jobs often are paid less. The political climate is also very partisan and any dramatic nation wide increases through the US and Canada are likely to be bitterly opposed, and could result in a "yellow vests" type of protest. This was caused by a combination of factors:
Macron, the leader of France raised diesel taxes more than petrol (gasoline) taxes
Previously car owners in France had been encouraged to choose diesel over petrol due to its superior fuel economy
Lower middle class car owners faced declining economic prospects and did not have the money for higher taxes (they live paycheck to paycheck)
Relocating was often not an option, as Paris and the larger French cities did not have that much better paying jobs after living costs were factored in and many could not afford to relocate
Unique to France, Macron had cut taxes on the rich - this was seen by car owners as a regressive tax for that reason and keep in mind that lower middle class people cannot afford newer more fuel efficient or for that matter, although not scrtuinized at the time of protests, electric vehicles, as they live paycheck to paycheck
Macron had indicated that the money raised from taxes would not be used to fund "green" initiatives, but rather to reduce France's public budget deficits
Certain professional and business activities were tax exempt
Many of these factors have parallels in North America and political attitudes are arguably even more hostile than in France. Any major efforts to raise gasoline taxes in North America would likely be even more politically toxic and contentious because of the worsening economy from COVID 19 and because many of these factors apply. It will be politically difficult to make these changes and perhaps only a few "Blue states" and very left wing areas of Canada could do so. Even that is now in question, as cities like New York City are facing an exodus, and they tend to be the most "car skeptic" areas, which in turn means less political power.
Other contributing factors
These are not the only considerations to a delay in EV share surge.
There is likely to be high levels of unemployment, which means lower car sales (buying a car is considered an "optional" expense and buying a more expensive EV is even less appealing to people who are unemployed or afraid to lose their jobs). Buying a car is considered often an unwise purchase during these times, and the more expensive is less appealing. One notable exception is trucks, which may be used as a revenue generating asset. Trucks tend to play a bigger part in the North American auto market than anywhere else, and no the Cybertruck is not the solution because of long range towing.
Changes in recreational activities. Road trips fell less than car buying. https://www.wbur.org/hereandnow/2020/07/28/road-trip-safety-coronavirus Much like how many businesses have found video conferencing with Microsoft Teams, Zoom, or other similar services an adequate replacement for business travel via aviation, it is expected that there will be a permanent shift towards more automobile road trips after COVID 19. This disadvantages EVs that suffer from range problems and long range charging issues (or a shorter charge-discharge lifespan from fast charging). Driving distances for road trips are longer in North America compared to other parts of the world however, which is a drawback for EVs.
The problem is that there is a K shaped recovery (https://www.cnbc.com/2020/09/04/worries-grow-over-a-k-shaped-economic-recovery-that-favors-the-wealthy.html), where the upper middle class recover, the rich get even wealthier, but the middle class and especially the poor lose income. Normal people are not buying a house because of the pandemic - rich people or upper middle class professionals are. So those buying new vehicles and moving to the suburbs are those that had more money to begin with before the coronavirus crisis. They are the people already likely to buy cars. The only silver lining is that those moving to suburbs may be able to get chargers for EVs, since its easier to charge at a house than apartment, for their next car when the economy recovers and should EV prices fall. One other may be that city car buyers and other buyers may opt for smaller vehicles, which already have EV platforms around the world. People who are lower income in the K recession may desperately want a car to get away from mass transit for safety reasons, but they do not have the money to buy anything more expensive (a barrier for EV adoption). The US and Canada had a high and mid level of economic inequality respectively, combined with more people in car dependent suburbs, so that means that while EVs may be affordable for the upper middle class, a K shaped recovery will mean that the lower middle calss is in trouble. This may however in North America, lead to a modest resurgence in small cars, which has been recently dominated by Crossovers and Trucks. Most projections do not expect this to last. The 2008 recession only led to a short trend of smaller vehicles. This played a role in 2008's aftermath in the failure of Fiat to take off in the North American market. People spend more time in North America in their cars than in Europe or Asia, so space is at a premium. http://www.youtube.com/watch?v=-5vrpTPj5Vk&t=3m42s The problem is that while people may want cars, most people outside of the middle class may not be able to afford EVs. People leaving mass transit (who on average were poorer to begin with, especially outside of NYC) are buying smaller vehicles not because they necessarily want to (only a small percentage do, judging by the trends after 2008), but because it is what they can afford. This is less true outside of North America, where cars we North Americans consider compact are the mainstream cars. The affordable EVs are all cars which are small, have small batteries, and cannot really succeed in North America outside of being a city car. If cars were sold with smaller batteries, they would incur more charge-discharge cycles and use up their battery life. Fast charging would worsen the process. https://thenextweb.com/shift/2020/03/13/scientists-fast-charging-destroys-electric-vehicle-batteries-tesla-panasonic/ The only other way would be to subsidize the purchase of EVs and manufacturers. One big question car manufacturers are unsure of, is how much political will there will be to do this in the aftermath of the recession when other priorities (ex: helping those who have lost their jobs find new work) may take precedence.
We are seeing these problems right now when we have single digit EV market share - the risk would be even higher for multi-digit EV market share. The element doesn't have to be unobtainable to be a problem - it just has to be very expensive to obtain and the substitutes much worse than the element. This would send EV prices up. It may not be lithium, cobalt, or nickel. It may be another element on the periodic table. But the risk of a "gotcha" element is there. It's been suggested that $100 or $80 per KwH is the breakeven point when EV cost of ownership is lower than fuel (it may be lower in North America though for reasons described earlier). Getting there and staying there may be difficult. This is an even bigger problem for North American vehicles, because of the need for larger batteries due to the driving distances. The combination of these factors explain why compared to the rest of the world, North American adoption will be slower. These barriers, while not insurmountable, mean that NOrth Americans will adopt EVs later than the rest of the world.
Affordability and a sense of perspective
I think that one of the big flaws of the pro-EV community is that it is domianted by upper middle class techies. Based on their collective post history, many upper middle class people lack a sense of empathy and understanding of what the average American (or Canadian or other citizen) lives like. Let's put this into perspective. 78% of Americans live paycheck to paycheck and most Americans would not be able to cover a $1000 US emergency.
"I don't think we're going to see things like cash-for-clunkers this time around," he said. "We do see the potential for a pretty significant average age growth in the coming years." He added, "I would not be surprised if we see a jump in the four- to six-month range as opposed to just a one- to two-month range."
So may be the average age of cars in the US may be your 15 or more year old car, which in 2030 would be an MY 2015 car. Maybe even older. I won't go too far off topic, but let's just say, I'm not a fan of capitalism at all. Let's just say my political views on economics make Bernie Sanders look like a moderate. So too do many people in my generation (Y). Socially, I'm moderately conservative, but that's another story. Anyways, the point is that if more people were middle class, from a more economically left wing ideology, they would be able to afford a middle class living, such as a car, and perhaps the economies of scale might favour EVs a bit more, at least if the "gotcha" elements were addressed. If folks can't afford a new cheaper gas car, an EV, even with cheaper batteries and public subsidies might be even less affordable. Even if EVs were cheaper throughout due to lower maintenance (and there is no assurance of that due to battery replacement costs - because keep in mind, cars will have to last for longer now), the upfront costs are a huge barrier for a society that mostly cannot even afford current cars.
I am not at all happy at these trends. Often I am accused of being a "short" of Tesla stock, even though I have never shorted or traded Tesla stock in my life. Actually, my job security right now is more tied to electrification, so a trend towards electrification is better right now for my long term career prospects in the industry. I don't like seeing people involuntarily forced to buy older cars. It pains me deeply, as new cars are usually safer, and better in most regards (except of course on one's wallet). There is a high level of uncertainty with these projections and the further into the future one goes, the higher the level of uncertainty. That does not mean however, that one should assume the best or worst for EV adoption. Furthermore, the further one goes into the future, questions about if FCEVs might take off are also in play. That being said, I trust the projections internally in car companies more than I do say, a company like McKinsey or the BCG, because their life is literally on the line. EV adoption has a lot of barriers, but they are likely to be far worse in North America. The challenges are not just one barrier, but are multi-factorial and have been explored in depth here. The barriers are the driving distances, the politics, the economic challenges, and the technical challenges. Another problem is that we do not know if EVs or H2 will win out. As it stands, EVs are mainly for the upper middle class and I think they have lost perspective on how most people in society live. Getting batteries cheaper is much more difficult than say Moore's Law or Dennard scaling in compute. Perhaps that may be why Techies are so bullish on EVs - they think everything is like Moore's Law. Even Moore's Law itself is in question with the ever increasing costs of chip fabs. I wish this were not the case, but the realist in me says otherwise. Throughout the industry, I"ve noticed that given these constraints, most feel that PHEVs is the best option. They are more affordable due to the smaller battery, do not have the range anxiety issues, nor the charging issues of BEVs. Normally one ends on an optimistic note, but I think I will end with this. I think we have to be very cognizant of how difficult it is to transition from one type of propulsion to another. It's not as easy as it sounds, and often advocates underestimate these difficulties. The barriers exist, but are larger in North America. Overcoming them is a massive technical, economic, and political challenge that will take a longer time than elsewhere. However, overcoming these challenges means that one must first acknowledge the difficulties, something many have yet to do.
I categorized the list of a couple of games in the Epic store into 4 parts - Free games, below $5 games, above $5 but below $10 games, and $14.99 games
So I went through all the list of games in the Epic store during Sale going on, and categorized them into four different parts so it would be easier to take a quick decision on which game to play next. They are listed in alphabetic order per category below. (The $14.99 category is useful if you happen to have a $10 Epic coupon, so you can actually avail the game for $4.99 only! Please note, this list may vary based on the region where you are at, but the bulk of it should be the same. Also this is the list as of today i.e. 24/09/2020.)
Top 10 Nikola Naysayer's Baseless Arguments. Try harder, folks.
EDIT: There are now 19 items on this list. Last updated on Sep 30, 2020. If you’re coming from subs that are heavily anti-Nikola such as wallstreetbets and RealNikola, I hope folks there haven’t closed your mind to the point you can’t see facts when they’re presented to you. The following is meant to address baseless claims so that we can move onto legitimate concerns and questions about Nikola Corporation. Now be prepared for some serious due diligence (DD). This will take awhile... Before you read the items below, I suggest first watching the following videos: - Real Engineering Video (Sep 5, 2020—a great summary of Nikola’s business model) - Tesla Joy Video (Aug 24, 2020) - Tesla Daily Video (Jun 2, 2020) - TESLA Charts Podcast (Jul 19, 2020) - Autoline Network Video (Jun 11, 2020) - This Week In Startups Video (Jul 31, 2020) 1) They ripped off Tesla's name! FACT CHECK: What does this even mean? So...don't invest or at least take a look at a company given their name? Are you telling me that the inventor Nikola Tesla licensed his name to Elon Musk? That would be a no. Did Tesla Inc. trademark Nikola? Also a hard no. The only thing this tells me is that two clean energy companies honored a great inventor...a father of modern energy. I made this baseless claim #1 on this list since there are way too many people who just can't get over the name and refuses to took deeper, or if they do look deeper, they're already blinded by hate/disgust and can't look at the company objectively. Fun Fact: See who truly honors the great Nikola Tesla (click on the following names). Is it Tesla’s Elon Musk or Nikola founder Trevor Milton? 2) They're diluting their shares with the merger! FACT CHECK: Nikola Motor Co. and VectoIQ are conducting a reverse merger, which will come to a shareholder vote on June 2, 2020. If you don't know what a reverse merger is, click here. VTIQ's 29.6M shares will be combined with the 320.7M private shares of existing Nikola Motor Co. Another 52.5M shares will come from VectoIQ's PIPE (see #16 below as well for those who are worried PIPE investors are about to sell their shares). VTIQ will convert to $NKLA 1:1 meaning whatever price per share VTIQ is at pre-merger will be the same price it will be post-merger. Furthermore, existing Nikola private shareholders (not VTIQ shareholders) will be under a lock up period for 6 months where they are barred from selling their shares. I wouldn't be concerned with dilution until the lock up is lifted, but even then, Nikola World 2020 would have revealed major progress with the company that I'm sure most investors will want to hold tight for the long. Trevor Milton on dilution. Read the SEC filed S-4 to learn more about the merger. Post-Merger Edit: No signs of dilution. NKLA continues to trade above its IPO price despite all the PIPE, warrants, and employee stock options entering the market. The only remaining shares left are the 2M (max) that the Diesel Brother can earn for Badger sales. 3) They sued Tesla...a bunch of amateurs! FACT CHECK: Here's a video of an unbiased deep dive onto the patent lawsuit, which btw, Nikola is winning and winning at the highest patent court in the country. If another company infringed on Tesla’s patents, would that be okay? 4) Trevor Milton is the CEO. FACT CHECK: Part of the agreement on the merger was for Trevor Milton to lose some shares to own up to 40% of the company. The agreement also elevated him to Executive Chairman from CEO so he wouldn’t have to run the day-to-day operations of the company and instead focus on leading the board of directors and the strategic direction of the company. All in all, institutional investors wanted to limit Trevor’s control over the company. The CEO of Nikola is Mark Russell who has no social media presence and rarely seen, as it should be for the guy running the show. When Mark does speak, it's clear that he's the more calculated and reserved executive of the company. Comparatively, Trevor is a visionary. Those who follow him closely know he tends to speak in the future. As the Chairman of the company, he is fulfilling his job in pointing the Corporation's strategic direction. Edit 1: A modification has been made to Trevor Milton’s lock-up clause. Edit 2: Trevor Milton dumped 6 Million of his own shares! See...he doesn't even want the stock! Fact Check: On Aug 26, 2020, Trevor announced that he would GIVE 6 million of his shares to the first 50 employees of Nikola. He then later announced that he would give the other 350 of his employees a total of 1 million of his own shares. Nikola haters love to spin the truth. They're so blinded by hate and disgust for Trevor and Nikola that anything he does is processed negatively. Edit 3: Trevor Milton is no longer CEO or Executive Chairman as he stepped aside following sexual assault allegations. 5) Trevor Milton started two companies that went bankrupt! He’s even a college dropout! FACT CHECK: Now we're getting into the SPIN ZONE! Get the full dose of truth in this Forbes article. You’ll find that Trevor actually started two businesses that he sold for millions of dollars. For whatever reason, some people assume great entrepreneurs have been 100% successful in their endeavors. They couldn’t be more further from the truth. To those who tease Trevor for being a college dropout, see this list of successful business leaders who also dropped out of college. 6) Hydrogen tech is unproven! Nikola is just vaporware! FACT CHECK: It seems you are ill-informed of the industry. Here's hydrogen fuel cell tech use in South Korea, in California, in Germany, and in the United Kingdom, to name a few...oh, and there's Nikola's H2 fueling station at their Phoenix, Arizona HQ. Do these videos of the Nikola Two look like vaporware to you?
Video 8 Trevor Milton showing the Nikola Two Powertrain
To learn more about hydrogen, read this peer-reviewed study on the 20 Hydrogen Myths. Furthermore, if you go through the Hydrogen FCEV Technology and Hydrogen Technology post flairs in this sub, you’ll find other companies vouching for FCEV tech as well to include Shell, Hyundai, BMW, Bosch, Ballard, Jaguar Land Rover, Daimler, Toyota, and Hyzon...I’m sure I’m missing others. What are all these companies missing that you see? Is it because Elon Musk said hydrogen is "fool cell"? They all must be trying to fool us I guess. 7) My shares will be $10 post-merger! FACT CHECK: VTIQ will convert to NKLA 1:1 meaning whatever price per share VTIQ is at merger, will be the same price it will be post-merger. Post-Merger Edit: We did not see NKLA start at $10. In fact, on Jun 4, 2020 listing day, NKLA opened at $37.55. 8) They took PPP money meant for small businesses. How dare they do that?! FACT CHECK: Before Nikola received close to $1B from the VectoIQ merger, the company was strapped in cash and had over 300 employees and their families to care for during COVID-19. They eventually paid tax payers back as you'll hear in this clip where Trevor sets the record straight with CNBC. 9) I don't understand warrants, so this company is a fraud! FACT CHECK: If you don't understand warrants (NKLAW), either get smart or just buy NKLA common shares. See this reference and my thoughts on NKLAW. 10) They're asking me if I want to redeem my VTIQ shares for $10.36 when I bought it at $25. This is 100% a scam! FACT CHECK: VTIQ shareholders received messages on whether to opt into redeeming their shares by May 29, 2020. If they did, they would only receive $10.38. No one in their right mind would want to do that if the price of VTIQ is currently way over that price. Not only does this hurt you, it also hurts Nikola Corp as you would be taking cash from the merger. Read this Article. Bottom line, if you receive a message asking if you want to redeem your VTIQ shares, don’t do it. This is an option that they made available, but VectoIQ and Nikola Corp. highly suggests against redeeming your VTIQ shares. 11) Their revenue projections are fake! Anyone can preorder with $0 money down! FACT CHECK: This article explains why preorders are $0.00. Also, read this Tweet from Trevor Milton. Moreover, go to pg. 14 on this SEC filing. Notice how the vast majority of the preorders are from legitimate institutional fleets. See this Tweet as well. Note that Nikola has stopped taking orders for their FCEV semis since Fall 2019. They’re only taking orders for BEV semis, Badgers, NZTs, and WAVs. The $10B 14,602 preorder semis where for those FCEVs. Trolls can’t add to that number and are just wasting their time especially since Nikola runs scripts to filter out their submissions. 12) No one wanted to invest in Nikola! That's why they went public...to take your money instead! Nikola is SCAM! FACT CHECK: Go to Pg. 10 on the prospectus. You'll find over $500M in funding from several companies prior to the merger with VectoIQ. Post-merger, Nikola’s institutional investors include Bosch (German), Hanwha (S. Korean; 6.13% ownership), CNH Industrial/Iveco (Italian; 7.11% ownership), Nel Hydrogen (Norwegian), Fidelity Management and Research Company, Inclusive Capital Spring Fund (~5.6% ownership), Black Rock, and P. Schoenfeld Asset Management LP. To doubters, what do you see that these companies fail to see? These companies fully vetted Nikola before investing in them. Nikola even received a $1.7M grant from the U.S. Department of Energy. Prior to the merger, VectoIQ’s CEO Steve Girsky, who is known for getting General Motors out of bankruptcy as their former Vice Chairman, did a top-down vetting of Nikola, Trevor Milton, the leadership team, their strategy and vision, etc. Steve is now a member of Nikola’s board of directors along with leaders from Bosch, Hanwha, Iveco, Ace Disposal, and Caterpillar's Thompson Machinery (Source). EDIT: Along with partnering with Nikola on producing the Badger, General Motors also invested ~$2B in Nikola on top of saving Nikola $4B in capex. GM undoubtedly did their homework on Nikola and on Trevor prior to this investment, which grants them ~11% stake in the company. Furthermore, Nikola went public via a SPAC reverse merger to save time and capital going through the traditional IPO route. They wanted to go public to be completely transparent and demonstrate to investors that they aren't another WeWork company doomed for failure. The reserve merger brings about $1B in capital to kickstart their major projects (hydrogen infrastructure and factory construction). Although their stock went through a tough road during their first couple of months since listing on the NASDAQ, Nikola continues to survive and trade above their IPO price. Three months after listing, Nikola even secured a binding contract for 2,500 Nikola Refuse trucks from Republic Services worth at least a $1B and may be increased to 5K trucks ($2B max order) (Source). For those who think Nikola is riding on the backs of retail investors, see pg. 34 of this prospectus. Retail investors own about 10% of NKLA. Now the real questions: Should retail investors invest in a pre-revenue company? I invested in NKLA/VTIQ for the same reason why venture capitalists (VCs) invest in pre-revenue/pre-IPO companies. The big difference is that Nikola decided to go public via a reverse mergeSPAC, which allowed retail investors to participate, thus democratizing investment in a pre-revenue company, which until recently only the very rich VCs can. Does Nikola deserve their pre-revenue valuation? Valuation is based on investor sentiment and Nikola cannot control their stock price. Literally the last share buyer does. I came in when NKLA was still VTIQ and my valuation was based on the 14.6K FCEV pre-orders worth ~$10B to include binding contracts with Ab inBev and U.S. Xpress. We then witnessed what happened when the Nikola Refuse order with Republic Services became a binding contract. Investors decided that they were willing to come in now before the order gets fulfilled as they believe the stock price will be much higher later when the order materializes. Lastly, senior leadership at Nikola will take no more than $1 per year in salary and will be compensated instead with stock bonuses if they meet benchmarks. This shows good stewardship of investors’ money, not add to the company's CapEx, and letting their performance dictate their compensation. 13) They’re outsourcing everything! Definitely not vertically integrated like Tesla! FACT CHECK:Outsourcing is a misleading term. Technically, you can't outsource to a company that invests in you and/or has partnered with you. The more appropriate term is joint venture. For example, Nikola and Iveco has a 50/50 JV factory in Germany (Nikola Iveco Europe GmbH). Iveco's parent company CNH Industrial also invested $250M to Nikola in cash, goods and services. Bosch is providing the fuel cell and powertrain for the semis. They too invested heavily in Nikola. Outsourcing would imply that Nikola is the customer of a contract company and Nikola is paying them...not at all the case. Together, these companies that have invested heavily in Nikola enable vertical integration. Fun Fact: Just as how Nikola is using another OEM to manufacture the Badger, Tesla also used another OEM to build one of their vehicles. It was their very first vehicle...the Roadster. The OEM was Lotus, but notice I said “used another OEM to build” the Roadster. I didn’t say “manufacture”. The point here is that Testa didn’t do everything themselves as Nikola haters dog the company for. 14) The cost to create hydrogen is $13/kg. That's way more than what diesel costs. No company will switch! FACT CHECK: Nikola has dropped the cost of producing hydrogen to below $4/kg . Their hydrogen will also be made onsite, thus removing distribution requirements. Furthermore, Nikola will take advantage of both renewable energy (wind and solar) as well as cheap excess power from the grid...hours where energy companies are actually releasing energy (wasted electricity) due to grid overload during low-usage hours. They also won't be getting power within municipalities, but rather through PPA (Power Purchase Agreements) on main federal transmission lines saving them a ton of money (Source). 15) Trevor Milton sold millions of NKLA shares to buy his $32.5M ranch when Nikola has made ZERO revenue!! FACT CHECK: First, see #4 above. Beyond these shares Trevor had to sell as part of the merger, he cannot sell the rest of his shares as they’re locked up for 6 months post-merger with VectoIQ. Furthermore, Trevor bought the ranch a year before the merger and before VectoIQ and Steve Girsky approached Nikola. Lastly, Trevor made bank from selling dHybrid to Worthington Industries. The seed money from Worthington to start Nikola was separate from Worthington's purchase of dHybrid. 16) PIPE investors are going to sell their shares! The disparity between NKLA and NKLAW will tank the stock! SELL NOW!! FACT CHECK: Please see this piece that I wrote, which addressed this fear mongering by naysayers. Post-Warrants Edit: NKLA continues to trade above its IPO price. The downward pressures from the warrants are now gone and none of the PIPE investors have signaled dumping their stocks. 17) The Badger is just a GM EV rebadging of the Silverado. 100% GM technology with a Nikola badge! I can't believe Nikola gave GM 11% stake of their company for this! FACT CHECK: The Badger will utilize GM's powertrain (Ultium battery tech and Hydrotec fuel cell stack technology), but the rest of the truck is Nikola's IP/design. Furthermore, the two existing prototype Badgers were completely made by Nikola without GM's help and will be revealed during Nikola World 2020. GM will then engineer their tech with Nikola's tech/design, test, validate, and manufacture the pickup truck. See this Tweet from Trevor: >Nikola to share hardware like ASILD Inverters, batteries and other validated parts. Nikola will always own; the brand, cab, chassis modifications, infotainment, controls, OTA, sales, service and warranty & customer interaction. GM to help us build it to last and cut cost. This interview explains a lot more about the partnership between Nikola and GM. I also encourage you to read the 8-K filing. It’s not that long of a read and shows what’s part of this deal beyond just the Badger, which justifies the 11% stake. The partnership with GM on the Badger is also only good for 6 years. After that, Nikola would be free to manufacture the Badger themselves once they have a factory and the capital to do so by then. Their next-gen battery would surely be ready by then as well. 18) Nikola's Director of Hydrogen Production/Infrastructure is Trevor Milton's brother who was just your average joe construction worker, You've got to be kidding me! FACT CHECK: Trevor's brother Travis Milton is Nikola’s Director of Hydrogen Production/Infrastructure; however he doesn’t have to know much about hydrogen technology to do what he does as Nikola hydrogen supplier is Nel Hydrogen. I assume his role is to find industry experts, such as Nel, and oversee Nikola’s contracts with them. Furthermore, there’s actually other hydrogen-related executives in the company (see pg. 16 of this prospectus presentation filed with the SEC). You have Dale Prows as Head of Hydrogen Supply Chain and Livio Gambone as Head of Hydrogen Storage. Also, check out these recent hires. They added Pablo Koziner, who came from and was an executive at Caterpillar, to be the Nikola Energy President overseeing stations and energy. 19) Nikola faked the Nikola One video...LMAO! They even admitted to it! FACT CHECK: Yes, the Nikola One in this 2018 video did not drive in its own propulsion, hence the title "Nikola One Electric Semi Truck in Motion". The allegation is that Nikola fooled its investors. The truth of the matter is that Nikola's investors at the time were private investors as Nikola was still a pre-IPO company (Nikola Motor Company), to include Bosch and Nel. In Nikola's own words, "Nikola investors who invested during this period, in which the Company was privately held, knew the technical capability of the Nikola One at the time of their investment." Furthermore, Nikola's strategic partners have come out in support of the company after shorter Hindenburg Research's desperate hit-job article to support their short position after the GM partnership announcement that sent NKLA up ~50%. Moreover, NKLA investors find this hit-piece irrelevant as what matters now is what Nikola already has (working prototypes as seen on #6 above, strategic partners as listed on #12 above, 800 binding orders for FCEV Nikola semis from Ab inBEv and 2,500-5,000 binding orders for the Nikola Refuse by Republic Services) and what's to come (strategic partnership announcement on building out fueling stations, Badger reservation numbers, Nikola World 2020, and potentially more major binding contracts). — Now that we’ve gotten the baseless arguments out of the way (and I’ll continue to add to them when necessary), I encourage you to go through NikolaCorporation and read through the DD that have already been and continue to be shared. Filter topics by post flairs to find info you’re interested in. Cheers, KaiserCyber
Golden Penny... the return of $ADOM (finally a tip that is not PINK!)
$ADOM a now $0.23 penny stock is resurfacing due to it's sector relationship to Workhorse, Tesla and Nikola During the most recent quarter, 70K shares were bought in insider trading. Annual growth, past 5 years EPS Revenue 198.50% Consensus estimate is higher than previous year actual 14.29% Consensus estimate-$0.07 Previous year actual-$0.07 Adomani Inc $ADOM Consumer Discretionary : Auto Components Adomani, Inc. is engaged in designing, manufacturing and installing electric and hybrid drivetrain systems for use in new school buses and medium to heavy-duty commercial fleet vehicles. The Company also designs, manufactures and installs conversion kits to replace conventional drivetrain systems for diesel and gasoline powered vehicles, electric or hybrid drivetrain systems. The hybrid drivetrain systems are available in both an assistive hybrid format and a full-traction format for use in private and commercial fleet vehicles of all sizes. The Company's product offering includes transit bus, cab-over-engine trucks, walk-in delivery van and shuttle bus. Transit bus offers a range of models, including EV250, EV300, EV350, EV400 and EV450. Cab-over-engine truck is built for a variety of logistic needs. Walk-in delivery van is a commercial vehicle. Shuttle bus is built with a hybrid drivetrain. _____________________________________________________________________ $WKHS has made a 52 week change of 393.54% you know TSLA and NKLA story... -------------------------------- https://finance.yahoo.com/news/adomani-r-joins-national-zero-201500704.html https://finance.yahoo.com/news/adomani-r-signs-letter-intent-130000209.html https://www.marketwatch.com/story/teslas-q2-covid-impacted-sales-will-be-a-catalyst-for-the-stock-next-week-2020-06-26?siteid=yhoof2&yptr=yahoo --------------------------------------- Shares of Workhorse Group Inc. (WKHS) ran up 19% in morning trading, putting them on track for a record ninth-straight gain toward a record high, after the electric van maker announced a $70 million securities purchase agreement from a single institutional investors. The stock has now skyrocketed more than four fold (up 318%) since it last declined on June 17. The company said it agreed to sell to HT Investments MA, LLC $70 million in a senior secured convertible note, which will be convertible into common stock. The notes will bear interest at 4.50% per share and mature on July 1, 2023. Workhorse expects to use the proceeds from the sale of notes to finance the production of its trucks and for general corporate purposes. The stock has soared nearly 10-fold (up 892%) over the past three months. Among other electric vehicle makers, shares of Nikola Corp. (NKLA) has gained nearly 6-fold (up 489%), Tesla Inc. (TSLA) has doubled (up 104%) and Nio Inc. (NIO) has nearly tripled (up 180%). Meanwhile, the S&P 500 has gained 16% the past three months. -Tomi Kilgore For more from MarketWatch: http://www.marketwatch.com/newsviewer (END) Dow Jones Newswires June 30, 2020 09:56 ET (13:56 GMT) Copyright (c) 2020 Dow Jones & Company, Inc. _______________________________
ADOMANI's Commitment to Stakeholders
6:24 pm ET June 25, 2020 (Globe Newswire) Print via NetworkWire - ADOMANI, Inc. (OTCQB: ADOM), a provider of new zero-emission, purpose-built electric vehicles and drivetrain solutions, today released the following statement to its stakeholders: As a business built on promoting cleaner and healthier air for all, ADOMANI wants to express our sincerest concerns about you and your family's health and safety during the COVID-19 pandemic. We know that these are unprecedented and challenging times. We are confident that healthier and prosperous days are just ahead of us. As ADOMANI navigates the current uncharted business climate, we want to assure you that we remain committed to opportunities that improve healthy air quality for all, especially children. We do so by providing zero-emission electric vehicles and drivetrain solutions across many industry sectors. We also reinforce our support for diversity within our operations, from board members to staff, and throughout our communities. We are committed to doing our part to make a better world for future generations. Finally, we want to thank our shareholders, customers, and partners for their support and patience as we continue to build a reliable company and focus on reaching current goals and establishing new ones. We appreciate your investment and dollar-cost averaging during the recent ebbs and flows of our stock price. The ADOMANI leadership team remains vigilant about their obligations toward our valued shareholders. ADOMANI's Zero-Emission Solutions ADOMANI provides new zero-emission electric vehicles and is a provider of zero-emission electric drivetrain systems for integration in medium to heavy-duty commercial fleet vehicles and re-power drivetrain system conversion kits for replacement in combustion-powered vehicles. Our zero-emission electric vehicles are focused on reducing the total cost of vehicle ownership. We help fleet operators unlock the benefits of green technology while addressing the challenges of traditional fuel price instability and local, state, and federal environmental regulatory compliance in addition to the health benefits that are a resulting benefit of this technology. Our vehicles and drivetrain systems offer optional solutions for telematics for remote monitoring, electric power-export, and various levels of grid-connectivity. The zero-emission products may also scale to include automated charging infrastructure and "intelligent" stationary energy storage. These charging and storage systems enable fast vehicle charging, emergency back-up facility power, and access to the developing, grid-connected opportunities for the aggregate power available from large battery pack groups. ADOMANI NEWS ADOMANI Delivers All-Electric Logistic Van to SnowCap Community Charities in Portland, Oregon ADOMANI Staff Resumes Operations at its Corporate Offices and Locations ADOMANI Signs Letter of Intent to Purchase, Assemble and Distribute ev Transportation Services' FireFly ESV Vehicle ADOMANI and Amperics Collaborate to Fulfill Purchase Order from Established Law Enforcement Electronics Vendor INDUSTRY NEWS California Climate Investments is a statewide initiative that puts billions of cap-and-trade dollars to work reducing greenhouse gas emissions... An alliance of major investors overseeing $2.4 trillion has committed to making portfolios entirely carbon-neutral by 2050 Wire Service Contact NetworkWire (NW) New York, New York www.NetworkWire.com 212.418.1217 Office [email protected] https://ml.globenewswire.com/media/8c7040fa-1ca1-494b-91bd-255b88694e0f/small/adomani-logo-png.png
Lost in the Sauce: Intel IG fired, White House lawyer nominated to oversee pandemic funds
Welcome to Lost in the Sauce, keeping you caught up on political and legal news that often gets buried in distractions and theater… or a global health crisis. In this issue, we cover the big stories - like Trump's war on the independence of inspectors general - and the overlooked stories, like Republicans using the coronavirus to curtail voter turnout by making voting dangerous and the Trump's oil industry lovefest. House-keeping:
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Let’s dig in!
Decapitating the Intel Community
There are now no Senate-confirmed officials at the top of the Office of the Director of National Intelligence. On Friday night, President Trump informed Congress that he is firing the Inspector General (IG) of the Intelligence Community, Michael Atkinson, explaining that he no longer has “the fullest confidence” in Atkinson. However, when asked about the matter on Saturday, Trump admitted that Atkinson’s removal was part of a months-long purge of officials who took part in the impeachment inquiry:
Trump: “I thought he did a terrible job, absolutely terrible...He took a whistleblower report, which turned out to be a fake report - it was fake… he took a fake report and he brought it to Congress with an emergency. Not a big Trump fan, that I can tell you.” (video)
To circumvent a law that requires that the Senate and House Intelligence Committees be notified 30 days before firing the IG, Trump put Atkinson on administrative leave effective immediately.
Last fall, as an independent watchdog, Atkinson followed the law by providing Congress the whistleblower complaint alleging that Trump withheld aid to pressure Ukraine into announcing an investigation of Joe Biden and his son Hunter. The House Intelligence Committee used the complaint to launch the impeachment inquiry.
The president has long discussed his desire to fire several inspectors general, and he has been talking to aides about his desire to oust Mr. Atkinson since last fall, tarring the inspector general as disloyal because he sought to share information with Congress about the president’s efforts to pressure Ukraine into delivering him personal political benefits. Mr. Atkinson’s fate was sealed after the trial on impeachment charges ended, said one Trump administration official, who spoke on the condition of anonymity to discuss a delicate matter. (NYT
UPDATE: Last Sunday night, Atkinson released a statement raising the alarm to Congress that he was ousted for “having faithfully discharged my legal obligations as an independent and impartial Inspector General.” “In the midst of a national emergency, it is unconscionable that the president is once again attempting to undermine the integrity of the intelligence community by firing yet another intelligence official simply for doing his job,” Sen. Mark Warner (D-VA) said. The chair of the Council of the Inspectors General on Integrity and Efficiency, Michael Horowitz, released a statement in support of Atkinson:
"Inspector General Atkinson is known throughout the Inspector General community for his integrity, professionalism, and commitment to the rule of law and independent oversight. That includes his actions in handling the Ukraine whistleblower complaint, which the then Acting Director of National Intelligence stated in congressional testimony was done 'by the book' and consistent with the law."
Atkinson’s letter Just two weeks ago, Atkinson wrote a letter to Senate Minority Leader Chuck Schumer warning about backlash to whistleblowers, with the firing of Lt. Col. Alexander Vindman in mind:
”As you know, the past six months have been a searing time for whistleblowers and for those who work to protect them from reprisal or threat of reprisal for reporting alleged wrongdoing. People may spend their entire careers publicly encouraging whistleblowers to come forward and sound the alarm if they observe suspected abuse or wrongdoing in the federal government… Those repeated assurances of support for whistleblowers in ordinary matters are rendered meaningless if whistleblowers actually come forward in good faith with information concerning an extraordinary matter and are allowed to be vilified, threatened, publicly ridiculed, or -- perhaps even worse -- utterly abandoned by fair weather whistleblower champions. It is precisely when the stakes are highest, and the conditions searing, that public officials must well and faithfully discharge the duties of their offices.”
Pandemic fund oversight
New IG nomination Just hours before firing Atkinson, Trump nominated White House lawyer Brian Miller to serve as the IG overseeing the Treasury Department’s distribution of the $2 trillion coronavirus relief fund. Miller has ten years of experience as the IG of the General Services Administration, where his oversight of waste, fraud, and abuse cases earned him praise from non-governmental watchdog group CREW. However, after spending some time in the private sector, Miller joined the White House as a special assistant to the president, playing a role in the White House’s response to document requests during the impeachment probe (virtually all of which were stonewalled).
Harry Sandick, a former assistant U.S. attorney in the Southern District of New York: “It’s antithetical to oversight to have someone with a tight connection to the White House. It seems weird to have a White House lawyer play this role.” (WaPo)
Trump has already proclaimed that he will be “the oversight” (video) of the $2 trillion fund. By simultaneously firing Atkinson and appointing his own lawyer to the Special IG for Pandemic Recovery position, Trump is sending a clear signal: He will promote his own interests above all others and if you get in the way, you’ll lose your job. Other oversight mechanisms Lawmakers added several layers of protection against abuse of the relief fund, only one of which was the Special IG role that Miller was nominated to fill. In summary:
A five-member Congressional Oversight Commission. Each of the four top congressional leaders gets an appointee with the fifth chosen by Speaker Pelosi and Senate Majority Leader McConnell. Federal agencies are required to turn over any data requested by the commission's chair, but this could run into roadblocks if Trump continues his broad rejection of congressional oversight on the Executive Branch,” Politico explains.
The Special Inspector General for Pandemic Recovery is chosen by the President and confirmed by the Senate. Trump nominated Brian Miller for the position but it is unclear if he will be confirmed. This IG will conduct audits and investigations of loans and other investments made by the Treasury secretary, issuing regular reports to Congress. In his signing statement, Trump said he may attempt to block the IG from sharing these reports with Congress.
The Pandemic Response Accountability Committee, made up of 20 inspectors general, has “broad authority to investigate, audit and probe the implementation of the entire $2 trillion coronavirus rescue package.” A group of IGs voted to appoint Pentagon IG Glenn Fine to lead the committee. In addition to the mandated 8 IGs, Fine added a dozen more.
General congressional oversight from existing committees.
Additionally, Speaker Pelosi created a new bipartisan House Select Committee on the Coronavirus Crisis, to be chaired by Majority Whip Jim Clyburn. “The committee will be empowered to examine all aspects of the federal response to the coronavirus to ensure that taxpayer dollars are being wisely and efficiently spent to save lives, deliver relief and benefit our economy,” Pelosi explained in a statement. Republicans have criticized the panel’s creation, with House Minority Leader Kevin McCarthy suggesting that Pelosi doesn’t trust the House Oversight Committee to do its job. Trump complained about Pelosi’s committee using his favorite phrase for describing oversight: "It's a witch hunt after witch hunt after witch hunt ... We want to fight for American lives, not waste time and build up my poll numbers, because that's all they're doing."
Where is Congress?
Both the House and the Senate are on recess until April 20, leaving the White House in charge. Some lawmakers have pressed McConnell and Pelosi to implement remote voting, allowing them to maintain social distancing while still performing their essential role as the legislative branch of government.
“To say that legislators can’t log votes remotely is ridiculous,” former presidential candidate Andrew Yang told VICE News. “It's going to be necessary at some point soon during this crisis as more and more legislators end up self-quarantining, so they should just get the show on the road right now.”
The arguments against remote voting usually follow two lines: (1) tradition and (2) lawmakers need the personal negotiations in order to craft bipartisan legislation. Another option during the next two weeks that I haven’t seen discussed: virtual hearings. There is no reason House Representatives can’t use a streaming platform to conduct oversight. Instead of firing off letters warning the Trump administration against taking a certain action that Trump has already done, lawmakers could bring the issue to the public via the magic of the internet. It’s 2020, university lectures are regularly held online; oversight hearings can be held online as well.
In the middle of a global pandemic, during a week when 7,000 Americans died from the virus, Trump nominated a controversial judge to fill an influential vacancy in the DC Court of Appeals. Justin Walker has served only five months as a District Court Judge in Kentucky and was given an “unqualified” rating from the American Bar Association last year. However, Walker is a friend of Sen. McConnell and a former clerk of Justice Brett Kavanaugh. During Kavanaugh’s contentious confirmation hearings, Walker conducted 162 media interviews defending Kavanaugh and his character. McConnell delayed the Senate’s vote on the first phase of coronavirus relief in order to go to Kentucky with Kavanaugh to attend a swearing-in ceremony for Walker (photo). Walker is nominated to fill the seat of Judge Thomas B. Griffith, a G.W. Bush appointee who is set to retire. Shortly after Griffith announced his intent to retire, reports surfaced that McConnell was reaching out to Republican-appointed judges to press them into retiring before November.
Christopher Kang, chief counsel of Demand Justice: “The nomination of a Mitch McConnell crony, who has been rated unqualified by his peers, to the second highest court in the country is beyond suspicious… We need an immediate investigation into whether McConnell manufactured this vacancy by unethically pressuring Judge Thomas Griffith to retire now.”
Democrats are beginning to plan a fourth coronavirus relief bill to take up when Congress returns from recess at the end of the month. One of the biggest sources of tension looks to be a battle over voting by mail this fall, which Democrats and voting rights groups argue is necessary to prevent further spread of the coronavirus. Sens. Klobuchar and Wyden introduced legislation (pdf) over three weeks ago, called the Natural Disaster and Emergency Ballot Act, to expand early voting and no-excuse absentee vote-by-mail to all states (supported by federal funding). Now, they’re pushing for it to be integrated into the relief bill:
“In a worst case scenario communities may be facing the choice of either voting by mail or not voting at all,” added Wyden. “We’re already going in this direction and now we’re in the middle of a pandemic and I think this is a very different time.”
Republicans are pushing back on the idea, saying it is too early to consider taking such measures. Sen. Lamar Alexander (R-Tenn.) even implied that it’s not too much to ask for Americans to risk their lives to vote: “Around the world we’ve had people in new democracies go to vote when their lives were at risk because the right to vote was so precious.” Trump gets involved Meanwhile, the RNC and Trump’s campaign network are launching a multimillion-dollar effort to block Democrats from changing the voting rules. Tipping their hand, “Trump advisers said they’re open to certain changes, such as automatically sending absentee ballot applications to voters over age 65. But they’re opposed to other moves Democrats are pushing, such as sending every voter a ballot regardless of whether they ask for one, which Republicans argue would open the door to fraud.” During Friday’s Trump rally coronavirus task force briefing, Trump asserted that Democrats only want mail-in voting so they could “cheat.”
I think a lot of people cheat with mail-in voting. I think people should with ID -- voter ID. The reason they don’t want voter ID is because they intend to cheat .When you get something, when you buy something, you look at your cards and credit cards and different cards - you have your picture on many of them. Not all of them, but on many of them. You should have a picture on your - on your - for voting. It should be called 'Voter ID'. They should have that. And it shouldn't be mail-in. It should be: you go to a booth and you proudly display yourself. You don’t send it in the mail where people pick up - all sorts of bad things can happen by the time they sign that if they sign that, if they sign that - by the time it gets tabulated. No. it shouldn’t be mailed in, you should vote at the booth, you should have voter ID because when you have voter ID it’s the real deal. (video)
House Intelligence Committee Chairman Adam Schiff pushed back: “After being caught trying to cheat in the next election, Trump opposes vote by mail over concerns about ‘cheating.’ Nonsense. He prefers making voting dangerous for millions of Americans if it helps his re-election. Every American must be able to cast a secure ballot by mail.” Indeed, Trump appears to think voting by mail is great… when it’s for him and his family. Just hours after railing against the idea during the briefing, news broke that Donald and Melania requested a vote-by-mail absentee ballot for the Florida Republican presidential primary. The truth of the matter is what Trump himself admitted on Fox News last week: Allowing widespread voting by mail would allow more people to vote, hurting Republican chances at winning. Referring to the expansion of mail-in voting in the Democrats’ proposal, Trump said: "The things they had in there were crazy. They had levels of voting, that if you ever agreed to it you'd never have a Republican elected in this country again."
Further reading: Despite Coronavirus Lockdown, Wisconsin Republicans Insist on an Election that Will Disenfranchise Thousands
Further reading: “...he linked high voter turnout to Republicans losing elections. In recent years, Republicans have vigorously erected barriers to voting… But seeking to take advantage of a deadly epidemic to depress turnout is a new low. It suggests that Mr. Trump thinks his best chance for a second term rests not with his handling of the pandemic crisis, but in Americans staying away from the polls because they fear for their health.”
Stay at home
All but nine governors have issued stay at home or shelter in place orders in the U.S. The states without even partial orders from some counties or cities include North Dakota, South Dakota, Nebraska, Iowa, and Arkansas. Three states have stay at home orders in certain localities, but not the entire state: Oklahoma, Utah, and Wyoming. Meanwhile, South Carolina has skirted the line, ordering non-essential businesses to close but stopping short of ordering people to stay home. All nine states are run by Republican governors. Two studies have confirmed what should be obvious by now: Republican governors were slower to implement social distancing restrictions to combat the spread of the coronavirus. One of these studies, from the University of Washington (pdf), concludes that these delays are expected to result in "significant" consequences.
If Republican governors and states with Republican majorities continue to lag behind, the cumulative impact on those states, and on the country as whole through spillovers, could be vast.
When pressed for an explanation for not issuing shelter in place orders, some pointed to the lack of instructions from Trump and the CDC: “Aides to several of the Republican governors said the only persuasion that was likely to move their positions was specific guidance from the President.”
Further reading: Orlando Sentinel “DeSantis quietly signs second order overruling all local coronavirus orders, including church bans,” The Hill “GA mayor slams Kemp's executive order reopening state's beaches”
ABC News: At least 11 states are currently enforcing statewide stay-at-home orders or bans on mass gatherings with some version of a religious exemption. Six of those states are led by Democratic governors, five by Republicans – but the motivating principle behind the exemptions is largely the same. Religious institutions are widely believed to be protected from such regulations by the concept of separation of church and state protected in the First Amendment.
Last week, the Navy relieved Capt. Brett Crozier from his command of the Roosevelt, an aircraft carrier that was beset by the coronavirus. Cozier sent a letter to Navy leadership earlier in the week pleading for help for the 5,00 crewmembers stuck on the contaminated ship. Though the official reason for his removal was for sending the letter over "non-secure unclassified email" to a "broad array of people" rather than up the chain of command. Crozier received a heartfelt send-off from his crew for putting his career on the line to save their lives (video). The Trump administration has not been so kind. Both Secretary of Defense Esper and President Trump defended the decision to remove Crozier, even though the captain himself and at least 155 members of the crew have since tested positive for COVID-19. On Saturday, Trump said: "He wrote a letter… that’s not appropriate… I thought it was terrible what he did. To write a letter? I mean, this isn't a class on literature." Meanwhile, the Pentagon has ordered all military installations across the globe to stop publicly announcing coronavirus cases among their personnel. As Mother Jones pointed out, the Defense Department has been consistently tamping down on transparency since Esper’s confirmation.
Using the pandemic as cover, the Trump administration gutted Obama-era fuel economy standards that would have encouraged automakers to ramp up production of electric vehicles and more fuel-efficient gas and diesel vehicles. The EPA and National Highway Transportation Safety Administration released an analysis in which they admit the rollback will mean a future with about 10,000 fewer auto industry jobs per year. The administration apparently determined that a trade off was worth it: “the proposed loosening of standards, resulting in a 1 percent reduction in annual employment, could save the automakers $15 billion.”
Obama’s corporate average fuel economy (CAFE) standards would have reduced emissions from cars and light trucks by 6 billion tons (cutting their emissions by half), reduced oil consumption by 2 million barrels a day, and saved Americans a cumulative $1.7 trillion in fuel costs.
Combined with the EPA’s announcement two weeks ago that it will not enforce pollution reporting during the pandemic, the lax mileage standards will pollute the atmosphere, lowering air quality at a time when public health should be the number one priority.
"Clearly we'll have more pollution, and that will mean more people with asthma, more people with chronic obstructive pulmonary disease," said Georges Benjamin, executive director of the American Public Health Association. "It's going to make the health of those populations who are exposed much worse." “This suspension of enforcement during the ongoing COVID-19 health crisis is irresponsible and neglects the Agency’s core mission to protect public health,” lawmakers in the House Sustainable Energy and Environment Coalition (SEEC) wrote in a letter spearheaded by Rep. Mike Quigley (D-Ill.).
Concurrently, Trump is meeting with oil industry executives and directing his cabinet to find ways to help U.S. oil companies stay above water as prices drop by about two-thirds. In addition to hosting industry groups and CEOs at the White House, Trump reached out to the Saudi Crown Prince and Putin to try to resolve a dispute between their two countries:
Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry! …..Could be as high as 15 Million Barrels. Good (GREAT) news for everyone!” (tweet)
Note: “A law firm that previously employed President Donald Trump’s interior secretary has, for several years, represented Saudi Arabia, the petroleum-rich nation that recently launched an oil price war that could bankrupt U.S. fossil fuel producers… Interior Secretary David Bernhardt was an attorney and shareholder at BHFS before joining the Trump administration in August 2017, lobbying on behalf of oil, gas and mining interests that are now benefiting from the administration’s aggressive environmental rollbacks. The lobbying giant’s domestic clients include oil and gas interests that have been hit hard by the oil market crash.”
Here are some articles that I couldn’t include in the write up above:
Forbes: Trump’s Net Worth Drops $1 Billion As Coronavirus Infects The President’s Business
NYT: Trump’s Company Seeks to Ease Financial Crunch as Coronavirus Takes Toll. As companies nationwide look for relief, the Trump Organization has talked with Deutsche Bank and a Florida county about delaying payments on some loans and other obligations.
WaPo: Trump Organization has laid off about 1,500 employees as pandemic hits business
Intercept: Coronavirus Hasn’t Stopped Jared Kushner’s Real Estate Empire from Hounding Tenants with Debt Collection, Eviction Lawsuits
Politico: Kushner company stands to benefit from freeze on federal mortgage payments. With more than $800 million in federally backed properties, Kushner Companies could reduce its payments to zero under provisions of the recovery bill.
NBC: The co-founder of a huge private equity firm sent an email this week to Jared Kushner and other Trump administration policymakers seeking to relax rules on coronavirus relief money in a way that would benefit the company, according to sources familiar with the matter. Kushner's family real estate business has financial ties to the company, Apollo Global Management.
The Hill: A federal judge filed an opinion on Monday ruling that a fraud case against President Trump’s hotel company can continue. U.S. District Judge Edgardo Ramos, an Obama appointee, decided a former business partner of Trump International Hotels Management could amend its lawsuit against the company to include claims of fraud and breach of contract
Law & Crime): Federal Judge Who Slammed AG Barr Obtains Unredacted Version of Mueller Report [Note this is for the judge’s review only, not public release]
Native News: Reacting to an order to disestablish the tribe’s reservation, the Mashpee Wampanoag Tribe on Monday asked a federal court to issue an emergency restraining order to prevent the Dept. of Interior from removing the tribe’s land trust status.
NBC News: Texas 5th Circuit abortion ruling reveals how GOP using coronavirus to oppress women
Politico: ‘It's a sh-- sandwich': Republicans rage as Florida becomes a nightmare for Trump… Privately, Republicans admit that the $77.9 million system that is now failing Florida workers is doing exactly what Scott designed it to do — lower the state’s reported number of jobless claims after the great recession.
Tampa Bay Times: Ron DeSantis was warned about Florida’s broken unemployment website last year, audit shows
Seattle Times: Washington state nonprofit files lawsuit saying Fox News misled viewers about coronavirus
CNN: Inmates sue for soap and paper towels as coronavirus spreads in jails
https://preview.redd.it/lizn4g6lqai51.jpg?width=1080&format=pjpg&auto=webp&s=4f995986443837d33df7cbaccba7dbc12ac16ac5 To every motorcycle rider, their bike is priceless. It is a beloved part of their life, and they did not know what they would do without it. Unfortunately, the motorcycle and automobile marketplace does not count memories as a currency. From a buyer's standpoint, every motorcycle has a cost, and it is important to know how much each one is worth. When a vehicle is priced, there are a few factors that are taken into consideration. Below are a few of them so you can begin to understand how much your bike is worth to a potential buyer if you ever feel like selling it. Sometimes, a special motorcycle needs to be paired with a special set of clothes or gear. If the riding on their favorite motorcycle, then it is not the time to wear any old hand-me-down. Riders who love their bikes and want to look good while on the freeway can buy a pair of mens black leather gloves. But if they already have a vest, they could indulge and add on some biker vest patches. They will be sure to stand out on the road just by wearing these clothing items. https://preview.redd.it/cljwiqqdqai51.png?width=624&format=png&auto=webp&s=0cf93241cbff0cda53ecb5d4c0ba2c9359a025b4 Ask People Who are Knowledgeable Doing the research yourself may seem like a daunting task, but there is nothing easier and more educational than talking to a motorcycle expert. If your motorcycle's manufacturer is still up and running, the owner can email a company and see if builders themselves have anything to say about their bikes. The owner can also ask mechanics who specialize in the motorcycles brand or visit a brand-specific auto shop. If the motorcycle the owner is driving is a special motorcycle, like an antique, they could go to a trade show or a car show to talk to people who love, and are knowledgeable about antique motorcycles. Many enthusiasts know far more about motorcycles from the 1970s and earlier than people who know about motorcycles now. Location Depending on where the motorcycle is from, it can fetch a higher price. Because the standards of different countries can vary for the construction of their motorcycles, different materials or parts can be added or taken away to the motorcycle that doesn't happen in a different country. Some motorcycles are built for diesel while others are built for gas or petrol. Plus, laws dealing with motorcycles change all the time. So if a brand of the motorcycle has a feature that is now outlawed, it could cause much more money. And depending on where the owner lives, they may need to have different styles of clothing to accommodate the different forms of weather in the area. If it is rainy and cloudy all year round, then they should have a pair of waterproof motorcycle pants. They should have this article of clothing because nothing is worse than driving around on the freeway with a pair of wet underwear! Or they could even have an entire motorcycle rain suit. With this suit, they will be able to stay dry from their neck up down to their feet! https://preview.redd.it/d4mp9s9iqai51.png?width=624&format=png&auto=webp&s=8b0d8d10dab006c92ef9fff3c8bd0a55647d5296
Check Out the Prices of Similar Motorcycles
There are many different sites a motorcyclist can use to gather information on the price of their motorcycle. These websites include AutoTrader, Craigslist, eBay, Google, Kelley Blue Book, and many others. When searching through these websites, the person who is searching should create a folder on their browser and save all the pages that are relevant to their motorcycle. By doing this, the seller can have a complete list of prices all over the Internet that can help them determine the value of their motorcycle. So now you know a few methods on how a motorcycle is valued. By implementing these methods yourself, you can understand the words of your motorcycle and see if you can get a higher price in different markets. But no matter if you sell your motorcycle or get a new one, you should always have on the correct gear in order to drive it. If you need brand new or better gear, go to www.wickedstock.com so you can have the right gear to ride the bike you love so much. Like us on Facebook, Instagram and Twitter to get more tips on motorcycle trends! Content is originally posted at https://wickedstock.com/know-the-value-of-your-motorcycle/
Lotus Plans To Obliterate The Bugatti Chiron's 12.4-Second 0-186 MPH Time:
The Lotus Evija, the 2,000-horsepower electric flagship that will pioneer the next-generation of sports cars from the automaker, is not targeting low-speed acceleration. Lotus wants its car to beat the supercars where they thrive—closing in on 200 mph as fast as possible.
Pick of the Day: 1978 Porsche 930 Turbo in a rare color combination
Ferrari bring forward car upgrades for Styrian Grand Prix
Ferrari are bringing forward some planned upgrades to their car after a disappointing showing at the season-opening Austrian Grand Prix. Lead driver Charles Leclerc was runner-up on Sunday, but the car was a second off the pace in qualifying seventh. Source: https://www.bbc.com/sport/formula1/53309834
Nissan highlights future plans for India, Africa and the Middle East
Nissan hasn’t launched an exciting new product in India for a while now. Sure, the ‘new’ Kicks gets a powerful engine but it’s still not something the masses would go gaga over. The only other model in their current lineup is the GT-R, and that’s not what you’d call a widely attainable car. Now though, things are about to change. Nissan aims to put a lot more focus towards India, Africa and the Middle East as part of its Global Transformation Plan. Source: https://www.evoindia.com/news/nissan-highlights-future-plans-for-ami-markets
Renault Kwid records 3.5 lakh unit sales milestone, new BS6 variant available
Volvo Cars recall eight models produced from 2006 to 2018
Eight Volvo car models have been recalled globally over problems with the front seat belt fastening. A spokesperson for the firm told Belfast Live: "Investigations by Volvo Cars have identified that in very rare cases and under specific circumstances, a flexible steel cable connected to the front seat belts on certain Volvo models produced between 2006 and 2018 may under certain rare circumstances suffer from wear and fatigue over time. Source: https://www.belfastlive.co.uk/news/belfast-news/volvo-cars-recall-eight-models-18548932
Lexus unveils new LS luxury sedan, likely to be launched by end of 2020
https://www.bhp.com/our-approach/work-with-us/supporting-our-people-and-our-communities-through-covid-19/ BHP is an important contributor to the Australian economy, through the jobs we create, the taxes we pay and the resources we produce. To ensure we do our part to support Australia through the COVID-19 pandemic, the health and safety of our employees is our first priority. Our second priority is to ensure we remain a sustainable contributor to the world. BHP is putting on extra roles to support our people and our business through this uncertain time. We’re engaging 1,500 additional people through labour hire partners and existing BHP contracts for a six month period across all our operations in Australia. We’re looking for people with a wide range of skills to fill the following roles:machinery and production operators, truck and ancillary equipment drivers, excavator operators, diesel mechanics boilermakers, trades assistants, electricians (HV and auto), cleaners and warehousing roles. Experienced operators and new to industry candidates are welcome to apply. Phase one of recruitment is now open with the below companies. Please contact them directly if you’re interested in one of these 6 month opportunities, for permanent roles pleaseclick here. All States Chandler MacLeodCoreStaffHaysWorkPac Olympic Dam Mine | South Australia One KeyVimba WartaKokatha
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