‘Inconvenient’ Fact: Morgan Stanley Says Electric Cars Create More CO2 Than They Save

‘Inconvenient’ Fact: Morgan Stanley Says Electric Cars Create More CO2 Than They Save:

“Whilst the electric vehicles and lithium batteries manufactured by these two companies do indeed help to reduce direct CO2 emissions from vehicles, electricity is needed to power them.  The carbon emissions generated by the electricity required for electric vehicles are greater than those saved by cutting out direct vehicle emissions.

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The Madness Is Back: Homeowners Take Out Mortgages To Buy Bitcoin, Cars And Wine

Continue to prepare for collapse.

The Madness Is Back: Homeowners Take Out Mortgages To Buy Bitcoin, Cars And Wine:

It’s been about a decade since the term “mortgage arbitrage” made headlines. It’s back.

In the clearest sign yet of just how late far the investing cycle the developed world finds itself, the FT writes that wealthy British homeowners are again borrowing against their property to invest in bonds, equities, alternative investments or commercial property as the low cost of debt creates opportunities for “mortgage arbitrage”. And while taking out a mortgage to invest in “safer” arbs like corporate bonds, commercial real estate or private equity would be at least understandable, if not excusable, in the current low-yield regime, some more extreme “investment” decisions suggest that the madness and euphoria that marked the peak of the last asset bubble is back: because while growing numbers are prepared to risk using their primary residence as collateral, some are ready to gamble on extremely volatile assets like bitcoin, wine and cars.

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General Motors Auto Sales Crash, Dealer Inventory Near All Time High

GM Auto Sales Crash, Dealer Inventory Near All Time High:

It was expected to be a bad quarter for General Motors. It ended up being abysmal.

GM reported that July auto sales crashed by a whopping 15%, nearly double Wall Street’s already depressed expectations of a 8% drop, and with GM mothballing production across the country to catch up with lagging demand, it still sold only 226,107 vehicles as a result of double digits drops in Chevy, Build and Cadillac Sales of 15.3%, -30.5% and -21.7%, respectively. The only “good” performer was GMC, which dropped by “only” 7.3% Y/Y.

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Germany orders recall of 22,000 Porsches over emissions cheating (Update)

Berlin orders recall of 22,000 Porsches over emissions cheating (Update):

Germany on Thursday ordered luxury car brand Porsche to recall 22,000 vehicles across Europe over emissions test cheating amid a widening election-year scandal.

Transport Minister Alexander Dobrindt told reporters that “illegal” software disguising the true level of polluting emissions had been discovered in Porsche’s Cayenne and Macan models, which must now be fixed.

“We will order a legally binding recall for these vehicles, just as we have in other cases,” he said.

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Volvo goes electric, ditches cars powered solely by gas

Volvo goes electric, ditches cars powered solely by gas:

HELSINKI (AP) — Volvo says it will only build electric and hybrid vehicles starting in 2019, making it the first major automaker to abandon cars and SUVs powered solely by the internal combustion engine.

CEO Hakan Samuelsson said the move was dictated by customer demand. It means that in two years, all new Volvo vehicles will have some form of electric propulsion. The rest of the auto industry is likely to make similar moves in a few years, said Sam Abuelsamid, senior analyst for Navigant Research, with luxury automakers leading the way.

H/t reader squodgy.

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Jay Leno Takes Joyride in Divergent3D’s “3D Printed Supercar” Jay Leno’s Garage

Jay Leno Takes Joyride in Divergent3D’s “3D Printed Supercar”:

Jay Leno’s Garage takes a spin in the world’s first 3D printed environmentally friendly supercar: the Divergent Blade.

If you’re interested in cars, you likely know all about Jay Leno’s Garage. If not, this is an Emmy-winning TV show in which the former late night talk show host and comedian reviews and tinkers with unique automobile designs.

Recently, Leno took a joyride in the Divergent Blade, the “world’s first 3D printed supercar”. Developed by the California company Divergent 3D, this environmentally friendly vehicle has already been around for quite some time.

Although it was released at the Pebble Beach Concours in California back in 2015, it’s still causing a stir around the automotive industry. The car has a 720-horsepower Mitsubishi Evo engine and has a top speed of around 320 km/h (200 mph).

H/t reader kevin a.

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Tesla Stock Slips After German Watchdog Warns Self-Driving Cars Unsafe

Tesla Stock Slips After German Watchdog Warns Self-Driving Cars Unsafe:

Tesla stock price is extending its declines from yesterday’s tumble after reports that Tesla’s first generation self-driving cars may not be safe on public roads, the German central vehicle inspection agency said, according to a report in Handelsblatt.

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RECOVERY: Wall Street Wakes Up to #Carmageddon

Wall Street Wakes Up to #Carmageddon:

Auto industry faces “Unprecedented Buyer’s Strike”: Morgan Stanley

After five months in a row of year-over-year declines in auto sales, and therefore after five months in a row of sales that fell below already lowered expectations, the big guns on Wall Street are now seeing the writing on the wall, and are trying to come to grips with it.

“A stretched auto consumer, falling used [vehicle] prices, and technological obsolescence of current cars are ingredients for an unprecedented buyer’s strike,” wrote Morgan Stanley’s auto analyst Adam Jonas in a note to clients.

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How Volkswagen Quietly Stashed Half A Million Rigged Cars Around The Country

How Volkswagen Quietly Stashed Half A Million Rigged Cars Around The Country:

Volkswagen bought back hundreds of thousands of emissions-cheating cars. We just discovered what it has done with them all

As Bloomberg reports, the German automaker agreed last year to buy back about 500,000 diesels that it rigged to pass U.S. emissions tests if it can’t figure out a way to fix them. Except for a handful of 2015 models, VW dealers can’t sell the cars until – and unless – the company comes up with repairs to satisfy regulators. The question they face then is – what to do with the hundreds of thousands of diesel cars it is being forced to buy back?

Well, now we know… the company is hauling them to storage lots across America…

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