A cool slot video done for the Pioneer Bullitt Mustang.
Tuesday, November 30, 2010
Pioneer "Bullitt" trailer video
GM hiring to push electric effort beyond Volt
General Motors said today it would hire 1,000 engineers and researchers in Michigan over the next two years to develop more electric cars and hybrids as it launched its battery-powered Chevrolet Volt.
"Volt clearly demonstrates that we are well on our way and it is especially true when it comes to the electrification of the automobile," GM Chief Executive Dan Akerson said at a ceremony marking the start of production of the plug-in hybrid.
The Volt, which tops the Toyota Prius for fuel economy, is a first-of-its-kind vehicle that GM has touted as a symbol of its commitment to pushing for gains in fuel efficiency and developing new technology.
Akerson drove on stage in the first commercially made Volt at the ceremony to mark the start of the car's production, three years after the automaker announced the closely watched project.
Akerson said GM wanted to be in the forefront of new vehicle technology--starting with the development of powerful battery packs and electric motors--that promises to reduce oil consumption.
The Volt is designed to run for 35 miles on a full charge of its 400-pound lithium ion battery pack supplied by a unit of Korea's LG Chem.
After that, the car is powered by a 1.4-liter engine that gives drivers an estimated 379 miles of driving range.
Some critics had questioned whether the Volt would survive GM's restructuring in bankruptcy in 2009 because of its high cost and the low profit margin on the first shipments of the $41,000 car.
GM North American chief Mark Reuss compared the development of the Volt to a NASA "moon shot." He said the effort, including more than $700 million in new investment, had "created the new soul of GM."
GM will begin shipping the Volt in limited numbers in December. The automaker plans to expand shipments of the Volt to more markets in 2011 and will also start to export the vehicle, Akerson said.
The Volt, which has won honors as Motor Trend Car of the Year and Green Car of the Year, is the first in a number of electric or partly electric cars to arrive over the next two years.
The growing segment also includes the all-electric Nissan Leaf and upcoming rechargeable cars from Toyota and Ford.
GM introduced a concept version of the Volt at the Detroit auto show in 2007 and started production this month at a plant that straddles Detroit and the city of Hamtramck, Mich.
The automaker started development work on the vehicle that would become the Volt in 2006 at the urging of then product development chief Bob Lutz.
The event to mark the start of Volt production is the first major event for GM since its record-setting $23 billion initial public offering of shares earlier this month.
SCX/GTslots special cars
Rich Shanfeld of Great Traditions has commissioned some special edition cars from an artist. He's had them painted, by hand for prizes to be given out during the SCX National Championship race in Philadelphia this weekend. More information can be found at this link about this race.
Michael Schumacher vs. Sebastien Loeb Race of Champions 2010 Tesla Roadster
Michael Schumacher and Sebastien Loeb challenge each other at the Race of Champions 2010 in two Tesla Roadster Sport 2.5 RoC Editions.
Labels:
Battery Electric Car,
EV Technology,
Motorsport,
tesla
Passing of a slotbrother
It's been reported by a member of Slot Car Illustrated.com that Bruce "Da Vols" Kramer has passed away of a stroke. Bruce has been a member on a number of message boards and his posts were enjoyed by a number of us that enjoy this hobby.
Rest in peace Bruce.
Rest in peace Bruce.
Monday, November 29, 2010
New Fly Riley/bodies coming
Labels:
Daytona 24,
Daytona Prototype,
Fly,
Flyslot,
Riley
Intercontinental LeMans Series Schedule
BRASELTON, GA (Monday, November 29, 2010) -- The Automobile Club de l’Ouest (ACO) today confirmed that the two premier races on the American Le Mans Series presented by Tequila Patrón 2011 schedule would be featured as part of the prestigious Intercontinental Le Mans Cup championship next season.
The Series’ season-opener -- the 59th annual Mobil 1 Twelve Hours of Sebring presented by Fresh from Florida (March 19) -- will be the first race of the 2011 ILMC championship and Petit Le Mans (October 1) will be the sixth race of the seven event global championship format.
“Having our two showcase events – the 12 Hours of Sebring and Petit Le Mans – as key components to the prestigious Intercontinental Le Mans Cup will raise these two great races even further in stature on the global stage,” said Scott Atherton, President and CEO of the American Le Mans Series presented by Tequila Patrón. “We look forward to the many corporate partner opportunities and renowned race teams that these events will attract as we play a vital role in establishing the ILMC as one of the premier motorsport competitions in the world.”
The 2011 six-race 2011 ILMC calendar includes:
1. Sebring 12 Hours (Florida USA) March 19
2. Spa-Francorchamps 6 Hours (BEL) May 8
3. Le Mans 24 Hours (FRA) June 11-12
4. Imola 6 Hours (ITA) July 3
5. Silverstone 6 Hours (GBR) September 11
6. Petit Le Mans (Georgia, USA) October 1
7. 6-Hours race to be organized in China (name defined in relation to circuit) November 12
The inaugural 2010 ILMC season included one race from each of the ACO sanctioned Le Mans series’ - Silverstone (Europe); Road Atlanta’s Petit Le Mans (North America); and Zuhai, China (Asia). Petit Le Mans with record race week crowd in excess of 124,000 saw Peugeot’s Team Total claim the 10-hour/1,000 mile endurance title among a diverse and prestigious international grid.
Series teams and factory efforts that competed in at least one Intercontinental Le Mans Cup race last year were Drayson Racing, Jaguar’s RSR, BMW’s Rahal Letterman, Ferrari’s Risi Competizione and Porsche’s Flying Lizard Motorsports. In addition, Flying Lizard regular season drivers Patrick Long and Joerg Bergmeister placed best in GT class at Zuhai in Porsche’s 911 GT3 R Hybrid that ran as unclassified due to its hybrid status. Drayson Racing competed in all three events and placed third overall in the ILMC championship.
The Series’ season-opener -- the 59th annual Mobil 1 Twelve Hours of Sebring presented by Fresh from Florida (March 19) -- will be the first race of the 2011 ILMC championship and Petit Le Mans (October 1) will be the sixth race of the seven event global championship format.
“Having our two showcase events – the 12 Hours of Sebring and Petit Le Mans – as key components to the prestigious Intercontinental Le Mans Cup will raise these two great races even further in stature on the global stage,” said Scott Atherton, President and CEO of the American Le Mans Series presented by Tequila Patrón. “We look forward to the many corporate partner opportunities and renowned race teams that these events will attract as we play a vital role in establishing the ILMC as one of the premier motorsport competitions in the world.”
The 2011 six-race 2011 ILMC calendar includes:
1. Sebring 12 Hours (Florida USA) March 19
2. Spa-Francorchamps 6 Hours (BEL) May 8
3. Le Mans 24 Hours (FRA) June 11-12
4. Imola 6 Hours (ITA) July 3
5. Silverstone 6 Hours (GBR) September 11
6. Petit Le Mans (Georgia, USA) October 1
7. 6-Hours race to be organized in China (name defined in relation to circuit) November 12
The inaugural 2010 ILMC season included one race from each of the ACO sanctioned Le Mans series’ - Silverstone (Europe); Road Atlanta’s Petit Le Mans (North America); and Zuhai, China (Asia). Petit Le Mans with record race week crowd in excess of 124,000 saw Peugeot’s Team Total claim the 10-hour/1,000 mile endurance title among a diverse and prestigious international grid.
Series teams and factory efforts that competed in at least one Intercontinental Le Mans Cup race last year were Drayson Racing, Jaguar’s RSR, BMW’s Rahal Letterman, Ferrari’s Risi Competizione and Porsche’s Flying Lizard Motorsports. In addition, Flying Lizard regular season drivers Patrick Long and Joerg Bergmeister placed best in GT class at Zuhai in Porsche’s 911 GT3 R Hybrid that ran as unclassified due to its hybrid status. Drayson Racing competed in all three events and placed third overall in the ILMC championship.
Labels:
American LeMans Series,
LeMans,
LeMans 24 Hours
New Carrera D132 accessories arrive in North America
Most of the DIGITAL132 accessories have now arrived in the Carrera of America warehouse in New Jersey!
The Pitlane (*30356-see below) is scheduled to arrive next week as are the extra borders for the track pieces associated with the new accessories.
30353-Driver Display
30354-Start Light
30357-Position Tower
30356-Pitlane
30352-Control Unit
... and join the Carrera Facebook page at this link!
The Pitlane (*30356-see below) is scheduled to arrive next week as are the extra borders for the track pieces associated with the new accessories.
30353-Driver Display
30354-Start Light
30357-Position Tower
30356-Pitlane
30352-Control Unit
... and join the Carrera Facebook page at this link!
Saturday, November 27, 2010
Batman slot racing!
Holy crap this rocks! Batman and Robin are slot racing in this video!
Boeing Announces Mass Production Of 39.2% Efficient Solar Cell
The Boeing Company has announced it is commencing mass production of its high efficiency solar cell, the C3MJ+. Boeing claims a conversion efficiency of 39.2 percent, the industry’s highest-efficiency cell.
Don't expect to see these solar cells in regular solar panels though - the C3MJ+ is a concentrator photovoltaic (CPV) cell. CPV systems focus sunlight onto a small area of solar photovoltaic materials to generate electricity and are most commonly used in utility scale solar farms.
Spectrolab, a wholly owned subsidiary of Boeing, drew on its 50-year history of manufacturing solar cells for space and terrestrial applications to develop the cell. The company set a new world record for efficiency last year with a test solar cell with a peak conversion efficiency of 41.6 percent.
Russ Jones, Spectrolab director of CPV Business Development, says the company is going into production with essentially the same technology and plan to deliver the first of these 39.2 percent efficient C3MJ+ cells in January.
Boeing says Spectrolab has introduced mass production of a new series of solar cells with increased energy-conversion efficiency each year since 2007.
Spectrolab solar products have powered satellites since 1958 and today Spectrolab solar cells power 60 percent of all satellites orbiting the Earth, as well as the International Space Station, NASA's solar powered Wide-field Infrared Survey Explorer and the Mars rovers, Spirit and Opportunity.
Spectrolab aims to achieve 40 percent average production efficiency for terrestrial solar cells in 2011.
Mitsubishi set to launch plug-in hybrid SUV in 2013
Mitsubishi’s plug-in hybrid SUV will be launched in 2013, according to Yoshikazu Nakamura, senior executive officer of Mitsubishi Motors Corp.'s global electric vehicle business. He said that the SUV will be similar to the Px-MiEV concept car displayed at the 2009 Tokyo auto show. He indicated that the plug-in hybrid is in its final stages of development. The four-wheel-drive Px-MiEV concept features a 1.6-liter four cylinder partnered to a hybrid system with two electric motors -- one for the front wheels and one for the rear. Back then, Mitsubishi has claimed that the Px-MiEV could be driven up to 30 miles in electric mode before switching to gasoline-electric mode.
Mitsubishi said that it will produce its i-MiEV electric vehicle in only three West Coast states and Hawaii when it starts selling in the US in November 2011. Mitsubishi had also revised the name of the vehicle for the US market. It used to be known as the i-MiEV but it is now called the "i powered by MiEV."
The i will be a 2012 model. Nakamura said that on its first year of sales in the US, 43 Mitsubishi dealers in California, Washington, Oregon and Hawaii will sell the i. Nakamura said that Mitsubishi hasn't named its plug-in hybrid SUV, but it will have the "MiEV" moniker. MiEV stands for "Mitsubishi innovative electric vehicle."
Friday, November 26, 2010
Ford Focus Electric Vehicle Spy Shots
Sometime in late 2011, Ford is supposed to start delivering electrified versions of its new Focus to dealerships. While Ford hasn’t given us any “official” pictures of the Focus Electric, these appear to be spyshots of the upcoming electric car.
Due to arrive in late-2011 as a 2012 model, the Focus Electric will use a lithium-ion battery pack sourced from LG Chem. To help keep these batteries cool, the pack will be liquid-cooled to boost both lifespan and performance. Ford is expecting a range of approximately 100 miles, which is on par with the Nissan Leaf electric due soon.
Australian EV to sell for under $10,000
AN AUSTRALIAN-DESIGNED electric car, to be built in China, plans to take on the world with a price under $10,000, an iPad-like dash capable of downloading apps and the promise of never needing liquid fuel.
The Noddy-like EDay hatch, set to debut at July's Melbourne motor show, will arrive next year as 100 lease vehicles, before going on sale in 2012 from $9990 (plus on-road costs). This undercuts petrol-powered competitors by thousands of dollars and is about 14 per cent of the price of the only mass-produced electric car on sale today, Mitsubishi's i-MiEV.
The car, able to travel up to 160 kilometres between charges, has a top speed of just 80km/h and weighs 450 kilograms. It will be the slowest and lightest new car on the market - and the cheapest, something sure to cement its appeal in a segment where shaving a few hundred dollars can boost sales.
The top-secret project is being run by EDay Life, a small Australian company run by former Holden director of innovation and advanced engineering Laurie Sparke and car dealer Robert Lane.
They have formed a team of 20 engineers and are finalising plans to sell the cars in countries as diverse as Malaysia, Hong Kong, Britain and France.
''What we're bringing … is Australian innovative technology,'' Mr Sparke said of the ambitious start-up project. ''We are going to develop the new generation of electric car.''
While the prospect of a start-up taking on the established car makers may seem overly ambitious, Mr Sparke said the size, flexibility and clean-sheet approach had advantages.
Just as fledgling brand Tesla had prompted others to take notice - Toyota has since signed an agreement with the Californian electric car specialist - Mr Sparke predicted a rise of next-generation vehicle makers driven from the IT industry, pointing to the Dell computers business model of lean manufacturing.
He said the new approach allowed engineering flexibility, while Australian ingenuity - often leveraged by US giants Ford and General Motors - and EDay's minuscule size gave it an advantage over established players.
The EDay will also get a touchscreen display to control major functions and the ability to download apps that could include everything from basic vehicle data to vehicle-to-home communications. With production set for a Shanghai plant, with initial capacity of 50,000, EDay plans to sell the cars around the world.
Thursday, November 25, 2010
Newman Slot It
EPA label for Chevy Volt: 93 MPGe EV Mode, 60 MPG Combined
The 2011 Chevrolet Volt received not one but three different mileage ratings from the U.S. EPA today.
On electricity alone, the Volt achieves the equivalent of 93 mpg.
Powered solely by the gasoline engine, the Volt gets 37 mpg.
Running on a combination of electricity and gasoline, the Volt generates the equivalent of 60 mpg, the EPA determined.
General Motors Co. has been touting the Volt for four years now and often refers to it as a technological showcase. The four-passenger car can travel on battery power alone and offers additional driving range when assisted by a 1.4-liter gasoline engine. The car has already received numerous awards, including Green Car Journal's Green Car of the Year. The EPA said the Volt has a 35-mile range on electricity alone and a range of 379 miles with gasoline and electricity. GM had been saying that the Volt had a range of 35-50 miles on one full battery charge.
“We have said that the range is variable on how you drive,” Doug Parks, GM's vehicle line executive in charge of the Volt, said during a conference call today with the press.
The Volt falls into the EPA compact vehicle segment, which includes such vehicles as the Ford Focus, Chevrolet Cruze and Toyota Corolla.The Volt's mpg rating was rated as best in the compact class by the EPA.
Since the Volt is using technology that no other automaker currently offers, a new mileage label was created by the EPA with input from GM.
“The label helps customers understand the uniqueness of the Volt and how it applies to their routine,” said Scott Miller, vehicle performance manager for the Volt.
Label unique to Volt
The Volt is the only 2011 vehicle that will use this label. However, although it has not been determined by the EPA, the label is expected to be used by other automakers that offer similar powertrains, Parks said. The label is not expected to be used for just one model year, discarded and replaced with something different for 2012.
“We are quite pleased with the numbers and the label,” Parks said. “If there was a simpler way, we would have done it.”
The label lists what it calls “charging routines,” essentially estimates for the cost of electricity and gasoline based on the number of miles driven between charges. For example, a Volt owner living in an urban area who travels 30 miles between charges, would use no gasoline, the EPA estimates. The vehicle would consume 10.9 killowatts of electricity for an estimated cost of four cents per mile.
That contrasts with a Volt owner who travels 75 miles between a charge and uses gasoline. The EPA estimates 12.9 killowatts of electricity would be used, in addition to gasoline, for a combined estimated cost of 7 cents per mile. The EPA estimates fuel economy at 69 miles per gallon.
Earlier this month, Tom Stephens, GM's global product chief, said Chevrolet would begin shipping the Volt to dealers as soon as the EPA issued a mileage label for the vehicle. Parks declined to say when shipments would begin, however.
GM's Detroit-Hamtramck assembly plant has built Volts for shipment since early November.
The car will go on sale initially in Michigan, California; metropolitan New York; Austin, Tex.; and Washington, D.C. before it is available in the rest of the country by 2012. It has a base price of $41,000, including shipping, before a $7,500 federal tax credit.
The Volt is the most aerodynamic vehicle GM has produced, Stephens said. GM had said the Volt can travel 25 to 50 miles on battery power alone and offer additional driving range of 310 miles when assisted by a 1.4-liter engine with a full tank of gasoline.
Jay Leno Drives the Jaguar C-X75 Concept Car
Jay Leno was lucky enough to be the first person outside of Jaguar to drive the stunning C-X75 concept car.
Green Overdrive: The Electric Volt Is Here! [video]
In this weeks episode of Green Overdrive Katie Fehrenbacher has a chat to a few interesting people on the Chevrolet Volt stand at the LA Auto Show on the eve of GM beginning deliveries of the Volt to customers sometime between Thanksgiving and Christmas.
Wednesday, November 24, 2010
Slot MiniAuto 74
COMUNICADO DE PRENSA
SLOT MINIAUTO 74 – DICIEMBRE
El nuevo Lola Aston Martin LMP1 de Superslot, es el principal protagonista de la revista Slot MiniAuto del mes de diciembre. Junto a él se destacan en la portada los nuevos Vodafone McLaren Mercedes J.Button de Carrera y el Porsche 997 GT-N de NSR.
Para los más nostálgicos coches muy especiales. Por un lado el Biscuter Voisin de Slot Real Car y los protagonistas de la película Bullit realizados por Pioneer, el Ford Mustang y el Dodge Charger R/T. Además la prueba del nuevo Lamborghini Diablo de Ninco.
En este número comienza la novena edición del concurso COCHE DEL AÑO, con un nuevo formato que lo pone al alcance de la globalidad de los aficionados.
En el interior, un especial con más de 100 regalos para las próximas fiestas navideñas.
(A la venta el 29-11-2010)
Slot MiniAuto en Facebook
(Más información en www.revistasprofesionales.com)
PRESS RELEASE
SLOT MINIAUTO 74 – DECEMBER
The new Scalextric Lola Aston Martin LMP1, is the main protagonist of the Slot MiniAuto monthly magazine of December. With him, on the cover, the magazine highlights the new Carrera J. Button Vodafone McLaren Mercedes and the Porsche 997 GT-N NSR.
For the nostalgic ones, few very special cars. On the one hand the Slot Real Car Biscuter Voisin and the protagonists of the Bullitt movie, Ford Mustang and Dodge Charger R / T made by Pioneer. Inside pages includes, the new Ninco Lamborghini Diablo track test.
This issue introduces the ninth edition of the CAR OF THE YEAR contest, with a new format according to the profile of the Global International fans.
This magazine includes a Special with more than 100 gifts for the upcoming holiday season.
(On-Sale 29/11/2010)
Now Slot MiniAuto in Facebook
(More information on www.revistasprofesionales.com)
SLOT MINIAUTO 74 – DICIEMBRE
El nuevo Lola Aston Martin LMP1 de Superslot, es el principal protagonista de la revista Slot MiniAuto del mes de diciembre. Junto a él se destacan en la portada los nuevos Vodafone McLaren Mercedes J.Button de Carrera y el Porsche 997 GT-N de NSR.
Para los más nostálgicos coches muy especiales. Por un lado el Biscuter Voisin de Slot Real Car y los protagonistas de la película Bullit realizados por Pioneer, el Ford Mustang y el Dodge Charger R/T. Además la prueba del nuevo Lamborghini Diablo de Ninco.
En este número comienza la novena edición del concurso COCHE DEL AÑO, con un nuevo formato que lo pone al alcance de la globalidad de los aficionados.
En el interior, un especial con más de 100 regalos para las próximas fiestas navideñas.
(A la venta el 29-11-2010)
Slot MiniAuto en Facebook
(Más información en www.revistasprofesionales.com)
PRESS RELEASE
SLOT MINIAUTO 74 – DECEMBER
The new Scalextric Lola Aston Martin LMP1, is the main protagonist of the Slot MiniAuto monthly magazine of December. With him, on the cover, the magazine highlights the new Carrera J. Button Vodafone McLaren Mercedes and the Porsche 997 GT-N NSR.
For the nostalgic ones, few very special cars. On the one hand the Slot Real Car Biscuter Voisin and the protagonists of the Bullitt movie, Ford Mustang and Dodge Charger R / T made by Pioneer. Inside pages includes, the new Ninco Lamborghini Diablo track test.
This issue introduces the ninth edition of the CAR OF THE YEAR contest, with a new format according to the profile of the Global International fans.
This magazine includes a Special with more than 100 gifts for the upcoming holiday season.
(On-Sale 29/11/2010)
Now Slot MiniAuto in Facebook
(More information on www.revistasprofesionales.com)
Tuesday, November 23, 2010
Mitsubishi Motors Corporation Reaches 5,000 i-MiEVs Produced
Mitsubishi Motors Corporation (MMC) announced that it reached 5,000 units*1 of its i-MiEV new generation electric vehicle (EV) produced at its Mizushima Plant as of November 23rd.
MMC was first in the world to start production of a full-fledged mass production EV with the i-MiEV in June of 2009. The month after that MMC introduced the i-MiEV to the Japanese market, and has sold about 3,000 units to individuals and businesses nationwide (as of end October 2010). MMC also started left-hand drive European-spec i-MiEV production from October 2010, and is steadily proceeding with global rollout of EVs.
Also, in fiscal year 2011, in order to further expand its production scale via starting North American-spec i-MiEV production, MMC plans to transfer production of the i-MiEV from the current commercial vehicle assembly line to the minicar assembly line for cars such as eK Wagon and i.
*1:Does not include EV production for PSA Peugeot Citroën
Renault: ‘150-mile EVs by 2015’
Renault expects the range of its electric vehicles to be up to 150-miles by 2015, an increased range of 30 per cent compared with current figures.
The company estimates that the boost in range should be achievable thanks to a chemical ‘enhancement’ to its lithium-ion battery pack, due in 2015.
Renault’s next step is experimenting with all new chemistry, possibly zinc-air or zinc-silver, due in around 2025, which could boost EV range to 300 miles between charges.
The Renault Zoe, which will make production in 2012, features a lithium-ion battery pack that powers a 79bhp, 164lb ft electric motor to provide a 100-mile range. It can get from 0-62mph in 8.1sec and reach a top speed of 84mph.
Air hybrid system will allow buses to recharge by braking
A regenerative braking concept that uses the energy created when a vehicle decelerates to compress air is being developed for a new breed of lower-cost, fuel-efficient buses and delivery vans.
Engineering researchers from Brunel and Loughborough universities are developing the ‘air hybrid’ concept through a three-year £477,067 EPSRC-funded project. The effort has received industrial support from engine manufacturer Guangxi Yuchai Machinery, which recently signed a technology development and licensing deal with Brunel for its air hybrid technology.
Project investigator Prof Rui Chen, of Loughborough University, explained that the concept effectively runs a four-stroke engine in reverse when a vehicle brakes.
A four-stroke engine intakes fuel and air into a chamber, compresses it and then combusts the mixture to create the motion that propels a vehicle.
Chen said the air hybrid concept uses the force of the vehicle braking to power the engine’s pistons, which compress air. This air would then be stored in a compressed air storage tank already available on buses and delivery vehicles.
Once the vehicle begins to accelerate, the compressed air could be used to supercharge the engine, providing better fuel efficiency and more power, he added.
It could also be used for air-assisted braking and, in the case of buses and delivery vehicles, the operation of pneumatic equipment for opening and closing doors. Currently these operations rely on air produced by an engine-driven compressor.
The most researched and developed hybrid vehicles are currently electric based. But their suitability for commercially viable large-volume production is limited because of the additional cost associated with the engineering complexities of the combined electric and mechanical powertrain.
According to Transport for London, which currently runs 56 hybrid buses in the capital, a double decker fitted with a combined powertrain will generally cost £110,000 more than a conventional diesel version.
For example, a hybrid double-decker bus for London would cost £300,000 compared with £190,000 for the diesel equivalent.
Chen said the advantage of the air hybrid concept is that it can be implemented without adding an additional propulsion system.
The Brunel and Loughborough researchers expect to produce a working prototype of the air hybrid technology by the end of the EPSRC grant in November 2013.
A product could be ready for commercialisation by as early as 2015 following further development work.
Silent flight: Sikorsky's electric helicopter
A team at Sikorsky Innovation, the technology development arm of Sikorsky Aircraft, is attempting to develop the world’s first all-electric, near-silent helicopter in a programme known as ’Project Firefly’. The team’s plan is to validate the benefits of the electric rotorcraft in flight while addressing some of the challenges of making an environmentally friendly helicopter both commercially and technically viable.
’We’ve had electric cars, electric buses and electric street sweepers for a while now, but we really want to understand the unique difficulties associated with integrating electric propulsion into rotorcraft,’ said Jonathan Hartman, a programme manager for Project Firefly. ’In an ideal world, we would want an electric helicopter to compete on a one-to-one basis with your internal combustion aircraft today.’
Despite advances in electric powertrains for automotive applications, progress in aviation has been slow. The industry faces a very different set of challenges due to its high power requirements and Hartman believes that technology development has to begin now
’You can either wait until your technology is fully commercially ready and then just integrate it into your product, or you can get out there ahead of time and start learning about all these issues that will come up during construction. That’s what we’re doing.’
The Firefly team has retrofitted a 50-year-old military S-300C design with an electric motor and digital controller, together weighing in at 180lb. Much of the S-300C’s original design has remained the same to keep costs down, with the main difference being the addition of an interactive LCD monitor in the cockpit. Two battery packs, each made up of 150 individual 45amp-hour (Ah) lithium-ion cells, are the backbone of the energy-storage system. They sit outside the aircraft much like an agricultural spraying kit, and run at 370V to provide enough power for a continuous 15-minute flight.
’That’s obviously not a lot of time,’ said Hartman. ’There is one technology that needs to mature to make this a commercial reality and that is energy-storage distribution. There are projects out there that we are watching. If some of the technologies that are on the bench now can come out and provide the energy-surge capacity they are claiming, we could well see helicopter endurances in the half hour to the hour range instead of just 15 minutes, which is exciting.’
Sikorsky claims it has increased the propulsion efficiency of the helicopter by around 300 per cent from baseline. The use of an electric motor reduces the complexity of the helicopter, cutting down on the number of components and reducing maintenance costs. There is also a reduction in vibrations and associated acoustics with electric propulsion, which could one day lead to a new series of low-observable, optionally manned aircraft for both military and civil applications.
The benefits, however, sit against a long list of challenges. The motor must be air cooled rather than liquid cooled, and has to remain at operating temperature while sitting on the ground. Sikorsky presented this problem to US Hybrid, which came up with an adaptation of a motor it uses for surface-vehicle programmes, such as the electric-powered Humvee for the US Marine Corps. The group provided 40 per cent more power and added a number of control laws to allow the motor to run at a constant high rpm.
While a conventional motor requires time to engage and build up torque, an electric motor can do this straight away so further control laws were added to prevent pilots from taking off and landing too quickly. Feedback from pilots also showed that the lack of noise could affect handling. ’Our toughest challenge was on the human factor side,’ said Hartman.’We have this electric helicopter that produces substantially less noise than a traditional helicopter. All of the pilot cueing is basically gone and that presents some unique difficulties that a pilot never had to worry about before.’
To address this, integrated sensors were added that feed real-time aircraft health information to the pilot through an interactive LCD monitor. Monitoring of health data is done automatically through the flight-control computer and any potentially hazardous conditions are avoided with automatic system re-routing or electric shutdown. As well as providing information to the pilot, the system tracks critical stages of flight in real time allowing the team to rapidly prototype new ideas as it goes through the development programme.
The issue that poses the greatest challenge, however, is weight. ’The helicopter itself weighs empty several hundred pounds more than it did in its legacy configuration,’ said Hartman. ’What we did in the project was take the maximum weight of the aircraft, subtract out the motor, the weight of the cockpit, control and the pilot and fill the rest of it up with batteries. They are not the most weight-efficient batteries that are on the market today, but we went for reliability over weight and selected safe components that we knew would work… If a bus loses charge that’s one thing, but if a helicopter suddenly loses charge then you have a problem.’
Hartman is confident that with improvements in battery technology, weight will be reduced and reliability improved significantly allowing electric helicopters to compete with conventional aircraft. Hartman added that in the shorter term electric helicopters could have some interesting applications using endurances of between half-an-hour and an hour. ’My director has a fantastic vision. He would love to see a helicopter fly on a two-seat tour of the Grand Canyon. You and the pilot, no shaking, you don’t even have to wear headphones - you just enjoy the view. You can imagine something similar for applications in urban transportation.’
The Firefly project is undergoing component bench testing and is scheduled to move to ground testing and first flight early next year. It seems inevitable that at some point full-scale electric rotorcraft will be seen in our skies, but just when that will happen is anyone’s guess. ’I would need a crystal ball to tell you,’ said Hartman. ’But if the trajectory continues as it is, the next five to 10 years are going to be very interesting.’
The specs
Airframe: converted S-300C
System efficiency: 89 per cent during cruise, 91 per cent maximum power efficiency
Power: 190hp permanent magnet electric motor
Endurance: 15min
Lithium-ion battery: 150, 45Ah lithium-ion cells
Maximum velocity: 79knots
Nissan Leaf gets combined EPA rating of 99 MPGe
Nissan has announced the 2011 Leaf will carry an EPA rating of 106 MPGe city and 92 MPGe highway.
The figures were calculated using the "EPA's formula of 33.7kW-hrs being equivalent to one gallon of gasoline energy." Furthermore, the EPA label reveals the Leaf will have a range of approximately 73 miles (117 km), a recharging time of seven hours (at 240V), and an annual electrical cost of roughly $561.
This is a considerable reduction from August 2009 when Nissan used EPA Plug-In guidelines and got a figure of 367 MPG for their all electric Leaf.
Based on published data about the Nissan Leaf, a 24 kWh battery that gives 100 miles range, the Leaf can only carry the equivalent of 0.65 gallons of gasoline energy so a more simplified calculation would give the Leaf a rating of 165 MPGe.
The EPA Label for the GM Volt has yet to be issued but we're betting it will be too close to call. Taking into account that the US Federal Government is the largest shareholder in GM, it's not much of a stretch of the imagination to see that EPA labels may have become politicized.
Confirmation of this will be if the Leaf and Volt are both issued 99 MPGe EPA ratings.
Audi aims to be luxury EV leader; plug-in hybrid due in 2014
Audi has big plans for its electric vehicle business.
"By 2020, we want to be the leading premium seller of electric vehicles," Franciscus van Meel, Audi's manager for electric mobility strategy, said at a recent technical workshop at the company's headquarters here.
"We will successively bring out a variety of hybrid models and electric vehicles, such as our first plug-in hybrid in 2014," he said, without sharing more details on the plug-in hybrid.
Audi's alternative powertrain plan includes: full-hybrid versions of the A8 upper-premium sedan and Q5 SUV, both due in late 2011; a hybrid A6 that is likely to arrive in 2012; plus a range of high-priced electric cars starting with the limited-edition battery-powered e-tron version of the R8 supercar in 2012.
Audi set up the e-tron division to develop and produce EVs. The brand's electric-car approach is different from that of rival BMW AG, which is developing the smaller so-called Megacity Vehicle designed for urban commuting. The Megacity Vehicle is due to launch in 2013.
"Today we're assuming that our sales of Audi e-tron electric cars will rise to a six-figure volume by 2020," van Meel said.
By 2020, Audi wants to increase the efficiency of its internal combustion engines by 30 percent and wants 5 percent of the brand's lineup to be electric, Michael Dick, Audi's board member for technology, said earlier this year.
To help it meet that goal, Audi recently opened a 65 million euro (about $89 million), 14,000-square-meter electric-drive development and test center at its headquarters. It plans to hire 840 people to help develop electric powertrains and batteries.
Audi parent Volkswagen AG wants the group to be No. 1 in hybrid and electric cars before the end of the decade, increasing its EV market share to 3 percent of its forecast global sales of 10 million vehicles by 2018.
Globally, VW Group plans to launch a full-electric version of its Up minicar, the E-Up, E-Golf and E-Jetta in 2013. VW recently announced they will invest $71.2 billion focused on hybrids and electric vehicle development over the next 4 years.
Mercedes Electric Vito Taxi wins Future Car Challenge
A seven-seat electric taxi was awarded Most Economic & Environment Friendly Multi-Purpose Electric Vehicle at the Royal Automobile Club's (RAC) Future Car Challenge.
The Mercedes Electric Vito (eVito) Taxi, which was a collaboration between Mercedes Benz, Zytek Automotive, and Valence, is powered by Valence batteries.
The challenge was to produce a concept of a pollution-free fleet vehicle that could be used as taxis during the Olympic games.
The eVito beat out 59 other vehicles by finishing the 57-mile run with about 30 percent of its battery capacity remaining.
"We're very gratified that the eVito outperformed its competition in the challenge, which we hope will further raise awareness of the bright future Valence is enabling for electric fleets," said Robert L. Kanode, president and chief executive officer of Valence Technology.
Flying Lizard Motorsport to enter Daytona 24
November 23, 2010 – Sonoma, California – Flying Lizard Motorsports announced today their entry for the team's fourth Rolex 24 At Daytona on January 29-30 in Daytona Beach, Florida. For the first time, the team will run a Porsche-powered Riley Daytona Prototype. The Flying Lizard No. 45 DP is powered by a Porsche Motorsport- prepared, 911-based flat-6 engine. The chassis, previously run by Brumos Racing, won the race overall in 2009. Flying Lizard is working closely with Riley Technologies and the Action Express team to prepare the car and wishes to thank Jim France for his support of this effort. The team will run the car at the official series test at Homestead, December 1-2. The driver lineup will be announced later this year.
The team's history at Daytona has been bittersweet, with many close finishes. In 2004, the No. 74 Flying Lizard Porsche GT3 Cup was second in GT and third overall, in 2005 the No. 75 Porsche finished thirteenth, and in 2009 (with TRG), the No. 67 Porsche finished second in GT.
"The Daytona 24 is such a great race," said Flying Lizard team principal Seth Neiman. "We've always enjoyed competing here and are looking forward to the new experience of running a DP. I really want to thank Porsche Motorsport for their engine support and Bill Riley for his help as we come up the learning curve in this class. One of our main areas of focus this year is the significant endurance races and this is a great place to start. After the race, we'll head back to our American Le Mans Series program to get ready for the season opener at Sebring in March."
News used with permission of Flying Lizard Motorsport. Pre-season Test Oct. 2010 photo -- © 2010 Brian Cleary
The team's history at Daytona has been bittersweet, with many close finishes. In 2004, the No. 74 Flying Lizard Porsche GT3 Cup was second in GT and third overall, in 2005 the No. 75 Porsche finished thirteenth, and in 2009 (with TRG), the No. 67 Porsche finished second in GT.
"The Daytona 24 is such a great race," said Flying Lizard team principal Seth Neiman. "We've always enjoyed competing here and are looking forward to the new experience of running a DP. I really want to thank Porsche Motorsport for their engine support and Bill Riley for his help as we come up the learning curve in this class. One of our main areas of focus this year is the significant endurance races and this is a great place to start. After the race, we'll head back to our American Le Mans Series program to get ready for the season opener at Sebring in March."
News used with permission of Flying Lizard Motorsport. Pre-season Test Oct. 2010 photo -- © 2010 Brian Cleary
Fully Charged discussion with Rory Reid
In this weeks episode of Fully Charged Robert Llewellyn goes for a drive with Rory Reid from cnet uk in a Nissan Leaf.
Rory, who wrote a blog post called '10 reasons electric cars still suck', takes the 'con' side of the debate while Robert, as you would expect, takes 'pro'.
Most of the arguments against EVs are usually from those who lack an understanding of the basics.
Naysayers need to comprehend this: The battery pack in a Nissan Leaf holds the energy equivalent of just 0.65 US Gallon of gasoline. There isn't a car in the world that has a fuel tank even close to being that small.
On that small amount of energy, approx 2.5 liters worth of petrol, The Nissan Leaf is able to travel 100 miles (160 kms) at highway speeds.
The Nissan Versa, the ICE version of the Leaf, has an EPA rated combined fuel consumption of 30 MPG (US fleet average is 21.5 MPG). If it had the fuel tank capacity equivalent to a Leaf it's range would be less than 20 miles.
The 2010 Nissan Versa, in fact, has a 13.2 gallon fuel tank. To store the electricity equivalent of 13.2 Gallons in the Leaf would require a 483 kWh battery (it has a 24 kWh battery).
The Versa consumes 20x as much energy to cover just over three times (approx 365 miles) the range of the Leaf. On the energy equivalent of 13 Gallons of Gasoline the Leaf could travel over 2,400 miles (3,864 km) @ 200 wh/mi.
Anyone who would argue that ICE powered cars, that use 6 - 10x as much energy to do the same work, are a better option for an energy efficient future is simply ignorant of the facts &/or is just being belligerent.
Monday, November 22, 2010
Hertz Partners With CODA for EV Fleet in 2011
The Hertz Corporation today announced a joint partnership with CODA Automotive to bring, by the beginning of 2011, its new four-door, five-passenger all-electric CODA Sedans(TM) to Hertz's California locations as part of the Hertz Global EV program.
"Hertz's partnership with CODA Automotive is another element of our long term strategy to provide consumers with electric vehicle access on a global scale," said Mark P. Frissora, Hertz Chairman and Chief Executive Officer. "As we continue to build out our EV and PHEV infrastructure, we get closer to making electric vehicle travel an everyday reality."
As announced in September, Hertz Global EV will be the first company to provide a range of all-electric vehicles and charging stations on a rental and car-sharing basis at global scale. The CODA Sedan will join vehicles from Nissan and other manufacturers as part of Hertz Global EV's diverse fleet. With a range of 90 to 120 miles per charge during all seasons, the CODA Sedan is designed to be plugged straight into a standard household unit, among other charging options, for a seamless experience.
Kevin Czinger, Chief Executive Officer of CODA Automotive said, "CODA Automotive and Hertz share the goal of bringing EV technology to the everyday consumer and making electric-vehicle travel easy and seamless. Hertz has the industry expertise and extensive global network, and we have a revolutionary vehicle and unmatched devotion to the all-electric platform -- together it's a winning combination."
As the world's largest general-use airport car-rental brand, Hertz is uniquely positioned to introduce multiple groups of consumers -- urban drivers, university students, travelers, and corporations -- to the all-electric vehicle.
Sunday, November 21, 2010
Oshkosh Diesel Series-Hybrid Tackles 1,000-Mile Off-Road Desert Race
Oshkosh Corporation announced today its Extreme Racing team has completed the 43rd Annual Tecate SCORE Baja 1000 off-road race course in Mexico. The Oshkosh Extreme Racing team ran its Light Concept Vehicles (LCV) through the rugged 1,061-mile desert course and one crossed the finish line in La Paz today.
“Off-road racing teams compete in the Baja 1000 to push the limits, and we’re absolutely thrilled to see our vehicle overcome the difficult desert terrain,” said Chris Yakes, Oshkosh Corporation vice president of Advanced Products Engineering and Oshkosh Extreme Racing team leader. “Our team’s performance on this world-renowned course speaks to both the quality of our technologies and the expertise of our drivers and technical crew. I couldn’t be more proud of our team.”
The two Oshkosh Extreme Racing vehicles, numbered M1 and M2 for the race, were driven by members of California Gold Racing (CGR), led by legendary race driver Glenn Harris. M2 reached speeds of nearly 80 miles per hour and completed the course at 4:20 p.m. PST – approximately 6.5 hours over the limit for scoring purposes.
According to Harris, “There are so many unknowns going into the SCORE Baja 1000 race because of the extreme nature of this event. By finishing one of the toughest off-road races, Oshkosh is demonstrating that this new powertrain and suspension technologies are ready for almost anything.”
“Approximately 58 percent of all vehicles that start the race, are able to finish the race,” said Sal Fish, SCORE International’s President and CEO, which has sanctioned and produced the event since 1975. “I know I speak for the entire SCORE staff and race officials when I say we are impressed with how well the Oshkosh Extreme Racing team performed during their inaugural run.”
Oshkosh Extreme Racing ran two vehicles in the 1,061-mile off-road race. The Oshkosh LCV M1 was unable to meet a checkpoint time requirement, causing the vehicle to receive a “did not finish” result.
The LCV includes the next-generation of TAK-4® independent suspension systems. The new system expands on Oshkosh’s patented TAK-4 suspension by increasing off-road mobility, improving vehicle maneuverability and providing a smoother ride. The Oshkosh ProPulse® diesel-electric powertrain design delivers improved fuel economy and can export significant levels of electrical power.
“I’ve been off-road racing for 30 years now, and this was hands down my favorite race,” said Harris. “SCORE put on another great point-to-point run from Ensenada to La Paz. It was extremely challenging and the vehicles out-performed my expectations. This vehicle thrived where most vehicles have the toughest time in the adverse terrain. We didn’t get stuck once – and the LCV cruised over the silt beds and powered through flooded washes that got deeper and deeper with each passing vehicle.”
“Participating in a competitive event like the Tecate SCORE Baja 1000 was an amazing experience for our team. The race allowed us to assess the performance of our technologies under extreme conditions and we learned a lot,” Yakes said. “This development milestone was a huge success and our engineers and maintenance experts are eager to apply what we learned to ultimately improve military vehicle fleets for decades to come.”
Supercapacitor Market to Reach $3B in 2016
According to industry analyst firm NanoMarkets, worldwide sales of supercapacitors will grow from around $400 million ($US) in 2010 to reach about $3.0 billion by 2016. This report, "Market Opportunities for Supercapacitors" is part of the ongoing coverage that NanoMarkets provides for novel energy storage applications ranging from thin-film batteries to storage technologies for renewable energy.
In addition to quantifying the supercapacitor market and analyzing its key trends, this report discusses the activities of leading firms including CAP-XX, ESMA, Ioxus, LG, Maxwell, NEC, Nesscap, Nippon Chemi-Con and Panasonic and of some of the growing number of supercapacitors start-ups including Advanced Capacitor, Axion, EEStor, EnerG2, FastCAP, Graphene Energy, Reticle, and Y-Carbon.
Key findings:
According to NanoMarkets’ report, applications for supercapacitors in public transport and private vehicles currently account for almost 60 percent of the supercapacitor market. By 2016, the transportation/vehicular sector’s market share will fall to around 35 percent, as new applications for supercapacitors emerge.
The fastest growing market for supercapacitors will be found in the consumer electronics industry, which is expected to demand more than $725 million in these devices by 2016.
NanoMarkets believes that frequency regulation in next-generation electricity grids will provide $540 million in business for supercapacitor firms in 2016.
NanoMarkets believes that the rapid improvement in performance of supercapacitors in the past five years has dramatically increased the markets that can be addressed by supercapacitors and expects further growth driven by the use of new electrode and electrolyte materials and by further miniaturization of the supercapacitors themselves.
Nanomarkets
Ultra High-Strength Steels Featured in Motor Trend's Car of the Year
As the automotive industry recognizes the Chevy Volt plug-in electric vehicle as Motor Trend's Car of the Year, the Steel Market Development Institute (SMDI) is celebrating the record use of high-strength steel in the vehicle structure. Motor Trend called the Chevy Volt "some of the most advanced engineering ever seen in an American car," as it announced its selection yesterday on www.motortrend.com.
According to General Motors, the Volt combines advanced steels to help ensure crashworthiness and stiffness. With over 70 percent of its total structure made from high-strength steels, including advanced and ultra high-strength steels, the Volt's steel design provides occupants with added protection. In addition, the Volt features a pressurized steel fuel tank.
"The Chevy Volt utilizes lightweight, advanced high-strength steel technologies that complement its revolutionary steel design and add to its technical appeal as this year's Motor Trend Car of the Year," Ron Krupitzer, vice president, automotive applications for SMDI, said, "GM's innovative use of advanced steels has resulted in a vehicle that is affordable, safe, durable and energy efficient."
Motor Trend's Car of the Year is a week-long process that includes a number of performance, ride and handling, and driving tests. In addition, contenders are evaluated in the following areas: advancement in design; engineering excellence; efficiency; safety; value; and performance of intended function.
Obama pauses at NATO summit to tout new GM hybrid
President Barack Obama took time out from a NATO summit in Lisbon on Saturday to tout a new hybrid electric car which General Motors plans to roll out in Europe next year.
Obama found himself acting as salesman-in-chief for GM Opel's Ampera model just days after he declared in Washington that U.S. taxpayers would get their money back for saving GM in a bailout that was broadly unpopular.
Calling the Ampera an "example of GM technology," Obama said: "This is the future."
"This is a car made in America," he said after inspecting an Ampera at the convention center where he was wrapping up a two-day NATO summit. "We're going to start selling it in Europe."
GM last week was refloated as a public company amid heavy investor demand, and the White House sought to take credit for what it saw as a successful turnaround.
Public anger over the bailout, along with rescue packages for Wall Street banks, contributed to heavy losses for Obama's Democrats in the November 2 congressional election.
But the stock sale capped GM's recovery from near-collapse, thanks to a $50 billion government rescue.
Public Square: Is the gas car a dinosaur?
The Times-Dispatch held its 32nd Public Square at the newspaper's Hanover Production Plant.
The conversation -- Is the Gas Car a Dinosaur? -- began with a panel discussion with four energy and automotive experts.
The wide-ranging exchange was followed by questions and comments from the audience of about 100.
Publisher Tom Silvestri served as moderator.
Saturday, November 20, 2010
The new BMW 6 Series Convertible
The new BMW 6 Series Convertible will be arriving in the UK on 26 March 2011.
BMW apparently considers the Mercedes SL350 as the competitor for the 640i SE and has put up a side-by-side comparison of the two cars. While the 650i is compared with the Jaguar XK
Convertible and the Mercedes SL500.
The 640i SE has a power output of 320hp and goes from 0-62mph in 5.7 secs while the 650i SE has a power output of 407 hp and goes from 0 to 62mph in just 5 seconds.
Prices (on the road) for the 640i SE is £65,680 while for the 650i SE is £73,430.
BMW apparently considers the Mercedes SL350 as the competitor for the 640i SE and has put up a side-by-side comparison of the two cars. While the 650i is compared with the Jaguar XK
Convertible and the Mercedes SL500.
The 640i SE has a power output of 320hp and goes from 0-62mph in 5.7 secs while the 650i SE has a power output of 407 hp and goes from 0 to 62mph in just 5 seconds.
Prices (on the road) for the 640i SE is £65,680 while for the 650i SE is £73,430.
VW to invest 51.6bn euros in Electric and Hybrid Vehicles
Volkswagen says it plans to invest 51.6 billion euros ($A71.2 billion) in the next four years to develop new models and attain its objective of becoming the world's top car maker by 2018.
With another 10.6 billion euros ($A14.63 billion) to be invested by its joint ventures in China, the German car maker said it aims to "expand and modernise its entire product line across all of its brands".
The investments, to come from the company's own funds, will focus on hybrids and electric vehicles, where it lags behind Japan's Toyota, which it hopes to unseat as the top global car maker within seven years.
Last year Volkswagen said it planned to invest 25.8 billion euros ($A35.6 billion) between 2010 and 2012.
Volkswagen steered around being significantly damaged by the global crisis, thanks in large part to continued boom the Chinese car market, and was sitting on a cash pile of 19.6 billion euros ($A27.05 billion) at the end of September.
The company, which owns nine brands, is in the process of absorbing a tenth, luxury sports car maker Porsche.
Labels:
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Battery Electric Car,
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porsche,
VW
Friday, November 19, 2010
Audi Driver Frank Biela wins 24 hour (slot) race!
Now this is just tooooooo cool! Check this item out from the Audi Motorsport newsletter (thanks to slotbrother Dr Vanski for the heads up on this one!)
RCCO: For the second time in succession Frank Biela has won the 24-hour race for slot cars around the Nurburgring-Sudschleife. The five-time Le Mans winner piloted an Audi R8 LMS together with two journalists and the Boss of Slotracing-Werk to a dominant victory. In addition to the Drivers' Championship Audi also won the Manufacturers' Championship in the rallye racing Carrera Cup 2010 (RCCO).
Frank Biela is a slotter... I love it! And for the "second time in succession". Not only does he race but evidently he's good too!
RCCO: For the second time in succession Frank Biela has won the 24-hour race for slot cars around the Nurburgring-Sudschleife. The five-time Le Mans winner piloted an Audi R8 LMS together with two journalists and the Boss of Slotracing-Werk to a dominant victory. In addition to the Drivers' Championship Audi also won the Manufacturers' Championship in the rallye racing Carrera Cup 2010 (RCCO).
Frank Biela is a slotter... I love it! And for the "second time in succession". Not only does he race but evidently he's good too!
Labels:
24 hour racing,
endurance racing,
Frank Biela,
LeMans,
LeMans 24 Hours
Thursday, November 18, 2010
GM raises $20 billion in IPO
General Motors Co. raised more than $20 billion selling common and preferred stock in an initial public offering that reduced the U.S. government to a minority shareholder.
GM’s owners, including the U.S. Treasury, sold at least $15.8 billion of common shares at $33 each, making it the second-largest U.S. IPO on record after Visa Inc.’s $19.7 billion sale in March 2008, a statement showed. An overallotment option and a sale of preferred shares may boost the total raised to $23.1 billion, more than the $22.1 billion sold by Beijing- based Agricultural Bank of China Ltd. in the largest IPO of common stock in history.
The offering from GM came 16 months after it emerged from bankruptcy and brings Chief Executive Officer Dan Akerson closer to his goal of returning the $49.5 billion the automaker received in a taxpayer bailout last year. The Treasury, which is taking a loss on its portion of the sale, will break even only if the shares climb more than 60 percent, Bloomberg data shows.
“It’s pretty hard to be anything but positive,” said Uri Landesman, who helps oversee about $500 million as president of New York-based hedge fund Platinum Partners LLP. The IPO “shows you that there are people who are very enthusiastic. People think that this is a viable company,” he said.
‘Very Patient’
GM’s common shares will be listed on the New York Stock Exchange under the ticker GM tomorrow, the company statement said. It will trade on the Toronto Stock Exchange under the ticker GMM.
The Treasury needs to sell all of its GM shares at an average price of $43.67 to break even on its investment, data compiled by Bloomberg show.
“We will only get our money back if we are very patient and if GM performs very well,” said Joe Phillippi, principal of consulting firm AutoTrends Inc. in Short Hills, New Jersey. “GM will really have to hit the ball out of the park in the next couple of years.”
The Treasury offered about 358.5 million shares in the IPO, about 95 million more shares than initially planned, and the United Auto Workers’ retiree health-care trust sold 18 million more, according to GM’s regulatory filings. The overallotment option increased by an additional 14.3 million shares offered by Treasury and 2.7 million by the UAW trust.
Treasury’s Stake
The IPO would lower Treasury’s stake to 37 percent, or 33 percent with the overallotment option, from 61 percent, the filings showed. The UAW trust’s holdings would drop to 14 percent, or 13 percent with the option, from 20 percent.
GM’s IPO “is an important step in the turnaround of the company and for our work to recover taxpayer dollars and exit this investment as soon as practicable,” Treasury Secretary Timothy F. Geithner said in a statement. “It is now widely recognized that the taxpayers’ investment not only helped save jobs during the worst economic crisis in a generation but also gave the auto industry a solid foundation on which to build.”
While the Treasury increased the number of shares it had originally planned to sell, Canada and Ontario left their portion of the offering unchanged. Canada will recover more of its investment in the bailout than if it sold more shares in the IPO if GM shares rise. GM boosted its offering price to as much as $33 on Nov. 16, from $26 to $29.
Relative Value
At $33 a share, GM is valued at 7.8 times this year’s earnings, based on its net income in the first nine months of 2010. Dearborn, Michigan-based Ford Motor Co. trades at 8.1 times analysts’ estimates for 2010 profit, the data show. Ford has been the world’s most profitable automaker this year through September.
GM, which lost $82 billion from 2005 to 2008, was valued at an average of 10.3 times profit from 2000 through 2004, monthly data compiled by Bloomberg show. Ford traded at an average of 13 times earnings in the same period.
GM reported third-quarter net income of $2.16 billion last week, bringing its earnings this year to $4.77 billion. While GM will have positive earnings before interest and taxes in the fourth quarter, they will be “significantly lower” than the first three quarters of the year, Akerson said on a Nov. 10 conference call.
“The way they performed in the third quarter, GM is on a trajectory to reaching a breakeven point for taxpayers,” Anant Sundaram, a professor at Dartmouth College’s Tuck School of Business who studies corporate valuations, said in a telephone interview. “My sense is $36 at the end of the first day is not at all unreasonable” for GM’s shares, he said.
S&P 500 Index
The automaker sold shares after the Standard & Poor’s 500 Index rose to a two-year high this month on speculation that the U.S. economy won’t slip back into a recession. The benchmark gauge for U.S. equities fell for the fourth straight day yesterday, the longest losing streak since August, before closing little changed today.
The Kuwait Investment Authority may buy a stake in GM of 1 percent or less, one person familiar with the deal said yesterday. Shanghai-based SAIC Motor Corp., GM’s partner in China, probably will be among the buyers, three people familiar with the plans said last week.
Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. led the IPO that includes 35 underwriters, according to a GM filing with the Securities and Exchange Commission. Barclays Plc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc. and Royal Bank of Canada were also listed in the prospectus.
‘So Much Money’
General Motors Corp. filed for Chapter 11 bankruptcy protection on June 1, 2009, after the failure of New York-based Lehman Brothers Holdings Inc. in September 2008 froze credit markets and helped cause the longest recession since the Great Depression.
“Institutional investors are so positive about GM because the industry is primed to make so much money as it recovers,” said Alan Baum, an analyst for Baum & Associates, an industry consultant in West Bloomfield, Michigan. “GM in the past wasn’t well positioned for that. Costs are now down and their products are being well-received.”
--With assistance from Jeffrey McCracken, Cecile Vannucci and Michael Tsang in New York, Jeff Green in Southfield, Michigan, Rebecca Christie in Washington and Greg Quinn in Ottawa. Editors: Daniel Hauck, Kevin Orland.
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