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Continue reading The UAW’s ‘record contract’ hinges on pensions, battery plants
The UAW’s ‘record contract’ hinges on pensions, battery plants originally appeared on Autoblog on Thu, 12 Oct 2023 09:45:00 EDT. Please see our terms for use of feeds.
AI-powered parking platform Metropolis today announced that it raised $1.7 billion to acquire SP Plus, a provider of parking facility management services, in a combination of equity and debt.
Eldridge Capital and 3L capital co-led the tranche with participation from BDT & MSD Partners’ affiliated credit funds, Vista Credit Partners, Temasek, Slow Ventures and Assembly Ventures. As a part of the financing, Metropolis will take on $650 million in loans and $1.05 billion in Series C preferred stock financing.
Metropolis will pay roughly $1.5 billion for SP Plus “while retaining significant capital on its balance sheet,” Metropolis co-founder and CEO Alex Israel said in a press release. Prior to the latest fundraise, Metropolis had raised $226 million in total.
“Today, we announced a transformational acquisition that represents both a new paradigm in how technology companies grow and a significant step forward in offering consumers a remarkable experience,” Israel continued. “SP Plus is a phenomenal business whose operational excellence, talented leadership team and high customer satisfaction levels have long made it a key partner to real estate owners across North America. The combined platform will seek to bring checkout-free payment experiences to consumers.”
Israel, a serial entrepreneur who sold his last company, ParkMe, to Intrix in 2015, founded Metropolis in 2017. The company equips existing parking structures with a computer vision system that enables customers to “drive in and drive out” without having to swipe a credit card or pay with cash.
To use a Metropolis parking facility, customers have to provide their name, license plate, phone number and payment method. From an app, they can review their visit and know the price in real time. Metropolis tracks cars and automatically charges the owners, emailing the receipt after they drive out.
In SP Plus, Metropolis gains an established, publicly traded business with a massive parking footprint across the U.S. and Canada. SP Plus owns more than two million parking spaces and manages over 3,300 parking facility locations, as well as parking and shuttle bus operations at 160 airports.
It’s another step toward vertical integration for Metropolis, whose infrastructure was powering around 600 parking facilities as of June 2022. Following its acquisition of Premier Parking last year, a Nashville-based company that operates parking garages and spaces around the U.S., and now SP Plus, Metropolis claims to have operations in more than 360 cities, millions of customers and over $4 billion in processed payments annually.
“While transforming the parking experience is our focus and priority today, as we deploy our proven technology we see opportunity to offer checkout-free transaction experiences at even more places people go,” Israel said in the press release. “From gas and electric vehicle-charging stations to drive-thrus and car washes, as well as retail stores, our computer vision platform enables people to transact in the physical world with even greater ease than we experience online.”
In recent years, Metropolis has stepped up investment on the analytics, sales and marketing side of the business, where it sees a large addressable market. For example, the startup — which recently announced a team-up with Uber to launch Uber Park — uses insights from its platform to inform staffing, pricing and maintenance at parking facilities, also partnering with local businesses like grocery stores, coffee shops and other merchants for in-app promotions.
“This transaction delivers immediate and certain value to our stockholders at a substantial premium to current and historical trading levels,” SP Plus chairman and chief executive Marc Baumann said in a statement. “We expect the transaction to offer an exciting path forward for our team members, partners, clients and consumers in the U.S. and abroad. While our technology offerings are successfully fulfilling client and market demand, with increased investment, we see the opportunity to accelerate the technology roadmap for the benefit of our clients and their customers.”
At $54 per share in cash, Metropolis’ acquisition — which will take SP Plus private — represents a 52% premium over SP Plus’ closing stock price on October 4. The transaction has been unanimously approved by Metropolis’ and SP Plus’ boards of directors and is expected to close in 2024, the companies say, subject customary closing conditions, regulatory approvals and the approval of SP Plus’ stockholders.
It’s unclear how many of SP Plus’ approximately 20,000 team members will join Los Angele-based Metropolis’ workforce, which totals around 2,000 employees, following the deal.
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Plus Audi R8 and Alfa Romeo 4C successor rumors
Continue reading Buick Envista, Mercedes C 43 and GLS, and Goodwood Revival | Autoblog Podcast #801
Buick Envista, Mercedes C 43 and GLS, and Goodwood Revival | Autoblog Podcast #801 originally appeared on Autoblog on Fri, 6 Oct 2023 15:06:00 EDT. Please see our terms for use of feeds.
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Continue reading 2024 Buick Envista Review: Looks like $60,000, costs less than $30,000
2024 Buick Envista Review: Looks like $60,000, costs less than $30,000 originally appeared on Autoblog on Thu, 5 Oct 2023 10:00:00 EDT. Please see our terms for use of feeds.
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Continue reading 2024 Buick Envista Review: Looks like $60,000, costs less than $30,000
2024 Buick Envista Review: Looks like $60,000, costs less than $30,000 originally appeared on Autoblog on Thu, 5 Oct 2023 10:00:00 EDT. Please see our terms for use of feeds.
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Continue reading GM’s Ultium EV platform finally shows up in Q3 sales numbers
GM’s Ultium EV platform finally shows up in Q3 sales numbers originally appeared on Autoblog on Wed, 4 Oct 2023 11:26:00 EDT. Please see our terms for use of feeds.
I recently won a 0-20-mph drag race against a Chevrolet Volt. A day later I smoked a Tesla Model 3. “Um OK,” you’re thinking, “that can’t be that hard.” Well, except that the vehicle I was piloting featured a hybrid powertrain of a Bosch electric motor and 40-year-old human legs. That’s right, I out accelerated automobiles on a bicycle.
On another occasion, I found myself driving behind my wife in her 2023 Kia Niro EV. The specs say it accelerates from zero to 60 mph in 7.8 seconds, a time that’s six-tenths off the pace of Kia’s rear-motor-only EV6, a vehicle I’ve repeatedly read being described as “slow.” The Niro, therefore, must be extra-slow. And yet, as she turned left onto a highway onramp, she rocketed forward leaving me in a Mercedes-AMG C43 and every other car in the left turn lane in the distance.
I share these anecdotes not to boast about my cycling ability, nor my wife having a lead foot. No no. I’m crap and she really doesn’t. Instead, I want to point out that most drivers accelerate very slowly. The notion of “bigger is better” will forever be engrained in the American psyche, but when it comes to horsepower largesse, today’s cars hilariously exceed both the expectations and driving habits of most drivers. Most car buyers just don’t have a frame of reference when it comes to equating 0-60 times, output figures and the actual feeling of acceleration.
Eat my dust, Mr Volt!
Now, we in the automotive-reviewing media absolutely share some of this blame. We like accelerating quickly and cars that accelerate quicker are bound to reap more positive reviews. At the very least, we’re obligated to point out when a car’s acceleration is slower than a certain competitor’s or the segment’s average.
However, just because Car A is slower than Car B doesn’t make Car A slow. It makes it slower. For example, the dual-motor EV6 may be 2 full seconds quicker from 0-60 than the rear-motor model – a relatively massive difference – but barring a back-to-back drive or a wealth of comparative knowledge, it’s laughable to think that the average driver could possibly deem the rear-motor version “slow.” Because it isn’t.
The near-universal use of turbocharging, the popularity of all-wheel-drive and increased proliferation of electric motors has resulted in this rapid drop in 0-60 times that’s outpacing customer expectations and driving habits. Zero-to-60 times starting with the numbers 4, 3 and, my goodness, 2 were not too long ago the realm of high-end performance cars and exotics. The idea of something accelerating in less than 2 seconds was just absurd. Now, people think something is slow if that 0-60 time doesn’t start with such numbers. That’s just nonsense.
Ultimately, I’m probably just saying here that “0-60 times are a bit dumb,” or at least they don’t fully express the feeling of acceleration. Because of turbocharging and electric motors, near-instantaneous torque has become so commonplace that cars can easily feel much quicker than their 0-60 times and engine output would imply because of how eagerly they jump off the line or punch their way into an open spot in moving traffic. It’s about power delivery, not power amount.
Similar 0-60 times, but only the teal one feels slow.
The perfect example of this is the surprisingly excellent Buick Envista currently in my driveway. It has a 1.2-liter turbocharged inline-three cylinder, which sounds like something they’d flock to in France, not the good ‘ol U.S. of A. The output of 137 horsepower and 162 pound-feet of torque doesn’t sound any more indicative of America, nor does the 9.4-second 0-60 time that Motor Trend measured. You know what, though? It does not feel slow.
Now, rivals with similar 0-60 times like the Honda HR-V and Subaru Crosstrek absolutely do, but that’s because they have naturally aspirated engines. Again, it comes down to power delivery. The Envista’s little turbo triple produces its max torque at a low 2,500 rpm, and as a result, it feels energetic when accelerating around town. Its traditional six-speed automatic doesn’t hunt for gears like a nine-speed would, doesn’t stutter into action like a DCT or generally suck like a CVT. Ample sound deadening helps too, as it only lets into the cabin a nice, muffle snarl of the little triple when accelerating hard. All told, this technically “slow” powertrain is enough to easily get me up to speed quicker than the cars (and bikes) around me. Sure, accelerating onto the highway from a stop will indeed reveal the Envista running out of steam if you absolutely need to gun it, but that’s pretty much the only scenario in which its 0-60 time is indicative. Even then, I still routinely managed to leave behind all those other cars waiting at the double-left onto the same onramp. Now, had my wife been there next to me in her Niro, that’s a different story.
At the same time, that rinky-dink engine that achieves more realistic acceleration helps keep the Envista’s price below $30,000 despite equipment, quality and design that suggest something higher. Fuel economy also benefits. I was getting better than its estimated 32 mpg highway on my round-trip drive between Agoura Hills and Palm Springs, Calif. That’s among the best in the subcompact segment along with the HR-V and Crosstrek.
In the EV realm, less powerful single-motor models can go further on a charge or even utilize smaller battery packs and therefore resources. And again, even the slowest EVs don’t feel slow unless you put them up against the Plaids and Taycans of the world.
To be clear, if you want a Plaid or a Hellcat or all the damn power money can buy, that’s great! No qualms there, let’er rip. I know I want all the damn power my money can buy. My point is people shouldn’t dismiss single-motor EVs or small-engined cars like the Envista just because their outputs and acceleration times seem underwhelming relative everything else in the automotive realm. Take a test drive. I bet their acceleration habits will be perfectly in line with what’s on offer (even if it’s an HR-V or Crosstrek, which people still buy in droves). I also hope that more car companies offer choices like the Envista so that people don’t have to pay more for performance they definitely don’t need.
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Continue reading Buick Envista Luggage Test: How much cargo space?
Buick Envista Luggage Test: How much cargo space? originally appeared on Autoblog on Mon, 2 Oct 2023 10:00:00 EDT. Please see our terms for use of feeds.
Traction control is an electronic monitoring system that senses if a wheel (or multiple wheels) is spinning faster than it should and reduces power to regain grip. In 2012,, all passenger cars sold in the U.S. were required to include traction control, along with antilock brakes and stability control. This feature predates the requirement by decades, though.
Traction control can go by many different names, depending on the carmaker, but they all operate in a similar fashion. Each wheel has a speed sensor that relays that information to the main computer. Under normal conditions, all wheels are spinning at the same speed. Under low-grip situations such as rain, snow, and gravel, it’s common for one or more wheels the lose traction and spin faster. In an instant, the computer identifies which wheel needs to be slowed and either cuts power or applies some braking.
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In the early days of traction control, the power coming from the engine was cut or reduced to all wheels, resulting in rather inelegant lurches. As the technology evolved, the power cut was less jarring, and control over individual wheels became more common. Nowadays, most drivers won’t even notice when traction control kicks into action.
There are several adaptations of traction control. In off-road applications, it ensures that you’ll get the maximum amount of traction and power when ascending steep climbs. Hill descent control is somewhat related and in most cases applies the brakes to an individual wheel to regain control. Some vehicles offer specific traction control tunings for different road conditions, too.
In performance cars, traction control can help drivers shorten their lap times as they can begin applying power earlier as they come out of a curve. In drag racing, the system is often referred to as launch control and distributes the optimal amount of power for the conditions. Traction control is banned in most professional motorsports as it represents an unfair advantage over driver skill.
Traction control is typically always active, but in some circumstances, you may want to disable it. In low-traction situations, it may be advantageous to spin the wheels in order to dig down to a harder surface or to simply power out of whatever you’re stuck in. In most vehicles, this can be done by tapping the traction control button which is often represented by a rearview pictogram of a car with squiggly lines trailing off the tires. Sometimes it only takes one press, but some vehicles require a long press of a few seconds, so be sure to consult your owner’s manual.
Traction control is related to but not as sophisticated as stability control. Stability control includes traction control data and augments it with speed, steering angle, and other systems to ensure the vehicle stays on its intended path. According to the National Highway Traffic Safety Administration (NHTSA), in the first five years after requiring traction and stability control, approximately 7,000 lives had been saved as a result.
That leaves no doubt as to traction control’s efficacy and contribution to road safety. For even more proof, there are countless fail videos of drivers leaving their cars and coffee events with the feature disabled, resulting in some embarrassing wrecks into curbs. Traction control isn’t perfect of course, and it can’t keep you safe in all situations, but the added assurance is most certainly an advantage.
Traction control is an electronic monitoring system that senses if a wheel (or multiple wheels) is spinning faster than it should and reduces power to regain grip. In 2012,, all passenger cars sold in the U.S. were required to include a traction control system, along with antilock brakes and stability control. This feature predates the requirement by decades, though.
Traction control systems can go by many different names, depending on the carmaker, but they all operate in a similar fashion. Each wheel has a speed sensor that relays that information to the main computer. Under normal conditions, all wheels are spinning at the same speed. Under low-grip situations such as rain, snow, and gravel, it’s common for one or more wheels the lose traction and spin faster. In an instant, the computer identifies which wheel needs to be slowed and either cuts power or applies some braking.
.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }
In the early days of traction control systems, the power coming from the engine was cut or reduced to all wheels, resulting in rather inelegant lurches. As the technology evolved, the power cut was less jarring, and control over individual wheels became more common. Nowadays, most drivers won’t even notice when traction control kicks into action.
There are several adaptations of a traction control system. In off-road applications, it ensures that you’ll get the maximum amount of traction and power when ascending steep climbs. Hill descent control is somewhat related and in most cases applies the brakes to an individual wheel to regain control. Some vehicles offer specific traction control system tunings for different road conditions, too.
In performance cars, traction control systems can help drivers shorten their lap times as they can begin applying power earlier as they come out of a curve. In drag racing, the system is often referred to as launch control and distributes the optimal amount of power for the conditions. Traction control is banned in most professional motorsports as it represents an unfair advantage over driver skill.
Traction control is typically always active, but in some circumstances, you may want to disable it. In low-traction situations, it may be advantageous to spin the wheels in order to dig down to a harder surface or to simply power out of whatever you’re stuck in. In most vehicles, this can be done by tapping the traction control button which is often represented by a rearview pictogram of a car with squiggly lines trailing off the tires. Sometimes it only takes one press, but some vehicles require a long press of a few seconds, so be sure to consult your owner’s manual.
Traction control is related to but not as sophisticated as stability control. Stability control includes traction control data and augments it with speed, steering angle, and other systems to ensure the vehicle stays on its intended path. According to the National Highway Traffic Safety Administration (NHTSA), in the first five years after requiring traction and stability control, approximately 7,000 lives had been saved as a result.
That leaves no doubt as to traction control’s efficacy and contribution to road safety. For even more proof, there are countless fail videos of drivers leaving their cars and coffee events with the feature disabled, resulting in some embarrassing wrecks into curbs. Traction control isn’t perfect of course, and it can’t keep you safe in all situations, but the added assurance is most certainly an advantage.
