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The Revival and Transformation of Classic Car Models in the Electric Vehicle Era

GOOVER DAILY REPORT July 25, 2024
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TABLE OF CONTENTS

  1. Summary
  2. Nissan's Potential Revival of the Silvia
  3. The Reimagined Ford Capri
  4. Ford's Broader EV Strategies and Adjustments
  5. Insights from the Goodwood Festival of Speed
  6. Industry-Wide Trends in Electric Vehicle Revival
  7. Conclusion

1. Summary

  • The report, titled 'The Revival and Transformation of Classic Car Models in the Electric Vehicle Era,' explores the resurgence of iconic cars like the Ford Capri and the potential reintroduction of the Nissan Silvia as electric vehicles (EVs). It examines how the automotive industry is combining heritage with modern technology through detailed case studies, including market reactions from both enthusiasts and general consumers. Key highlights include Nissan's consideration of reviving the Silvia as an EV and Ford’s reimagination of the classic Capri into an electric SUV. The report highlights significant technological advancements and market challenges, underscored by consumer reactions and market trends in this evolving industry landscape.

2. Nissan's Potential Revival of the Silvia

  • 2-1. Considerations for Silvia's Comeback

  • Nissan is contemplating the revival of the Silvia, a model that was last produced in 2002. This speculation wasn't merely fueled by Japanese magazines; it was confirmed by Ivan Espinosa, Nissan’s VP of global product strategy, in an interview with Top Gear. Espinosa noted that the potential new Silvia would offer 'good power at the right price that customers find attractive.' While specifics were not disclosed, it is inferred that the price would be between that of the Z ($43,000) and the GT-R ($121,000), with power output similarly positioned between the Z’s 400 horsepower and the GT-R’s 565 horsepower.

  • 2-2. Technological and Market Challenges

  • Sports cars like the Silvia face significant challenges due to their niche market, which can make it difficult to justify the investment. Espinosa emphasized that for a new Silvia to be feasible, it would need to be a global product produced in larger volumes. Additionally, there were no mentions of potential collaborations with other automakers to share costs, a strategy that has been successful for models like the Toyota Supra/BMW Z4 and the Toyota-Subaru GR86/BRZ twins. Another critical challenge is Nissan's recent announcement to halt investment in internal combustion engine (ICE) technology. Therefore, a revived Silvia is likely to be an electric vehicle (EV), setting it apart from domestic rivals such as Toyota, Mazda, and Subaru, who remain committed to gas engines.

3. The Reimagined Ford Capri

  • 3-1. Introduction of Ford Capri as an Electric SUV

  • Ford has reintroduced the iconic Ford Capri, this time as an all-electric SUV. This iteration of the Capri is built on Volkswagen's MEB platform, commonly used in various VW models, including the Explorer e-SUV. The new Capri boasts a distinctive coupe-like body style, which marks a significant shift from the original low-slung, two-door coupe design. Features of the new design include a sloping roofline and a sleeker, more aerodynamic form, which give it the appearance of a high-riding sedan rather than a traditional SUV. Ford's decision to revive the Capri nameplate as an electric SUV aligns with its broader strategy of leveraging its storied past and introducing modern electric vehicles (EVs).

  • 3-2. Market and Enthusiast Reactions to the New Capri

  • Reactions to the reimagined Ford Capri have been mixed, with a notable divide between general consumers and automotive enthusiasts. Many enthusiasts, reminiscent of the original car, were disappointed with the transformation, feeling that the new model strayed too far from the classic Capri's character. Visitors at the Goodwood Festival of Speed expressed this sentiment, criticizing the car for not capturing the original Capri essence. However, some attendees, including younger consumers and those not as deeply attached to the original, expressed appreciation for the Capri's modern features and design. Market responses indicate that while the new Capri might face skepticism from traditional fans, it still holds appeal for a broader audience.

  • 3-3. Technical Specifications and Features of the New Capri

  • The all-electric Ford Capri features two main powertrain options: a 286hp single rear motor and a 340hp twin-motor for an AWD setup. The single motor variant can accelerate from 0-100km/h in 6.4 seconds, while the AWD version achieves this in 5.3 seconds. The new Capri offers ranges of up to 627km for the lower-powered variant and 592km for the AWD model, featuring fast-charging capabilities. The car's interior includes advanced technologies such as automated lane changes, a massaging driver’s seat, and a sliding 14.6-inch touchscreen. The new Capri’s design elements, like distinctive LED headlights, a 'secret' storage cubby, and roomy boot space of 570 liters, aim to blend modern functionality with homage to its classic predecessor.

  • 3-4. Comparative Analysis with Other EV Models

  • When compared to other contemporary EV models, the new Ford Capri stands out with its extensive range and fast-charging capabilities. It competes with models like the Volkswagen ID.5, Skoda Enyaq Coupe, and Tesla Model Y. Priced starting at £42,075, it undercuts some competitors while offering features like heated and massaging front seats and an advanced infotainment system with Android Auto and Apple CarPlay. Design-wise, it shares a close resemblance with the Polestar 2 more than with its VW platform siblings, highlighting its unique aero-influenced form. While consumer acceptance might diverge on nostalgia versus modern practicality, the Capri’s competitive specs and pricing position it well within the EV market.

4. Ford's Broader EV Strategies and Adjustments

  • 4-1. Ambitious EV Goals and Recent Adjustments

  • Ford has recently admitted that its initial push for an all-electric fleet in Europe by 2030 was overly ambitious. This realization came after observing that customer demand was not supporting such a rapid shift to EVs. Marin Gjaja, COO of Ford’s Model E electrification division, noted that customers found the goal too ambitious. As a result, Ford is now adjusting its strategy to include hybrids and other multi-energy drivetrains, rather than focusing solely on EVs. This shift was influenced by a decline in EV demand and rising production costs.

  • 4-2. Focus on Smaller, More Affordable EVs

  • Ford CEO Jim Farley has emphasized the need for smaller and more affordable electric vehicles to improve profitability. By 2027, Ford aims to launch a $30,000 EV, reflecting Farley’s belief that large EVs are too costly to produce and sell profitably due to high battery costs. This strategy aligns with Ford's broader goal of steering U.S. consumers away from large, expensive vehicles towards more compact and cost-efficient options. The company sees this as a crucial step for broader EV adoption in the U.S. market.

  • 4-3. Impact of Policy and Market Dynamics

  • Ford's strategic adjustments are also driven by external factors such as changes in government policies and shifting market dynamics. In Europe, the waning of government subsidies for EVs has contributed to reduced demand, making it challenging for automakers to stick to aggressive EV timelines. Additionally, Ford’s approach now includes a stronger focus on hybrid vehicles and flexible production plans to accommodate both ICE and EV models. This decision was further solidified after meeting the high demand for its ICE models, such as the Ford Mustang Mach-E and the F-150 Lightning, in both Europe and North America.

5. Insights from the Goodwood Festival of Speed

  • 5-1. Highlights and Key Exhibits

  • The 2024 Goodwood Festival of Speed highlighted a diverse mix of new and classic cars, showcasing innovations across the automotive industry. Key exhibits included the Ford Supervan 4.2, which won the timed class driven by Romain Dumas, and the MG Cyber coupe, unveiled as part of MG's centenary celebration. The festival also saw the debut of several significant new models like the BMW M5 plug-in hybrid with 717 hp and the electric Ford Capri CUV.

  • 5-2. Reception of Classic Model Revivals

  • The revival of classic models as electric vehicles received a warm reception at the Goodwood Festival of Speed. Notably, Ford's new electric-powered Capri, a high-riding coupe-style CUV, was among the significant attractions. The Capri’s reintroduction signifies a blend of heritage and modernity, attracting attention from enthusiasts and potential buyers alike. Similarly, the Red Bull RB17’s debut, which combines vintage design with a modern electric motor, showed the enthusiastic embrace of combining classic designs with current technologies.

  • 5-3. Showcase of Technological Advancements

  • Technological advancements were at the forefront during the festival, with several cutting-edge vehicles on display. Highlights included the BMW M5 with its plug-in hybrid drivetrain, the Red Bull RB17 hypercar featuring a gasoline V-10 and an electric motor, and the Mercedes-AMG GT 63 Pro 4Matic+ with a 603-hp twin-turbocharged 4.0L gasoline V-8. These vehicles underscore the significant strides in combining traditional automotive performance with modern electric and hybrid technologies.

6. Industry-Wide Trends in Electric Vehicle Revival

  • 6-1. Overview of Classic Car Names Making a Comeback

  • The reintroduction of classic car names has become a notable trend in the automotive industry. Several iconic nameplates are being revived as electric vehicles (EVs), blending heritage with modern technology. Noteworthy examples include Ford's Capri, Renault's 5, Vauxhall's Frontera, Fiat's Topolino, and Honda's Prelude. Each model represents a reinterpretation of a beloved classic, now featuring electric powertrains as part of the automotive industry's shift towards sustainable mobility solutions.

  • 6-2. Expert Opinions on Relaunching Former Legends

  • Experts have mixed views on the trend of reviving classic car names. Dr. Andy Palmer, former COO of Nissan and CEO of Aston Martin, emphasizes the risk and nostalgia involved in such moves. He suggests that the success of these models depends on their ability to retain a 'golden-thread of DNA' from their predecessors. Richard Peberdy, UK Head of Automotive at KPMG, notes that while some consumers may not appreciate the link between old and new models, the publicity generated could extend the brand's reach. John Mayhead, Editor of the Hagerty Price Guide, adds that introducing new models often stirs nostalgia and can even increase the value of original versions. Further, Erin Baker from Auto Trader and Iain Reid from Carwow acknowledge the double-edged nature of this strategy, pointing out both the benefits and potential backlash from enthusiasts.

  • 6-3. Comparative Analysis Across Different Brands

  • Different brands have employed varied approaches in reintroducing classic names as EVs. Ford faced significant public and expert criticism over their decisions with both the Mustang Mach-E and the new electric Capri, with concerns about whether the new models truly capture the spirit of their predecessors. In contrast, Renault's reveal of the Renault 5 E-Tech, a retro-themed EV, was met with enthusiasm, highlighting its successful design tribute to the original model. Vauxhall's relaunch of the Frontera, though less celebrated as a classic, aims to fill a niche in the market with a focus on comfort and a new patented seat design. Fiat's Topolino revives a name from its past with a new twist, a two-door 'quadricycle' designed for urban mobility. Honda’s Prelude is set to come back as a performance hybrid coupe, positioning itself uniquely in the market as the only front-wheel-drive coupe available in the UK. These varied responses from the market and experts underline the challenges and opportunities inherent in blending legacy with innovation.

7. Conclusion

  • The report underscores the significant strategic shifts in the automotive industry, spotlighting the revival of classic models like the Ford Capri and Nissan Silvia transformed into electric vehicles. These efforts highlight a blend of nostalgic brand heritage with cutting-edge technology, presenting both opportunities and challenges. While the Ford Capri's transformation into an electric SUV and Nissan's potential EV Silvia offer promising advancements, they face market adoption issues and high consumer expectations. The Goodwood Festival of Speed's enthusiastic reception of these revivals indicates a positive trend, yet the industry's future lies in balancing the preservation of legacy with the innovation of modern EV technologies. Practical applicability of these findings suggests that continuous adaptation and strategic adjustments to consumer demands and global policies will be crucial for successful market penetration and broader EV adoption. Future prospects point towards further innovations and a possible increase in hybrid and more affordable smaller EV models to meet the evolving market needs.

8. Glossary

  • 8-1. Ford Capri [Vehicle Model]

  • Originally launched in 1969 as a popular sports coupe, the Ford Capri made a comeback as an electric coupe-style SUV. It features options for rear-wheel drive and all-wheel drive, offering up to 627 km of range. The modern Capri blends heritage design elements with advanced technology, aiming to capture both nostalgic enthusiasts and new-age EV buyers.

  • 8-2. Nissan Silvia [Vehicle Model]

  • An iconic sports car from the 1970s and 1980s, Nissan's potential revival of the Silvia could offer a new model positioned between the Z and GT-R. The revival faces challenges related to Nissan's focus on electric technology and market viability, but collaboration with brands like Toyota and Subaru could enhance feasibility.

  • 8-3. Goodwood Festival of Speed [Event]

  • A celebrated annual event that showcases a wide range of classic, modern, and concept cars. Highlights from the 2024 festival include the introduction of new models like the electric Ford Capri SUV and exhibits featuring high-performance and luxury vehicles.

  • 8-4. Volkswagen MEB Platform [Technology]

  • A modular electric vehicle platform developed by Volkswagen Group, used in various EV models including the reimagined Ford Capri. The MEB platform supports multiple body styles and offers scalability, making it a key infrastructure for modern electric vehicles.

9. Source Documents