Category Archives: manufacturing

BMW Q3 2024 Profits Drop 61%

Posted on 7 November 2024 by Ken Zino

BMW AG posted results yesterday for Q3 of 2024 that saw earnings at €1696 million compared to 2023 at €4352M for a plunge of -61.0%. It was the worst quarterly performance in ~four years. Consequently, its stock took a beating.

“Group revenues remained significantly down on the previous year in the third quarter of 2024 at 32,406 million (2023: € 38,458 million; -15.7%; adjusted for currency effects -15.3%). The primary reasons for this decline were negative volume effects and product mix effects in the Automotive segment resulting from delivery stops related to the supplied ABS [There were ~1.5 million vehicles recalled for a bad braking system- Autocrat], among other factors,” BMW said in an earnings release. Continue reading →

Posted in auto news, economy, financial results, manufacturing, marketing, mobility company, news analysis, results | Tagged , , , , , , , | Leave a comment

Trump Presidency Effects on Auto Industry – All Bad?

Posted on 6 November 2024 by Ken Zino

After the election of Donald Trump, Jeff Schuster, Vice President Research Automotive at the GlobalData* consultancy, offered thoughts some of the changes expected in the US automotive industry from Trump 2.0. Fasten your safety belts! AutoInformed thinks it’s going to be a bumpy job, climate and economy threatening ride.

“Automotive is one of the sectors that could see a significant mid-term impact from the new Trump presidency in the areas of Trade, Electric Vehicle Transition and Regulations, “said Schuster this morning. Continue reading →

Posted in auto news, economy, environment, fools 'n frauds, labor issues, manufacturing, news analysis, people, results, shows and events, transportation | Tagged , , , , , , , , | 1 Comment

October 2024 US Light Vehicle Sales Up at 1.34 Million

Posted on 5 November 2024 by Ken Zino

Light Vehicle (LV) sales grew by 11.5% year-on-year (YoY) in October 2024, to 1.34 million units. Although the month had two additional selling days than it did in 2023, sales still exceeded expectations and provided a more cheerful perspective on the industry than has generally been the case in recent months, according to preliminary estimates released today by the respected GlobalData consultancy.

“Sales have generally disappointed for much of 2024, but October provided a pleasant change of pace. While the fundamentals of the market have probably not shifted to a great extent, some consumers appear to have been enticed by the gradual uptick in incentives, allied with greater vehicle availability and an easing in interest rates. A number of brands highlighted how Electric and Hybrid Vehicles performed better,” said David Oakley, Manager, Americas Sales Forecasts, GlobalData. Continue reading →

Posted in auto news, economy, manufacturing, marketing, news analysis, sales | Tagged , , , , , , , , , | Leave a comment

U.S. International Trade Deficit Up in September

Posted on 5 November 2024 by Ken Zino

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $84.4 billion in September, up $13.6 billion from $70.8 billion in August, revised. As the economy continues to expand, consumers are buying more raising the deficit. The news comes on Election Day where under new Trump Administration – if it returns – proposed tariffs by Trump will cost consumers billions upon billions of dollars, send the cost of living soaring and hurt the economy overall. Trumpa-nomics 2 the sequel: Tanking the Economy Again. Continue reading →

Posted in customer satisfaction, economy, financial results, fools 'n frauds, labor issues, manufacturing, news, news analysis | Tagged , , , , , , , , , , | Leave a comment

Oh Canada – Magna Q3 Sales Off but Net Earnings Up

Posted on 1 November 2024 by Ken Zino

“We continue to mitigate industry headwinds including lower production volumes in each of our core regions. Our ongoing initiatives and results to date reinforce our conviction in our free cash flow outlook this year and beyond. As we continuously seek to optimize value creation, we are resuming share repurchases in the fourth quarter –ahead of our prior plan,” said Swamy Kotagiri, Magna’s Chief Executive Officer. Continue reading →

Posted in auto news, manufacturing, news analysis, results, sales, transportation | Tagged , , , , , , , , , | Leave a comment

Stellantis Q3 2024 – Shipments and Revenues Plunge

Posted on 31 October 2024 by Ken Zino

Stellantis N.V. (NYSE: STLA) said today that during Q3 2024 net revenues of €33.0 billion were down -27% compared to Q3 2023 as consolidated shipments of 1,148,000 were down 279,000 or -20% year-over-year. Stellantis also confirmed its diminished 2024 financial guidance, which was updated on September 30, 2024.*

“While Q3 2024 performance is below our potential, I’m pleased with our progress addressing operational issues, in particular U.S. inventories, which have been reduced meaningfully and are on track for year-end targets, as well as stabilization of U.S. market share. In Europe, stringent quality requirements delayed the start of certain high-volume products, but with progress resolving challenges we will soon benefit from the significantly expanded reach our generational new product wave brings to 2025 and beyond,” claimed Doug Ostermann, CFO, who replaced Natalie Knight earlier this month. Stellantis is also looking to find a successor for CEO Carlos Tavares, who will retire from his seat in 2026.

In what seems to be a “whistling past the graveyard” release appropriate for Halloween, Stellantis put forth yet again its transition plan. Stellantis’ 14 brands are to some degree or other at the heart of the Company’s planned revival/survival with ~20 new products expected this year. Continue reading →

Posted in auto news, financial results, labor issues, manufacturing, marketing, news analysis, shows and events | Tagged , , , , , , , , , , , , | Leave a comment

Ford Posts Weak Q3 Results. Stock Dropping on Cut Outlook

Posted on 29 October 2024 by Ken Zino

Ford Motor Company (NYSE: F) posted Q3 2024 of $46 billion; net income of $0.9 billion, including a previously announced $1 billion electric vehicle-related charge, as well as an adjusted EBIT of $2.6 billion. Cash flow from operations in Q3 was $5.5 billion, and adjusted free cash flow was $3.2 billion. At quarter-end, Ford had nearly $28 billion in cash and $46 billion in liquidity. It’s going to need it: Ford’s profit margin was razor-blade thin at 1.9%. Perhaps worse, full-year 2024 adjusted EBIT is  now forecast at ~$10 billion. Nonetheless, Ford declared fourth-quarter regular dividend of 15 cents per share. Head hunters are also on the street looking for a new chief of staff. Continue reading →

Posted in auto news, economy, financial results, manufacturing, marketing, mobility company, news analysis, results | Tagged , , , , , , , , | Leave a comment

Honda Recalls Accords, Civics, CR-V Hybrids for Fuel Leaks

Posted on 28 October 2024 by Ken Zino

American Honda Motor is recalling ~721,000 vehicles because the high-pressure fuel pump may crack and leak fuel creating a fire hazard. Affect are 2023-2024 Honda Accord, Accord Hybrid, 2023-2025 Honda CR-V Hybrid, and 2025 Honda Civic and Civic Hybrid vehicles. Warnings may include a fuel odor while the vehicle is driven or idling.

“Due to improper production of the high-pressure fuel pump, cracks can form at the solenoid core component of the fuel pump. As a result, a fuel leak can occur in lower mileage vehicles when the high-pressure fuel pump is in operation,” Honda said in the required NHTSA filing. As of 7 October 2024, Honda has had 145 warranty claims, and no reports of injuries or deaths related to this safety defect from February 2023 through September 2024. Continue reading →

Posted in auto news, customer satisfaction, manufacturing, news analysis, recalls, safety | Tagged , , , , , , , , , , | Leave a comment

More Ford Recalls – 2024 Rangers and 2024-2025 Broncos

Posted on 28 October 2024 by Ken Zino

Ford Motor Company (NYSE: F) ) is recalling 2024 Ranger, and 2024-2025 Bronco vehicles. The front upper-control-arm ball joint nut may not have been installed or tightened properly, allowing the front upper control arm to detach from the knuckle assembly, … Continue reading →

Posted in auto news, customer satisfaction, manufacturing, news analysis, quality, recalls, safety | Tagged , , , , , , , , , , | Leave a comment

Ford Recalls Mach-E Models for Power Brake and other Failures

Posted on 28 October 2024 by Ken Zino

Ford Motor Company (NYSE: F) is recalling 2021 Mach-E vehicles because An Over-The-Air (OTA) update to the Anti-lock Braking System (ABS) may result in a loss of power brake assist, ABS, Electronic Stability Control, Traction Control, and driver assistance features. The instrument cluster will display several ABS-related warning lamps and text messages at vehicle startup, according to the required filing made public by the National Highway Traffic Safety Administration today. Continue reading →

Posted in connected vehicles, customer satisfaction, manufacturing, news analysis, quality, recalls, safety, software defined vehicles | Tagged , , , , , , , , , , , | Leave a comment

Tesla Bringing Scab Workers into Sweden to Break Strike

Posted on 24 October 2024 by Ken Zino

One year after the Swedish union IF Metall called for a strike against Tesla, car manufacturer still refuses to negotiate a collective agreement. Moreover, Tesla has taken a rare measure in Europe of importing scabs, flying in staff from other Tesla plants in Europe to replace the striking workers in Sweden.*

“It has been a year of strike at Tesla and Elon Musk’s total disrespect for the Swedish model, which has successfully governed the country’s labor market for nearly 100 years, stands in stark contrast to other multinational companies in the country. It is unacceptable and the striking workers have the full support of the 50 million members of IndustriALL behind them,” said IndustriALL general secretary Atle Høie today. Continue reading →

Posted in auto news, customer satisfaction, electric vehicles, labor issues, manufacturing, news analysis | Tagged , , , , , , , , , , , | Leave a comment

General Motors Q3 2024 Earnings Up. Guidance Raised Again

Posted on 22 October 2024 by Ken Zino

General Motors (NYSE: GM) today posted flat Q3 net earnings ($3.1 billion), but with pretax earnings up ~16%. GM’s adjusted earnings before interest and taxes were $4.1 billion in the quarter. Global revenue ~11% to $48.8 billion. North American pretax earnings rose 13% to ~$4 billion. Moreover, GM raised its earnings guidance for the third straight time this year. GM’s 2024 financial guidance includes anticipated capital spending of $10.5 billion – $11.5 billion, inclusive of investments in the company’s battery cell manufacturing joint ventures.

“In the third quarter, we grew U.S. retail market share with above-average pricing, well-managed inventories and below-average incentives. In China, sales improved from the second quarter, and dealer inventory fell sharply. In addition, we remain on track to reach our 2024 EV production and profitability targets,” said Mary Barra, GM Chair and CEO. Continue reading →

Posted in auto news, financial results, manufacturing, marketing, mobility company, news analysis, results | Tagged , , , , , , , , | Leave a comment

BMW Group Plants Dingolfing, Regensburg Going Photovoltaic

Posted on 21 October 2024 by Ken Zino

BMW said today that Group Plants Dingolfing and Regensburg will obtain electricity generated from renewable energy directly from their own roofs. Dingolfing’s rooftop PV system, with a capacity of 11.1 MWp, will be one of the most powerful in Germany. To achieve this objective, the premium automotive manufacturer is renting roof space at its two plant sites in Eastern Bavaria to Sunrock Holding Deutschland GmbH, which will generate electricity using photovoltaics and make it available to the plants under direct supply contracts from 2025 onward.

“With this project, we are not only creating one of Germany’s biggest rooftop photovoltaic systems – we are also promoting the generation of renewable energy directly on site at BMW Group plant locations,” said Nicole Haft-Zboril, head of BMW Group Real Estate Management. Continue reading →

Posted in auto news, electronics, energy, environment, global warming, manufacturing, milestones, mobility company, news analysis | Tagged , , , , , , , , , , | Leave a comment

Hemlock Semiconductor to Open New Plant in Michigan

Posted on 21 October 2024 by Ken Zino

Governor Gretchen Whitmer of Michigan today confirmed that the Biden-Harris administration provided the proposed direct funding of $325 million to Michigan-based manufacturer Hemlock Semiconductor (HSC)*

“HSC is one of many Michigan-based companies that is helping us lead the future of advanced manufacturing. Thanks to the Biden-Harris administration’s bipartisan CHIPS and Science Act and the U.S. Department of Commerce, we are ensuring HSC’s global leadership in the powerful domestic supply chain to manufacture semiconductor chips needed for everything from computers and phones to AI applications. Together, we are strengthening national and economic security by ensuring supply chains, good-paying jobs, and cutting-edge investments are where they belong—here at home. Let’s build the future we all want—one where America leads,” said Whitmer. Continue reading →

Posted in auto news, economy, electric vehicles, electronics, environment, manufacturing, milestones, news, news analysis, shows and events | Tagged , , , , , , , , , , , , , | Leave a comment

Mercedes-Benz Opens Battery Recycling Plant in Kuppenheim

Posted on 21 October 2024 by Ken Zino

“Mercedes-Benz has set itself the goal of building the most desirable cars in a sustainable way. As a pioneer in automotive engineering, Europe’s first integrated mechanical-hydrometallurgical battery recycling factory marks a key milestone towards enhancing raw-materials sustainability. Together with our partners from industry and science, we are sending a strong signal of innovative strength for sustainable electric mobility and value creation in Germany and Europe,” said Ola Källenius, Chairman of the Board of Management of Mercedes-Benz Group AG. Continue reading →

Posted in alternative fuels, auto news, electric vehicles, electronics, environment, fuel economy or emissions, global warming, manufacturing, milestones, mobility company, news analysis, shows and events | Tagged , , , , , , , , , , , , | Leave a comment