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Category Archives: auto news
Ford to Take $1B Charge to Buy Back Expensive Debt
Last April, Ford sold $8 billion of bonds as the coronavirus pandemic closed Ford’s factories with a corresponding drop in sales. Actions such as the debt tender offer and the issuance of 0% convertible notes earlier this year, together with a “bet on the come line” of awaited broader access to capital from the new sustainable financing framework, combine with Ford’s objectives to further strengthen its balance sheet and financial flexibility and return its credit ratings to investment grade. Continue reading
First Aston Martin Valkyrie Hypercar Completed
Before each Valkyrie is delivered, it is track-tested at the Aston Martin high performance facility at Silverstone where much of the development of the hypercar has taken place. The hybrid V12 powertrain provides a maximum power of 1,155PS, it’s claimed. the electric boost from the hybrid is 160 horsepower and 207 lb. ft. of torque. Continue reading
US October Light Vehicle Sales Drop -23% YoY
Overall vehicle sales were, however, 5% higher than September with the 2 extra selling days in October. The annualized rate grew to 13.1 million units from 12.1 million in the previous month and back to the level registered in August. “However, OEMs sold just 39,000 vehicles per selling day, compared to 40,000 units last month, way down from a peak of 62,000 vehicles in March,” said LMC. Continue reading
Illustrious Road Trip – Maserati, Pacific Coast Highway and Four Seasons Hotels?
Four Seasons Hotels and Maserati have produced a trip package that reflects the shifting winds in the luxury goods market. It starts at the Beverly Wilshire, A Four Seasons Hotel where the first 24-hour complimentary use of the Maserati Levante SUV begins. The Maserati Levante SUV, of course, is all-wheel drive and powered by a twin-turbo V6 or V8 engine. Continue reading
FAA, Finally Five Years After Deadly Accident, Wants a Medical Certificate for Commercial Hot-Air Balloon Pilots
“Balloon pilots are responsible for the safety of their passengers,” said FAA Administrator Steve Dickson. “This proposed rule would ensure that balloon pilots meet the same medical requirements as pilots of other commercial aircraft.” The rule in AutoInformed’s view is more than five years too late because of regulatory capture by the industry, a common problem at the FAA as recently exhibited with the Boeing 737 Max fiasco. Continue reading
Floorplan – Stellantis Buys First Investors Financial Services
This is either an opportunity or survival necessity, depending on your viewpoint. It will allow Stellantis to provide customers and dealers a range of financing options, including retail loans, leases, and floorplan financing in the near term. A so-called “captive U.S. finance company” will provide revenue, marketing incentives and mobility services in the digital age for customers who purchase Jeep, Ram, Dodge, Chrysler, Fiat and Alfa Romeo vehicles. Continue reading
Toyota Georgetown Kentucky Plant Set for $461M Upgrade. Lexus Manufacturing Leaving US
According to the Japanese global automotive giant, an investment of $461 million will add advanced manufacturing equipment and technologies, coupled with facility layout improvements, which will increase the plant’s operational speed, flexibility and competitiveness. These improvements will expand TMMK’s ability to produce new products, including future electrification. Continue reading
Ford, Newlab Announce Five Cleaner Transportation Startups
“Together, Ford and Newlab are building upon our nation’s goal of reducing carbon emissions and the effects of climate change by advancing commercial fleet electrification,” said Matt Stover, director of charging and energy services, Ford Motor Company. Continue reading
General Motors Q3 Earnings – $2.9 Billion
General Motors Co. (NYSE: GM) today reported third-quarter earnings of $2.922 Billion. GM said it is on track to deliver full-year 2021 EBIT-adjusted earnings approaching the high end of its guidance range of $11.5B to $13 Billion. EBIT-adjusted was $2.9 … Continue reading
Posted in economy, financial results, manufacturing
Tagged auto industry commentary, autoinformed.com, gm financial, gm q3, Ken Zino, LG Electronics
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GM to Expand EV Charging – 40,000 Stations, New Smart Chargers
Through the GM Dealer Community Charging Program, its dealers to set up Level 2 charging stations (EVSE) at key locations in the dealer’s respective communities, including workplaces, multi-unit dwellings, sports and entertainment venues, college, and universities. These charging stations will be available to all EV customers, not just those who purchase a GM EV. Today, nearly 90% of the U.S. population lives within 10 miles of a GM dealership. The first Ultium Chargers will ship early next year with customers able to roll the price into their GM Financial lease or financial contracts.
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GMC Shows Sierra Denali Ultimate and AT4X – $$$$$
Just bring money. Base pricing for each trim will be available at reservation. MSRP15, including destination charge, for Denali Ultimate is $80,395, AT4X is $74,995, Denali is $61,295, AT4 is $60,995, SLT is $50,895, Elevation is $45,495, SLE $43,895 and Sierra Pro is $32,495. Full pricing will be announced closer to the start of production. Continue reading
NTSB – Fatal Texas Tesla Crash Shows Seats Were Occupied
Contrary to some sensationalist media reports, the Tesla was occupied by a driver and one passenger, both of whom died in the crash. Damage to steering wheel pictured was due to an impact as the Tesla reached a speed of 67 mph during the 5 seconds leading up to impact. Continue reading
Stellantis, Samsung SDI JV for NA Battery Manufacturing
The latest Joint Venture for Lithium-Ion Battery Production in North America comes just days after Stellantis announced that it had entered with LG Energy Solution a memorandum of understanding to form a joint venture to produce battery cells and modules for North America. Thus the battery gold rush among major automakers continues with vast unknowns on how EVs will pan out among consumers. Continue reading
Stellantis, LG Energy JV for North American Battery Production
The batteries produced at the new facility will be supplied to Stellantis assembly plants throughout the US, Canada and Mexico for installation in next-generation electric vehicles ranging from plug-in hybrids to full battery electric vehicles that will be sold under the Stellantis family of brands. Stellantis was created by the merger of Fiat Chrysler , aka FCA, and Peugeot or PSA. Continue reading
California, New Zealand, Québec Sign Joint Agreement on Net Zero Green House Gases
The Joint Declaration accepts the urgent need to reduce greenhouse gas emissions in accordance with the latest findings of the Intergovernmental Panel on Climate Change. It acknowledges the common intent of the three jurisdictions to transition toward net-zero greenhouse gas emissions while creating new, quality jobs in low- or zero-emission sectors and facilitating a just transition for people impacted by the shift towards a carbon neutral economy. Continue reading →