Category Archives: economy

BMW Manufacturing Top U.S. Exporter Again

Posted on 26 February 2025 by Ken Zino

BMW Manufacturing said today that it was the leading automotive exporter by value in the United States in calendar year 2024, according to data released this month by the U.S. Department of Commerce. Plant Spartanburg exported~225,000 BMW Sports Activity Vehicles and Coupes last year with an export value of more than $10 billion. Since 2014, the South Carolina plant has exported more than 2.7 million BMWs – about 63% of total production – with an export value of more than $104 billion. Continue reading →

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Tariffs – Trump’s Next Economic Disaster Looming

Posted on 21 February 2025 by Ken Zino

Despite all the legal and political controversies surrounding the Trump Administration’s trade and tariff policies, there is emerging clarity in one area with a high potential for damaging the auto industry and the U.S. economy. Anderson Economic Group identified the threat of tariffs as a “two-alarm fire for the auto industry” as early as November 2024. It recently estimated the costs per car of tariffs on Mexico and Canada at $4000 to $10,000, based on its analysis of ten different vehicles from multiple manufacturers.

“The Trade Expansion Act (TEA) has clear statutory authority. It’s been used before. It’ll probably be used again, whether now or next year, said Patrick Anderson,* Anderson Economic Group CEO today speaking to the Automotive Press Association. Continue reading →

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Michigan Signs MOU With UAE

Posted on 19 February 2025 by Ken Zino

Michigan Governor Gretchen Whitmer joined His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah (RAK), and leaders from the Michigan Economic Development Corporation (MEDC) and the University of Michigan (U-M) to sign a strategic Memorandum of Understanding (MOU) to advance global innovation, entrepreneurship, economic growth, and job creation. The ceremony was attended by Robert Raines, Consul General of the United States in Dubai and the Northern Emirates, along with a delegation of business, academic, and innovation leaders from the State of Michigan.

“Michigan is an international leader in manufacturing and innovation,” said Governor Whitmer. “By signing a Memorandum of Understanding with RAK and the University of Michigan, we are highlighting our advanced manufacturing strength, engineering talent, and cutting-edge R&D while showing the world why they should continue to create jobs and invest in Michigan.” Continue reading →

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Society of Automotive Analysts – New Board of Directors

Posted on 18 February 2025 by Ken Zino

The Society of Automotive Analysts (SAA) today announced its Board of Directors for 2025. Adam Bernard, Founder and Principal of AutoPerspectives, will serve as SAA president, while Jeff Schuster, President of Forecasting, GlobalData, moves into the vice president role. The SAA’s stated goals are to provide automotive professionals exclusive access to industry leaders, early insights and outstanding networking opportunities. “SAA members include every automotive industry professional interested in timely and useful auto industry data, discussion and dissemination of ideas, concepts and solutions,” the SAA said. Continue reading →

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Trump Tax Cuts for Rich among other things Wildly Unpopular

Posted on 14 February 2025 by Ken Zino

Data for Progress said today that House Republicans currently debating budget reconciliation are planning to extend and expand President Trump’s 2017 tax cuts for corporations and high-income households, which are expected to cost trillions in the coming years. To pay for this, GOP Congress members have proposed slashing health care, food assistance, education funding, and many tax credits benefiting low-income communities and shifting costs to states and families.

Together with the Student Borrower Protection Center and Groundwork Collaborative, Data for Progress conducted a survey from 31 January – 2 February measuring voter sentiment toward cuts to federal funding and tax breaks for the wealthy. The poll shows that many government programs are very popular with likely voters: Medicare, Medicaid, Social Security, and SNAP each have support from more than 3 in 4 respondents. Continue reading →

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Toyota Develops New 3rd Gen Fuel Cell System

Posted on 14 February 2025 by Ken Zino

“The all-new 3rd Gen FC System is designed to meet the particular needs of the commercial sector with the same durability as conventional diesel-powered engines. Additionally, the new system features significant improvements in performance, including fuel efficiency and a significant reduction in costs compared to the prior version. In addition to passenger vehicles, the 3rd Gen FC System will be expanded for use in heavy-duty commercial vehicles, and is planned for introduction in markets mainly in Japan, Europe, North America, and China after 2026 at the earliest,” Toyota said. Continue reading →

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Penske Automotive Group Posts Record Q4 Revenue of $7.7B

Posted on 13 February 2025 by Ken Zino

“I am pleased with our financial performance during the fourth quarter. Revenue increased 6% to $7.7 billion, a quarterly record. New and used automotive gross profit per unit retailed remained strong, including a $74 per unit sequential increase in new vehicle gross profit per unit retailed when compared to the third quarter of 2024, and same-store service and parts revenue and gross profit increased 7% and 9%, respectively,” said Chair Roger Penske.
The Company’s Board of Directors has approved a quarterly dividend of $1.22 per share, representing an increase of 2.5%, or $0.03 per share. This represents the Company’s 17th consecutive quarterly increase. The dividend is payable March 6, 2025, to shareholders of record as of February 24, 2025.
Continue reading →

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Annals of Marketing – Mercedes-Benz Miami Real-Estate

Posted on 6 February 2025 by Ken Zino

“With construction of Mercedes-Benz Places in Miami well underway, we are laying the foundation for one of the most ambitious and innovative residential projects in Florida. Together with our partner, JDS Development Group, we will showcase outstanding architecture, which is undeniably Mercedes-Benz and deliver a community experience that is second to none,” Eva Wiese, Head of Mercedes-Benz Customer Solutions GmbH. Continue reading →

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Volvo Cars Posts Record Sales, Revenue, Profits in 2024, but…

Posted on 6 February 2025 by Ken Zino

Volvo Cars (VOLCAR B:STO)* today posted a record-breaking year in 2024 with the highest full-year retail sales, revenues and core operating profit in its 98-year history. However, the Chinese owned company anticipates a turbulent 2025 “due to challenging market conditions,” aka Trump’s Trade and Tariff Wars.** “Full-year revenues exceeded SEK 400 billion for the first time in the company’s history, due to a new all-time sales record of 763,389 cars. Its full-year core operating profit of SEK 27 billion, excluding joint ventures and associates, was another record and up 6% compared to 2023. The core operating margin came in at 6.8%, up from 6.4% in 2023,” Volvo said. Continue reading →

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Ford Motor Posts Mixed Results for 2024

Posted on 5 February 2025 by Ken Zino

Ford Motor Company (NYSE: F) today posted Q4 full-year 2024 financial results. They were mixed from awful to okay. During 2024, Ford Blue’s revenue was flat at $101.9 billion as positive net pricing offset a 2% decline in wholesale vehicle transactions from what Ford said were the cancellation of low-margin products. The internal combustion engine segment at Ford S EBIT was $5.3 billion. Ford Model e reported a full-year EBIT loss of $5.1 billion. The electric vehicle e segment delivered $1.4 billion in cost improvements, net of a $100 million increase in spending to launch new battery plants and next-generation electric vehicles, Ford said. For full-year 2024, revenue climbed 5% to $185 billion; net income was $5.9 billion, and adjusted EBIT was $10.2 billion. For 2025 Ford is predicting a $2 billion profit drop! Bloomberg says that 27% of analysts have a sell recommendation, the highest on record.  Continue reading →

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Toyota Motor Posts FY2025 Q3 Net Revenue Gain

Posted on 5 February 2025 by Ken Zino

Toyota Motor Corporation (TMC: Tokyo 7203. NYSE: TM) today announced financial results for the third quarter fiscal year 2025, which ended 31 December 2024. TMC also announced significant changes in China. Consolidated vehicle sales totaled ~7,000,000 units, a decrease of ~295,000 units compared to the same period fiscal year 2024. On a consolidated basis, net revenues for the period totaled 35.673 trillion yen ($233.2 billion), an increase of 4.9%. Continue reading →

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Ford Motor Shuffles Leadership Amid Trump Chaos

Posted on 5 February 2025 by Ken Zino

Ford Motor Company (NYSE: F)* today announced key executive changes as the chaos of the Trump administration continues to cause as yet unknown damages to the economy and the auto industry. Two positions, John Lawler to vice chair to look after strategy, partnerships and alliances; and Sam Wu,President Ford China adding Ford’s International Markets Group, will require insight, and frankly lucky hunches given Trump’s random, variable and reversible assaults on trade, tariff’s and vital international organizations to return Ford Motor to a reliably profitable path. Continue reading →

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Cox Automotive Alters January Forecast Sales Down

Posted on 4 February 2025 by Ken Zino

New-vehicle sales in January increased compared to year-ago levels, but initial results indicate that market volume likely came in slightly below the forecast, Cox Automotive** said today. The original Cox Automotive forecast* called for year-over-year growth of 5.2%, but early estimates “suggest the increase was closer to 4%.” Some automakers posted record January volume and others saw declines from January 2024 levels.

“Our market continues to be one of diverging stories,” said Cox Automotive Chief Economist Jonathan Smoke. “While the macro view is one of growth, ‘actual experience may vary.’ January is typically a low-volume sales month, and there were no shortages of sales challenges last month – from extreme cold over much of the market to major fire disruptions in Southern California. Consumer confidence also declined more than expected in January and was lower than in January 2024, the first yearly decline since September. All factors considered, the positive sales performance in January was a good sign for the market,” Smoke said. Continue reading →

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More Stellantis Executive Changes as Stock Drops

Posted on 3 February 2025 by Ken Zino

“Through targeted organizational adjustments, the regions now have enhanced local decision-making and execution capabilities in respect of product planning, product development, industrial and commercial activities, while maintaining coordination with the Company’s global functions to best serve their customers,” Stellantis said. However, there still is no new permanent Chief Executive Officer from the Special Committee of the Board of Directors at a time when Trump’s executive orders – viz tariff’s – are wreaking havoc in the auto industry. Stellantis shares are down ~8% this morning. Continue reading →

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