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Category Archives: economy
Battery Electric Vehicle Sales In EU Slumping
Roughly half of all European markets saw a drop in battery electric vehicle sales through September 2024, compared to the same period in 2023. There was a slight improvement in Q3.
“This was contrary to consensus market projections. Battery electric vehicle sales in the EU experienced a year-on-year decline of 4% during the first nine months, prompting most OEMs to re-evaluate and rescale their investment plans and strategies towards electrification,” said Vivek Satheesh, a powertrain analyst at the respected GlobalData consultancy. Continue reading
Posted in auto news, economy, electric vehicles, environment, global warming, labor issues, manufacturing, news analysis, results, sales
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, BEV sales in Europe, Chinese trade war, GlobalData, Ken Zino, Vivek Satheesh, X @KenAutoinformed
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Abgewürgt – Volkswagen German Collective Bargaining
The negotiating committees of Volkswagen AG and IG Metall Lower Saxony and Saxony-Anhalt held negotiations on the 2024 collective bargaining round in Wolfsburg yesterday without reaching an agreement on plant closings or cutting labor costs. However, they did agree to meet again on 9 December 2024. (Read AutoInformed.com on: Large European Job Cuts Coming at Ford, Again, and Pablo Di Si Out at VW Group of America)
“We view it as a positive signal that the employee representatives have shown openness to reducing labor costs and capacity reductions. However, the counter-proposal they submitted must be judged on whether it creates both sustainable financial relief for the company and offers clear prospects for the workforce,” said Arne Meiswinkel, lead negotiator at Volkswagen AG. “For Volkswagen AG, the sustainable achievement of financial targets remains crucial in order to ensure competitiveness in an extremely challenging phase for the German automotive industry,” said Meiswinkel. Continue reading
Posted in auto news, economy, labor issues, manufacturing, news analysis, people, transportation
Tagged Arne Meiswinkel, auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Braunschweig, Emden, German economy, Hanover, Kassel, Ken Zino, Salzgitter, Wolfsburg, X @KenAutoinformed
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Large European Job Cuts Coming at Ford, Again
Ford Motor Company (NYSE: F) announced today its restructuring plans to create a badly needed more “cost-competitive structure.” The main focus is the health of Ford’s passenger vehicle business in Europe, where it incurred significant losses for years. Ford is also lagging in the European shift to electrified vehicles, and new competition – especially Chinese – has been disruptive. Through Q3 of 2024, Ford sales are down ~18% in Europe. Continue reading
Posted in auto news, economy, environment, labor issues, manufacturing, milestones, mobility company, news analysis, people
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Dave Johnston, John Lawler, Ken Zino, NYSE F, X @KenAutoinformed
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National Recycling Plan Advancing Circular Economy
The U.S. Environmental Protection Agency today said its “National Recycling Strategy” is advancing through implementation of the Bipartisan Infrastructure Law.* EPA is central to the Biden-Harris administration’s efforts to build a circular economy thereby creating jobs and helping the environment. Since 1997, EPA has celebrated the nation’s progress on recycling. This year, EPA is encouraging organizations and individuals to continue expanding the ways they reduce, reuse and recycle. Together with investments from the Bipartisan Infrastructure Law, EPA’s work has helped to transform recycling and solid waste management across the nation. It was not immediately clear if the incoming Administration is the result of recycled garbage. Continue reading
Posted in economy, environment, news, news analysis, public health, shows and events
Tagged America Recycles Day, auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Biden-Harris National Recycling Strategy, Bipartisan Infrastructure Law, Ken Zino, Michael S. Regan, U.S. Environmental Protection Agency, X @KenAutoinformed
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McKinsey and Hire Heroes USA – Bridging Veteran Career Gaps
McKinsey& Company said today that it is working with Hire Heroes USA to bridge the career gap for veterans. About 60% of the estimated 150,000 U.S. active-duty service members who transition from the military each year earn less during their first year after being discharged versus what they earned during active duty, according to a recent McKinsey article.
“Hire Heroes USA gave me the confidence and tools to return to the workforce. After six years out of the workforce, three years battling cancer, I didn’t know how to navigate job searches and resume writing,” said Samantha Bell, a U.S. Navy veteran who works as a clinical instructor in ABA therapy. “The coaching, friendship, and resources were invaluable as someone who felt lost and alone.” Continue reading
Posted in economy, milestones, news, news analysis, people, shows and events
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Charlie Lewis, Hire Heroes USA, James O. McKinsey, Ken Zino, McKinsey & Company, Samantha Bell, veterans and employment, X @KenAutoinformed
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BMW Q3 2024 Profits Drop 61%
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
Trump Presidency Effects on Auto Industry – All Bad?
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 auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, GlobalData consultancy, Jeff Schuster, Ken Zino, second Trump Presidency, X @KenAutoinformed
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October 2024 US Light Vehicle Sales Up at 1.34 Million
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 auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Biden Administration economic recovery, David Oakley, GlobalData, Jeff Schuster, Ken Zino, X @KenAutoinformed
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U.S. International Trade Deficit Up in September
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 auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, balance of trade, Chinese trade war, Ken Zino, Trump economics nonsense, Trump taxes on the working class, US Trade deficit, X @KenAutoinformed
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Toyota Motor, Joby Aviation Meet at Toyota’s Technical Center
Toyota Motor Corporation and Joby Aviation executives came together at Toyota’s Higashi-Fuji Technical Center in Shizuoka, Japan on Saturday 2 November. Present were Akio Toyoda, chairman Toyota Group, and Joby CEO and founder, JoeBen Bevirt, along with Joby’s air taxi, an electric vertical takeoff and landing aircraft (eVTOL*). After its first flights in Japan on previous day, the plan was to get senior executives on board, so to speak.
However, the weather kept them on the ground. Nonetheless, their aspirations still soared upward. “Since its founding, Toyota has been working to realize a society in which everyone can move freely. About 100 years ago, in 1925, Sakichi Toyoda, founder of the Toyota Group, offered a prize to encourage the development of a storage battery that could provide enough performance ‘to fly an airplane across the Pacific Ocean.’ Since then, Toyota has continued to focus on the challenge of air mobility through the generations,” Toyota said in a release likely prepared when the Sun was shining. Continue reading
Posted in aviation, economy, environment, milestones, mobility company, news, news analysis, shows and events, transportation
Tagged akio toyoda, auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, electric vertical takeoff and landing aircraft, eVTOL, FADEC, Higashi-Fuji Technical Center, JoeBen Bevirt, Ken Zino, Sakichi Toyoda, Shigeki Tomoyama, X @KenAutoinformed
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Volvo Cars Posts Q3 Profit of SEK 5.7 Billion off from 6.1B
“However, achieving these ambitions will not be straightforward since the weakness in the market has recently accelerated – a fact also echoed in revised industry forecasts for 2024 and 2025 by third-party analysts. Overall industry demand continues to soften and is now affecting the premium segment. Our journey towards 2026 will not be linear, as our industry is facing an increasingly volatile environment,” said Jim Rowan, chief executive for Volvo Cars. “Macroeconomic headwinds are intensifying, as is geopolitical complexity. Despite these challenges we demonstrated resilience during the third quarter of 2024, which is reflected in our overall financial performance.”
“Given this accelerating weakness in the market and Volvo Cars’ focus on safeguarding value over volume, the company expects minimal volume growth during the fourth quarter. As a result, it now anticipates full-year sales growth of 7-8%, instead of its earlier forecast of 12-15%,” Volvo said. Today Volvo Car AB closed at SEK 22.49, only 0.47% above its 52-week low of 22.38 set on 16 October 2024.
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Posted in auto news, economy, financial results, mobility company, news analysis
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Chinese EV trade war, Jim Rowan, Ken Zino, VOLCAR B:STO, Volvo Cars, Volvo Cars Q3 2024 earnings, X @KenAutoinformed
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Investing in America by Fixing Airport Control Towers
“Through the Bipartisan Infrastructure Law, the Biden-Harris Administration is supporting every part of our aviation system, including airports in small communities that drive local economies and help people get where they need to go,” said U.S. Transportation Secretary Pete Buttigieg. “With today’s announcement, 20 more airports will have the resources they need to upgrade operations and make travel safer and more efficient.” Continue reading →