Category Archives: mobility company

Posted on 20 November 2024 by Ken Zino

Stellantis (NYSE: STLA) has debuted a new multi-energy Platform: dubbed STLA Frame. Purposely designed for full-size, body-on-frame trucks and SUVs, STLA Frame can use internal combustion, hybrid, hydrogen, battery electric (BEV) and range-extender electric vehicle (REEV) technologies. In short, struggling Stellantis’ future is dependent on this new architecture. (read AutoInformed.com on: Beleaguered Stellantis Cuts 2024 Financial Guidance, and Stellantis Q3 2024 – Shipments and Revenues Plunge)*

“Like STLA Medium and STLA Large, STLA Frame combines an unprecedented range with new levels of capability and performance to offer best-in-class range, payload and towing for our customers who need reliable and powerful trucks and SUVs, to haul their families or power their businesses,” said Stellantis CEO Carlos Tavares. “With full EV and extended-range EV tech coming soon, we’re bringing ‘no compromise’ solutions to buyers who may be hesitant on trying their first electric vehicle. We’re proud of this engineering marvel and look forward to seeing it come to life in our upcoming product blitz on Jeep and Ram.” Continue reading →

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Large European Job Cuts Coming at Ford, Again

Posted on 20 November 2024 by Ken Zino

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 →

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Pablo Di Si Out at VW Group of America

Posted on 19 November 2024 by Ken Zino

Volkswagen Group of America effective December 12. Gruner succeeds Pablo Di Si, “who has stepped down from his position on his own request.” It was a short two year stint for Di Si. Until Kjell Gruner* takes office, Gerrit Spengler, the chief human resources officer of Volkswagen Group of America, will perform the function of interim CEO. So car guy out, Human resources in.

Yes, that’s right Human Resources is running a car company. It’s just the latest example of the chaos at VW globally as three plants are shutting in Germany and VW and Audi models are being dumped, and its plan to sell Scout vehicles directly is legally under attack by dealers. During the first nine months of the year, 769,000 vehicles were delivered in North America, an increase of more than 7% compared to the previous year. In the main US market though, the Volkswagen Group grew by only 1.5%. Continue reading →

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DOJ – Cruise Deferred Prosecution for Pedestrian Crash

Posted on 19 November 2024 by Ken Zino

GM’s Cruise autonomous vehicle company* based in San Francisco, fixed a criminal charge in federal court for providing a false record to National Highway Traffic Safety Administration (NHTSA) with the intent to impede, obstruct, or influence the investigation of a crash involving one of Cruise’s autonomous vehicles. Cruise has agreed to resolve the charge through a deferred prosecution agreement and payment of a $500,000 criminal fine.

“Federal laws and regulations are in place to protect public safety on our roads. Companies with self-driving cars that seek to share our roads and crosswalks must be fully truthful in their reports to their regulators,” said Martha Boersch, Chief of the Office of the U.S. Attorney’s Criminal Division. Continue reading →

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Nissan Motor Posts Disastrous First Half Results

Posted on 7 November 2024 by Ken Zino

Nissan Motor Company today in Japan announced weak financial results for the six-months ended 30 September 2024. Net revenue decreased by ¥79.1 billion year-over-year (YOY) to ¥5.98 trillion yen, with consolidated operating profit decreasing ¥303.8 billion to ¥32.9B. This was a paltry operating profit margin of 0.5%. Net income was ¥19.2 billion. Global sales volumes decreased year-on-year to 1.6 million units.*

“Profitability was affected by higher selling expenses and inventory optimization efforts, particularly in the US, along with rising manufacturing or monozukuri costs,” Nissan said in its earnings release. It’s also selling 149,028,300 shares of Mitsubishi, which will reduce Nissan’s stake in Mitsubishi from 34.07%. It could be the beginning of the end of alliances within the Renault-Nissan-Mitsubishi Alliance or the complete demise of the Alliance. Continue reading →

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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 →

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Toyota Motor, Joby Aviation Meet at Toyota’s Technical Center

Posted on 4 November 2024 by Ken Zino

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 →

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Software Defined Vehicles – NTT, Toyota Motor Link Together

Posted on 31 October 2024 by Ken Zino

NTT and Toyota Motor Corporation said today in Japan that they have agreed toa  joint initiative in the field of mobility and AI/telecommunications with the aim of realizing a society with zero traffic accidents. (read Ken Zino of AutoInformed.com on: Connected Cars – Toyota and NTT Want Standardization)

“Through their previous collaborations, the two companies have confirmed that they share common values, such as contributing to society through technological and industrial development, a people-centered approach, and global contributions that start in Japan. This time, they will further deepen their collaboration with the aim of achieving a ‘society with zero traffic accidents’ as the first step towards realizing a prosperous mobility society where safety and freedom are in harmony,” the release said. Continue reading →

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Volvo Cars Joins Tesla Supercharger Network in North America

Posted on 30 October 2024 by Ken Zino

Volvo Cars* (VOLCAR B:STO) said this week that drivers of its fully electric vehicles including the new EX90 flagship SUV will have access to more than 17,800 Tesla Supercharger stations in the U.S. and Canada.**

“As part of our journey to electrification, we want to make life with an electric car, including our new flagship EX90, as seamless as possible,” said Mike Cottone, President, Volvo Car USA and Canada. Continue reading →

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Penske Automotive Group Q3 2024 Net Income Drops

Posted on 30 October 2024 by Ken Zino

“I am pleased with our financial performance during the third quarter, despite the impact from the stop sale of certain vehicles and the residual impact from the CDK Cyber Security incident. New and used retail automotive gross profit per unit remained strong, retail automotive service and parts performed at record levels, the retail commercial truck business performed well, selling, general, and administrative expenses remained well controlled, and the equity income from Penske Transportation Solutions increased 14% sequentially despite continued freight challenges,” said Chair and CEO Roger Penske. Continue reading →

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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 →

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Volkswagen Adds New Collision Avoidance Alerts

Posted on 28 October 2024 by Ken Zino

Volkswagen of America today announced new collision avoidance alerts that can provide advance warning to Volkswagen drivers of oncoming roadside hazards and notify some oncoming vehicles that a Volkswagen vehicle is disabled. Starting later this fall, this technology will be included with VW Car-Net Safe & Secure subscriptions* at no additional charge for most MY24 and MY25 Volkswagen vehicles equipped with the proper technology. Volkswagen is the first automaker in the United States to integrate H.E.L.P. ® (Hazard Enhanced Location Protocol) and Road Awareness collision avoidance alerts within its connected vehicle services.

“Putting these collision avoidance alerts into Volkswagen vehicles advances our commitment to the safety of both our drivers and all others who are on the road,” said Rachael Zaluzec, Senior Vice President of Customer Experience and Brand Marketing at Volkswagen of America. “Volkswagen continues to democratize access to features that help both enhance vehicle safety and exceed the expectations of our vehicle owners.” Continue reading →

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Penske Automotive Group Buys Another Porsche Dealership

Posted on 23 October 2024 by Ken Zino

Penske Automotive Group (NYSE: PAG) said today that it has signed an agreement to acquire Porsche Centre Melbourne, located in Melbourne, Australia, from Porsche Retail Group Australia Pty Ltd. Upon completion of the acquisition, Porsche Centre Melbourne will expand the Company’s partnership with Porsche in Melbourne. The acquisition is expected to add $130 million in estimated annualized revenue, bringing the estimated annualized revenue for the three Porsche Dealerships in Melbourne to $260 million. The acquisition is subject to customary conditions and is expected to close by the end of this year. This will be 25th Porsche dealership that Penske owns globally.

“We are thrilled to extend our relationship with Porsche in Melbourne and are committed to providing exceptional service and innovative retail experiences that exceed our customers’ expectations,” said Penske Automotive Group Head of International Operations Randall Seymore. Continue reading →

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Volvo Cars Posts Q3 Profit of SEK 5.7 Billion off from 6.1B

Posted on 23 October 2024 by Ken Zino

“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.
Continue reading →

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Rolls-Royce 120th Anniversary – Claude Goodman Johnson

Posted on 22 October 2024 by Ken Zino

Rolls-Royce Motor Cars today in acknowledgement of the marque’s 120th anniversary in 2024 published an overview of the life and career of Claude Goodman Johnson, born 24 October 1864. Johnson was born in Buckinghamshire on 24 October 1864, one of seven children. From London’s St Paul’s School, Claude went to the Royal College of Art. Here, he met Sir Philip Cunliffe-Owen, Deputy General Superintendent of the South Kensington Museum (now the Victoria & Albert Museum), where Claude’s father worked. Through him, CJ secured his first job, as a clerk at the Imperial Institute (now Imperial College London). There, he was put to work arranging exhibitions.

“Johnson is celebrated as ‘the hyphen in Rolls-Royce’ but known to all simply as ‘CJ’. A natural showman with an unrivalled talent for generating publicity, he brought an extraordinary mix of skill, dedication and experience to his role as the company’s first Commercial Managing Director; a fascinating, larger-than-life character and a pivotal figure in the Rolls-Royce foundation story,” Rolls-Royce said. Continue reading →

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