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Category Archives: financial results
CarMax FY Q3 Net Profit Up 1.2%
CarMax (NYSE: KMX) today reported results for the third quarter ended November 30, 2024. Total gross profit of $677.6 million increased by 10.6% year-over-year (YoY) because of higher volumes and margins. Gross profit per retail used unit was $2306, in line with the prior year’s Q3. Gross profit per wholesale unit was $1015, up $54 per unit. Extended Protection Plans (EPP) margin per retail unit of $573, was an increase of $53.
“I am pleased with the positive momentum that we are driving across our diversified business model. Our solid execution and a more stable environment for vehicle valuations enabled us to deliver robust EPS growth driven by increases in unit sales and buys, solid margins, growth in CAF income, and ongoing management of SG&A,” said Bill Nash, president and chief executive officer. Continue reading
Carlos Tavares Out as Stellantis CEO
Stellantis (NYSE: STLA ) in an unusual but not surprising Sunday release said that the Company’s Board of Directors, under the Chairmanship of John Elkann, has accepted Carlos Tavares’ resignation on 1 December 2024 as Chief Executive Officer with immediate effect. The process to appoint the new permanent Chief Executive Officer is well under way, as AutoInformed* previously reported, managed by a Special Committee of the Board. It will conclude within the first half of 2025. Until then, a new Interim Executive Committee, chaired by John Elkann, will be established. Continue reading
Posted in auto news, customer satisfaction, financial results, milestones, mobility company, news analysis, people, shows and events
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, carlos tavares, John Elkann, Ken Zino, NYSE: STLA, X @KenAutoinformed
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Lexus, Honda Top 2025 U.S. ALG Residual Values
“Honda stayed disciplined with pricing in 2024, avoiding the aggressive manufacturer’s suggested retail price (MSRP) increases that diminished affordability at other brands, while Lexus’ restraint with incentives paid dividends, as incentives have a direct negative effect on the resale values of older models,” said Danny Battaglia, managing director of ALG customer success at J.D. Power. “Additionally, the top brands consistently employ a balanced strategy with regard to trim levels, powertrains and pricing, which helps bolster residual performance and long-term value for consumers who are shopping in a highly competitive market.” Continue reading
Chinese EV Trade Wars Hits Volvo Cars
Volvo Cars (VOLCAR B:STO) today announced the selling of its 30% stake in Lynk & Co to Zeekr, a transaction representing a consideration of RMB 5.4 billion (~ SEK 8 billion). The transaction will be paid in cash, with 70% of the amount paid at closing, and 30% plus interest paid one year after closing. The transaction is expected to close during the first quarter of 2025. Volvo Cars is currently trading near its all time low.
The transaction involves Volvo Cars (China) Investment Co., Ltd, an indirect subsidiary of Volvo Car AB, selling its share in Lynk & Co Automotive Technology Co., Ltd to Zhejiang Zeekr Intelligent Technology Co., Ltd, an indirect subsidiary of Zeekr Intelligent Technology Holding Limited. Continue reading
Posted in auto news, electric vehicles, financial results, news analysis, results, shows and events
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, Eric Li, Geely Automobile Holdings, Geely Holding, Ken Zino, Li Shufu, Lynk & Co, VOLCAR B:STO, Volvo Cars, X @KenAutoinformed, Zeekr
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Nissan Motor Posts Disastrous First Half Results
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
Posted in auto news, financial results, manufacturing, marketing, mobility company, news analysis, results
Tagged auto industry commentary, autoinformed.com, automotive blog, Automotive news and analysis, China Trade Wars, Guillaume Cartier, Ken Zino, Makoto Uchida, Nissan Arc business plan, Nissan Motor Company, 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
Toyota Motor FY2025 Q2 Earnings Down Significantly
Toyota Motor* today in Tokyo (NYSE: TM, 7203T) posted a FY Q2 profit drop of ~¥1.28 trillion yen year-over-year at ~¥573.7 billion. Toyota sold 2.3 million vehicles globally, compared to 2.4 million YOY. Quarterly sales revenue rose a tad ~¥11.44 trillion (~$75 billion) from ¥ 11.43 trillion. Nonetheless, Toyota re-affirmed its full fiscal year 2025 profit forecast of ¥3.57 trillion (~$23 billion), down from ~¥4.94 trillion fiscal year 2024. Simply put Toyota’s certification problems and plant shut downs clobbered earnings.
“This fiscal year, while maintaining our ability to earn 5 trillion yen, we are strengthening and accelerating our investment in people, including suppliers and dealers, and investment in growth areas. We are taking such measures a step higher, expanding total investments to 830 billion yen,” said Toyota Chief Financial Officer Yoichi Miyazaki. Continue reading
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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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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Volkswagen Settles – Union Jobs Safe Until 2030
Volkswagen AG (VOW.F) and its IG Metall* and Works Council employee representatives for Passenger Cars, Commercial Vehicles and Group Components as well as its Audi and other brands have concluded a joint agreement – dubbed ‘Zukunft Volkswagen’ (Future) – that guarantees jobs as it reduces production capacities at Volkswagen AG’s German locations. Ultimately, but not now, the workforce will be cut by more than 35,000 at Volkswagen’s German locations by 2030. This includes a newly formulated “job security plan” through to 2030 at the troubled automaker.
“Cost savings for Volkswagen AG of more than €15 billion per year in the medium term,” VW said. “Of this, over €4 billion per year will come from the present negotiations on labor costs, structural and production measures and plant utilization. Labor cost effects alone amount to €1.5 billion per year.” However, the capital markets remain skeptical taking a wait and see attitude about VW’s ability to compete with higher quality and less expensive brands. AutoInformed notes that this is a five-year bet on the come line or the promise that material cost savings will be secured. VW stock closed yesterday at €88.85. A year ago on 23 December it was €93.95. Continue reading →