Category Archives: results

Volkswagen Settles – Union Jobs Safe Until 2030

Posted on 24 December 2024 by Ken Zino

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 →

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Nissan and Honda Sign Integration MOU!

Posted on 23 December 2024 by Ken Zino

Nissan Motor Co. (7201T. NSANY ADR) and Honda Motor Co. (NYS: HMC) have signed a memorandum of understanding (MOU) to start discussions and considerations toward a business integration between the two companies through the establishment of a joint holding company. In effect this will be the merger of the two companies with Honda as the stronger member so to speak given Nissan’s perilous operating results. It also raises questions about the continuance of Honda’s business ventures with General Motors.* What it does potentially do is create the world’s third largest automaker with potential annual sales of ~8-9 million, behind Toyota and struggling Volkswagen.

AutoInformed opines that as with all such complex multi-national corporate mergers, the details at the outset and more importantly in the final agreements and their implementation are key to its success. Given the twists and turns of the road and diverse corporate cultures of the participants – where there are no balance sheet entries – this is an endurance race that makes the 24 hours of Le Mans look like a 30-second TV spot. It also likely makes the venture subject to US SEC regulations, including form 4F and forward looking statements. Continue reading →

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2025 Corvette ZR1 – 2.3 Seconds 0-60 MPH

Posted on 20 December 2024 by Ken Zino

The 2025 Chevrolet Corvette ZR1 is the fastest car ever built by an American auto manufacturer. At a test track in Germany in October 2024, General Motors (NYSE: GM) President Mark Reuss drove a 2025 Corvette ZR1 233 mph, setting a top speed record for any current production car priced under $1 million.* The Corvette team set this two-way average speed on the northbound and southbound straightaways of the High-Speed Oval Track at ATP Automotive Testing Papenburg. Now building on the marketing campaign, Chevy said this week that a 2025 Corvette ZR1 with 1064 horsepower is the quickest Corvette ever, achieving 0-60 mph in 2.3 seconds with the optional ZTK Performance Package. The 2025 Chevrolet Corvette ZR1 is the fastest car ever built by an American auto manufacturer. At a test track in Germany in October 2024, General Motors (NYSE: GM) President Mark Reuss drove a 2025 Corvette ZR1 233 mph, setting a top speed record for any current production car priced under $1 million. Now building on the marketing campaign, Chevy said this week that The 2025 Corvette ZR1 with 1064 horsepower is the quickest Corvette ever, achieving 0-60 mph in 2.3 seconds with the optional ZTK Performance Package. Clearly waiting is the next event – a Nürburgring run, AutoInformed opines.* Continue reading →

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EU Car Sales Weak Again in November

Posted on 20 December 2024 by Ken Zino

During November 2024, new EU car registrations fell by 1.9%. France led with a sharp 12.7% decline, followed by Italy (-10.8%), while the German market (0.5%). stagnated slightly [read AutoInformed on November Western European Car Sales Up]* Among the four most significant EU markets, only Spain recorded positive growth (6.4%), according to data from the European Automobile Manufacturers’ Association, aka ACEA derived from its French name.**

“Eleven months into 2024, new car registrations remained stable (+0.4%), reaching 9.7 million units. While the market in Spain performed positively (+5.1%), declines were witnessed in France (-3.7%), Germany (-0.4%), and Italy (-0.2%),” ACEA said in its monthly sales release. Continue reading →

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CarMax FY Q3 Net Profit Up 1.2%

Posted on 19 December 2024 by Ken Zino

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 →

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Toyota to Get $4.5M in Fed Funding for EV Batteries

Posted on 18 December 2024 by Ken Zino

Toyota (NYSE:TM) said today that Toyota Engineering & Manufacturing North America, Inc. (TEMA), inclusive of Toyota Motor North America (TMNA) R&D, has been selected to receive $4.5 million in funding from the U.S. Department of Energy, Advanced Research Projects Agency-Energy (ARPA-E). The funding is part of the Catalyzing Innovative Research for Circular Use of Long-lived Advanced Rechargeables (CIRCULAR) Program, designed to support a circular domestic supply chain for electric vehicle (EV) batteries.

“As it stands, this project and program will highlight avenues for everyone to rethink their approach to battery circularity, and help prioritize the extension of battery life, facilitate battery reuse, and reduce battery waste while unveiling the appropriate pathways to achieve such priorities,” said Nik Singh, principal scientist at TRINA (Toyota Research Institute of North America) who is Principal Investigator on this project. “This is only made possible by the collaboration between the exceptional teams comprised within this project group.” Continue reading →

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California Advanced Clean Cars II Regs – EPA Grants Waivers!

Posted on 18 December 2024 by Ken Zino

“After reviewing the information provided by California, reviewing comments submitted by the public, and applying the limited criteria for waiver review under the Clean Air Act, EPA determined in each case that it would be appropriate to grant both waiver requests. The records, included in the waiver decisions, contain public comments on the programs’ feasibility, including costs to manufacturers and the lead time provided. EPA’s review found that opponents of the waivers did not meet their burden to show how either program is inconsistent with the Clean Air Act. California has longstanding authority to request waivers from EPA to protect its residents from dangerous air pollution coming from mobile sources like cars and trucks,” said EPA Administrator Michael S. Regan. “Today’s actions follow through on EPA’s commitment to partner with states to reduce emissions and act on the threat of climate change.” Continue reading →

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Clean Air Act – Power Performance Enterprises Fined

Posted on 18 December 2024 by Ken Zino

Louisiana-based company Power Performance Enterprises Inc. (PPEI) and its president and owner, Kory B. Willis, were sentenced yesterday in federal court in Sacramento, California, for violating and conspiring to violate the Clean Air Act by tampering with the monitoring devices … Continue reading →

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Milestones – Sculptor Charles Sykes – Spirit of Ecstasy Creator

Posted on 18 December 2024 by Ken Zino

“Best known to posterity as the creator of the Spirit of Ecstasy, Charles Sykes was a multi-talented artist with deep connections to the principal players in the Rolls-Royce story. His professional and artistic relationship with Eleanor Thornton was pivotal in his work, for which she was perhaps his greatest muse; he also benefited from two powerful patrons in Lord Montagu of Beaulieu and Claude Johnson, on whose behalf he produced some of the finest and most enduring works of art. His paintings of Rolls-Royce motor cars uniquely capture their grace and beauty, and in his depictions of their almost exclusively aristocratic owners, he provides a fascinating window into a world that has now vanished,” said Andrew Ball, Head of Corporate Relations and Heritage, Rolls-Royce Motor Cars. Continue reading →

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US Auto Sales Forecast Trump Bump or Bumpy 25?

Posted on 17 December 2024 by Ken Zino

The experts at Cox Automotive said today that the U.S. Automotive forecast for 2025 is likely positive with what they termed the Goldilocks economy – not too hot nor too cold but just right.

“Instead of a slowing economy, we have a stabilizing economy and most importantly, a stabilizing labor market,” said the estimable Jonathon Smoke Cox, Automotive chief economist. “We can stop fretting about a soft landing and acknowledge we’ve navigated restrictive rates, slowing job growth and increasing unemployment. But as we end 2024, momentum is back on our side. And the labor market is expected to remain at full employment,” said Smoke. Continue reading →

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Kenworth, Peterbuilt ABS Software Recall

Posted on 16 December 2024 by Ken Zino

PACCAR Incorporated (PACCAR) is recalling ~221,000 Peterbilt and Kenworth buses, medium- and heavy-duty vehicles equipped with Bendix EC80 Advanced Electronic Control Units (ECU) according to documents made public today by the National Highway Traffic Safety Administration.

“According to Bendix in its recall 24E-086, the ABS, Automatic Traction Control (ATC), or Electronic Stability Control (ESC) may set an ABS fault or may stop operating. Other functions which strongly interact with ABS such as Active Cruse Control (ACC) and Collision Mitigation System (CMS) may also fault. In extremely rare situations before the system faults or stops operating, if there is a stability event or an automated braking request, the system may respond incorrectly to the event. This may increase the likelihood of a crash,” PACCAR said in the required safety defect filing. Continue reading →

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November Global Light Vehicle Sales Rate 93 Million

Posted on 16 December 2024 by Ken Zino

The Global Light Vehicle (LV) selling rate for November* stood at 95 million units/year, according to an analysis released today by the respected GlobalData consultancy.** a small improvement on the previous month, and the best result so far in 2024. Market volumes continued to grow in November as YoY sales were up 6% compared to November 2023. YTD sales stood at 80 million units.

“In November, sales saw sustained growth in key markets like the US and China. Chinese consumers are capitalizing on scrappage subsidies and a very competitive pricing environment. In the US, an extra selling day compared to the previous year contributed to increased sales YoY. Sales in Western Europe remain lackluster, mirroring previous trends, as political and economic challenges persist, exacerbated by recent government turmoil in Germany and France,” the Global Light Vehicle Sales Forecast Team said. Continue reading →

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Technical Tidbits – Porsche 1900 Wheel-Hub Motor

Posted on 13 December 2024 by Ken Zino

“Almost 125 years ago, Ferdinand Porsche was involved in the development of an electric vehicle. It was powered by a wheel-hub motor,” Porsche said in a release today.

“It’s April 14, 1900, and a groundbreaking electric car, based on the Lohner-Porsche system, is celebrating its premiere at the Paris Exposition’s Palace of Electricity. It’s the innovative drive concept that brings widespread recognition of the Porsche name,” Porsche said. Continue reading →

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GM About Face on Robo Taxi Development

Posted on 11 December 2024 by Ken Zino

General Motors (NYSE: GM) plans to realign its autonomous driving strategy and prioritize development of advanced driver assistance systems on a path to fully autonomous personal vehicles. GM will build on its Super Cruise program, the company’s hands-off, eyes-on driving feature, now offered on more than 20 GM vehicle models and currently logging over 10 million miles per month. GM made the announcement on a conference call for analysts late yesterday. The move could mean significant savings next year on research and development costs at the embattled company.

“GM is committed to delivering the best driving experiences to our customers in a disciplined and capital efficient manner,” said Mary Barra, chair and CEO of GM. “Cruise has been an early innovator in autonomy, and the deeper integration of our teams, paired with GM’s strong brands, scale, and manufacturing strength, will help advance our vision for the future of transportation.” Continue reading →

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Stellantis and CATL JV for LFP Battery Plant in Spain

Posted on 10 December 2024 by Ken Zino

Stellantis (NYSE: STLA )* and CATL (Shenzhen 300750) today announced they have reached an agreement to invest up to €4.1 billion to form a joint venture that will build a large-scale European lithium iron phosphate (LFP) battery plant in Zaragoza, Spain. Designed to be carbon neutral, the battery plant will be implemented in several phases and investment plans. The transaction is expected to close during 2025 and is subject to customary regulatory conditions.

“Stellantis is committed to a decarbonized future, embracing all available advanced battery technologies to bring competitive electric vehicle products to our customers,” said Stellantis Chairman John Elkann. “This important joint venture with our partner CATL will bring innovative battery production to a manufacturing site that is already a leader in clean and renewable energy, helping drive a 360-degree sustainable approach. I want to thank all stakeholders involved in making today’s announcement a reality, including the Spanish authorities for their continued support.” Continue reading →

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