Category Archives: results

Volvo Cars Joins Tesla Supercharger Network in North America

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

“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

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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Cadillac Lyric EV SUV Gets V-Series Performance Option

Cadillac (NYSE: GM) said today that  the first electric SUV to earn the V-Series badge – the 2026 LYRIQ-V – debuts in early 2025. LYRIQ-V will appear markets around the world in both left-hand-drive and right-hand-drive, including the U.S., Canada, … Continue reading

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Honda Recalls Accords, Civics, CR-V Hybrids for Fuel Leaks

American Honda Motor is recalling ~721,000 vehicles because the high-pressure fuel pump may crack and leak fuel creating a fire hazard. Affect are 2023-2024 Honda Accord, Accord Hybrid, 2023-2025 Honda CR-V Hybrid, and 2025 Honda Civic and Civic Hybrid vehicles. Warnings may include a fuel odor while the vehicle is driven or idling.

“Due to improper production of the high-pressure fuel pump, cracks can form at the solenoid core component of the fuel pump. As a result, a fuel leak can occur in lower mileage vehicles when the high-pressure fuel pump is in operation,” Honda said in the required NHTSA filing. As of 7 October 2024, Honda has had 145 warranty claims, and no reports of injuries or deaths related to this safety defect from February 2023 through September 2024. Continue reading

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More Ford Recalls – 2024 Rangers and 2024-2025 Broncos

Ford Motor Company (NYSE: F) ) is recalling 2024 Ranger, and 2024-2025 Bronco vehicles. The front upper-control-arm ball joint nut may not have been installed or tightened properly, allowing the front upper control arm to detach from the knuckle assembly, … Continue reading

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Ford Recalls Mach-E Models for Power Brake and other Failures

Ford Motor Company (NYSE: F) is recalling 2021 Mach-E vehicles because An Over-The-Air (OTA) update to the Anti-lock Braking System (ABS) may result in a loss of power brake assist, ABS, Electronic Stability Control, Traction Control, and driver assistance features. The instrument cluster will display several ABS-related warning lamps and text messages at vehicle startup, according to the required filing made public by the National Highway Traffic Safety Administration today. Continue reading

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Tesla Bringing Scab Workers into Sweden to Break Strike

One year after the Swedish union IF Metall called for a strike against Tesla, car manufacturer still refuses to negotiate a collective agreement. Moreover, Tesla has taken a rare measure in Europe of importing scabs, flying in staff from other Tesla plants in Europe to replace the striking workers in Sweden.*

“It has been a year of strike at Tesla and Elon Musk’s total disrespect for the Swedish model, which has successfully governed the country’s labor market for nearly 100 years, stands in stark contrast to other multinational companies in the country. It is unacceptable and the striking workers have the full support of the 50 million members of IndustriALL behind them,” said IndustriALL general secretary Atle Høie today. Continue reading

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Dodge Charger Daytona Cars to use Solid State Batteries

Stellantis N.V. (NYSE: STLA) and privately held Factorial Energy said today that their partnership to accelerate the development and deployment of next-generation electric vehicles (EVs) powered by Factorial’s solid-state battery technology* will begin with the launching of a demonstration fleet of all-new Dodge Charger Daytona vehicles based on the STLA Large platform incorporating solid-state batteries in 2026. Critics of solid state batteries maintain the thus far valid assertion that there is no clear path to mass production. Perhaps this will alter that perception at some pint in the future. But demonstration fleets are not mass production. Read AutoInformed.com on – Solid-State Cell Technology – All Hype No Production Way? Continue reading

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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.
Continue reading

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Rolls-Royce 120th Anniversary – Claude Goodman Johnson

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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General Motors Q3 2024 Earnings Up. Guidance Raised Again

General Motors (NYSE: GM) today posted flat Q3 net earnings ($3.1 billion), but with pretax earnings up ~16%. GM’s adjusted earnings before interest and taxes were $4.1 billion in the quarter. Global revenue ~11% to $48.8 billion. North American pretax earnings rose 13% to ~$4 billion. Moreover, GM raised its earnings guidance for the third straight time this year. GM’s 2024 financial guidance includes anticipated capital spending of $10.5 billion – $11.5 billion, inclusive of investments in the company’s battery cell manufacturing joint ventures.

“In the third quarter, we grew U.S. retail market share with above-average pricing, well-managed inventories and below-average incentives. In China, sales improved from the second quarter, and dealer inventory fell sharply. In addition, we remain on track to reach our 2024 EV production and profitability targets,” said Mary Barra, GM Chair and CEO. Continue reading

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BMW Group Plants Dingolfing, Regensburg Going Photovoltaic

BMW said today that Group Plants Dingolfing and Regensburg will obtain electricity generated from renewable energy directly from their own roofs. Dingolfing’s rooftop PV system, with a capacity of 11.1 MWp, will be one of the most powerful in Germany. To achieve this objective, the premium automotive manufacturer is renting roof space at its two plant sites in Eastern Bavaria to Sunrock Holding Deutschland GmbH, which will generate electricity using photovoltaics and make it available to the plants under direct supply contracts from 2025 onward.

“With this project, we are not only creating one of Germany’s biggest rooftop photovoltaic systems – we are also promoting the generation of renewable energy directly on site at BMW Group plant locations,” said Nicole Haft-Zboril, head of BMW Group Real Estate Management. Continue reading

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Hemlock Semiconductor to Open New Plant in Michigan

Governor Gretchen Whitmer of Michigan today confirmed that the Biden-Harris administration provided the proposed direct funding of $325 million to Michigan-based manufacturer Hemlock Semiconductor (HSC)*

“HSC is one of many Michigan-based companies that is helping us lead the future of advanced manufacturing. Thanks to the Biden-Harris administration’s bipartisan CHIPS and Science Act and the U.S. Department of Commerce, we are ensuring HSC’s global leadership in the powerful domestic supply chain to manufacture semiconductor chips needed for everything from computers and phones to AI applications. Together, we are strengthening national and economic security by ensuring supply chains, good-paying jobs, and cutting-edge investments are where they belong—here at home. Let’s build the future we all want—one where America leads,” said Whitmer. Continue reading

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Mercedes-Benz Opens Battery Recycling Plant in Kuppenheim

“Mercedes-Benz has set itself the goal of building the most desirable cars in a sustainable way. As a pioneer in automotive engineering, Europe’s first integrated mechanical-hydrometallurgical battery recycling factory marks a key milestone towards enhancing raw-materials sustainability. Together with our partners from industry and science, we are sending a strong signal of innovative strength for sustainable electric mobility and value creation in Germany and Europe,” said Ola Källenius, Chairman of the Board of Management of Mercedes-Benz Group AG. Continue reading

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