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Category Archives: results
Toyota Posts Strong FY 2024 Q1 Results – $9.2 Billion Net
Sales volume increased in all regions due to productivity improvements inside TMC and with its suppliers. Consolidated vehicle sales Q1 was 2,326,000 units, at 115.5% of consolidated vehicle sales for the same period of the previous fiscal year. Toyota and Lexus vehicle sales was at 2,538,000 thousand units, at 108.4% of such sales for the same period of the previous fiscal year. This coincided with the better supply of semiconductors, which is still delaying delivery, particularly on new models. Notably, electrified vehicles were 34% of total sales. Continue reading
USDOT Proposes 58 MPG Fuel Economy Standard
The US Department of Transportation’s National Highway Traffic Safety Administration today issued a proposal to update fuel economy standards for passenger cars and light trucks. The “preferred alternative” among several in NHTSA’s proposal includes a 2% per year improvement in fuel efficiency for passenger cars and a 4% per year improvement for light trucks beginning in model year 2027. This increases through model year 2032, potentially reaching an average fleet fuel economy of 58 miles per gallon by 2032. However, NHTSA notes that real word fuel economy is ~20-30% lower than estimated CAFE fuel economy.* Continue reading
EU New Commercial Vehicle Registrations Up in H1 2023
Commercial vehicle sales in Europe are up in double digits during H1 2023, according to ACEA* data released this morning. During the first half of 2023, new EU van sales increased by 11.6% to 725,418 units as supply chain issues eased. Continue reading
Posted in economy, sales
Tagged acea, auto industry commentary, autoinformed.com, EU commercial vehicle sale H1 2023, Ken Zino
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Ford Motor Posts $3.8B Q2 Earnings on 12% Revenue Increase
“The shift to powerful digital experiences and breakthrough EVs is underway and going to be volatile, so being able to guide customers through and adapt to the pace of adoption are big advantages for us,” said Ford CEO Jim Farley. “Ford+ is making us more resilient, efficient and profitable, which you can see in Ford Pro’s breakout second-quarter revenue improvement (22%) and EBIT margin (15%),” Fairly said selectively. Ford’s electric business – Model e – is forecast to lose ~$4.5 billion during 2023. It lost $1.2 billion during Q2 or $40,000 a vehicle. Continue reading
US July Vehicle Sales Forecast Up Significantly Again
Total new-vehicle sales for July 2023, including retail and non-retail transactions, are projected to reach 1,320,982 units, a 21.5% increase from July 2022, according to a joint forecast released today from J.D. Power and GlobalData.* Total sales of new vehicles this month are expected to reach 1,320,982 units, a 21.5% increase compared with July 2022 when adjusted for selling days.
Bidenomics is clearly working in AutoInformed’s point of view. (July 2023 has 25 selling days, one less than July 2022.) Comparing the same sales volume without adjusting for the number of selling days translates to an increase of 16.8% year-over-year. The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 16 million units, up 2.6 million units from July 2022. Continue reading
Old Curiosities Found During Sunbeam LSR Restoration
“It’s the first 200mph screwdriver, which couldn’t have been taken out of the oil tank because it was buried under the engine. We cleaned out the tank where the oil had solidified, using hot water and detergent, and after shaking the tank the vintage screwdriver eventually tipped out, “said National Motor Museum Senior Engineer Ian Stanfield. “After the LSR breaking run, the oil would have stuck like glue on top of the chassis, which is where we made the other discoveries.” Continue reading
SEC Issues Rules on Cybersecurity Risks
“Whether a company loses a factory in a fire — or millions of files in a cybersecurity incident — it may be material to investors,” said SEC Chair Gary Gensler. “Currently, many public companies provide cybersecurity disclosure to investors. I think companies and investors alike, however, would benefit if this disclosure were made in a more consistent, comparable, and decision-useful way. Through helping to ensure that companies disclose material cybersecurity information, today’s rules will benefit investors, companies, and the markets connecting them.” Continue reading
Porsche 2023 H1 Sales and Profit Increase
Porsche AG said today in Stuttgart that during the first half-year of 2023 Group sales revenue as well as Group operating profit increased. Sales revenues rose by 14% to €20.43 billion. Operating profit rose by 10.7% to €3.85. The Group operating return on sales ended the first half-year at 18.9% in the upper range of the previous guidance of 17%-19%. However, automotive net cash flow declined to €2.22 billion (previous year: €2.39 billion) attributed to extensive investment in products and innovations. Continue reading
Seven Automakers to Build North American Charging Network
The awakened policy shift from partisanship toward cooperation in saving the planet for the pernicious effects of climate change, aka global warming, is the latest beneficial result of the Biden Administration’s Inflation Reduction Act, which in part is using once eschewed and mocked national industrial policy to effectively serve all – as in We the People – in the US. The socialist aspects of the policy also have larger global benefits as well. Continue reading
Stellantis Posts Record Revenue and Profits for 2023 Half 1
Stellantis (NYSE: STLA) today posted strong growth while setting new records in net revenues, operating income and net profit for the first half of 2023 while continuing its transformation to electrified and software-defined vehicles for its 14 brands. Stellantis currently has 25 BEVs available today and another 23 launching through 2024. Continue reading
Posted in financial results, mobility company
Tagged alfa romeo, auto industry commentary, autoinformed.com, carlos tavares, chrysler, citroën, Dodge, DS Automobiles, Fiat, Free2Move, jeep, Ken Zino, lancia, Leasys, maserati, opel, Peugeot, ram, Vauxhall
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Teamsters Union Agrees with UPS on New Contract
The Teamsters said today that it has reached what it called “the most historic tentative agreement for workers in the history of UPS, protecting and rewarding more than 340,000 UPS Teamsters nationwide.” The contract raises wages for all workers, creates more full-time jobs, and includes dozens of workplace protections and improvements. The UPS Teamsters National Negotiating Committee unanimously endorsed the five-year tentative agreement. The agreement increases the pressure on automakers to settle with the UAW under the ongoing contract negotiations. Continue reading
Artificial Intelligence – J.D. Power and Palantir Technologies
J.D. Power, a data and analytics company today announced a collaboration with Palantir Technologies Inc., (NYSE: PLTR) to develop generative artificial intelligence (AI) and predictive analytics solutions that it claimed, “will facilitate deeper insights and more strategic decision making by … Continue reading
APEAL Study of New Vehicle Owner Satisfaction Down Again
The J.D. Power US Automotive Performance, Execution and Layout (APEAL) StudySM shows that there is a consecutive year-over-year decline in owner satisfaction for the first time in its 28-year history. According to the 2023 study, overall satisfaction is 845 (a 1000-point scale), decreasing 2 points from a year ago and 3 points lower than in 2021. Continue reading
Parts Maker Sinister Diesel to Pay $1 Million After Guilty Plea
The defendant is scheduled to be sentenced in the criminal case by US District Court Judge John A. Mendez for the Eastern District of California on 14 November 2023. Although Sinister Diesel agreed to pay a $500,000 criminal fine under its plea agreement, the company faces – for each count – a maximum fine of $500,000 or twice the gross pecuniary gain derived from the offense. Its sentence will be determined at the discretion of the court after consideration of all applicable statutory factors and the Federal Sentencing Guidelines, which consider a number of variables. Continue reading →