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Category Archives: results
Mazda Motor Posts Improving FY 2203 Financial Results
“Under these conditions, the Mazda Group steadily improved its profit base by implementing group-wide initiatives to improve per-unit profit, curb costs, reduce marketing expenses, improve fixed cost efficiency, and redesign components to expand the use of general-purpose semiconductors as a means of mitigating semiconductor shortages.,” Mazda said. Continue reading
Penske Automotive Ups Dividend, Will Buyback More Shares
“Based on the strength of the Company’s performance and continued strong cash flow, we are pleased to provide our shareholders with an increase in the cash dividend, and we remain poised to return value to shareholders through additional securities repurchase authority as market conditions and other considerations warrant,” said Penske Automotive Group President, Robert Kurnick, Jr. Continue reading
Mandatory Compensation for Delayed Airline Passengers
The US. Department of Transportation (DOT) today announced plans to launch new rule-making that is aimed at requiring airlines to provide compensation and cover expenses for amenities such as meals, hotels, and rebooking when airlines are responsible for stranding passengers. … Continue reading
Kia Recalls 2023 Sportage, Niro, Soul and Telluride Models
In the required filing made public by the National Highway Traffic Safety Administration today, Kia said, “the instrument cluster software installed in the subject vehicles, in combination with electrical noise due to voltage instability while the vehicle is starting, may result in cluster booting errors. Such booting errors can cause the instrument cluster screen to become blank resulting in the driver’s inability to see the telltales and indicators required by certain Federal Motor Vehicle Safety Standards.” Continue reading
FCA Recalls Jeep Wrangler Hybrids, Again
“Excessive heat in the fuse interface may cause the fuse to fail resulting in a loss of motive power, which can cause a vehicle crash without prior warning. Customers may notice a Malfunction Indicator Lamp (MIL), a change in drivability, and/or noise at the HV battery pack assembly,” FCA said in the required filing, which the National Highway Traffic Safety Administration made public this morning. Continue reading
Mercedes-Benz USA Recalls 2020-23 Hybrids
The high-voltage battery monitoring system software may not alert the driver of a battery malfunction. These vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard number 305, “Electric-powered vehicles: Electrolyte Spillage and Electrical Shock Protection.”
The recall was made public by the National Highway Traffic Safety Administration (NHTSA) this morning. In the required filing MBAG said it “is not aware of any warranty claims, field or service reports, or reports of property damage, death, or injury related to this defect. Continue reading
Ford Recalls Ranger Airbag Recall for Bad Repairs Again
Although Ford service instructions include diagrams and instructions for proper airbag inflator installation, technicians who mis-installed the inflator told Ford they did not review the instructions prior to installation. Ford did not name the “select dealerships (responsible) and a certain third-party mobile repair team,” which discovered botched repair(s) in the required filing with the National Highway Traffic Safety Administration. Continue reading
Toyota Auto Insurance Now in California
“This expansion represents a significant milestone in our rollout of Toyota Auto Insurance,” said Rob Spencer, Toyota Insurance President. “Drivers in the Golden State are now able to benefit from the exceptional value and top tier service offered by Toyota Auto Insurance.” Continue reading
Porsche Posts €1.8B Operating Profit in Q1 2023
Porsche reaffirmed its targets for the full year 2023. The assumption for Group sales revenue ranges from €40 to €42 billion euros. “In the event that global challenges do not significantly worsen, we expect a Group operating return on sales for fiscal year 2023 in the range of 17% -19%,” said Lutz Meschke, Deputy Chairman of the Executive Board and Board Member for Finance and IT at Porsche AG. “In the long run, we are aiming for a Group operating return on sales of more than 20%.” Continue reading
NADA – 2023 US Sales Forecast at 14.6 Million
Forecasting is a risky business in these times. Multiple factors are in play. The increasing number of new-vehicle incentives also contributed to the April sales gains. According to J.D. Power, average incentive spending per unit in April is expected to total $1599, an increase of, gulp, 58.9% compared with April 2022. While average incentive spending has risen from extreme lows, it has not increased at the same rate at all automakers. Some brands have been able to finally increase new-vehicle supply, but others are still struggling. To state the obvious, brands with more to sell are positioned to offer incentives. Key here might be the return of Memorial Day sales later at the end of May. Continue reading
Ford Motor Q1 Sales, Profits, Cash Flow Up. But…
Late yesterday Ford Motor posted Q1 2023 revenue of $41.5 billion, up 20% from the same period a year ago on shipments ~1.1 million vehicles, a 9% increase with $1.5B in net income. A year ago Ford posted a net … Continue reading
Posted in economy, electric vehicles, financial results
Tagged auto industry commentary, autoinformed.com, Ford, ford credit, Jim Farley, Ken Zino
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Nel Announces Automated Hydrogen Fuel Factory in Michigan
“The short distance to General Motors, headquartered in Detroit, has played a decisive role in the choice of state. The two companies collaborate to develop further and improve Nel’s PEM electrolyzer technology,” said Nel’s CEO, Håkon Volldal. “The choice of Michigan is based on an overall assessment of what the state can offer in terms of financial incentives, access to a highly skilled workforce, and cooperation with universities, research institutions, and strategic partners. I will also highlight the personal engagement from Governor Whitmer and her competent and service-minded team,” Volldal said. Continue reading
Ford Expanding Explorer SUV Roll-away Recall
The previous powertrain control module (PCM) update completed under recall 22V-255 did not include what is described as “the automatic electronic parking brake feature when the vehicle is shifted to park, as intended.” In addition, the rear axle horizontal mounting bolt may fracture and cause the driveshaft to disconnect. Continue reading →