Penske Automotive Group Buys BMW and Porsche Dealerships

Posted on 11 August 2023 by Ken Zino

Penske Automotive Group, Inc. (NYSE: PAG)* today announced that it has acquired BMW of Wilmington and Porsche Wilmington. The move increases operations in the luxury vehicle segment. PAG forecasts that it will add ~$140,000,000 in revenue annually. (AutoInformed: Penske Automotive Group Buys Transolutions Truck Centers; Penske Automotive Group Ups Dividend Again)

“We are pleased to expand our relationship with these world-class brands and further enhance our premium retail automotive brand mix in the southeastern United States.,” said PAG Chair and CEO Roger Penske. “The greater Wilmington, North Carolina area is a growing market, and we look forward to continuing these dealerships’ legacy of exceptional performance under the guidance of The Baker Motor Company. We welcome the associates of these two dealerships to the Penske Automotive Group team.” Continue reading →

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General Motors Canada and Unifor Open Contract Talks

Posted on 10 August 2023 by Ken Zino
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The heads of  General Motors Canada and Unifor today opened 2023 collective bargaining for a new labor agreement covering ~4200 hourly workers at Oshawa Assembly Plant, St. Catharines Propulsion Plant and Woodstock Parts Distribution Center. Canada is GM’s third largest market and Unifor members are ~50% GM Canada’s total employment.

Ford and Stellantis executives are also working on new Unifor collective agreements. Confounding business as usual, for the first time since 1999 Unifor and the United Auto Workers Union (UAW) will be negotiating with the so-called Detroit Three concurrently. (AutoInformed: New Pattern Bargaining – UAW and Unifor Strike All Makers?) Continue reading →

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AC Cars Wins Right to AC Cobra Name

Posted on 10 August 2023 by Ken Zino
Ken Zino of AutoInformed.com on AC Cars Wins Right to AC Cobra Name

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AC Cars, arguably Britain’s oldest active vehicle manufacturer, and Acedes Holdings, have prevailed in a legal challenge from Clive Sutton Limited about the ownership of the AC Cobra name in a London High Court. As a result, AC Cars retains the UK trademark of the AC Cobra name for automobiles, cars and sports cars.

“We are delighted with the judgment, as it vindicates our desire and commitment to protecting our trademarks and intellectual property, and not to allow imitators of our products to benefit from our heritage,” said David Conza, CEO of AC Cars. Continue reading →

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Lotus Posts Record H1 2023

Posted on 10 August 2023 by Ken Zino
Ken Zino of AutoInformed.com on Lotus Posts Record H1 2023

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Lotus today in London claimed it had a record-breaking 2023 first half. The Chinese-owned firm said production of its hyper-SUV, Eletre, ramped up this year in its first all-electric vehicle factory in Wuhan, China. Customer deliveries began in China at the end of March. (AutoInformed: Lotus Eletre SUV EV at Goodwood; Chinese Hyper EV – the Lotus Eletre SUV Debuts; Lotus Elise, Exige, Evora Production Ends)

“We set an ambitious goal in 2018, with the launch of our Vision80 strategy to transform the business from a traditional automotive brand to become an all-electric, luxury, mobility provider in ten years,” said Feng Qingfeng, CEO of Lotus Group. Continue reading →

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Lexus RZ Sport Concept at Monterey Car Week

Posted on 10 August 2023 by Ken Zino
Ken Zino of AutoInformed.com on Lexus RZ Sport Concept at Monterey Car Week

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Lexus will promote the latest additions to its lineup at Monterey Car Week 2023 at “The Quail, A Motorsports Gathering ®.” The Lexus RZ Sport Concept  – seen at Tokyo Auto Salon, and the 2024 Lexus LC 500 Inspiration Series.

The Lexus RZ Sport Concept is based on the current 2023 Lexus RZ 450e battery electric vehicle. Equipped with high-output 150 kW motors in the front and rear, the concept also has  a lower suspension (by 35 mm), 21-inch tires, custom aerodynamic parts and bucket seats in the front and rear. (AutoInformed: Toyota to Build New Auto Battery Lab at Michigan R&D Site; Toyota to Assemble Three-Row Electric SUV in Kentucky) Continue reading →

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Honda Q1 FY2024 Profits Double – Stock Split Coming

Posted on 10 August 2023 by Ken Zino
Ken Zino of AutoInformed.com on Honda Q1 FY2024 Profits Double - Stock Split Coming

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Honda Motor (7267.T) more than doubled sales in North America during Q1 of the 2024 Japanese fiscal year as it posted an operating profit of  ¥394.4 billion (~$2.76 billion – Q1 2023 ¥222.2 b) in three months through June, with an Operating Margin of 8.5%.

The sales increase in North America boosted revenues in the automobile business by~26% as the Biden Administration economic recovery continued in the US for all automakers.* (AutoInformed: GM Posts Strong Q2 Results with $3.2B in Earnings; Toyota Posts Strong FY 2024 Q1 Results – $9.2 Billion Net; US Sales Lengthen Bidenomics Growth Streak in July) Continue reading →

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Cadillac Escalading the 2025 SUV EV Wars

Posted on 9 August 2023 by Ken Zino
Ken Zino of AutoInformed.com on Cadillac Escalading the 2025 SUV EV Wars

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Cadillac (NYSE:GM) showed today its first-ever all-electric full-size SUV, the 2025 Escalade IQ, in New York City. It has a Cadillac-estimated 450 miles of range (footnote 1), Super Cruise driver assistance technology, bi-directional charging capability, different interior and exterior designs, and zero tailpipe emissions. The Power folding third row allows for seven total passengers and folds flat for more storage. The so-called eTrunk compartment under the hood has 12 cubic feet of storage. Pricing starts at ~$130,000 including destination charges. (AutoInformed: Vehicle-to-Home Bidirectional Charging Coming on All GM EVs)

“Escalade IQ raises the standard just as the original Escalade redefined luxury a quarter-century ago,” claimed John Roth, vice president, Global Cadillac. “This re-imagining of an icon marks the next step in Cadillac’s all-electric future.” Continue reading →

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UAW Publicly Pans Stellantis Contract Proposal

Posted on 9 August 2023 by Ken Zino
Ken Zino of AutoInformed.com on UAW Trashes Stellantis Contract Proposal

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The UAW used social media last night to update members about the contract talks at Stellantis (formerly Fiat-Chrysler or FCA). Shawn Fain led of course with the oft used observation that “Stellantis just made $12.1 billion in net profits in the first half of 2023. Altogether, the Big Three have made $21 billion in profits in just the first six months of this year. That’s on top of the quarter-trillion dollars in North American profits they made over the last decade. While the Big Three executives have gotten rich off our labor, UAW members have been left behind.”

What followed was an update that appears to show that little to no progress is being made. The UAW contract expires on Sept. 14, and it covers 150,000 autoworkers at Ford, General Motors and Stellantis. Stellantis CEO Carlos Tavares’ compensation has increased 72% over the last four years, the UAW noted. Continue reading →

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Vehicle-to-Home Bidirectional Charging Coming on All GM EVs

Posted on 8 August 2023 by Ken Zino
Ken Zino of AutoInformed.com on Vehicle-to-Home Bidirectional Charging Coming on All GM EVs

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General Motors (NYSE:GM) said today that it will expand vehicle-to-home (V2H) bidirectional charging technology across its retail portfolio of Ultium-based electric vehicles by model year 2026.

“GM Energy’s growing ecosystem of energy management solutions will help accelerate GM’s vision of an all-electric future by further expanding access to even more benefits that EVs can offer,” said Wade Sheffer, vice president, GM Energy. “By integrating V2H across our entire Ultium-based portfolio, we are making this groundbreaking technology available to more consumers, with benefits that extend well beyond the vehicle itself, and at broader scale than ever before.” Continue reading →

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Mazda Motor Q1 Sales Surge from Large SUVs

Posted on 8 August 2023 by Ken Zino

Mazda Motor Corp. (Tokyo 7261) said today that for the first three months of the fiscal year ending 31 March 2024 net sales amounted to ¥1,091.0 billion, an increase of ¥473.8 billion or +76.8% compared to the matching period in the previous fiscal year. Increased sales of the CX-60 and CX-90 in Europe and the US were largely responsible for the Q1 surge. Japanes sales also increased significantly.

Operating income amounted to ¥30.0 billion. (first three months of the previous fiscal year, operating loss was ¥19.5 billion.) Ordinary income amounted to ¥63.9 billion, an increase of ¥43.2 billion or +208.3%. Net income attributable to owners of the parent amounted to ¥37.2 billion, an increase of ¥22.2 billion or 148.3% compared to the previous fiscal year. Basic loss per share was 59.07 yen, compared to profit of 23.79 yen in the prior year. Continue reading →

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Zero Emissions – CARB Cal Fleet Advisor for Small Businesses

Posted on 7 August 2023 by Ken Zino
AutoInformed.com on CARB Phasing Out Diesels

Market incentives to clean the air instead of Koch Brothers campaign contributions to keep the air and politicians dirty.

The California Air Resources Board (CARB) and transportation nonprofit CALSTART  today said they are accepting applications for Cal Fleet Advisor, a free assistance program to help owners and operators of medium- and heavy-duty vehicles and fleets make the transition to zero-emissions. Heavy-duty trucks are the largest source of smog-forming nitrogen oxide emissions, and emit ~40% of the state’s particulate matter – despite being only about 7% of the vehicles in the state.

“The transition to zero-emissions transportation – and to cleaner air – means working collaboratively with the owners and operators who provide a critical service to California’s economy by transporting goods across the state,” said CARB Chair Liane Randolph. “Cal Fleet Advisor is an example of the innovative outreach and assistance that California has committed to provide to make a zero-emissions future a reality.” Continue reading →

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Hyundai Fire Recalls – Palisade, Tucson, Sonata, Elantra, Kona; Kia Soul, Sportage, Seltos

Posted on 7 August 2023 by Ken Zino

Hyundai Motor America (Hyundai) is recalling 2023-2024 Palisade, 2023 Tucson, Sonata, Elantra, and Kona vehicles. The electronic controller for the Idle Stop & Go oil pump assembly may contain damaged electrical components that can cause the pump controller to overheat, according to the require recalls documents released today by the National Highway Traffic Safety Administration (NHTSA). The recall also includes 2023 Kia Soul, Sportage, and 2023-2024 Seltos vehicles.

Owners of the ~98,000 defective vehicles are advised to park outside and away from structures until the recall repair is complete. Continue reading →

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Kia Hybrid Fire Recalls on Niro and Niro Plug-ins

Posted on 7 August 2023 by Ken Zino

Kia America is recalling 2017-2022 Niro and 2018-2022 Niro Plug-in Hybrid vehicles, according to documents released today by the National Highway Traffic Safety Administration (NHTSA). Fluid may leak into the printed circuit board inside the hydraulic clutch actuator, which can result in an engine compartment fire. More than ~121,000 Kia hybrids are affected. Illumination of the HEV warning light is an indicator.

Kia will instruct dealers to inspect the HCA and replace, if necessary. Kia will also install a new HCA fuse with one of a higher capacity to mitigate the potential risk of fire caused by an electrical short circuit. Kia will reimburse owners for repair expenses already incurred. Continue reading →

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Red Hot and Red Flagged – IndyCar at Nashville

Posted on 7 August 2023 by Ken Zino
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With hot and humid conditions in downtown Nashville during an 80-lap race that was remarkable for its lack of yellow flags – which is why it’s called Crashville* by racers – Kyle Kirkwood driving a Honda** won 2023 at the Big Machine Music City Grand Prix.

There were tire marbles all over the course just off the racing line because of the amount of green flag laps. “It was like going on ice,” said Felix Rosenqvist, (No. 6 Chevrolet) at Arrow McLaren. As a result, the pre-race strategies of all the teams were worthless. Moreover, there was a red flag followed by a three-lap sprint to the checkered flag. Another factor in the sweltering heat was the use of cool suits. Continue reading →

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UAW Wants 40% Wage Increase in 2023 Contract Negotiations

Posted on 3 August 2023 by Ken Zino

UAW President Shawn Fain met with UAW members on Facebook Live last night and laid out the members’ demands in Big Three bargaining. UAW members are thinking big and the Big Three can afford it. Ford, General Motors and Stellantis made a combined $21 billion in profits in just the first six months of this year. That’s on top of the quarter-trillion dollars in North American profits that the Big Three made over the last decade.

“Record profits mean record contracts,” Fain said. “Yes, we’re demanding double-digit pay raises. Big Three CEOs saw their pay spike 40% on average over the last four years. We know our members are worth the same and more.” Continue reading →

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