EU New Commercial Vehicle Registrations Up in H1 2023

Posted on 28 July 2023 by Ken Zino

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.

Spain and Germany noticeably contributed to this increase as van sales rose by 26.6% and 15.5%, respectively. Sales in France also increased slightly by 3.6%, totaling 189,948 units. Continue reading →

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Ford Motor Posts $3.8B Q2 Earnings on 12% Revenue Increase

Posted on 27 July 2023 by Ken Zino

Late today Ford Motor (NYSE:F) posted 2023 Q2 Earnings of $3.8 billion (adjusted EBIT) with a net income of $1.9 billion. Ford claimed it was again America’s top-selling brand in the quarter as net sales increased more than 11% – and for the first six months of 2023. Worldwide, demand for Ford trucks, SUVs and commercial vans raised Q2 revenue by 12%, to $45 billion. Quarterly net income was $1.9 billion, not quite three times higher than in the year-ago period and a 4% margin. Adjusted earnings before interest and taxes worked out at 8.4% of revenue –  once again a long way short of what Ford is promising as double digits. (AutoInformed: Ford Motor Q1 Sales, Profits, Cash Flow Up. But…; Ford CEO says China is the Main Competitor, Not GM)

“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. Ford is in the process of completely revamping its product development to address this. ** Continue reading →

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US July Vehicle Sales Forecast Up Significantly Again

Posted on 27 July 2023 by Ken Zino

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 →

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Old Curiosities Found During Sunbeam LSR Restoration

Posted on 27 July 2023 by Ken Zino
Ken Zino of AutoInformed.com on Old Curiosities Found During Sunbeam LSR Restoration

Click for more nostalgia.

National Motor Museum mechanics in the UK have found a couple of curiosities during the beginning  of the restoration of Land Speed Record breaker Sunbeam 1000hp, the NMM said today. A 1920s wooden handle screwdriver, which was used by one of the original mechanics before Major Henry Segrave broke the 200-mph record, had been dropped into the filler neck of its engine oil tank while he checked the levels – and stayed inside for almost a century.

You might say it ran like the Dickens…with no word on Little Nell. However, that phrase had nothing to do with the beloved novelist who wrote the Old Curiosity Shop. A preserved shilling with a 1921 date was found in solidified oil on top of the rear suspension spring when bodywork was taken off to expose the chassis. An adjustable spanner from the time of its landmark run was also uncovered, after being similarly ‘glued’ to the chassis with vegetable-based Castrol R oil. Continue reading →

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SEC Issues  Rules on Cybersecurity Risks

Posted on 27 July 2023 by Ken Zino

The Securities and Exchange Commission has adopted rules requiring registrants to disclose material cybersecurity incidents they experience and to disclose on an annual basis material information regarding their cybersecurity risk management, strategy, and governance. The Commission also adopted rules requiring foreign private issuers to make comparable disclosures. The rules potentially will affect automakers’ use of customer data regarding how they gather it and keep it secure. Data breaches are an ongoing problem in the auto industry that will now become public. (AutoInformed: Hack Attacks – Connected Vehicle Cyber Security Lags; Do No Harm – Center for Auto Safety Drafts AV Bill of Rights; FBI with a Tesla Employee’s Help Stops Malware Attack)

“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 →

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Porsche 2023 H1 Sales and Profit Increase

Posted on 26 July 2023 by Ken Zino
Ken Zino of AutoInformed.com on Porsche 2023 H1 Sales and Profit Increase

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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. Because of increased investment activity in ongoing operations and “temporarily” higher inventory, the net cash flow margin for the automotive segment came in at 11.7% (previous 14.5%). Deliveries to customers rose by 14.7% to 167,354 cars in the first six months of 2023.

“Once again we have posted successful figures while investing extensively in our future at the same time. This demonstrates our uncompromising commitment to our strategy. The feedback from our customers and our results demonstrate that we’re on the right track,” said CEO Oliver Blume. Continue reading →

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Seven Automakers to Build North American Charging Network

Posted on 26 July 2023 by Ken Zino
Ken Zino of AutoInformed.com on Seven Automakers to Build North American Charging Network

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Seven of the world’s largest  automakers said today they are creating a joint venture to make EV charging more convenient, accessible and reliable. The JV will include the development of a new, high-powered charging network with at least 30,000 chargers to make zero-emission driving “attractive for millions of customers.”

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 →

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Renault and Nissan Settle Definitive Agreements

Posted on 26 July 2023 by Ken Zino

Ken Zino of AutoInformed.com on Renault and Nissan Settle Definitive AgreementsThe Renault Group and Nissan Motor today announced that they have entered into the definitive agreements in the binding framework agreement announced on 6 February 6, 2023. The 24-year-old Alliance covers 100% of the world’s major global vehicle markets with Euro €85 billion in annual purchases. It already shares 60% of its vehicle platforms, and up to 90% of EV architectures, noted Jean-Dominique Senard, Chairperson of the Alliance Board at the press conference in February of 2023. (AutoInformed: Renault and Nissan, Mitsubishi Alliance to Restructure).

“The agreements that have been signed today allow us to step into the next chapter of the Alliance. They strengthen our long-standing partnership and will maximize value creation for each Alliance member. This also lays the foundations for a new balanced, fair, and effective governance,” said Jean-Dominique Senard, Chairperson of The Alliance. Continue reading →

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Stellantis Posts Record Revenue and Profits for 2023 Half 1

Posted on 26 July 2023 by Ken Zino
Ken Zino of AutoInformed.com on Stellantis Posts Record Revenue and Profits for 2023 H1

Jeep has been posting electrifying profits – before upcoming EVs.

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.*

“It takes a united effort and open mindset across all our employees to embark on our no-compromise transformation journey while protecting the Company from external challenges. I want to express my gratitude to each, and every employee and I am proud to say that the teams are delivering across multiple dimensions. We are well-positioned for the remainder of 2023 and beyond,” said Carlos Tavares, CEO. Continue reading →

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EPA Propose Tougher Air Emissions Reporting Requirements

Posted on 25 July 2023 by Ken Zino

The U.S. Environmental Protection Agency (EPA) today announced proposed updates to its Air Emissions Reporting Requirements rule, including mandatory reporting of hazardous air pollutants, or “air toxics.” Air toxics are known or suspected to cause cancer and other serious health effects. The proposed updates EPA said  would give it data to identify places where people are exposed to harmful air pollution and to develop solutions, aligning with the Biden-Harris Administration’s commitment to advancing environmental justice.

“Data and science are the very foundation of the work we do every day at EPA to protect public health and the environment,” said EPA Administrator Michael S. Regan. “When we have the most recent, most accurate data on air toxics and other emissions, we can improve our identification of areas where people may be at risk from pollution, develop solutions and help ensure everyone has clean air to breathe.” Continue reading →

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Teamsters Union Agrees with UPS on New Contract

Posted on 25 July 2023 by Ken Zino
Ken Zino of AutoInformed.com on Teamsters Union Agrees with UPS on New Contract

Memo to sleeping elephant politicians: Biden economics is working for many of the people whom you shun and disenfranchise.

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. (AutoInformed: UAW Blasts Biden and Inflation Reduction Act; UAW Dumps Traditional Negotiation Opening Handshake)

“Rank-and-file UPS Teamsters sacrificed everything to get this country through a pandemic and enabled UPS to reap record-setting profits. Teamster labor moves America. The union went into this fight committed to winning for our members. We demanded the best contract in the history of UPS, and we got it,” said Teamsters General President Sean M. O’Brien. Continue reading →

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Artificial Intelligence – J.D. Power and Palantir Technologies

Posted on 25 July 2023 by Ken Zino

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 the automotive industry.” This industry-first collaboration will use your information to “transform the way automakers, dealers, insurers and financing companies leverage data-driven insights.” (AutoInformed: Pew Research Center on Americans’ Views About Privacy, Surveillance and Data-Sharing; Toyota Expands Customer Data Use for Insurance Savings; J.D. Power and Motorq to Monitor EV Battery Health)

“This breakthrough collaboration will fundamentally transform the way the auto industry analyzes its performance and optimizes its go-to-market strategy and product offerings by pairing the world’s most robust automotive databases with the most powerful analytics platforms,” said Dave Habiger, J.D. Power president and CEO. “As a result of our work with Palantir, our clients are now able to create unique insights that were previously impossible.” Continue reading →

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Chevrolet Bolt Returning as Affordable EV

Posted on 25 July 2023 by Ken Zino
Ken Zino of AutoInformed.com on Chevrolet Bolt Returning as Affordable EV

Encore performance.

Chevrolet will introduce a next-generation Bolt, GM Chair and CEO Mary Barra said in a deftly crafted announcement during the company’s quarterly earnings conference call. This reverses an earlier GM decision to drop the recalled nameplate after sales more than doubled in Q2. (AutoInformed: Chevrolet Bolt EVs Recalled for Fires; GM Posts Strong Q2 Results with $3.2B in Earnings).

“Our customers love today’s Bolt. It has been delivering record sales and some of the highest customer satisfaction and loyalty scores in the industry,” said Barra. “It’s also an important source of conquest sales for the company and for Chevrolet. We will keep the momentum going by delivering a new Bolt…and we will execute it more quickly compared to an all-new program with significantly lower engineering expense and capital investment by updating the vehicle with Ultium and Ultifi technologies and by applying our ‘winning with simplicity’ discipline.” Continue reading →

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APEAL Study of New Vehicle Owner Satisfaction Down Again

Posted on 25 July 2023 by Ken Zino

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. (AutoInformed: J.D. Power: Gasoline Powered Vehicle Satisfaction Drops)

“The decline in consecutive years might look small, but it’s an indicator that larger issues may lie under the surface,” said Frank Hanley, senior director of auto benchmarking at J.D. Power. “Despite the technology and design innovations that manufacturers put into new vehicles, owners are lukewarm about them. While innovations like charging pads, vehicle apps and advanced audio features should enhance an owner’s experience, this is not the case when problems are experienced. This downward trajectory of satisfaction should be a warning sign to manufacturers that they need to better understand what owners really want in their new vehicles.” Continue reading →

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GM Posts Strong Q2 Results with $3.2B in Earnings

Posted on 25 July 2023 by Ken Zino

General Motors (NYSE: GM) today reported strong second-quarter 2023 revenue of $44.7 billion, net income attributable to stockholders of $2.6 billion and  earnings [EBIT-adjusted] of $3.2 billion. GM delivered 1.4 million vehicles during Q2, many of them in premium truck and SUV segments. In the US, the Q2 Average Transaction Price (ATP) was $52,248, up $1890 Year-over-Year and $1600 compared to Q1 2023.

“The biggest driving force behind our financial results is customer demand for our vehicles, which have now led the U.S. industry in initial quality for two consecutive years. We have earned four consecutive quarters of higher retail market share in the U.S. versus a year ago with continued strong pricing and incentive discipline, we’re leading in both commercial and total fleet deliveries calendar year to date, and we’re growing profitably in international markets such as Brazil and Korea,” said CEO Mary Barra. Continue reading →

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