Penske Automotive Ups Dividend, Will Buyback More Shares

Posted on 11 May 2023 by Ken Zino
Ken Zino of AutoInformed.com on Penske Automotive Ups Dividend, Will Buyback More Shares

Click to enlarge.

The Penske Automotive Group, Inc. (NYSE: PAG), today announced that its Board of Directors has authorized an increase in the Company’s quarterly dividend by $0.05 per share or 8%, to $0.66 per share and delegated to management an additional $250 million in authority to repurchase the Company’s outstanding securities.

“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 →

Tweet
Posted in financial results, results | Tagged , , , | Leave a comment

IIHS – Rear Seat Passengers at Risk in Small Cars

Posted on 11 May 2023 by Ken Zino
Ken Zino of AutoInformed.com on IIHS - Rear Seat Passengers at Risk in Small Cars

Click to enlarge.

Most small cars don’t provide good protection for rear-seat passengers, according to the latest data from crash tests by the Insurance Institute for Highway Safety.* None of the five small cars IIHS evaluated earns a good rating, according to data released today. The Honda Civic sedan and Toyota Corolla sedan are rated acceptable. The Kia Forte, Nissan Sentra and Subaru Crosstrek are rated poor.

“These results highlight one of the key reasons that we updated our moderate overlap front crash test,” said IIHS President David Harkey. “In all the small cars we tested, the rear dummy ‘submarined’ under the seat belt, causing the lap belt to ride up onto the abdomen and increasing the risk of internal injuries.” Continue reading →

Tweet
Posted in engineering, safety | Tagged , , , , , , , , | Leave a comment

Honda Motor Posts FY 2023 Operating Profit of ¥839.3B

Posted on 11 May 2023 by Ken Zino

Honda Motor Company (Tokyo 7267) said in Japan today that notwithstanding mounting headwinds, including decreases in automobile production and sales due to COVID-19 in China, the semiconductor supply shortage, increased costs from higher raw material prices and the impact of inflation, it posted an operating profit ¥839.3 billion ($5.91B). This came from pricing that “reflects increased product value, an increase in motorcycle unit sales, and favorable currency effects.”

Revenue at ¥16.908 billion increased 16% year-over-year (YoY).* Net profit for Q4 of the Japanese fiscal year ending 31 March fell to ¥112.0 billion ($833.6 million) from ¥124.8 billion YoY. Fourth-quarter revenue rose 13% YoY to ¥4.384 trillion. Continue reading →

Tweet
Posted in financial results, results | Tagged , , , , | Leave a comment

EPA – New Carbon Pollution Standards for Power Plants

Posted on 11 May 2023 by Ken Zino

The US Environmental Protection Agency (EPA) today proposed new carbon pollution standards for existing coal and new natural gas-fired power plants that would limit the pollution from the nation’s power sector. EPA claimed the plants would avoid up to 617 million metric tons of total carbon dioxide (CO2) through 2042, which is equivalent to reducing the annual emissions of 137 million passenger vehicles, ~half the cars in the US. Through 2042, EPA estimates the net climate and health benefits of the standards are up to as much as $85 billion.

“By proposing new standards for fossil fuel-fired power plants, EPA is delivering on its mission to reduce harmful pollution that threatens people’s health and well-being,” said EPA Administrator Michael S. Regan. Continue reading →

Tweet
Posted in energy, environment, global warming, public health | Tagged , , , , , , , , , | Leave a comment

Toyota Motor FY 2023 Finishes with a Strong Q4

Posted on 10 May 2023 by Ken Zino
Ken Zino of AutoInformed.com on Toyota Motor FY 2023 Finishes with a Strong Q4

Click for more data.

Toyota Motor Corporation posted a ¥552.2 billion (~$4 b) Q4 net profit, a slight increase from ¥533.8b (~$3.9 b) at its 2023 Fiscal Year meeting Wednesday in Japan. Q4 sales increased 20% to ¥9.69 trillion (~$72 b).

However, the strong results coming from the easing of Covid-induced shortages wasn’t enough to overcome relatively disappointing Q1, Q2 and Q3 results, as well as rising material costs. Toyota’s profit dropped -14% year-on-year to ¥2.45 trillion yen (~$18 billion). This was based on sales of 10.56 million vehicles for FY 2023 ending 31 March and includes Daihatsu and Hino results. Toyota forecasts 11.38 million vehicles for the fiscal year ending in 31 March 2024. (AutoInformed: Toyota Annual Results Show Profitability Struggle Goes On) Continue reading →

Tweet
Posted in economy, environment, financial results, mobility company, news analysis, shows and events | Tagged , , , , , , , | Leave a comment

First Look – 2024 Ford Ranger Pickup

Posted on 10 May 2023 by Ken Zino
Ken Zino of AutoInformed.com on First Look 2024 Ford Ranger Pickup

Click for more information.

Ford Motor today revealed details on the 2024 model-year Ranger, calling  the globally sold mid-size pickup connected and capable. Rangers sold in the US will be assembled at the Michigan Assembly Plant in Wayne, Michigan. Orders begin later this month. The Ranger should be in showrooms beginning late summer. However, it will be late fall before the optional, but recommended here, 2.7-liter EcoBoost engine appears.

“The all-new Ranger has already proven itself on almost every continent in 2022 with segment sales leadership in 18 countries, and all of Europe†. Now it’s ready for North America,” claimed Kumar Galhotra, president of Ford Blue. Continue reading →

Tweet
Posted in design and styling, marketing, new vehicle | Tagged , , , , , | Leave a comment

Corvette Z06 is Pace Car for 107th Indianapolis 500

Posted on 9 May 2023 by Ken Zino
Ken Zino of AutoInformed.com on Corvette Z06 is Pace Car for 107th Indianapolis 500

Click the Corvette for more.

A hardtop convertible Chevrolet Corvette Z06 will be the pace car for the 107th Indianapolis 500 on Sunday 28 May, Chevrolet said today. This is the first generation of Corvette Z06 to offer a hardtop convertible, with capability ability to “serve on track at any speed and provide open roof comfort on the street,” Chevrolet claimed. Corvette has paced the 500 more times than any car. The 2023 race is the 34th time for Chevrolet dating back to 1948; the 20th time since 1978 for the Corvette.

With a Red Mist (not to be confused with the racer’s meaning of that term. Ah, the perils of a young communications staff.) Metallic exterior paint and two-tone Jet Black and Sky Cool Gray with Torch Red accents on the interior, the ‘Vette also has the requisite marketing Indianapolis 500 logos. Spider-design forged aluminum wheels finished in Tech Bronze are part of the package, which likely will be marketed to street buyers. Continue reading →

Tweet
Posted in performance, racing | Tagged , , , , , , | Leave a comment

Apple VP of Cloud Service – Mike Abbot – Joins GM

Posted on 9 May 2023 by Ken Zino
Ken Zino of AutoInformed.com on Apple VP of Cloud Service - Mike Abbot - Joins GM

Click photo for more information.

General Motors (NYSE:GM) announced today that Mike Abbott, former vice president of Engineering for Apple’s Cloud Services division, will join GM as executive vice president, Software, effective 22 May 2023. He will report to GM Chair and CEO Mary Barra.

“We have entered the next phase of our technology driven transformation focused on rapidly scaling new EV models and our Ultifi software platform, which will drive faster innovation and enable new and exciting customer experiences,” said Mary Barra. “Mike’s experience as a founder and entrepreneur coupled with his proven track record creating and delivering some of the market’s most compelling software-defined solutions for consumers and companies make him an excellent fit at GM.” Continue reading →

Tweet
Posted in connected vehicles, mobility company, people | Tagged , , , , , , | Leave a comment

Mandatory Compensation for Delayed Airline Passengers

Posted on 8 May 2023 by Ken Zino

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.

No airline now guarantees cash compensation when an airline problem causes a significant delay or cancellation. Obviously, the rule will have limited effect on Supreme Court justices who travel on billionaire’s private jets. (DOT Imposes Millions in Airline Fines for Cancellations. Paltry Penalties for an Abundance of Abuses; DOT Wants Airlines to Seat Families Together for Free) Continue reading →

Tweet
Posted in aviation, customer satisfaction, milestones, transportation | Tagged , , , , , , | Leave a comment

Kia Recalls 2023 Sportage, Niro, Soul and Telluride Models

Posted on 8 May 2023 by Ken Zino

Kia America is recalling more than 108,000 2023 Sportage, Sportage Hybrid, Sportage Plug-in Hybrid, Niro Hybrid, Niro Plug-in Hybrid, Soul, and Telluride vehicles equipped with a digital instrument cluster containing a 4.2″ LCD screen. The instrument cluster may fail to display any information when the vehicle is started. These vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard numbers 101, “Control and Displays,” and 138, “Tire Pressure Monitoring Systems.”

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.” It is illegal for a dealer to deliver a new motor vehicle covered by this recall under a sale or lease until the defect is fixed. Continue reading →

Tweet
Posted in customer satisfaction, electronics, recalls | Tagged , , , , , , | Leave a comment

FCA Recalls Jeep Wrangler Hybrids, Again

Posted on 8 May 2023 by Ken Zino

Chrysler (FCA US) is recalling a small number of 2022-2023 Jeep Wrangler Plug-In Hybrid Electric vehicles (PHEV). The high voltage (HV) battery pack assembly was built with incorrect fasteners to secure the 200-amp fuse, which can generate excessive heat.

“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. This is an expansion of  NHTSA recall 22V-768. Continue reading →

Tweet
Posted in customer satisfaction, electronics, recalls, safety | Tagged , , , , | Leave a comment

Mercedes-Benz USA Recalls 2020-23 Hybrids

Posted on 8 May 2023 by Ken Zino

Mercedes-Benz USA (MBUSA) is recalling 2023 EQE 350, S580e, 2022-2023 EQS 450, EQS 580, 2022 AMG EQS 53, and EQS 450+ hybrid electric vehicles. 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 →

Tweet
Posted in customer satisfaction, electronics, quality, recalls, safety | Tagged , , , , , , , , , | Leave a comment

Ford Recalls Ranger Airbag Recall for Bad Repairs Again

Posted on 8 May 2023 by Ken Zino

Ford Motor Company is recalling more than 230,000 2004-2006 model year Ranger pickups that received replacement front-passenger air bag inflators under a previous recall. The replacement front passenger air bag inflators may have been installed incorrectly, which was also the problem that forced the previous recall and now its latest expansion.

NHTSA made the latest recall public this morning. An incorrectly installed inflator may not properly inflate the passenger air bag, increasing the risk of injury during a crash. (Ford Recalls Ranger Airbag Recall for Unsafe Repair) Continue reading →

Tweet
Posted in customer satisfaction, recalls, safety | Tagged , , , , , , | Leave a comment

Toyota Auto Insurance Now in California

Posted on 8 May 2023 by Ken Zino

Toyota Auto Insurance,* the Japanese automaker’s “branded” insurance product, is now available to customers living in California, Toyota said today in a release from Plano, Texas. Introduced in some markets in 2021, Toyota Auto Insurance offers customizable coverage at what it claims are affordable rates. California is the US’s most populous state and largest auto market.

Toyota Auto Insurance, underwritten in California by 21st Century Casualty Company, is available for both Toyota and non-Toyota vehicles in a customer’s household. It’s just the latest example of how the auto insurance market with connected cars is being altered by data-based pricing and sophisticated almost real-time risk calculations. Toyota and other automakers are processing and analyzing data from vehicle use from the growing worldwide fleet of connected vehicles Continue reading →

Tweet
Posted in connected vehicles, milestones, mobility company | Tagged , , , , , | Leave a comment

Department of Transportation Wants Tougher Pipeline Regs

Posted on 5 May 2023 by Ken Zino

The U.S Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA)* today announced it is proposing a new rule to significantly improve the detection and repair of leaks from gas pipelines. As directed by the bipartisan PIPES Act of 2020,** the proposed rule would “deploy pipeline workers across the country to keep more product in the pipe and prevent dangerous accidents. These actions, if finalized, would boost efficiency, cut harmful pollution and waste, and create an estimated up to $2.3 billion annually in benefits,” PHMSA said.

“Quick detection of methane leaks is an important way to keep communities safe and help curb climate change,” said US Transportation Secretary Pete Buttigieg. “We are proposing a long-overdue modernization of the way we identify and fix methane leaks, thereby reducing emissions and strengthening protections for the American people.” Continue reading →

Tweet
Posted in energy, environment, public health, safety, transportation | Tagged , , , , , , , , | Leave a comment