Ford Motor New Financial Reporting – Billions in EV Losses

Posted on 23 March 2023 by Ken Zino

Ford Motor this morning told  investors and analysts how the company is now organized and operating, adding that it will report financial results – based on three new global business segments that are focused on different automotive customers, rather than by geographic regions. Ford Motor reported a disappointing 2022 full-year net loss of $2.0 billion. During Q4 of 2022 Ford posted an adjusted EBIT $10.4 billion, and operating cash flow $1.2 billion for the quarter, $6.9 billion for the year. This was in stark contrast to GM, which reported a record $14.5 billion in earnings for 2022. (autoinformed.com on: Ford Misses Q4 and Full Year 2022 Forecasts. Loses $2B)

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Part of today’s presentation showed Ford’s nascent electric vehicle venture – Ford Model e – lost $3 billion before taxes during 2021 and 2022. More such losses are coming in the near term. Helping stem the tide of red ink, Ford Blue – its traditional internal combustion business – is forecast to post a $7 billion pretax profit in 2023, marginally better than last year. Ford Pro is forecast to earn $6 billion before taxes, almost double 2022 earnings. Other business units include corporate, Ford Credit and Ford Next, dubbed a new business incubator. (autoinformed.com on: John Dion to be Chief Transformation Officer at Struggling Ford; Ford Motor Structure Threatens Viability. Vast Reorg Coming) Continue reading →

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Gen Six Chevy Camaro Stops Production in January

Posted on 22 March 2023 by Ken Zino
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After nine model years in the market, with hundreds of thousands sold, the sixth generation Chevrolet Camaro will retire at the conclusion of model year 2024.The final sixth generation Camaros will come off the assembly line at the Lansing Grand River Assembly Plant in Michigan in January 2024, Chevrolet said today in Detroit. There will be a successor to the pony car, err muscle car that followed the Mustang, which comes in coupe and soft-top convertible configurations.

“As we prepare to say goodbye to the current generation Camaro, it is difficult to overstate our gratitude to every Camaro customer, Camaro assembly line employee and race fan,” said Scott Bell, vice president, Global Chevrolet. “While we are not announcing an immediate successor today, rest assured, this is not the end of Camaro’s story.” Continue reading →

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Auto Rag Trade – Hyundai Re:Style 2023 Haute Couture

Posted on 22 March 2023 by Ken Zino
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Hyundai Motor Company in South Korea today announced ‘Re:Style 2023’* with designer Jeremy Scott.  ‘Re:Style,’ claims to be an eco-friendly upcycled fashion platform with internationally known designers “to transform automotive waste into fashion items.” This year’s collection is an haute couture collection by Jeremy Scott made with discarded materials from Hyundai Motor’s electric vehicles, together with the deadstock fabrics. New materials derived from parts such as wheels, seat belts, tail lights and wipers are also part of the collection.

‘Hyundai Re:Style Exhibition’ will be presented at AP Again in Seongsu-dong for three weeks starting 23 March, following a private gala preview event later tonight. As the first ‘Re:Style’ exhibition to be held in Korea, the opening is also in line with the global launch of the all-new KONA Electric. Continue reading →

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Stellantis to Spend ~€130M in the Eisenach Assembly for EVs

Posted on 22 March 2023 by Ken Zino
Ken Zino of AutoInformed.com on Milestones:75 millionth Opel - Grandland GSe

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Stellantis (NYSE: STLA Euronext Milan STLAM / Euronext Paris STLAP) announced today in Amsterdam that it will invest ~€130 million in the Eisenach Assembly Plant* in Germany, producer of the Opel Grandland compact sport utility vehicle. Eisenach Assembly will make the battery electric vehicle (BEV) replacement vehicle that will be built on the all-new STLA Medium platform. Production of the new BEV is scheduled to begin in the second half of 2024.

Opel announced last fall that it would revive GSe as a new sub-brand for electrified models with GSe now standing for Grand Sport electric. The Opel Grandland GSe follows the Astra GSe and the Astra Sports Tourer GSe. Opel claims it is a high-performance, plug-in hybrid with electric all-wheel-drive in the SUV compact class, arguably the fastest growing segment in Europe and Asia. The Opel Grandland currently produced at Eisenach includes plug-in hybrid variants. Opel wants a fully electric lineup by 2028. (autoinformed.com on: Milestones: 75 millionth Opel – Grandland GSe) Continue reading →

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John Dion to be Chief Transformation Officer at Struggling Ford

Posted on 21 March 2023 by Ken Zino
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Ford Motor (NYSE: F) said today in Dearborn that a new senior leader, John Dion, will join the company as chief transformation officer on 3April, reporting to Ford CEO Jim Farley. “Dion will oversee global deployment of methodologies and tools based on Lean manufacturing and related concepts, capabilities that are central to realizing the value-creation and growth potential of the company’s Ford+ plan,” Ford said in a press release.

Ford Motor reported a disappointing 2022 full-year net loss of $2.0 billion. During Q4 of 2022 Ford posted an adjusted EBIT $10.4 billion, and operating cash flow $1.2 billion for the quarter, $6.9 billion for the year. This was in stark contrast to GM, which reported a record $14.5 billion in earnings for 2022. (autoinformed.com: GM Posts Record $14.5 Billion in Earnings During 2022; More Ford Recalls Published – Millions of Vehicles Involved) “We should have done much better last year,” said CEO Jim Farley at the time. “We left about $2 billion in profits on the table that were within our control, and we’re going to correct that with improved execution and performance.” Continue reading →

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BMW Manufacturing Spartanburg Supports 43,000 SC Jobs

Posted on 21 March 2023 by Ken Zino

BMW Manufacturing in Spartanburg, the largest BMW Group plant globally, has an annual economic impact of ~ $26.7 billion. This comes from a study just released by the Darla Moore School of Business at the University of South Carolina. The annual economic impact is for all goods and services produced in the state both directly and indirectly. The plant makes BMW X3, X3 M, X5, X5 M and X7 Sports Activity Vehicles; the BMW X4, X4 M, X6 and X6 M Sports Activity Coupes; and the all-new BMW XM.

The plant’s direct employment base also accounts for 4.8% of all manufacturing jobs across South Carolina. The former Confederate state of South Carolina is currently enmeshed in battle over whether or not to impose the death penalty for abortions. BMW Manufacturing has a Family Health Center at its South Carolina plant for all BMW workers, retirees and their dependents with occupational, primary care services, as well as vision, dental and physical therapy. The combination of cost savings and the benefits of having medical services in one location offer the company’s non-unionized workforce a progressive option in their healthcare management. The center is a $5 million investment in a 25,000 square foot facility. To say that this would be a politically sensitive at a woke German automaker is an understatement. (autoinformed.com on: BMW Opens Health Center at its South Carolina SUV Plant) Continue reading →

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More Ford Recalls Published – Millions of Vehicles Involved

Posted on 20 March 2023 by Ken Zino

According to the latest safety defect recalls made public this morning by the National Highway Traffic Safety Administration, aka NHTSA, Ford Motor Company is also recalling numerous vehicles that have not been published by AutoInformed. These include recalls for windshield wipers, brake calipers, brake hoses, and towing trailer tail lights. In some cases millions of vehicles are involved. Owners Should contact Ford customer service at 1-866-436-7332 or go to the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236. Information is also available at  www.nhtsa.gov.

The largest recall involves more than 1.28 million 2013-2018 model year Fusion and Lincoln MKZ sedans because the front brake hoses may rupture and leak brake fluid. Ford’s number for this recall is 23S12; NHTSA 23V162. Continue reading →

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Ford Motor Recalling Bronco SUVs Again

Posted on 20 March 2023 by Ken Zino

Ford Motor Company is recalling 2021-2022 Bronco SUVs equipped with 8-inch SYNC infotainment screens that were previously recalled and repaired under NHTSA recall 22V-825. The rearview camera image may still be displayed after a “backing event has ended,” Ford said in the required NHTSA filing made public this morning. The Bronco SUVs fail to comply with Federal Motor Vehicle Safety Standard number 111, “Rear Visibility.”

Affected Bronco SUVs are equipped with 8-inch low-level SYNC infotainment screens and have had a previous Ford safety recall 22C27 performed. Information as to the applicability of this action to specific vehicles “can best be obtained by either calling Ford’s toll-free line (1-866-436-7332) or by contacting a local Ford or Lincoln dealer who can obtain specific information regarding the vehicles from the Ford On-line Automotive Service Information System (OASIS) database,” Ford said in the filing. Continue reading →

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American Honda Recalls 450,000 Vehicles for Bad Seat Belts

Posted on 20 March 2023 by Ken Zino

American Honda Motor Company is recalling ~450,000 Honda and Acura vehicles because a manufacturing problem with the front seat belts may cause the seat belt buckle channel to interfere with the release button, preventing the seat belt buckle from latching. Autoliv Safety Technology of Auburn Hills Michigan is the supplier.

Registered owners of all affected vehicles will be contacted by mail and asked to take their vehicle to an authorized Honda dealer. The vehicles covered by the safety defect recall are: 2017-2020 model-year CR-V, 2018-2019 Accord and Accord Hybrid, 2018-2020 Odyssey, 2019 Insight, and 2019-2020 Acura RDX vehicles. Continue reading →

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Ford Recalls Steering on Bronco Wildtrak, Bronco Raptor

Posted on 20 March 2023 by Ken Zino

Ford Motor is recalling 2023 model-year Bronco Wildtrak and 2022 Bronco Raptor SUVs because internal damage to the steering gear may require increased steering effort or cause the steering wheel to lock-up. In details just made public by the National Highway Traffic Safety Administration in the required filing, Ford said owners are advised not to drive their vehicles until the recall remedy is performed. Ford is also recalling 2021-2022 Bronco models for different safety defect.*

However, owner notification letters are not expected to be mailed until 27 March 2023. Nexteer Automotive in Auburn Hills Michigan is the supplier of the steering gear. Continue reading →

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New Mercedes-Benz GLB Mild Hybrid Shown in Europe

Posted on 16 March 2023 by Ken Zino
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In Stuttgart today Mercedes Benz released European photos of the 2024 Mercedes-Benz GLB mild hybrid that will appear in US showrooms later in 2023. Basically it’s a freshening of the compact SUV with a redesigned front bumper and contoured side graphics. There are now new full-LED headlights and taillights, along with a range of expanded options, including two additional wheel designs in 18- and 20-inch sizes and new Starling Blue Metallic paint.

Inside the 2024 GLB is an improved interior, which has two 10.25-inch displays for the instrument cluster and multimedia screens. The steering wheel is upholstered in Nappa leather as standard, and customers can specify a heated steering wheel with the AMG Line interior for the first time. Continue reading →

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Higher US Electricity Rates Lowers EV Charging Satisfaction

Posted on 16 March 2023 by Ken Zino

The growing electric vehicle (EV*) marketplace is seeing rising electricity rates partly due to US inflation. This has resulted in lower satisfaction with home charging, according to the J.D. Power 2023 US Electric Vehicle Experience (EVX) Home Charging Study,SM released today. More than two-thirds (68%) of EV owners use a Level 2 permanently mounted station, but their overall satisfaction declined 12 points year-over-year to 740 on a 1000-point scale.

“Whether you’re an automaker, dealer or utility company participating in the EV ecosystem, improving the EV owner experience with respect to home charging should be a common goal shared by all,” said Brent Gruber, executive director of the EV practice at J.D. Power. Continue reading →

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Stellantis €1.5B Share Buyback Program Starts Tomorrow

Posted on 16 March 2023 by Ken Zino
Ken Zino of AutoInformed.com on Stellantis to Convert Three Indiana Plants to EV Components

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Stellantis* (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) announced today in Amsterdam that Share Buyback Program announced in February, covering €1.5 billion is underway with the signing of a share buyback agreement with an independent investment firm that makes its trading decisions concerning the timing of purchases independently of Stellantis. Stellantis said that this agreement relates to the first tranche of the Program, which will cover a maximum amount of up to €500 million. The buy back starts tomorrow on 17 March 2023 and will end no later than 19 June 2023. Common shares purchased under the Program will be cancelled in due course.

The buyback is  under the authority granted by the general meeting of shareholders held on 13 April 2022, up to a maximum of 10% of the Company’s capital, or any renewed or extended authorization to be granted at a future general meeting of the Company. The purchase price per common share will be no higher than an amount equal to 110% of the market price of the shares on the NYSE, Euronext Milan or Euronext Paris. Continue reading →

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Mazda Exporting US-made CX-50 to Mexico from Toyota JV

Posted on 16 March 2023 by Ken Zino
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Mazda North American Operations (MNAO) today announced it has begun to export its US-assembled CX-50 crossover to Mexico, where it only has 18 years of operation. The CX-50 is assembled at Mazda Toyota Manufacturing (MTM), a joint venture in Huntsville, AL. The CX-50 is also exported to Canada and Colombia. (autoinformed.com on: First Mazda CX-50 off line at Toyota JV in Alabama)

“Mazda CX-50 arrives not only to complement our product lineup, but also to reinforce the idea that in Mazda we always want to give options to all our customers, under the best quality standards,” said Miguel Barbeyto, president of Mazda de Mexico. Continue reading →

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February Global Light Vehicle Sales Up 11% at 6.5 Million

Posted on 15 March 2023 by Ken Zino
Ken Zino of AutoInformed.com on February Global Light Vehicle Sales Up 11% at 6.5 Million

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The Global Light Vehicle selling rate in February fell to 81 million units a year from January’s 83 million, according to the latest data just released by LMC Automotive*. “While global supply-side constraints remain a drag on the sector’s recovery, raw monthly registrations increased to 6.5 million – growth of almost 11% year-on-year, LMC said. (autoinformed.com on: January Global Light Vehicle Sales Flat at 83 Million)

The drop in SAAR, seasonally adjusted annual rate, is from a slow down in the Chinese market, affected by the Chinese New Year and termination of tax incentives in 2022. Both North America and Western Europe saw YoY improvements in performance when compared against a weak 2022,. Eastern Europe continues to suffer YoY negative growth. Continue reading →

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