GM Raises 2022 Earnings, Offers 2023-25 Performance Goals

Posted on 17 November 2022 by Ken Zino
Ken Zino of AutoInformed.com on GM Raises 2022 Earnings, Offers 2023-25 Performance Goals

Click for more information.

General Motors (NYSE: GM) at its annual investors’ meeting in New York City significantly raised its 2022 financial results predictions. GM now projects full-year 2022 adjusted automotive free cash flow will increase to $10-11 billion from its previous guidance of $7-9 billion. GM now projects 2022 EBIT-adjusted for the full year will be in a range of $13.5-14.5 billion, compared to its previous guidance of $13-15 billion.* GM also provided farther out performance indicators for shareholders. **

During 2023, GM said “Chevrolet and GMC will press their advantage in the pickup market with the new 2024 Chevrolet Silverado HD and GMC Sierra HD, which will be available in the first half of 2023, as well as the new Chevrolet Colorado and GMC Canyon mid-size pickups.” Continue reading →

Tweet
Posted in economy, electric vehicles, financial results, news analysis | Tagged , , , , , , | 1 Comment

DOT Imposes Millions in Airline Fines for Cancellations. Paltry Penalties for an Abundance of Abuses

Posted on 17 November 2022 by Ken Zino

The US Department of Transportation has imposed what it claims are historic enforcement actions against six airlines, which collectively paid more than half a billion dollars to people who were owed a refund due to a canceled or significantly changed flights. More than $600 million in refunds were returned to airline passengers under DOT rules backed by the unusual enforcement actions.

In a mumbled ‘two cheers for US flag carriers,’ only one US airline was  fined – Frontier. Collectively, six airlines were only fined $7.25 million in total much to the dismay of the many consumer groups critical of airline practices. Frontier at a $2.2 million penalty paid the largest fine. Continue reading →

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

Chinese Government Intelligence Officer Sentenced to Prison

Posted on 16 November 2022 by Ken Zino

A Chinese government intelligence officer was sentenced to 20 years in prison today for espionage crimes and attempting to steal trade secrets from a Cincinnati aviation company. The Department of Justice said it was the first Chinese government intelligence officer ever to be extradited to the United States to stand trial.

Yanjun Xu, 42, was sentenced to 20 years in prison. According to court documents, Xu targeted American aviation companies, recruited employees to travel to China and solicited their proprietary information, all on behalf of the People’s Republic of China (PRC). The Justice Department and the FBI of course are involved in other grave national security matters that if or when indictments come won’t require extradition of the alleged offender and co-conspirators from Mar-a Lago or other US locations. Continue reading →

Tweet
Posted in aviation, fools 'n frauds, litigation, news analysis | Tagged , , , , , , | 1 Comment

California Leading Transition to Clean Fuels, Technologies

Posted on 16 November 2022 by Ken Zino
Ken Zino of AutoInformed.com on California Leading Global Transition to Clean Fuels, Technologies

Click for more Information.

The California Air Resources Board today proposed an aggressive climate action plan that drastically reduces fossil fuel dependence, slashes pollution, cuts greenhouse gas emissions by 85%  It’s the latest blow to the well-funded lobbyists of Big Oil, climate-change deniers and other special interests. The plan will cut air pollution by 71%, reduce fossil fuel consumption by 86%, and reach carbon neutrality by 2045.

Since California is the fourth largest economy in the world*, it will have a tremendous impact on other US States and international economic blocks as the demand created for cleaner fuels and methods will be a so-called virtuous circle that encourages innovation and then adoption of what emerges for economies of scale. Continue reading →

Tweet
Posted in alternative fuels, economy, environment, global warming | Tagged , , , , , , | 1 Comment

Big Oil Rebuff as Nel ASA, GM Unite on Renewable Hydrogen

Posted on 16 November 2022 by Ken Zino

Nel Hydrogen US, a subsidiary of Nel ASA* (Nel, OSE: NEL), has entered into a joint development agreement with General Motors (NYSE: GM) to help accelerate the industrialization of Nel’s proton exchange membrane (PEM) electrolyzer platform, the companies said today in a joint release.** (AutoInformed.com on GM Plans to Expand Fuel Cell Sales Beyond Vehicles)

AutoInformed.com on Daimler Truck and Rolls-Royce to unite on stationary fuel-cell generators. Courtesy of and Copyright Daimler.

PEM membrane. Click for more information.

A PEM fuel cell is structured like a sandwich. In the center is a thin plastic film, the Proton Exchange Membrane (PEM). This is coated on both sides with a catalyst layer and a gas permeable electrode of graphite paper. The membrane is surrounded by two bipolar plates with milled gas ducts. Through these ducts flows hydrogen one side, and oxygen on the other. Several individual fuel cells are stacked to produce CO2 free energy.

A PEM electrolyzer and a fuel cell are largely based on the same principles. A PEM electrolyzer uses electricity and water to produce hydrogen and oxygen, while a fuel cell reverses the process, using hydrogen and oxygen to produce electricity and water. As GM has increased expertise with fuel cells, the two companies see substantial synergies by transferring this to Nel’s PEM platform.” Continue reading →

Tweet
Posted in alternative fuels, electric vehicles, fuel economy or emissions, global warming, mobility company | Tagged , , , , , , | Leave a comment

October Global Light Vehicle Sales at 7.1M Units

Posted on 14 November 2022 by Ken Zino

At 86 million units annually, October’s Global Light Vehicle (LV) selling rate was consistent with July, according to data just released by the respected LMC Automotive* consultancy. October’s meager sales of 7.1 million units was nonetheless an improvement of 10% YoY (year‐on‐year).

Year-to-date (YTD) sales are off ~1% compared to the weak covid-afflicted base of the 2021 plague. “Despite China experiencing a third consecutive month of slowing selling rates, YTD sales were up 8%. However, North America and Europe continue to struggle YTD as supply constraints hamper performances ahead of worsening macroeconomic conditions,” LMC observed. Continue reading →

Tweet
Posted in economy, sales | Tagged , , , , , , | Leave a comment

Loss of Steering Latest Tesla Model S, X Recalls

Posted on 14 November 2022 by Ken Zino
Ken Zino of AutoInformed.com on Loss of Steering Latest Tesla Model S, X Recalls

Click for more info.

Tesla is recalling more than 40,000 2017-2021 Model S and Model X vehicles because the electronic power assist steering (EPAS) system may experience a loss of power steering assist when driving on rough roads or after hitting a pothole.

The latest recall was made public in a filing with the National Highway Traffic Safety Administration made public today. Teslas built in Fremont CA and in use in North America, Europe, Australia, Hong Kong, South Korea, Taiwan, Macau and New Zealand are covered by this safety defect. Continue reading →

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

President Biden at COP 27 Pledges US Leadership on Solving the Climate Crisis

Posted on 11 November 2022 by Ken Zino
Ken Zino of AutoInformed.com on President Biden at COP 27 Renews US Leadership on Solving the Climate Crisis

Click for more information.

Today at the 27th U.N. Climate Conference (COP27), President Biden pledged new initiatives to strengthen US leadership on confronting the climate crisis (see 1 below). The President also called for global action and commitments to help developing countries cope with the problems that were created by industrialized nations.

The Biden plan also will continue and support the global auto industry’s nascent but fast-growing moves to take climate change seriously. President Biden said he believes that tackling the climate crisis and keeping the 1.5-degree C temperature goal within reach requires “all hands on deck” demanding the mobilization of local, state, and national governments, the private sector, and philanthropies. Continue reading →

Tweet
Posted in economy, environment, global warming, milestones, news analysis, people | Tagged , , , , , | 1 Comment

Nissan Motor Posts ¥156.6B Profit

Posted on 11 November 2022 by Ken Zino

Nissan Motor Corporation has announced financial results for the six-months ended September 30, 2022, and revised upward its full-year revenue and profit outlook for fiscal 2022. Consolidated net revenue increased by ¥715.3 billion to ¥4.66 trillion, with consolidated operating profit rising ¥17.5 billion to ¥156.6 billion, representing an operating profit margin of 3.4%. Net income (1) was ¥64.5 billion down ¥17.4 billion, from the previous year due to a one-time loss of ¥24.1 billion recorded in the second quarter because of the company’s withdrawal from the Russian market, and a decrease in equity in earnings of affiliates.

In the second quarter, free cash flow from the automobile business was a positive ¥206.6 billion. On a management pro forma basis, which includes the proportionate consolidation of results from Nissan’s joint-venture operation in China, operating profit was ¥212.6 billion, with an operating margin of 4.0%. (2)

Consistent with what other Japanese companies said during earnings week, increased revenue and operating profit were achieved despite “a severe business environment in the first half of the fiscal year, with raw material prices rising sharply and sales volume falling below the previous year’s level due to semiconductor supply shortages and the impact of COVID-related lockdowns in Shanghai, China,” Nissan said. (AutoInformed.com on Honda Posts a Profit of ¥453.4B for First Half FY Results) Continue reading →

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

Some Small Cars offer Small Protection in Side Impacts

Posted on 11 November 2022 by Ken Zino
Ken Zino of AutoInformed.com on Some Small Cars offer Small Protection in Side Impacts

Click for more information.

The Insurance Institute for Highway Safety says that seven of 11 small cars tested earn good or acceptable ratings in its new, tougher side-impact test, but four models are rated poor. The Mazda 3 sedan and Mazda 3 hatchback earn good ratings. Five other vehicles: the Nissan Sentra, Toyota Corolla sedan, Toyota Corolla hatchback, Honda Civic sedan and Honda Civic hatchback are rated acceptable. The Kia Forte, Subaru Crosstrek and the Subaru Impreza sedan and wagon are rated poor. (AutoInformed on: New Side-Crash Tests: Few Mid-Size Cars Rated Good)

IIHS created the updated side crash test after research showed that many of the real-world side impacts that still account for nearly a quarter of passenger vehicle occupant fatalities are actually more severe than the original evaluation. Continue reading →

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

Hyper Marketing as Mercedes-AMG ONE Sets Nordschleife Record

Posted on 10 November 2022 by Ken Zino

Click for more information.

Mercedes said today that racing driver and Maro Engel at the Nürburgring-Nordschleife set a record time of 6:35.183 minutes for rounding the 20.832-kilometer track for road-legal production vehicles, as well as in the new super sports car category – aka hypercar class. Based on the track variant known as the sport auto Super Test, the lap time is 6:30.705 minutes. The record-breaking drives took place on 28 October 2022. (See the drive video here.) Continue reading →

Tweet
Posted in marketing, milestones, performance | Tagged , , , , , | Leave a comment

Honda Posts a Profit of ¥453.4B for First Half FY Results

Posted on 9 November 2022 by Ken Zino

Despite unfavorable factors such as a decrease in automobile production and unit sales due to the impact of the semiconductor supply shortage and an increase in the cost of raw materials, Honda Group*1 profit was ¥453.4B. This was a year-on-year increase of ¥11.2B. This was due primarily to increased pricing, a reduction of incentives, an increase in motorcycle sales and favorable currency effects, Honda said.

Consolidated profit for the fiscal first half (6 months) attributable to owners of the parent company amounted to ¥338.5B, a year-on-year drop of ¥50.6B due primarily to a decrease in the share of profit of investments accounted for using the equity method. Continue reading →

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

Milestones: 75 millionth Opel – Grandland GSe

Posted on 8 November 2022 by Ken Zino
Ken Zino of AutoInformed.com on Milestones:75 millionth Opel - Grandland GSe

Click for more Opel information.

There’s much to celebrate at Opel during its 160th year, including 40 years of the Corsa and 30 years of the Eisenach plant. Today, the Rüsselsheim-based brand, now part of the Stellantis mega-merger, reached a production milestone of 75 million. The 75th million Opel was a hybrid Grandland GSe Jubilee edition* that rolled off the assembly line in Eisenach. (AutoInformed.com on: Stellantis: Record First Half 2022 at €8.0 Billion Net Profit)

Opel recently announced 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. Continue reading →

Tweet
Posted in manufacturing, marketing, milestones | Tagged , , , , , , , | Leave a comment

CARB – Discounted ZEV Landscape Equipment Offered

Posted on 7 November 2022 by Ken Zino
Ken Zino of AutoInformed.com on CARB - Discounted ZEV Landscape Equipment Offered

Click for more information.

Qualified small business landscape professionals starting today can purchase discounted zero-emission lawn mowers, blowers and other landscape equipment through a new category of funding offered through the California Air Resources Board’s Clean Off-Road Equipment Voucher Incentive Project (CORE).* Administered by CALSTART, the CORE program’s new funding category has an allocation of more than $27 million of voucher funds for professional landscape services operated by small businesses or sole proprietors, CARB said in a release.

Electric versions of lawn mowers and blowers will be welcomed in residential areas since the gasoline powered versions are noisy and constitute an unhealthy noise pollution blight  in AutoInformed’s view. CARB first announced this new funding in October. Continue reading →

Tweet
Posted in environment, news analysis | Tagged , , , , , | Leave a comment

COP27 – Carbon Footprint Reduction Strategies Scrutinized

Posted on 7 November 2022 by Ken Zino

As the United Nations’ annual climate change conference (COP27) starts today in Sharm el-Sheikh, Egypt, many automakers will publicize their efforts to combat global warming. Last year During COP 26 in Glasgow endorsed net-zero emissions for greenhouse gas emissions. Given the extreme climate experiences during the past year, the need for accelerating the net-zero transition will likely be a hotly debated topic in Egypt. UN Secretary-General Antonio Guterres named the US and China as the two biggest problems. In fact, the European Union and India also aren’t meeting their climate change goals. These are the biggest four offending emitters. (read AutoInformed.com on: COP26 – CARB’s Liane Randolph New Chair of Transportation Decarbonisation Alliance)

Fasten your seat belt this is going to be a bumpy ride to save planet earth and the invasive species known as mankind. It will require collective action from all the participants and special interests. Moreover, the debate over how developed nations should support or subsidize less developed ones will likely be rancorous behind the scenes. Continue reading →

Tweet
Posted in AutoInformed Editorial | Tagged , , , , , , | Leave a comment