GAC-FCA JV to File for Bankruptcy

Posted on 31 October 2022 by Ken Zino
Ken Zino of AutoInformed.com on Tilt! Stellantis and GAC to Stop Jeep China JV

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Shareholders of the GAC-FCA Joint Venture, Automobile Group Co., Ltd. and Stellantis N.V., have approved a resolution authorizing the JV to file for bankruptcy, in a loss-making context. Stellantis fully impaired the value of its investment in the GAC-FCA JV and other related assets in its first half 2022 financial results. Stellantis will continue providing services to existing and future Jeep® brand customers in China,” Stellantis (NYSE / MTA / Euronext Paris: STLA) said in a statement this morning.  

Stellantis, the mega-merger between FCA and PSA, said last July that the “lack of progress in the previously announced plan for Stellantis to take a majority share in their joint venture” has resulted in the GAC Group and Stellantis to start figure out how to terminate the joint-venture that produces and distributes Jeep products in China. (read AutoInformed.com on: Tilt! Stellantis and GAC to Stop Jeep China JV ) Continue reading →

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Autonomous Forklift Startup Backed By BMW i Ventures

Posted on 31 October 2022 by Ken Zino
Ken Zino of AutoInformed.com on Autonomous Forklift Startup Backed By BMW i Ventures

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BMW i Ventures* has announced that its lead investment in Fox Robotics**, was over-subscribed by ~$20M. What’s said to be the world’s first intelligent forklift that can autonomously unload pallets from the trailer to the receiving dock attracted additional new investors including Zebra Technologies, Japan Airlines and Translink Innovation Fund and Foothill Ventures. Existing investors at Menlo Ventures, ENIAC Ventures, and SignalFire also participated in the round.

While it is abundantly clear that autonomous vehicles are not yet ready for mass deployment on public streets, the same technology is being commercially used in closed warehouse environments today. (see autoinformed.com on Ford and VW write-offs:  Ford Motor Posts Q3 Net Loss of $827 Million) Fox retrofits a standard forklift with sensors and software to enable autonomous material handling operations with precise navigation and robust pallet picking and movement. Deep learning systems use on-board cameras and LiDAR sensors to detect pallets, boxes and other obstacles in real time and enable the forklift to pick pallets out of trailers it is seeing for the first time, Fox claimed. Continue reading →

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Stellantis Hordain to Build Hydrogen-powered, Electric and Combustion Engine Commercial Vehicles

Posted on 28 October 2022 by Ken Zino
Ken Zino of AutoInformed.com on Stellantis Hordain to Build Hydrogen-powered, Electric and Combustion Engine Commercial Vehicles

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Stellantis (NYSE: MTA / Euronext Paris: STLA) CEO Carlos Tavares during a visit to the Hordain site in the northern Hauts-de-France this week announced the mass production of Peugeot, Citroën and Opel light commercial vehicles in hydrogen-powered versions equipped with a fuel cell. Hordain is scaling up production of the Peugeot Expert, Citroën Jumpy and Opel Vivaro fuel-cell light-commercial vehicles to a so-called industrial level. Hordain employs 2440 people on three shifts, with daily production of 628 vehicles. The site assembled 144,650 vehicles in 2021 and produced its millionth “K-Zero”* in summer 2022.

Starting in 2024, the site Hordain will have a mini-mass production capacity of 5,000 vehicles per year of hydrogen-powered utility vehicles. This Stellantis said in a release reaffirms its goal to be the first mass-produced manufacturer of hydrogen-powered utility van vehicles. There is also a labor relations aspect to the move. Stellantis has 12 industrial sites in France, and unlike Ford Motor Company it has a stated “ethical desire not to separate its electric and internal combustion engine businesses, to engage all its employees in the energy transition.” Continue reading →

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Once Unthinkable. New Supercars from Nissan, Toyota

Posted on 28 October 2022 by Ken Zino
Ken Zino of AutoInformed.com on Once Unthinkable. Two New Japanese Supercars from Nissan, Toyota

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What was once unthinkable to German performance car makers continues today as two new versions of Japanese super-cars were announced. The 2023 Nissan GT-R is now on sale at elite US Nissan dealers with a starting Manufacturer’s Suggested Retail Price of $113,540. Toyota Gazoo Racing has also launched an updated GR Supra GT4* race car for the 2023 season with claimed enhanced braking, handling and engine performance. Toyota said it has extensively used “customer and driver feedback to improve the dedicated race car, which is already a champion in three regions, Japan, the United States and Europe, and has earned over 100 podium finishes.” (AutoInformed.com on: Daytona This Weekend Starts 2022 IMSA Racing Season)

The Nissan 2023 GT-R Premium’s 3.8-liter DOHC twin-turbo V6 is rated at 565 horsepower and 467 lb.-ft. of torque, linked with a standard dual-clutch, paddle-shift 6-speed transmission and the so-called ATTESA E-TS all-wheel drive system. Moreover, GT-R NISMO, $210,740, has the same turbochargers developed for the GT3 GT-R race car, increasing the engine’s output to 600 horsepower and 481 lb.-ft. of torque.  It has a NISMO-tuned suspension, carbon fiber bodywork, larger Brembo® carbon-ceramic brakes. ** Continue reading →

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Ford Motor Posts Q3 Net Loss of $827 Million

Posted on 26 October 2022 by Ken Zino

Ford Motor Company (NYSE: F) today posted Q3 2022 revenue of $39.4 billion and an $827 million net loss, a result of special items. The adjusted EBIT was $1.8 billion.

During Q3, Ford decided to shift its capital spending from the L4 advanced driver assistance systems being developed by Argo AI to internally developed L2+/L3 technology. The move was forced on Ford when Argo AI failed to attract new investors. Ford recorded a $2.7 billion non-cash, pretax impairment on its investment in Argo AI, resulting in an $827 million net loss for Q3. Adjusted earnings before interest and taxes were $1.8 billion, higher than the $1.4 billion to $1.7 billion the company estimated in September. Quarterly revenue was $39.4 billion, up 10% from a year ago. (AutoInformed.com on: Ford Motor Q3 Earnings to Take $1B Cost Hit; Ford Motor Posts Good Earnings But Weak Net Income) Continue reading →

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GM Has Enough Renewable Energy for all US Sites by 2025

Posted on 26 October 2022 by Ken Zino

General Motors (NYSE:GM) said today it has finished renewable energy sourcing agreements required to secure 100% of the energy needed to power all its US facilities by 2025. This is keeping with the accelerated target announced in September 2021, which is 5 years ahead of the 2030 target announced in early 2021, and 25 years ahead of the initial target of 2050 set in 2016.

It’s the latest move in the climate wars by automakers that no longer deny the real damages incurred by fossil fuel use. By using renewable energy, GM aims to avoid 1 million metric tons of carbon emissions that would have been produced between 2025 and 2030. This equals the emissions produced by burning 1 billion pounds of coal. (AutoInformed.com on: Climate Change Car Wars – GM to Reach 100% Renewable Energy in 2025) Continue reading →

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Another Kia Sportage Recall for Fires in ABS System

Posted on 26 October 2022 by Ken Zino

The National Highway Traffic Safety Administration said today that Kia America has issued a new recall for 72,000 Model Year 2008-2009 Kia Sportage vehicles due to a continued risk of fire. An engine compartment fire originating from around the hydraulic electronic control unit (HECU) for the braking system may occur while the vehicle is parked or being driven. (AutoInformed.com on: NHTSA Issues Consumer Alert on Hyundai, Kia Fires) Kia “strongly urges owners of these vehicles to park their cars outside and away from homes and other structures until their vehicles have been repaired.” Continue reading →

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GM Earns $4.3 Billion in Q3 2022

Posted on 25 October 2022 by Ken Zino
Ken Zino of AutoInformed.com on GM Earns $4.3 Billion in Q3 2022

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General Motors today posted Q3 earnings of $4.3 billion on global sales 966,000 vehicles. This came from record revenue and double-digit EBIT-adjusted margins. GM expects to double company revenue to $275 to 315 billion by 2030.

GM also improved supply chain interruptions so much so that it resulted  in another quarter of full-size pickup, full-size SUV and Cadillac Escalade segment leadership. Ford Motor reports earnings tomorrow. (AutoInformed.com on – GM Q2 Earnings at $2.3B Off -$1.1B YoY)

“This keeps us on track to deliver our third consecutive year of full-size pickup leadership, and our 22nd year as the full-size SUV leader. To build our truck leadership and help maintain our strong margins, Chevrolet and GMC recently unveiled new mid-size and heavy-duty pickups that will launch next year,” said GM chair and CEO Mary Barra. Continue reading →

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BYD Toyota EV Technology Company Debuts bZ3 EV in China

Posted on 24 October 2022 by Ken Zino
Ken Zino of AutoInformed.com on BYD Toyota EV Technology Company Debuts bZ3 EV

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Toyota Motor Corporation in Beijing early this morning announced the Toyota bZ3, the second model in its bZ series. The battery electric sedan was developed between Toyota, BYD, and FAW Toyota under  a company called BYD Toyota EV Technology Company (BTET). The bZ3 will be  sold by the FAW Toyota dealer network in the world’s largest vehicle market that is leading the way toward the electrification of vehicles. (autoinformed.com: Toyota – Annual Global Sales of  3.5Mn Battery EVs by 2030)

The strategy has been successful, but doing business with totalitarian states can have dire outcomes as Putin’s war on Ukraine demonstrated for auto companies doing business in the region. Continue reading →

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Renault Group Q3 – 20% Increase in Revenue at €9.8B

Posted on 21 October 2022 by Ken Zino
Ken Zino of AutoInformed.com on Renault Group Q3 - 20% Increase in Revenue at €9.8B

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Renault Group (Euronext: RNO) posted a revenue increase today of €9.8 billion, up 20.5% compared to 2021 Q3. Automotive revenue reached €9 billion, up 21.7%1 based on global sales of 481,000 vehicles, down 2.4% compared to 2021 Q3. The E-tech range (electric and hybrid) accounted for 38% of Renault passenger car sales in Europe during the first 9 months, up 12 points compared to the first 9 months of 2021.

The Group’s orders in Europe remains at an historic level – the same in volume compared to the end of June. Renault Group also confirmed its 2022 financial outlook*, which will probably meet with analyst skepticism given the ongoing economic crisis in Europe and the negative global effects of Putin’s war against Ukraine. Balancing this is a renegotiation of the Alliance with Nissan, which could bring Renault ~$3.3 billion if it cuts it stake to 15% from 43%. Continue reading →

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GMC Debuts Electric Sierra Pickup

Posted on 20 October 2022 by Ken Zino
Ken Zino of AutoInformed.com on GMC Debuts Electric Sierra Pickup

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GMC debuted today the Electric Sierra Pickup, with an emphasis on the most expensive and profitable 2024 Sierra EV Denali Edition. GMC claimed it offers un-compromised capability, a GM-estimated 400 miles of range1 on a full charge and unique technology made possible by its dedicated EV truck platform.

The 2024 Sierra EV Denali Edition 1 will be available in early 2024 starting at, gulp, $107,000. GMC will introduce the Sierra EV AT4 and Elevation trims in the 2025 model year, which GMC says will be priced starting in the $50,000 range (AutoInformed.com on: GMC Teases Electric Sierra Denali Pickup)
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EPA Hydrofluorocarbon Rule Attacks Global Warming

Posted on 20 October 2022 by Ken Zino

The US Environmental Protection Agency (EPA) today announced a proposed rule to implement the next step of the nation’s HFC* (hydrofluorocarbons) phase-down to a 40% reduction below historic levels starting in 2024. HFCs are a class of powerful greenhouse gases regularly used in refrigeration and air conditioning, aerosols, and foam products. Their negative climate impact can be hundreds to thousands of times stronger than the same amount of carbon dioxide.

The proposal follows the Senate’s bipartisan ratification of the Kigali Amendment to the Montreal Protocol, a global agreement to phase down HFCs and avoid up to 0.5-degrees Centigrade of global warming by the end of this century. It’s the latest step in assuring US Global Leadership on fighting Global Warming and Extreme Climate Change, which are people, jobs and planet killing. The Senate voted 69-27. Forty-eight Democrats and 21 Republicans voted aye. Four members abstained. The opposition largely came from the Republican party of Nope. The United States was the 137th country to ratify the amendment. Continue reading →

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Statistical Quirks Show September EU Car Sales up 10%

Posted on 19 October 2022 by Ken Zino
Ken Zino of AutoInformed.com on Statistical Quirks Show September EU Car Sales up 10%

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During September 2022, new passenger car registrations in the European Union rose by 9.6%, marking the second consecutive month of growth this year according to the latest data from ACEA*.

This is really a mathematical quirk since the “increase” came from a low base of comparison from 2021, when the semiconductor shortage hindered vehicle production. It doesn’t reflect underlying demand or consumer sentiment. The four largest EU markets, Germany and Spain recorded double-digit gains (+14.1% and +12.7% respectively), while France (+5.5%) and Italy (+5.4%) showed modest rates of growth. For a more nuanced look see LMC Automotive. (Autoinformed.com on: Western Europe Car Sales Plunge in September) Continue reading →

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BMW Group to Spend $1.7B to Make Electric Vehicles in US

Posted on 19 October 2022 by Ken Zino
Ken Zino of AutoInformed.com on BMW Group to Spend $1.7B to Make Electric Vehicles in US - photo courtesy of and copyright BMW

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The BMW Group said today it will make a new investment to expand Plant Spartanburg and increase its US manufacturing footprint.

Group Chairman of the Board of Management, Oliver Zipse said that $1.7 billion will be spent, including $1 billion to prepare for the production of electric vehicles at the company’s existing factory in South Carolina. Furthermore, $700 million will go toward a new high-voltage battery assembly facility in nearby Woodruff, SC. By 2030 BMW Group will build at least six fully electric models in the US. (Autoinformed on: BMW Group Posts Record Revenues, Earnings, Profits for 2021). Continue reading →

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Toyota Auto Insurance Adds Texas

Posted on 19 October 2022 by Ken Zino

Toyota Auto Insurance said today that the automaker’s branded insurance creation is now available to customers in Texas. Toyota Auto Insurance* offers consumers a flexible policy purchase process via Toyota’s mobile app, call center agents, participating Toyota dealerships and the ToyotaAutoInsurance.com website.

“We’re thrilled to expand Toyota Auto Insurance to customers in our home state,” said Rob Spencer, Toyota Insurance chief operating officer. Toyota of course is not alone. At least 18 automakers have started insurance products based on telematics using connected car capabilities to determine rates.
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