Recharged Heritage to offer MINI EV Conversion

Posted on 4 November 2022 by Ken Zino
Ken Zino of AutoInformed.com on Recharged Heritage to offer Mini EV Conversion

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Recharged Heritage, part of Mini Sport, said today it is taking orders for a conversion of the classic Mini into an electric vehicle. Two prototypes have been completed and previously revealed, the MINI Recharged Paul Smith and MINI Recharged Lakwena.*

 “There have been electric conversions of classic cars before but not like this one. From the start an enormous effort has been made to ensure that the conversion can easily be reversed. The body remains as the original with no new holes and the petrol engine can be put back in, no problem. Also, the car has been engineered so that it weighs no more than the original. The fun factor in driving a classic Mini has been preserved fully intact and you don’t need to buy the whole car. Potential customers can either have their own Classic Mini converted or purchase a model from Recharged Heritage and then have it electrified,” Recharged said in a release.
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Mixed Economic Signals in October US Vehicle Sales

Posted on 3 November 2022 by Ken Zino
Ken Zino of AutoInformed.com on Mixed Economic Signals in October US Vehicle Sales

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Now that the final number are in, new US light-vehicle sales in October 2022 showed a Seasonally Adjusted Annual Selling Rate (SAAR) of 14.9 million units, the second-highest monthly total this year. It was up 12.7% compared to  October 2021 and increase 9.8% from September 2022.

The average transaction price in October, according to J.D. Power, is forecast to be $45,599, a 2.7% increase year-over-year. However, this is only off $26 from September. The old economist’s adage that prices are sticky downward applies we think. Transaction price highs of +$46,000 were experienced during July and August.  Continue reading →

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US Sales Bolster Subaru First Half Results adding 56B Yen

Posted on 2 November 2022 by Ken Zino

Subaru Corporation today in Tokyo announced its consolidated financial results for the first half of the Japanese fiscal year ending 31 March 2023. During April through September 2022, production constraints continued due to the global shortage of semiconductors, however global production increased 24.5% to 425,000 units as plans were “flexibly adjusted.”

Production in Japan rose 29.9% to 283,000 units, while production in the U.S. grew 15.0% to 143,000 units. As a result of increased production, global vehicle sales increased 6.2% to 399,000 units, led especially by Subaru’s key US market. Due to the effects of foreign exchange rates, the growth in vehicle sales, and other factors, consolidated revenue rose 30.5% to 1,750.9 billion yen*.
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US October Light Vehicle Sales Grow 11.4% to 1.2 Million

Posted on 2 November 2022 by Ken Zino

According to data just released by LMC Automotive,* US light vehicle sales grew by 11.4% Year-over-Year in October to 1.17 million units. While the YoY comparison continues to be “flattered by a low base, as the market struggled a year ago with dwindling inventory, October 2022 had one fewer selling day than October 2021, making last month’s performance somewhat more impressive,” LMC said.

The October selling rate was 15.1 million units/year from 13.4 million units/year in September. This was only the second time that the rate has exceeded 15 million units/year in 2022. The daily selling rate is estimated at around 44,900 units/selling day, up from 44,300 units/selling day in September. According to preliminary estimates, retail sales totaled around 1,016,000 units, compared to 955,000 units in September. This, if accurate, means that retail sales topped 1 million units for the first time since April. LMC converts this to an 87% total market share for retail sales. Continue reading →

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Ford Motor US Sales Drop 10% during October 2022

Posted on 2 November 2022 by Ken Zino

Ford Motor Company said today that its US vehicles sales at 158,327 during October of 2022 dropped 10% compared to the prior year, which was plagued by low inventory problems. Ford also claimed it remains the No. 2 EV brand behind Tesla in the US, although other automaker results for the month are not yet available. Preliminary data indicate the market grew by ~10%. GM sales were up ~50%. Ford said that Super Duty orders were ~50,000 in five days. (AutoInformed on: Ford – $700M to Louisville Plant for 2023 Super Duty Pickup; Ford Motor Posts Q3 Net Loss of $827 Million)

A look at the sales by model reveals that Ford is now essentially a truck and SUV maker with dwindling car sales of ~41,000 year-to-date. Lincoln sold no cars at all ytd. Mercedes Benz posted a huge increase in sales of  more than 50%. The difficulty in analyzing what the data mean comes from what sales were from previously placed orders, and when the US will return to a normal sales environment, which might be undefinable at this time. Ford no longer holds sales calls for media and analysts. Continue reading →

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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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