Penske Automotive Group: Record Q2 Earnings of $500 Million

Posted on 27 July 2022 by Ken Zino

Penske Automotive Group, Inc. (NYSE: PAG) today said it set all-time record quarterly earnings during Q2 of 2022 as earnings before taxes increased 8% to $500 million. Income From Continuing Operations increased 10% to $374 million. Earnings per share increased 17% to $4.93.

“I am pleased to report that our diversified business delivered all-time record quarterly earnings for the second quarter of 2022, including a sequential improvement in earnings before taxes, income from continuing operations, and earnings per share when compared to the first quarter of 2022. Despite the supply constraints that continue to impact inventory availability, demand remains strong, and we continue to benefit from the diversification of our operations,” said Chair and CEO Roger Penske.* Continue reading →

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NHTSA: Investigation on Sudden Bronco Engine Failures

Posted on 27 July 2022 by Ken Zino
Ken Zino of AutoInformed.com on NHTSA: Investigation on Sudden Bronco Engine Failures

Pre-production 2021 two-door Bronco.

The National Highway Traffic Safety Administration said in public filing this week that it had opened at the end of May of this year a formal investigation of 32 consumer complaints alleging that 2021 Ford Bronco SUVs suddenly lose power at highway speeds.

It the latest example of ongoing Ford Motor quality problems and safety defects. Ford said during the Bronco introduction: “The all-new Bronco® two- and four-door traditional midsize SUVs represent the flagship models for the Built Wild™ Bronco brand and are ready to deliver thrilling off-road experiences with their heritage-inspired style, rugged engineering and smart off-road technology.” Continue reading →

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GM Q2 Earnings at $2.3B Off -$1.1B YoY

Posted on 26 July 2022 by Ken Zino

General Motors Co. (NYSE: GM) today reported second-quarter net income attributable to stockholders of $1.7 billion and EBIT-adjusted of $2.3 billion, in line with the earnings update the company issued on July 1.

This was a significant drop of $1.1 billion in a year-over year comparison as net pricing increases, strong demand and more upscale vehicle sales were more than offset by disrupted production, increased costs and lost sales (90,000 built but not complete?) from lean inventories especially in June. In a word – semiconductors.
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GM and LG Chem Have Deal on Battery Materials

Posted on 26 July 2022 by Ken Zino

LG Chem and General Motors (NYSE: GM) announced today a binding agreement for the supply of Cathode Active Material (CAM) from LG Chem to GM.

The supply agreement – the latest in the EV battery ‘gold rush’ – will help GM meet its growing EV production needs. CAM is a key battery material consisting of components such as processed nickel, lithium and other materials representing about 40% of the cost of a battery cell.
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GM: Virtual EV Specialists Available for Free Consult

Posted on 25 July 2022 by Ken Zino
Ken Zino of AutoInformed.com on GM: Virtual EV Specialists Available for Free Consult

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General Motors today launched EV Live. In a release, GM said it’s “an immersive, virtual experience that allows participants to interact one-on-one with EV specialists and learn everything about electric vehicles – for free.”

The online program offers a space (screen?) for real conversations about EVs. EV Live will also help prepare GM dealers, employees, fleet and commercial customers, utilities and third-party collaborators for the all-electric future that virtually all automakers and some policy people think is coming. Continue reading →

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Blinded: More Software Recalls from Mercedes-Benz, Toyota

Posted on 25 July 2022 by Ken Zino

There’s irony in the ongoing automotive hardware safety problems that are caused by a software infection. In the latest two examples of expensive, normally robust machines by Mercedes-Benz and Toyota have vision systems that are subject to the safety-defect recalls that were publicly revealed today by The National Highway Traffic Safety Administration.

Mercedes-Benz USA is recalling 2022 AMG EQS53, EQS580, EQS450, 2021 S500, S580, and Maybach S580 vehicles. The rearview camera may not display the rearview image due to a software error in the MBUX multimedia system. These vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard number 111, “Rear Visibility.”

Toyota Motor Engineering & Manufacturing is recalling 2022 Tundra and Tundra Hybrid vehicles equipped with a Panoramic View Monitor (PVM) system. Incorrect programming of the parking-assist electronic-control unit (ECU) software may cause the front camera image to appear on the multimedia display instead of the rear camera imagewhen the shifter is placed into reverse. These vehicles also fail to comply with the requirements of Federal Motor Vehicle Safety Standard number 111, “Rear Visibility.” Continue reading →

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Aston Martin: 100th anniversary of First Grand Prix in France

Posted on 23 July 2022 by Ken Zino
Ken Zino of AutoInformed.com on Aston Martin 100th anniversary of First Grand Prix - photo courtesy of and copyright Aston Martin all rights reserved.

TT1 – Vettel driving and Herbert, both with their own racing histories.

This weekend’s Formula One race allows Aston Martin mark the centenary of its maiden challenge at the 1922 French Grand Prix. Aston notes that no current Formula One “manufacturer has such an early history of top-flight competition.” The current Aston Martin Aramco Cognizant Formula OneTM Team will race with original Aston Martin button badge on its cars.

Ahead of Sunday’s Grand Prix, four-time F1® world champion Sebastian Vettel drove TT1 – warmly nicknamed ‘Green Pea’ – around Circuit Paul Ricard, 100 years after the celebrated car took to the road circuit of Strasbourg for a 60-lap, 800 km race as one of two Aston Martin entries. Continue reading →

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At Last? Cadillac Reveals CELESTIQ Concept EV

Posted on 22 July 2022 by Ken Zino
Ken Zino of AutoInformed.com on At Last? Cadillac Reveals CELESTIQ Show Car

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Cadillac today unveiled the CELESTIQ show car, which is  “a vision of innovation and purpose that previews the brand’s future handcrafted and all-electric flagship sedan.”

Whether this is electrifying or compelling enough to send customers back to the fallen brand, time will tell. It is being billed as Cadillac’s electric future that is “inspired by the brand’s 120-year heritage.*
 Continue reading →

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J.D. Power: Gasoline Powered Vehicle Satisfaction Drops

Posted on 21 July 2022 by Ken Zino

Satisfaction with fuel economy and range is normally stronger among owners of gas-powered vehicles than satisfaction with range and charging speed among owners of battery-electric vehicles (BEVs). This year, BEV owners have a similar, albeit slightly lower, level of satisfaction with charge times and driving range as they did a year ago.

However, high gas prices have led to a noticeable decrease in fuel economy/range satisfaction among owners of gas-powered vehicles, according to the J.D. Power 2022 U.S. Automotive Performance, Execution and Layout (APEAL) Study,SM released today. The gap between economy/range is only 7 points on a 1,000-point scale. Continue reading →

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OnStar Adds Motorcycles and Integrates Amazon Alexa

Posted on 21 July 2022 by Ken Zino
Ken Zino of AutoInformed.com on OnStar Adds Motorcycles and Integrates Amazon Alexa

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General Motors’ OnStar today announced a new brand identity that it says is “a modern, simpler design that represents its commitment to elevating the standards of safety and security, both inside and outside the vehicle.” OnStar is expanding its safety services to motorcycle riders and into the home through Amazon Alexa integration.

“OnStar’s new identity and logo kicks off a new era for the brand and how we are innovating to make our promise of safety and security available to more people,” said Jeff Massimilla, vice president of OnStar Safety and Connectivity at GM.
 Continue reading →

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EV Battery Gold Rush: Ford Has New Battery Capacity Plan

Posted on 21 July 2022 by Ken Zino
Ken Zino of AutoInformed.com on EV Battery Gold Rush: Ford Has New Battery Capacity Plan

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Ford Motor today announced a series of schemes for sourcing battery capacity and raw materials that it claims will allow it to reach its targeted annual run rate of 600,000 electric vehicles by late 2023 and more than 2 million by the end of 2026. The company also explained its global vehicle portfolio plans supporting these production goals as  part of its Ford+ plan. Ford expects a compound annual growth rate for EVs to exceed 90% through 2026, more than double mainstream forecast global industry growth.

Center for Automotive Research data show that Ford is only one maker in the crowd as automakers invest billions in north American EV and battery manufacturing facilities. For almost two decades, the CAR Automotive Communities Partnership (ACP) has tracked announced automotive manufacturing investments in North America. Continue reading →

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Hot, Fast Company: Penske Automotive Increases Dividend 6%

Posted on 21 July 2022 by Ken Zino
Ken Zino of AutoInformed.com on Hot, Fast Company: Penske Automotive Increases Dividend 6%

We are only half kidding when sometimes we think PAG exists to support Roger’s love of racing.

Penske Automotive Group, Inc. (NYSE: PAG) – an international transportation services company, a significant force among premier auto and commercial truck retailers, and a successful racing organization – today announced that its Board of Directors has increased the  dividend by $0.03 per share, or 6%, to $0.53 per share.

The dividend is payable September 1, 2022, to shareholders of record on August 10, 2022. Shares of PAG during the past 52 weeks have ranged from $123.60 to $78.60. It is currently trading at ~$107.
 Continue reading →

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IMSA NASCAR Street fight: Bye Road America, Hi Chicago

Posted on 20 July 2022 by Ken Zino
Ken Zino of AutoInformed.com on IMSA NASCAR Street fight: Bye Road America, Hi Chicago

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The business of racing has taken precedent over the sport of racing as NASCAR will run the first-ever street Cup Series Points Race on NBC During Fourth of July Weekend next year, supported by an unnamed IMSA series that will be announced at a later date. That weekend, of course, normally sees IMSA running sports cars at Road America in Wisconsin. NASCAR also runs at Road America too, usually in June. Whether this is, well, cheesy or not depends on your point of view. For the moment IMSA – owned by NASCAR – is officially silent on the matter. (AutoInformed:Brickyard Sunday – Allmendinger in Chevy Wins NASCAR Cup)

Here’s what Bubba Wallace said (excepted and edited – Autocrat): “Yeah, well, obviously you guys know, the majority owner of our team has done a lot for this city, Michael Jordan obviously, being under his banner, being under his wing and knowing how much he means to the Chicago area is super cool, and I’m proud to carry that to our race team and in our race cars and to the racetrack… Continue reading →

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Japan: Research Association of Biomass Innovation for Next Gen Fuels

Posted on 20 July 2022 by Ken Zino
Ken Zino of AutoInformed.com on Japan: Research Association of Biomass Innovation for Next Gen Fuels

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In a release this morning from Japan, Toyota Motor said it is part of  a newly formed “Research Association of Biomass Innovation for Next Generation Automobile Fuels.”

The goal is for bio-ethanol fuel production to achieve carbon neutral society. ENEOS Corporation, Suzuki Motor Corporation, Subaru Corporation, Daihatsu Motor Co. Ltd, Toyota Motor Corporation and Toyota Tsusho Corporation have established next gen auto fuels group on July 1, 2022 to study ways to optimize the process of producing fuel.
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All Porsche Taycan EVs Can be Upgraded to 2023 Specs

Posted on 20 July 2022 by Ken Zino
Ken Zino of AutoInformed.com on All Porsche Taycan EVs Can be Upgraded to 2023 Specs

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Porsche has announced that virtually all of ~75,000 examples of the Taycan have been delivered since Porsche introduced its first all-electric sports car at the end of 2019 can be upgraded to 2023 specs.

“Regardless of vehicle age, engine and body, all model variants can be brought up to the status of the 2023 model year with a software update. The update will be implemented on a market-specific basis,” Porsche said. Internally, Porsche refers to this as the ‘uPdate,’ because the 2023 model year, which started in July 2022, bears the letter ‘P’.

In AutoInformed’s view, this is a significant example of the potential benefits of connected vehicles; benefits that in some cases are ahead of federal or state regulations, which do not accommodate them. 
Continue reading →

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