SEC – New Rules on Climate-Related Disclosures for Investors

Posted on 21 March 2022 by Ken Zino

The Securities and Exchange Commission today proposed rule changes that would require registrants to include certain climate-related disclosures in their registration statements and periodic reports. This includes information about climate-related risks that are reasonably likely to have a material impact on their business, results of operations, or financial condition, and certain climate-related financial statement metrics in a note to their audited financial statements.

The required information about climate-related risks also would include disclosure of a registrant’s greenhouse gas emissions, which have become a commonly used metric to assess a registrant’s exposure to such risks. No doubt the anti-environment, anti-democracy ,pro-Putin Republican party will fiercely fight the SEC. The global auto industry is rushing to address climate change with its headlong rush into electric vehicles. This should clarify the ongoing avalanche of green statements from makers and suppliers and help customers understand how committed the companies are. (AutoInformed on: SEC Starts Task Force on Climate Change Investment Risks; Daimler Issues Its First Green Bond of €1 Billion) Continue reading →

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The Sweet Song of EVs – Cadillac Starts Lyric Production

Posted on 21 March 2022 by Ken Zino
Ken Zino of AutoInformed.com on The Sweet Song of EVs – Cadillac Starts Lyric Production

GM’s Spring Hill manufacturing complex consists of a vehicle assembly plant, metal stamping plant and an engine plant. It is the largest GM facility in North America.

General Motors today passed another milestone in its move to an all-electric future as Cadillac celebrated the beginning of retail production of the 2023 Cadillac LYRIQ at GM’s Spring Hill, Tennessee, assembly plant. GM President Mark Reuss, Cadillac Vice President Rory Harvey, Tennessee Gov. Bill Lee, UAW representatives, plant employees and other officials were on hand. The real dignitaries were the workers who made it happen.

Reservations for the 2023 Cadillac LYRIQ Debut Edition sold out in 10 minutes late, last summer, and demand continues to grow, GM said. Cadillac will begin taking additional orders for the 2023 LYRIQ on May 19. Continue reading →

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VW to Drop Fossil Fuels, Spend $7.1B on Products, R&D and Manufacturing in Canada, Mexico and US

Posted on 21 March 2022 by Ken Zino
Ken Zino of AutoInformed.com on VW to Drop Fossil Fuels, Spend $7.1B on Products, R&D and Manufacturing in Canada, Mexico and US

VW aims to localize all major design and engineering responsibilities for the body and interior of new vehicles, a turn around from a German-centric firm.

Volkswagen today announced it will spend $7.1 billion during the next five years in the North America*1 to increase products, regional R&D and manufacturing capabilities. Volkswagen hopes that 55% of U.S. vehicle sales will be fully electric by 2030. Volkswagen plans to launch American-assembled ID.4 in 2022, ID. Buzz in 2024, as well as new electric SUVs starting in 2026.

Scott Keogh, President and CEO, Volkswagen Group of America said that Volkswagen will begin to phase out gasoline-powered vehicles from its American line-up, aiming to completely exit from internal combustion sales at the beginning of the next decade, while focusing on the most desirable models. In its place, Volkswagen will advance its electric line-up, including the American-assembled ID.4 in 2022, the ID. Buzz electric microbus in 2024, and new electric SUVs from 2026. In all, Volkswagen Group brands plan to introduce more than 25 new battery electric vehicles (BEVs) to American consumers through 2030. Continue reading →

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Ford Motor Recalls 160,000 F-150 Pickups for Bad Wipers

Posted on 21 March 2022 by Ken Zino

Ford Motor Company is recalling 157,306 2021 model year Ford F-150 vehicles. The front windshield wiper motor made by Trico in Mexico may become inoperative, causing the wipers to fail. An inoperative wiper motor has the potential for reduced visibility or loss of visibility, increasing the risk of a crash. In the require NHTSA filing Ford said, “The primary causal factors that led to inoperative or poorly performing wipers were poor quality motor brush plate spot welding, insufficient motor magnet adhesive being applied, and insufficient motor nut assembly torque. Continue reading →

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Sebring 12 Hours – Bumps, Twists, Turns in Oldest US Race

Posted on 20 March 2022 by Ken Zino
Ken Zino of AutoInformed.com on Sebring 12 Hours - New Twists, Turns in Oldest US Sports Car Race

Twice in the final 75 minutes, Cadillac driver Earl Bamber lost the lead in the oldest US sports car race. He got it back twice, too.

While General Motors has it doubters among stock analysts about its electrification strategy, Cadillac and Corvette posted convincing wins during electrifying racing at Sebring this weekend. It was an all-Cadillac podium in the premier DPI class, as it swept the top three spots in an incident and mistake-filled once around the clock race. The three Cadillacs finished within 14.616 seconds of each other. The 351 laps completed were a Sebring record for the DPi class, topping the previous one set last year by two laps. It was the 61st IMSA WeatherTech SportsCar Championship victory for Chip Ganassi Racing and its second at Sebring. (Mobil 1 Twelve Hours of Sebring Provisional Results)

Cadillac had plenty of electricity: Twice in the final 75 minutes of the race, driver Earl Bamber lost the lead before getting it back both times. Bamber survived two incidents and a penalty in the final minutes Saturday and twice worked his way back into the lead, eventually prevailing to win the 70th Mobil 1 Twelve Hours of Sebring Presented by Advance Auto Parts. Bamber’s win  in the No. 02 Chip Ganassi Racing Cadillac DPi-V.R co-driven with Alex Lynn and Neel Jani was a brilliant demonstration of an old sport car racing adage – no matter what happens, just keep racing. “It was a team effort, not an individual one,” Bamber said afterwards. “I was just the one lucky enough to do the last hour. I could’ve probably made it a hell of a lot easier for everyone else, but hey, I made it. It was a good show, I think.” Continue reading →

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Autonomous – GM Ups Stake in Cruise and Buys out Softbank

Posted on 18 March 2022 by Ken Zino
Ken Zino of AutoInformed.com on Autonomous Vehicles - GM Ups Stake in Cruise and Buys out Softbank

Look – no visors or steering wheel.

General Motors (NYSE: GM) today announced it is acquiring SoftBank Vision Fund 1’s equity ownership stake in Cruise for $2.1 billion and separately will make an additional $1.35 billion investment in Cruise, replacing a previous commitment made by the fund in 2018.

Cruise has made self-driving cars a reality and is arguably the leader on the pathway to commercial autonomous ridesharing and delivery, creating significant value for both GM shareholders and Cruise’s minority shareholders. Since Cruise was founded in 2013, it has run more than 2 million autonomous miles in California. It has 300+ all-electric AVs on roads in San Francisco and Phoenix. Funding is more than $9 billion with ~1900 employees, with a market valuation of, gulp, +$30 billion (before today). (AutoInformed: Cruise CEO – It Will Be Hard to Sell a Car That Isn’t Self-Driving; Honda and Cruise to Start Testing Autonomous Vehicles on Public Roads) Continue reading →

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Toyota to Upgrade Long Beach Manufacturing

Posted on 18 March 2022 by Ken Zino
Ken Zino of AutoInformed.com on Toyota to Upgrade Long Beach Manufacturing

TABC today.

Toyota Motor North America (TMNA) announced today a $27 million investment in its Long Beach (aka TABC) operation to support an increase in its stamping and welding of parts for the midsize Tacoma pickup truck made in San Antonio, Texas. (AutoInformed on: Milestones – 40 Years of Toyota Auto Body – Thanks to a so-called “Chicken Tax”)

Toyota Auto Body California – commonly TABC – is now 40 years old. It was Toyota’s first manufacturing facility in the U.S. and came about because of a chicken tax. The tax was the result of a trade war between the U.S. and France and Germany, and the U.S. imposed a 25% tax on imported light trucks initially targeted at Volkswagen in 1963 because our alleged allies were blocking imports of cheap factory-farm produced American chickens with high tariffs – thus the chicken tax name.

Ken Zino of AutoInformed.com

Toyota Auto Body Corporation, Long Beach, California circa 2011.

Ford Motor Company successfully lobbied the Johnson Administration to expand the tax to Japanese automakers. The simple workaround at what was then Atlas Fabricators in 1972 was to produce Toyota truck beds for pickup trucks imported into the U.S. from Japan, a strategy also used by other importers.  Two years later, Toyota bought the operation and renamed it TABC, which become its first manufacturing investment in the U.S. It’s ironic that Ford, one of the Detroit Three companies that lobbied  for protection against imported light trucks, later did minor stateside work on the Turkish-built Transit Connect to escape paying the chicken tax and lower the rate to 2.5% from 25%. Continue reading →

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Maserati – First Italian Luxury Brand to Produce EVs?

Posted on 18 March 2022 by Ken Zino
Ken Zino of AutoInformed.com on Maserati - First Italian Luxury Brand to Produce EVs

Do you think Alfa Romeo and Ferrari might have other plans?

During 2021 Maserati, the Stellantis Group’s only luxury brand, posted an increase in its global market share to 2.4%, at 2.9% and 2.7% in North America and China, respectively. Maserati recorded robust growth in sales, at +41% year-on-year with a total of 24,269 vehicles delivered to customers worldwide during 2021. Adjusted Operating Income (AOI) margin* stood at 5.1% and Net Revenues* were €2,021 million. (AutoInformed: Stellantis Claims Record First Year with €13.4B Net Profit)

Now, Maserati claims it is about to become the first luxury brand to launch a 100% electric sports car under the Maserati Folgore name (translation Lightning or Flash of Lighting). The new Gran Turismo will be the first car in Maserati history to adopt 100% electric “solutions.” Made at the Mirafiori production site, it will debut in the market in 2023. The new Gran Turismo, it’s claimed, will offer “cutting-edge technical solutions derived from Formula E – superb performance, comfort and elegance.” Continue reading →

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Porsche 2030 – More Than 80% All-Electric New Vehicles

Posted on 18 March 2022 by Ken Zino
Ken Zino of AutoInformed.com on Porsche 2030 - More Than 80% All-Electric New Vehicles

“We are stepping up our electric offensive…”

In a financial results release from Stuttgart-based sports car manufacturer Porsche this morning, the German automaker attempted to calm the war-roiled capital markets. “Porsche is looking at the armed conflict in Ukraine with great concern and dismay,” said Oliver Blume, Chairman of the Executive Board of Porsche AG.

“We continue to hope for a cessation of hostilities and a return to diplomacy. The safety and integrity of the people are paramount. To help people in need in Ukraine, Porsche AG has donated a total of €1 million. Experts are continuously determining the degree of impact on Porsche’s business activities in a task force. The supply chains for Porsche plants have been affected, which means that on-schedule production is no longer possible in some cases,” revealed Blume. (Putin’s War Clouds BMW Group Media Day)

Continue reading →

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History of Japanese Car Making at Toyota Automobile Museum

Posted on 17 March 2022 by Ken Zino
Ken Zino of AutoInformed.com on the History of Japanese Car Making at Toyota Automobile Museum

The auto industry in Japan grew during a volatile age spanning two world wars. Click to Enlarge.

The Toyota Automobile Museum said today it will open a new permanent exhibition corner titled “Japanese History of Car Making” on Saturday 16 April on the second floor of the Automobile Gallery.

“How was the Japanese automotive industry established is the question we attempt to answer in this permanent exhibition corner, which has no parallel anywhere else in Japan,” Toyota said.

The exhibition traces the first seven decades of the Japanese auto industry, from its beginnings in the early 20th century to the 1970s, when it established itself as the nation’s key industry. Continue reading →

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Hendrick Motorsports to Run Camaro ZL1 at Le Mans!

Posted on 17 March 2022 by Ken Zino
Ken Zino of AutoInformed.com on NASCAR’s Hendrick Motorsports to Run Next Gen Camaro ZL1 at LeMans

It’s not this car, but Rick Hendrick did confirm one thing, “It’s going to be expensive.” More later – drivers, specs, pit stops, racing strategy…

Hendrick Motorsports and NASCAR said today they will run at Le Mans in the 2023 24 hour-race as the unique Garage 56* entry. The car will be a modified version of the Next Gen Chevrolet Camaro ZL1 race car. At a press conference before the Sebring 12-hour IMSA race this weekend (10 a.m. ET on Peacock, 3:30 p.m. on USA) that is part of the World Endurance Championship, the collaboration of NASCAR, Hendrick Motorsports, Chevrolet, IMSA, and Goodyear was announced.

Hendrick Motorsports is the all-time leader in NASCAR Cup Series championships, points-paying victories and laps led. The team is coming off its second consecutive title and has won two of the four races in 2022. Seven-time champion crew chief Chad Knaus will serve as its Garage 56 program manager. Further details, including technical elements of the car and the team’s driver lineup, will be announced at a later date. Rick Hendrick, owner of Hendrick Motorsports did confirm one thing though, “It’s going to be expensive.” Continue reading →

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Putin’s War Clouds BMW Group Media Day

Posted on 16 March 2022 by Ken Zino
Ken Zino of AutoInformed.com on Putin’s War Clouds BMW Group Media Day

Click to Enlarge.

After a successful 2021, the BMW Group said today in Munich at its annual media conference that it is speeding up technological change and pushing forward with the transformation towards sustainable mobility. The company is preparing for new technology in its so-called Neue Klasse as it continues to expand e-mobility.

Unaddressed in formal statements were two key concerns for the German auto industry – Germany’s over-dependence on Russian natural gas, and it’s dealings with totalitarian communist states including China where BMW and other German makers, suppliers and brands have extensive holdings – Audi, Daimler, Mercedes-Benz, Porsche, among others. Continue reading →

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US Airline Passengers Up in Jan 2022. Still Down from 2020

Posted on 16 March 2022 by Ken Zino
Ken Zino of AutoInformed.com on US Airline Passengers up in Jan 2022. Still Down from 2020

Click to Enlarge.

U.S. airlines carried 46.3 million scheduled service passengers in January 2022*, 33.2% more than in January 2021 and 34.0% fewer than in pre-pandemic January 2020, according to data filed with the Bureau of Transportation Statistics (BTS) by 23 airlines that carry more than 90% of passengers.

Domestic passengers (41.2 million) made up 89% of total enplanements, and international passengers (5.1 million) accounted for 11% of total. Omicron concerns caused the steepest US drop from the most recent pre-pandemic corresponding month since April 2021, BTS said today.

This of course was long before Putin’s war against democracy in Ukraine and economic sanctions were imposed, with more likely. Following are BTS data points. Continue reading →

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Global Light Vehicle Sales Rate Drops in February

Posted on 16 March 2022 by Ken Zino
Ken Zino of AutoInformed.com on Global Light Vehicle Sales Rate Drops in February

Putin’s war will make things worse…

The Global Light Vehicle (LV) selling rate dropped to 77 million units annually in February 2022, according to consultancy LMC. Even with the disruption to the world’s largest auto market due to the Chinese New Year, sales for the rest of the globe were weaker compared with the month before. Year-on-year (YoY) sales were 1% down on a poor base performance last February.

“Sales continue to be held back by supply-side issues, though underlying demand is also being eroded as the economic outlook deteriorates,” said LMC. Following are LMC observations by market. Continue reading →

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McLaren Automotive Tries the Metaverse with InfiniteWorld

Posted on 15 March 2022 by Ken Zino
Ken Zino of AutoInformed.com on McLaren Automotive Tries the Metaverse with InfiniteWorld

An electric “future” using a gasoline hybrid motor, the technology of the past?

British super-car maker McLaren Automotive has selected InfiniteWorld, a metaverse infrastructure platform that McClaren says enables brands “to create, monetize and drive consumer engagement with digital content,” as its first official metaverse partner.

McLaren said today that it will “offer customers a deeper, more engaged digital experience, including the creation and minting of original NFTs (non-fungible tokens) and digital artwork that will represent McLaren’s luxury supercars and hypercars. Select NFTs may be offered with additional unique benefits, including access to exclusive, buyer-only experiences. All will then be made available on a McLaren marketplace.” Continue reading →

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