US October Light Vehicle Sales Drop -23% YoY

Posted on 4 November 2021 by Ken Zino
Ken Zino of AutoInformed.com on US October Light Vehicle Sales Drop -23% YoY

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The US daily volume average of light vehicle sales dropped to the lowest level so far in 2021 due to extremely lean inventories, according to LMC Automotive, an independent global forecasting and market intelligence consultancy. Sales totaled 1.05 mn light vehicles, down -23% YoY. Ford led the market, but Toyota outsold GM once again and is now the only OEM that has sold more than 2 million units in the year to date. Several brands, including Hyundai, Kia and Tesla, have already surpassed their 2020 total sales.

Overall vehicle sales were, however, 5% higher than September with the 2 extra selling days in October. The annualized rate grew to 13.1 million units from 12.1 million in the previous month and back to the level registered in August. “However, OEMs sold just 39,000 vehicles per selling day, compared to 40,000 units last month, way down from a peak of 62,000 vehicles in March,” said LMC. Continue reading →

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Illustrious Road Trip – Maserati, Pacific Coast Highway and Four Seasons Hotels?

Posted on 3 November 2021 by Ken Zino
Ken Zino of AutoInformed.com on Illustrious Road Trip – Maserati Levante, Pacific Coast Highway and Four Seasons Hotels

“Luxurious accommodations in a suite, daily breakfast for two and complimentary valet parking for the new 2021 Maserati Levante SUV.”

Four Seasons Hotels and Maserati have produced a trip package that reflects the shifting winds in the luxury goods market. It starts at the Beverly Wilshire, a Four Seasons Hotel, where the first 24-hour complimentary use of the Maserati Levante SUV begins. The Maserati Levante SUV, of course, is all-wheel drive and powered by a twin-turbo V6 or V8 engine. (Maserati Debuts Levante Hybrid SUV at Shanghai Auto Show; Maserati Notes Tipo 300s Win at Venezuela Grand Prix; Glub? Aston Martin Going into Submarine Business!)

Then you can go north along the Pacific Coast Highway. Suggested stops along the drive are the Danish village of Solvang, the seaside village of Morro Bay – a favorite of mine from my Road&Track sports car testing days – Hearst Castle, Big Sur and Carmel-by-the-Sea. Continue reading →

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FAA, Finally Five Years After Deadly Accident, Wants a Medical Certificate for Commercial Hot-Air Balloon Pilots

Posted on 2 November 2021 by Ken Zino
Ken Zino of AutoInformed.com on FAA Finally Wants Medical Certificate for Commercial Hot-Air Balloon Pilots

The FAA will publish the draft rule in the Federal Register in November. The public will have 60 days to comment. The FAA will review comments before publishing a final rule. Eventually.

The Federal Aviation Administration proposed a rule today requiring commercial hot-air-balloon pilots to hold medical certificates when operating for hire. The rule mandates a second-class medical certificate, the same standard required for commercial pilots.

“Balloon pilots are responsible for the safety of their passengers,” said FAA Administrator Steve Dickson. “This proposed rule would ensure that balloon pilots meet the same medical requirements as pilots of other commercial aircraft.” The rule in AutoInformed’s view is more than five years too late because of regulatory capture by the industry, a common problem at the FAA as recently exhibited with the Boeing 737 Max fiasco 1. Continue reading →

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Floorplan – Stellantis Buys First Investors Financial Services

Posted on 2 November 2021 by Ken Zino
Ken Zino of AutoInformed.com on Stellantis Buys First Investors Financial Services

First Investors has been renamed Stellantis Financial Services US Corp. It will be the underpinning for Stellantis to develop a full-service captive finance arm.

Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) has completed the acquisition of F1 Holdings Corp., parent company of First Investors Financial Services Group from an investor group led by Gallatin Point Capital LLC. The acquisition, previously announced on 1 September 1 2021, closed today at the agreed upon conditions and within the period indicated at signing. (Stellantis to Buy First Investors Financial Services)

This is either an opportunity or survival necessity, depending on your viewpoint. It will allow Stellantis to provide customers and dealers a range of financing options, including retail loans, leases, and floorplan financing in the near term. A so-called “captive U.S. finance company”  will provide revenue, marketing incentives and mobility services in the digital age for customers who purchase Jeep, Ram, Dodge, Chrysler, Fiat and Alfa Romeo vehicles. Continue reading →

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Toyota Wins WEC 6 Hours of Bahrain

Posted on 1 November 2021 by Ken Zino
Ken Zino of AutoInformed.com on the 2021 FIA World Endurance Championship

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Toyota Gazoo Racing made endurance racing history Sunday as the first World Champions of the new, confusing Hypercar1 era with a one-two victory in the 6 Hours of Bahrain. Mike Conway, Kamui Kobayashi and José María López won the penultimate round of the 2021 FIA World Endurance Championship (WEC) in their #7 GR010 Hybrid.

Sébastien Buemi, Kazuki Nakajima and Brendon Hartley in the #8 car home took second place. The Alpine Elf Matmut Endurance Team scored its fifth consecutive podium finish in the FIA World Endurance Championship in Bahrain. Continue reading →

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Toyota Georgetown Kentucky Plant Set for $461M Upgrade. Lexus Manufacturing Leaving US

Posted on 29 October 2021 by Ken Zino
Ken Zino of AutoInformed.com on Toyota Georgetown Kentucky Plant Set for $461M Investment

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Toyota today announced a series of changes and projects that transform its Georgetown plant “to meet shifting customer demand, reduce its carbon footprint and advance future capabilities.” According to the Japanese global automotive giant, an investment of $461 million will add advanced manufacturing equipment and technologies, coupled with facility layout improvements, which will increase the plant’s operational speed, flexibility and competitiveness. These improvements will expand TMMK’s ability to produce new products, including future electrification.
Continue reading →

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Stellantis Posts Q3 Net Revenues of €32.6 Billion -14%

Posted on 29 October 2021 by Ken Zino

Stellantis late yesterday reported Q3 net revenues of €32.6 billion, a decrease of -14% year-over-year. Even with improved vehicle mix and positive net pricing helping revenues, this was more than offset by lower volumes. Results were based on shipments of 1,131,000 units, down 27% compared to Q3 2020. This was primarily the result of the loss of ~30% of Q3 2021 planned production of 600,000 units because of unfilled semiconductor orders.

Ken Zino of AutoInformed.com on Stellantis Posts Q3 Net Revenues of €32.6 Billion, Down 14%

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As always executives tried to spin the weak performance positively. Continue reading →

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Three Military Airports Eligible for Funds for Civilian Operations

Posted on 29 October 2021 by Ken Zino
Ken Zino of AutoInformed.com on the FAA Military Airport Program

A needed infrastructure program.

The U.S. Department of Transportation’s Federal Aviation Administration (FAA) has selected three airports to be eligible for grants to add civilian aviation operations at former and current military airfields.

The infrastructure building idea is to add capacity and help to reduce congestion at existing airports. Kelly Field in San Antonio, Texas; Mobile Downtown Airport in Mobile, Alabama; and Salina Regional Airport in Salina, Kansas, will now be able to apply for Airport Improvement Grants.

“Adding civilian flights to these airports increases their role in fostering economic growth and creating jobs in their communities,” said U.S. Transportation Secretary Pete Buttigieg.
Continue reading →

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Ford, Newlab Announce Five Cleaner Transportation Startups

Posted on 28 October 2021 by Ken Zino
Ken Zino of AutoInformed.com on Ford, Newlab Announce Five Cleaner Transportation Startups

The future is as blurry as the photo…

Ford Motor Company and Newlab, a self-proclaimed community of experts and innovators, today announced five startups that will participate in the inaugural cohort of the Mobility Studio. Mobility studio is a new program focused on supporting the advancement of technologies, product collaborations and business models that advance a cleaner transportation future. The program lives within Michigan Central, a new mobility innovation district being developed by Ford. (Ford Begins Construction at Michigan Central Station)

“Together, Ford and Newlab are building upon our nation’s goal of reducing carbon emissions and the effects of climate change by advancing commercial fleet electrification,” said Matt Stover, director of charging and energy services, Ford Motor Company. Continue reading →

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Daimler Truck Receives Investment Grade Ratings

Posted on 28 October 2021 by Ken Zino

With an expected listing on the Frankfurt Stock Exchange by the end of this year, Daimler Truck had approached S&P Global Ratings (S&P) and Moody’s Investor Service (Moody’s) for setting up first time credit ratings. (Ken Zino on Shareholders Vote to Spin-off of Daimler Truck, Rename Daimler AG to Mercedes-Benz Group)

Both rating agencies just issued investment grade ratings for Daimler Truck. S&P Global Ratings assigned a long-term issuer credit rating of BBB + (outlook stable) while Moody’s assigned a long-term issuer credit rating of A3 (outlook stable).
 Continue reading →

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Ford Motor Earns $3.0 Billion in Q3

Posted on 27 October 2021 by Ken Zino

Ford Motor Company late today posted an adjusted EBIT of $3.0 billion with margin of 8.4%. Third-quarter cash flow from operations was $7.0 billion and adjusted free cash flow was $7.7 billion, both up from the second quarter largely because of the higher vehicle wholesales and profitability. The company ended Q3 with $31.5 billion of cash and $47.4 billion in total liquidity.

Once again market share slipped to 4.9% from 6% y-o-y as wholesales dropped to 1,012,000 from 1,178,000. At the end of the third quarter, new vehicle inventory for all makers in the U.S. was just under a million units or approximately 24 days of supply, says NADA. This is a 65% decrease from the start of 2021. In contrast, at the end of the third quarter in 2020, inventory was at 2.7 million units or a 50-day supply.

Third-quarter revenue of $35.7 billion was down from the same quarter a year ago. Semiconductor availability remains a challenge, but “markedly improved from the second quarter, propelling sequential increases in wholesale shipments and revenue of 32% and 33%, respectively.” Continue reading →

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General Motors Q3 Earnings – $2.9 Billion

Posted on 27 October 2021 by Ken Zino

General Motors Co. (NYSE: GM) today reported third-quarter earnings of $2.922 Billion. GM said it is on track to deliver full-year 2021 EBIT-adjusted earnings approaching the high end of its guidance range of $11.5B to $13 Billion. EBIT-adjusted was $2.9 billion, with a 10.9% margin. GM said Q3 was challenging due to continuing semiconductor pressures. However, it also includes strong results from GM Financial, the recall cost settlement with supplier and JV partner LG Electronics, and $0.3 billion in equity income from GM joint ventures in China.

“This year, GM is well-positioned to lead the U.S. industry in full-size pickup sales for the seventh consecutive year. And early next year, our pickups raise the bar even higher. The Chevrolet Silverado will offer truck buyers more choices, more technology and more off-road capability. GMC adds the new Sierra Denali Ultimate, the most advanced and luxurious truck in its class. Both Silverado and Sierra will offer Super Cruise with industry-first hands-free trailering, and achieve a 5.8-percent reduction in greenhouse gas emissions,” said Mary Barra, CEO. Continue reading →

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GM to Expand EV Charging – 40,000 Stations, New Smart Chargers

Posted on 26 October 2021 by Ken Zino

General Motors said today a new community charging program will install 40,000 Level 2 EV chargers in the U.S. and Canada. GM and its dealers will expand access to charging in local communities including in under-served, rural and urban areas where EV charging access is often limited. This initiative, which begins in 2022, is part of GM’s recently announced commitment to invest nearly $750 million to expand home, workplace and public charging infrastructure through its Ultium Charge 360 system.

Through the GM Dealer Community Charging Program, its dealers to set up Level 2 charging stations (EVSE) at key locations in the dealer’s respective communities, including workplaces, multi-unit dwellings, sports and entertainment venues, college, and universities. These charging stations will be available to all EV customers, not just those who purchase a GM EV. Today, nearly 90% of the U.S. population lives within 10 miles of a GM dealership. The first Ultium Chargers will ship early next year with customers able to roll the price into their GM Financial lease or financial contracts.
 Continue reading →

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GMC Shows Sierra Denali Ultimate and AT4X – $$$$$

Posted on 22 October 2021 by Ken Zino
Ken Zino of AutoInformed.com on GMC Shows Sierra Denali Ultimate and AT4X

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GMC has shown its first Sierra Denali Ultimate and AT4X trims on its 2022 models due in Q1 of next year. There are also modest interior and technology updates. The profitable line is led by the Sierra Denali Ultimate trim, which GMC claims is the most advanced and luxuriously appointed Denali ever, and the most advanced and luxurious pickup in its class. Denali Ultimate is the first-ever Sierra AT4X, said to be the new peak in premium off-road performance with capability and refinement changes. Sierra Denali Ultimate trim offers “exclusive” design and premium materials, along with technologies including trailering-capable Super Cruise1 driver-assistance technology and a standard 420-horsepower, 6.2L V-8 engine.

Just bring money. Base pricing for each trim will be available at reservation. MSRP15, including destination charge, for Denali Ultimate is $80,395, AT4X is $74,995, Denali is $61,295, AT4 is $60,995, SLT is $50,895, Elevation is $45,495, SLE $43,895 and Sierra Pro is $32,495. Full pricing will be announced closer to the start of production. Continue reading →

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NTSB – Fatal Texas Tesla Crash Shows Seats Were Occupied

Posted on 22 October 2021 by Ken Zino
Ken Zino of AutoInformed.com on Tesla Fatal Crash in Texas

Tesla steering wheel – displacement of outer rim from top right of center hub cover. Photo by Adrienne Lamm

The National Transportation Safety Board has issued an investigative update into the April 17 fatal crash of a Tesla in Spring, Texas.

The Tesla Model S P100D car was westbound on Hammock Dunes Place when it left the road, drove over a curb, and hit a drainage culvert, a raised maintenance hole and a tree. A post-crash fire destroyed the car.

Contrary to some sensationalist media reports, the Tesla was occupied by a driver and one passenger, both of whom died in the crash. Damage to steering wheel pictured was due to an impact as the Tesla reached a speed of 67 mph during the 5 seconds leading up to impact.

(Tesla Model 3 – Europe’s Second Best-Selling Car in June 21. Low Emission Cars at Record Share. Makers Lagging Buyers; US Battery Electric Vehicle Market – Progress or Proliferation? Tesla has a 75% Share. Is the Nissan Leaf a Best Buy?; NHTSA on Tesla Again for Bogus Safety Claims) Continue reading →

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