Renault Group Boasts €2B Fixed-Cost Cuts Ahead of Plan

Posted on 30 July 2021 by Ken Zino
Ken Zino of Auto Informed.com on Renault Group should achieve its target of €2 billion cash fixed cost reductions one year ahead of schedule

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Renault Group said today that revenues reached €23,357 million, up 26.8% compared to the first half of 2020. At constant exchange rates and perimeter1, Group revenues would have increased by 31.8%. AUTOVAZ revenues amounted to €20,339 million, up 29.3% compared to the first half of 2020. The recovery of the automotive market is contributing +23.7 points. The implementation of the new commercial policy, focusing on profitable volumes, led to a positive net price effect of 8.7 points and a negative volume of -8.7 points. The currency effect was negative -3.9 points, mainly linked to the devaluation of the Argentinian peso, the Russian Ruble, the Turkish lira and the Brazilian real.

“These results are the fruits of our strategic Renaulution plan, focused on profitability. They mark only the first step in our turnaround, which should accelerate with the arrival of the new vehicles in preparation. I would like to thank all our employees for their commitment in achieving these results,” declared Luca de Meo, CEO of Renault Group. To AutoInformed, it seems premature to have a French victory toast at this point in the ongoing covid and automotive wars. C’est fous. Continue reading →

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Daimler Boards Approve Spin Off of Mercedes-Benz Cars and Daimler Truck as Two companies. Shareholder Vote in October

Posted on 30 July 2021 by Ken Zino
Ken Zino of AutoInformed.com on Daimler AG posts strong results for Q1 2021

Different roads with similar hazards for cars and trucks?

In a high stakes move by the Daimler AG Board of Management and Supervisory Board (ticker symbol DAI) to separate two very different businesses and insulate the parent company from financial threats that Global Warming, connected and autonomous vehicles and automaker upheavals are causing, approved making Mercedes-Benz Cars and Daimler Truck independent companies.

Daimler shareholders will decide on this realignment of their company at an extraordinary general meeting on 1 October this year. A decision is also to be made on renaming Daimler AG as Mercedes-Benz Group AG as of 1 February 2022. This step is intended to emphasize the future focus of the company on the car and van business with the Mercedes-Benz brand as well as the sub-brands Mercedes-AMG, Mercedes-Maybach and Mercedes-EQ. Continue reading →

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Tesla Model 3 – Europe’s Second Best-Selling Car in June 21. Low Emission Cars at Record Share. Makers Lagging Buyers

Posted on 29 July 2021 by Ken Zino
Ken Zino of Auto Informed.com on Low Emission Cars Set New EU Record Share

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Total European new car registrations continued to increase in June, but remain paltry compared to pre-pandemic levels. There were 1,268,683 new passenger cars registered last month – an increase of 13% when compared with June 2020. Despite this increase, the market’s rate of recovery has slowed substantially relative to the growth recorded between March and May of this year as the botched EU rollout of covid vaccines continue to result in a very sick economy.

Notably, low emissions cars (BEV and PHEV) continued to perform well, recording a new record total market share of 18.5% – up from 8.2% in June 2020. Registrations of BEVs totaled 126,000 units during the month, ahead of the 104,000 registered PHEV units. Yes that’s right pure EVs out sold hybrids, which were at the center automakers plans to fight emissions and global warming. Fiat, Tesla, Skoda, Volkswagen and Ford gained the largest market share in the BEV market while Cupra, Jeep, Volkswagen, Renault and Seat posted the highest market share gains in the PHEV market. Continue reading →

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Ford Motor Posts Q2 Revenue $26.8B, Net Income $56M, Earnings $1.1B as Market Share Drops

Posted on 29 July 2021 by Ken Zino
Ken Zino of Auto Informed.com on Ford Motor Q2 2021 Results

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Ford posted acceptable operating results in Q2 of 2021 – selling 764,00 vehicles – while further rolling out its reorganization plan dubbed Ford+. It earned 14-cents/share. Ford also to some degree limited the ongoing damages from semiconductor supply shortages. As a result, it raised projected full-year 2021 adjusted EBIT and adjusted free cash flow, respectively, to between $9 billion and $10 billion and between $4 billion and $5 billion.

During April with the semiconductor situation worsening, Ford said it expected to lose about 50% of its planned second-quarter production, which would have resulted in a loss in the period. Ford did better than that using the strong demand from the Biden Administration economic boom to improve revenue and profits through lower incentives and a more expensive and profitable mix of vehicles. These generated company-wide adjusted earnings of $1.1 billion before interest and taxes. (AutoInformed.com on Ford Leads NA Production Cuts from Semiconductor Shortage; Ford Posts Q1 Income of $3.3B. Semiconductors Still Difficult; Ford Follows GM: Q2 2021 Earnings to Exceed Its Expectations; Billion Dollar Oops – Ford F-150s, Edges Without Electronics) Continue reading →

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SEC Charges Nikola Founder Trevor Milton With Fraud

Posted on 29 July 2021 by Ken Zino
Ken Zino of AutoInformed.com on Nikola Badger Pickup Truck - GM Production Late 2022

The complaint further alleges that Milton ultimately reaped tens of millions of dollars in personal benefits as a result of his misconduct.

The Securities and Exchange Commission today announced charges against Trevor R. Milton, the founder, former CEO and former executive chairman of Nikola Corporation, “for repeatedly disseminating false and misleading information – typically by speaking directly to investors through social media – about Nikola’s products and technological accomplishments.”

The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, alleges that Milton founded Nikola in 2015 with the primary goal of manufacturing trucks that run on alternative fuels with low or zero emissions, and building an alternative fuel station infrastructure to support those vehicles. Milton allegedly helped Nikola raise more than $1 billion in private offerings and go public through a business combination conducted by a special purpose acquisition company (SPAC). (GM Signs MoU with Nikola to Supply Hydrotec Fuel Cells; Nikola and General Motors Partner! Nikola Badger Truck to be Engineered and Manufactured by GM) Continue reading →

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Penske Automotive Posts Record Q2 Results

Posted on 28 July 2021 by Ken Zino

Penske Automotive Group (NYSE:PAG), today announced second quarter and six months 2021 results. For the three months ended June 30, 2021, the company reported a 652.9% increase in income from continuing operations attributable to common shareholders to $338.8 million and a 650.0% increase in related earnings per share to $4.20. This compares to income from continuing operations attributable to common shareholders of $45.0 million, or $0.56 per share, in the prior year.

Q2 income from continuing operations and related earnings per share include charges of $21.4 million, consisting of $12.6 million of debt redemption costs ($0.16 per share) and $8.8 million of charges relating to the increase in U.K. corporate taxes in 2023 ($0.11 per share). Excluding these items, adjusted income from continuing operations increased 700.4% to $360.2 million, and related earnings per share increased 698.2% to $4.47. Foreign exchange positively impacted earnings per share by $0.11. Continue reading →

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California Greenhouse Gases – Emissions Drop Continues

Posted on 28 July 2021 by Ken Zino
Ken Zino of Auto Informed.com on Latest California Greenhouse Gas Inventory

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The California Air Resources Board today released greenhouse gas (GHG) inventory data for 2019, showing further reductions below the AB 32 emissions reduction target. That target, a return to 1990 GHG levels, was achieved by the state four years ahead of schedule in 2016. The numbers in the new inventory show that emissions continue to fall, from 425 million metric tons in 2018 to 418 million metric tons in 2019. While progress around deployment of cleaner vehicle technology and fuels was significant, increases in per capita vehicle miles traveled (VMT) in passenger cars continued to rise slightly.

“This inventory is good news, but much larger reductions are needed to reach the ambitious 2030 target — an additional 40% reduction below the original 2020 limit,” said CARB Chair Liane M. Randolph. “We are now once again witnessing massive wildfires and recurring heat waves while large parts of our state are suffering from extreme drought. This is a clear call to redouble our efforts to protect those communities already hard hit by pollution and climate change, and to move with all possible speed to achieve carbon neutrality by mid-century as quickly as possible.” Continue reading →

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Ford Ion Park in Southeastern MI is New Global Battery Center

Posted on 28 July 2021 by Ken Zino
Ken Zino of AutoInformed.com on New Global Ford Battery R&D Site in Michigan

Engineers measure the voltage of a battery at what was Ford’s Battery Benchmarking and Test Laboratory in Allen Park MI.

Ford said Romulus will be the home to its new global battery center based in southeast Michigan. So-called Ion Park is working on the research and development of battery and battery cell technology, including future battery manufacturing. This is a $100 million part of a small $185 million investment in developing, testing, and building vehicle battery cells and cell arrays. There are taxpayer subsidies here through the  Michigan Economic Development Corporation and the Michigan Strategic Fund.

Ion Park will explore both lithium ion and solid-state battery cells and arrays. Ford will refurbish an existing 270,000 sq.-ft. facility. It will have a cross-functional team of up to 200 engineers, researchers, purchasing and finance staff. Ford Ion Park is critical in wisely spending the stockholder’s $30 billion investment in electrification by 2025. Politically it is part of a renewed commitment to making Michigan a centerpiece of its focus on electric vehicles. Continue reading →

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EU – Rideable Bench Wins Ford Fund Smart Mobility Challenge

Posted on 27 July 2021 by Ken Zino
Ken Zino of Auto Informed.com on Rideable Bench Wins Ford Fund Smart Mobility Challenge

In mobile mode, the sit-on scooter is for up to two people, with a maximum speed of 20 km/h.

Design students Corentin Janel and Guillaume Innocenti have come up with a rideable bench called “TOD”, short for “talk or drive”. This concept won the Ford Fund Smart Mobility Challenge and £12,500 (€14,600) for its creators that will go towards turning the project into reality. Organized by Ford Fund, the company’s corporate foundation and philanthropic arm, and the Royal College of Art in the UK, students participating in the challenge offered ideas for a sustainable urban mobility answer to benefit the community. Continue reading →

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First Look – Mercedes EQS All-Electric Sedan

Posted on 26 July 2021 by Ken Zino

Ken Zino of Auto Informed.com on Mercedes EQS All-Electric SedanEQS is the first all-electric luxury sedan from Mercedes-EQ. With it, Mercedes is attempting to defend its competitiveness in expensive luxury vehicles, which is under attack by Tesla, Lexus, BMW and Porsche and Maybach, among others. EQS is also the first model – 2022 MY – to be based on the modular architecture for luxury and executive-class (Euro-speak for company cars) electric vehicles.

By 2030, the subsidiary of Daimler now – belatedly? – wants more than half the cars it sells to have electric drive systems – this includes all-electric vehicles and plug-in hybrids, areas it has been slow to embrace. The new EQS is claimed to be designed to be sustainable. “The vehicles are produced in a carbon-neutral manner, and resource-saving materials such as carpets made from recycled yarn are used. This is because Mercedes-Benz considers the entire value chain, from development and the supplier network to its own production. Mercedes-Benz AG has had its climate protection targets confirmed by the Science Based Targets Initiative (SBTI),” it says.
 Continue reading →

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Stellantis New Credit Line €12B Tops PSA and FCA Combined

Posted on 24 July 2021 by Ken Zino

Stellantis (NYSE / MTA / Euronext Paris: STLA) has signed a new syndicated revolving credit facility (“RCF”) of €12.0 billion, with a group of 29 relationship banks. This new RCF replaces the existing syndicated RCF’s from the Groupe PSA (€3.0 billion) and FCA Group (€6.25 billion). This provides an increase in the group’s overall liquidity and an extension of the duration of the facility. Continue reading →

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Ford Refresh95 Cabin Air Filter Tweaks Interior Air Quality

Posted on 23 July 2021 by Ken Zino
Ken Zino of Auto Informed.com on Ford Refresh95 cabin air filter

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Ford Motor said today that it will roll out all-new standard certified cabin air filters called Ford Refresh95, with plans to cover a majority of its lineup by the end of 2023. Ford Refresh95 claims to be an  advanced cabin air filter. As air moves through a vehicle’s heating, air conditioning and ventilation system, it aims to help reduce microscopic particles that can originate both inside and outside a vehicle’s interior.

Ford Refresh95 availability is expected during Q4 2021 for some vehicles, including the Bronco Sport, Escape, Explorer, Mustang Mach-E, Police Interceptor Utility and Maverick. Ford says customers won’t need to purchase a new vehicle. People with compatible vehicle will be able to purchase a Ford Refresh95 air filter from their local Ford dealer, starting later this year. Continue reading →

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NHTSA – Urgent Fire Recall Again on 2017-2019 Chevrolet Bolts

Posted on 23 July 2021 by Ken Zino
Ken Zino of Auto Informed.com on 2017-2019 Chevrolet Bolt fires.

A Chevrolet Bolt EV is loaded onto its display stand Tuesday 15 November 2016 in preparation for Automobility LA – the press and trade days preceding the Los Angeles Auto Show in California.

NHTSA says that owners of 2017-2019 Chevrolet Bolt vehicles should park their cars outside and away from homes until their vehicles have been repaired, due to a new recall for the risk of fire. This alert applies to all affected vehicles, even if the owner has had the previous recall repairs completed.

GM has issued a new recall affecting the 50,932 Model Year 2017-2019 Chevrolet Bolt vehicles covered under the original recall announced in November 2020 and revised in May 2021. NHTSA is aware of one fire with the interim remedy and two fires with the final remedy. Due to the risk of fire, vehicle owners should continue to park these vehicles outside, away from structures, and not charge them overnight. Continue reading →

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GM Adds New Hands-Free Super Cruise to 6 MY 2022 Vehicles

Posted on 23 July 2021 by Ken Zino

Ken Zino of Auto Informed.com on GM adds new Super Cruise capabilities to 6 Model Year 2022 VehiclesGeneral Motors said today it will introduce new Super Cruise1 capabilities on six model year 2022 vehicles during Q1 of 2022. Super Cruise claims to be the industry’s first true hands-free driver-assistance technology allowing drivers to travel hands-free on over 200,000 miles of compatible roads across the U.S. and Canada.

These enhancements will be available on select model year 2022 Super Cruise enabled vehicles, including Cadillac Escalade4, Cadillac CT45, Cadillac CT56, Chevrolet Silverado7, GMC HUMMER EV Pickup8 and GMC Sierra9. Super Cruise will be available on 22 vehicles by 2023, including Cadillac LYRIQ10 and GMC HUMMER EV SUV11. Additional vehicles that offer versions of Super Cruise include the 2022 Cadillac XT612 and the 2022 Chevrolet Bolt EUV13.

GM launched Super Cruise in 2017 with the Cadillac brand and has added capabilities, expanded Super Cruise-enabled routes and availability on more products since then. To date, approximately 10 million miles have been driven by customers using Super Cruise across the U.S. and Canada. (AutoInformed – Autonomous Vehicle Nod – Super Cruise on All Cadillacs; Cadillac to Increase Super Cruise Compatible Highway Network) Continue reading →

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Mercedes-Benz – New Platforms Electric Only From 2025

Posted on 22 July 2021 by Ken Zino
Ken Zino of Auto Informed.com on Mercedes-Benz to go all electric by 2030

Mercedes-Benz says it intends to manage this accelerated transformation while sticking to its profitability targets. We will see if that’s possble gvien the investments needed and competitive actions.

Mercedes-Benz is getting ready to go all electric by the end of the decade, where market conditions allow, in a defensive move that attempts to preserve its luxury reputation. This is a sharp reversal from its previous stated “electric-first” to electric-only. AutoInformed thinks it was prompted by runaway global warming and the increasing desire of consumers – and above all regulators and nations of affluent people – to eliminate fossil fuels. Daimler investments into combustion engines and plug-in hybrid technologies will drop by 80% between 2019 and 2026.

The latest indication that the slow walk to CO2 free needs to become a sprint comes from the EU “Fit for 55 in 2030” package to align EU climate and energy policies and ensure the achievement of a more ambitious reduction target of CO2 reduction of 55% for 2030. German politics has recently been roiled by the drowning deaths of its citizens from severe flooding that resulted from climate change. China, the world’s largest new energy vehicle (NEV) market, which is home to hundreds of companies and suppliers specialized in EV components and software technologies, is expected to play a key role in accelerating the Mercedes-Benz electrification strategy. (AutoInformed.com on EU Gets Tougher on Climate Change – Wants All EVs by 2035; Daimler Q2 Results – Group Net Profit of €3,704 million; Daimler Earns €4.0 billion in 2020; New Mercedes-Benz Strategy Aimed to Help Higher Profits) Continue reading →

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