The U.S. Census Bureau reports that the negative social and economic effects of COVID-19 continue in the latest Household Pulse Survey that ended in April. Of pressing concern – adults living in households not current on rent or mortgage, 30.6% report eviction or foreclosure in the next two months is somewhat or very likely. Continue reading
The BMW Group set a new record for first-quarter deliveries with an increase of 33.4% to 636,606 units compared to the previous year in 2020 of 477,111. Q1 financial results showed a return in booming automotive segments of 9.8% EBIT. Demand for electrified vehicles – plug-in hybrids and fully electric – contributed to sales performance, with deliveries more than doubling compared to the same quarter one year earlier with a total of 70,207 electrified vehicles delivered to customers during the three-month period (2020: 30,692 units; +128.7%), including 14,161 units of the fully electric BMW iX3, BMW i3 and MINI Cooper SE models (2020: 6,457 units; +119.3%).
Improved revenues and earnings of €4.26 per share were driven by a combination of higher sales volume figures across all regions of the world, particularly in China, and higher selling prices. Helpful effects also came from the sharp rise in prices of used vehicles, causing revenues from the sale of previously leased vehicles to rise, above all in the USA where the Biden Administration economy is soaring. Group revenues grew by 15.2% to €26,778 million (2020: €23,252 million; +18.9% adjusted for currency factors). Continue reading
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In its first Q1 financial report since the merger of FCA and PSA at the beginning of January, Stellantis had net revenues that increased 14% at €34.3 billion or €37.0 billion on a pro forma basis – as if merger occurred on 1 January 2021.
This was primarily due to “higher overall volumes, positive net pricing, improved market mix, mainly in North America and Enlarged Europe, as well as favorable vehicle mix, partially offset by negative foreign exchange translation effects.” Continue reading
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General Motors Co. (NYSE: GM) today reported Q1 2021 earnings of $2.98 billion boosted by strong price and better model-mix sales in North America, solid credit and residual value performance at GM Financial, as well as effective participation in the auto industry recovery in China, the world’s largest vehicle market.
During a call to media and investors GM said it was confident in its full-year 2021 guidance outlined earlier as it works to manage through the semiconductor shortage, which is negatively impacting all automakers globally. GM said it will lose production of 1.1 million vehicles during 2021, up from an earlier estimate of 200,000 to 400,000. Continue reading
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US new light-vehicle sales in total represented an 18.5 million-unit SAAR, the highest monthly sales rate since July 2005 with a 20.6 million SAAR. This refreshing rejuvenation is partly the results of improved social, health and economic conditions under the successful Biden Administration that acted urgently to quell the largest public health crisis in US history that the previous Administration either ignored or promoted. Enjoy the flowers that are coming your way.
Demand exceeding supply – while good for sellers – has its negative side as well. J.D. Power says average incentive spending per unit in April will likely total $3,191, a drop of $1,762 from the highs of April 2020 pandemic shutdown, but off $382 from April 2019. This of course raises the specter of an affordability crisis, which has haunted auto executive offices in the past. Continue reading
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Ford Motor April US retail sales were up 57.1%, not only selling above 2020 April results, but also up 24% compared to pre-Covid pandemic April 2019 results. Together, retail truck and SUV sales were up 70% providing Ford Truck and SUV sales with their best April retail sales performance since 2006. Morgan Stanley said April’s SAAR – seasonally adjusted annual rate – of light-vehicle sales set a record high of 18.5 million units.
The Ford F-Series retail share expanded 2 percentage points through April of this year in the full-size pickup segment. F-Series retail sales themselves were up 20% for the month, beating April 2019 retail sales levels by 9.3%. Ford Brand SUVs posted higher April Sales on new Bronco Sport sales. Even Lincoln SUVs posted record April retail sales across the board in April, with a total of 9,943 SUVs sold. Continue reading
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The California Air Resources Board says that 2020 was another record year for California Climate Investments with more than $3.1 billion invested in more than 51,000 projects across California’s 58 counties. Projects implemented in 2020 alone will reduce greenhouse gas emissions by almost 18 million metric tons of carbon dioxide equivalent over the course of their lifetimes.
Despite Republican opposition, Californians have gained from these CARB investments through improved public health, fire prevention, affordable housing and energy efficiency, as well as significant reductions in emissions of greenhouse gases. To date, California Climate Investments projects have helped plant more than 133,000 urban trees, reduced smog-forming and other air pollutants by more than 60,000 tons, added more than 7,200 new affordable housing units, and saved Californians almost $93 million through water energy‑efficiency projects. Continue reading
Today the Chicago Auto Show said it received approval from state and city officials to host a special edition of the show 15-19 July at McCormick Place. The Chicago Auto Show will be one of the McCormick Place’s first live, in-person events since the COVID-19 pandemic shutdown.
The move comes as a growing body of evidence shows that because of vaccine-resistance the US will never have enough people with vaccinations to reach so-called herd immunity whereby the virus has no easy means to spread. (New Household Pulse Survey on COVID-19 Vaccinations Active) Continue reading
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Kia Corporation posted total global vehicle sales of 249,734 units in April 2021 based on wholesales deliveries. This was a 78% increase compared to the same month last year. In keeping with a long-standing industry trend, Kia’s range of SUV models led the company’s global sales, with the Sportage and Seltos SUV models selling 27,955 and 26,864 units respectively. The K3 compact sedan sold 22,591 units.
Sales recovered in the U.S. led by Telluride and Seltos SUV models, which also helped this year’s strong global results. Kia recorded its second best-ever monthly sales in the U.S., with five Kia models setting sales records this April helped by a competent Federal Government taking demonstrably successful steps to address the Covid pandemic. Continue reading
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Hyundai Motor America reported total April sales of 77,523 units, a 128% increase compared with April 2020. Hyundai again set an all-time monthly sales record, beating the previous best ever mark set last month. Hyundai fleet sales were down 27%, representing 3% of total volume. April was also the best retail month ever, with 74,978 retail sales, up 146%. Retail sales rose for the entire lineup with SUVs (+137%), cars (+163%) and eco-friendly vehicles (+640%), all up triple digits. This is consistent with other makers’ results since last April a Fool was in the White House promoting bleach as a Covid cure as the pandemic increased in severity with disastrous social, employment and economic consequences.
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Mazda North American Operations (MNAO) today reported total April sales of 31,117 vehicles, an increase of 184.4% compared to the Covid disaster month of April 2020 – one of many under the previous “drink bleach” Federal Administration.Year-to-date sales totaled 114,375 vehicles; an increase of 45.5% compared to the same time last year. With 26 selling days in April, compared to the same number the year prior, the company posted an increase of 48.4% on a Daily Selling Rate (DSR) basis. This is roughly in line with sales results from other competitors. Continue reading
Audi is recalling 36 models* because the lock nut on the trailing arm of the rear axle may break due to stress corrosion. Dealers will replace the lock nuts and, if necessary, the associated bolts, free of charge as is required by US regulations. the German supplied recalled lock nuts do not meet factory specifications. Audi claimed it is not aware of any field cases in the United States.
In the required NHTSA filing Audi said: “ It cannot be ruled out that the rear axle could suddenly and uncontrollably move in the wrong direction at higher speeds. This can lead to a loss of vehicle control and a crash without warning… Due to stress corrosion on the lock nuts of these particular production batches, the nut of the excentric (sic) bolt on the trailing arm of the rear axle may break which may cause alterations in the wheel alignment of the rear axle. The driver may notice a steering wheel misalignment when driving straight ahead or the vehicle pulling to one side when braking or accelerating.” Continue reading
Promising, but mass-producible?
Solid Power, a maker of all solid-state batteries for electric vehicles, today announced a $130 million Series B investment round by the BMW Group, Ford Motor Company and Volta Energy Technologies. Ford and BMW Group enlarged existing development agreements with Solid Power to buy all solid-state batteries for future electric vehicles. Ford and the BMW Group are now equal equity owners. Representatives from each company will join Solid Power’s board.
Of the three companies in the new agreement, BMW Group is the clear leader in electrification. Its Neue Klasse presented in March said this new generation of vehicles, due by the middle of this decade, will be “uncompromisingly electric, digital, circular – and clearly focused on all-electric drivetrains.” As auto industry observers well know, the road from test labs, to concepts, to prototypes, to successful mass production of a vehicle is littered with road kills of technological promises. (All-Electric BMW i4 Shown, Q1 Financial Results of BMW Exceed Market Expectations) Continue reading
In a clear victory for the Biden Administration over the do-nothing party of nothings, the Department of Commerce’s Bureau of Economic Analysis (BEA) has released the advance estimate for gross domestic product (GDP) for Q1 of 2021. It’s good news for auto industry workers.
Commerce says that real gross domestic product increased at a 6.4% annual rate. Personal consumption expenditures increased by a vigorous 10.7% annual rate, while business investment in equipment and intellectual property products continued to grow steadily. Continue reading
Renault Sport Cars Becomes Alpine Cars
The Alpine team remains fifth in the Constructors’ Championship.
Starting at the beginning of May as part of a reorganization Renault Sport Cars became Alpine Cars, whose site is based in Les Ulis. The marketing driven name change, with the messy Renault Nissan divorce in the background, creates a business unit for the development of Renault Group sports models. Alpine aims to be a premium sports brand at the forefront of innovation and technology. By becoming Alpine Cars, the teams are embarking projects carried out with the support of the Alpine Racing teams and all of Renault Group’s businesses. (Groupe Renault Posts 2020 Loss of -€8.5 Billion, Groupe Renault Posts Flat Results for Q1 2021)
The challenges of that lofty goal were on full display yesterday during the Formula One race in Spain. The Alpine F1 Team’s Esteban Ocon scored two points at the Spanish Grand Prix after finishing in ninth place at the Circuit de Barcelona-Catalunya with home favorite Fernando Alonso outside the points in seventeenth or in his case Formula None. Mercedes-Benz and Honda dominated the race. The team remains fifth in the Constructors’ Championship. Continue reading →