Stellantis: $99 Million for New Engine at Three N.A. Plants

Ken Zino of on Stellantis: $99 Million for New Engine Production at Three N.A. Plants

Then Chrysler CEO Sergio Marchionne with a 1.4-liter, 16-valve engine built at Dundee.

Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA), the mega merger of FCA and Peugeot, said today that it will invest $99 million in three North American plants for production of a new four-cylinder turbocharged engine. Affected are the Dundee Engine Complex in Michigan, the Kokomo Casting Plant in Indiana and the Etobicoke Casting Plant in Toronto. This fulfills one of the covenants of the successful taxpayer-financed bailout of FCA. (AutoInformed: Stellantis: Record First Half 2022 at €8.0 Billion Net Profit) Continue reading

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Subaru Recalls 2015-2021 WRX Sedans For Backup Lights

Subaru of America, Inc. is recalling 2015-2021 WRX sedans. The backup light switch may corrode and become inoperative, which can result in the backup lights not illuminating and the rearview camera image not displaying when the vehicle is in reverse. About 60,000 WRX sedans may have the safety defect.

In the required NHTSA filing made public today, Subaru said: “The operating environment of the Backup Lamp Switch may expose the internal switch contacts to heated oil. When heated, sulfur in the oil may cause a chemical reaction with the materials used on the switch terminal contact surfaces and plate spring. Continue reading

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Renault Group: Sales Drop, Revenues Even, Margins, Profits Up

Ken Zino of on Renault Group: Sales Drop, Revenues Even, Margins, Profits Up

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Renault Group* said today that its in-depth transformation and turnaround of its activities continued during the first half of 2022. “These first half results are a proof of this: despite all the headwinds related to the stop of the activity in Russia, the semiconductor crisis and cost inflation, the Group continues to improve its operating performance and is beginning to benefit from the success of new launches,” Renault Group said.

Renault Group also “upgraded” its 2022 full-year financial outlook**. In the fall, new mid-term financial outlook and the accelerated roll-out of  the so-called Renaulution will be presented during its Capital Market Day. “All our energies are mobilized to transform Renault Group into a competitive, tech and sustainable player,” said Luca de Meo, CEO of Renault Group. Continue reading

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Flo~Pro Performance Exhaust To Halt Sales of Defeat Devices

Ken Zino of on Flo~Pro Performance Exhaust To Halt Sales of Defeat Devices

EPA estimates the subject parts from these companies in 2016-2019 may have resulted in more than 775 million pounds of excess nitrogen oxides emissions and 6.7 million pounds of excess particulate matter over the life of affected vehicles.

Red Deer Exhaust Inc. (DBA Flo~Pro Performance Exhaust) and Thunder Diesel & Performance Company will stop selling devices that bypass or disable vehicle emissions controls, and pay a $1.6 million penalty, to resolve allegations they violated the Clean Air Act, the Environmental Protection Agency said today.

The complaint, filed simultaneously with the consent decree, alleges that the parts described below are “defeat devices” prohibited by the CAA. The Environmental Protection Agency (EPA) estimates that prior to its 2018 investigation, Flo~Pro manufactured or sold more than 100,000 aftermarket defeat devices in the United States per year. In early 2019, Flo~Pro suspended sales of the defeat devices in the United States in an effort to resolve this matter. The consent decree for this settlement was lodged in the U.S. District Court for the Western District of Arkansas and will be open for public comments for a period of 30 days.
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Stellantis: Record First Half 2022 at €8.0 Billion Net Profit

Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA), the mega merger of FCA and Peugeot, posted record profitability during the first half or 2020 because of increasing sales of low emission vehicles (LEV), which include battery electric (BEV), plug-in hybrid (PHEV) and fuel cell electric vehicles. Stellantis said it ranked second in the EU30 market for BEV and LEV sales) and third in the U.S. market for LEV sales. Stellantis’ global BEV sales were up nearly 50% y-o-y to 136k units in H1. The company now offers 20 BEVs, with an additional 28 BEVs to be launched through 2024.

“In a demanding global context, we continue to ‘Dare Forward,’ delivering an outstanding performance and executing our bold electrification strategy. Together with our employees’ resiliency, agility and entrepreneurial mindset, and our innovative partners, we are shaping Stellantis into a sustainable mobility tech company that’s fit for the future. I would like to express my sincere appreciation to all Stellantis employees for their commitment and their contribution to these results,” said Carlos Tavares, CEO. (AutoInformed: Dare Forward 2030 – Stellantis Survival Plan Unveiled)
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Police Pickup: 2023 Ford F-150 Lightning Pro SSV

Ken Zino of on Police Pickup: 2023 Ford F-150 Lightning Pro SSV

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Ford Motor said this morning that it is launching “America’s first electric pickup truck purpose-built for police: the 2023 Ford F-150® Lightning Pro Special Service Vehicle.

Ford, which is badly behind in EV sales and development – it made 14,000 EVs in June – has an opportunity here. Ford has been providing police departments with the than 70 years. Ford Pro customers include more than 12,000 police departments across the country now. Ford said “its police vehicle lineup outsells all other police vehicles combined1. The company attributes this success and customer loyalty to the automaker’s close collaboration with its customers through the Ford Police Advisory Board. (AutoInformed on: Ford Police Interceptor Claws Back the Profitable Business that Dearborn Abandoned by Killing the Crown Victoria in 2011; De-Carbonize the Police. Ford Submits EV to Michigan)
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Ford Motor Posts Good Earnings But Weak Net Income

Ford Motor (NYSE: F) late today said that during Q2 of 2020 it had revenue of $40.2 billion because of a 35% increase in wholesale shipments together with “favorable pricing and vehicle mix.” Operating cash flow was $2.9 billion and adjusted free cash flow was $3.6 billion, with automotive EBIT of $3.3 billion. Ford ended the quarter with $29 billion in cash, $45 billion in total liquidity.

However, Ford’s net income was $667 million, a margin of 1.7%, which included a mark-to-market loss of, gulp, $2.4 billion on Ford’s stake in Rivian. Ford is also in the process of slashing costs under its latest restructuring plan, but refused to comment on pending job cuts, which are being reported by Bloomberg as around 8000 white collar positions in a bid to cut $3 billion in costs, other than to say there are too many people. Continue reading

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US July Sales Forecast Down. Prices, Profits Still Records

New-vehicle retail sales for July 2022 are expected to decline when compared with July 2021, according to a joint forecast released today from J.D. Power and LMC Automotive. Retail sales of new vehicles this month are expected to reach 988,400 units, a 10.8% decrease compared with July 2021 when adjusted for selling days. July 2022 has one less selling day compared with July 2021. Comparing the same sales volume without adjusting for the number of selling days translates to a decrease of 14.1% from 2021.

Total new-vehicle sales for July 2022, including retail and non-retail transactions, are projected to reach 1,159,700 units, a 5.7% decrease from July 2021. Comparing the sales volume without adjusting for the number of selling days translates to a decrease of 9.2% from 2021. The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 13.7 million units, down 0.9 million units from 2021. Continue reading

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