Groupe Renault Posts 2020 Loss of -€8.5 Billion

Posted on 19 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on Groupe Renault 2020 Results

Pivoting the business model to tech, energy and mobility by 2025.*

Groupe Renault with sales at 2.95 million units, down -21.3%, had a net loss of -€8.5 Billion ($9.7 billion) during 2020 compared to a profit of €19 million in 2019 as Covid ravaged its results. Japanese partner Nissan – it holds a 43% share – contributed €4.9 billion of the loss. Group revenues were down -21.7% at €43.5 billion or -18.2% at constant exchange rates. Group revenues, however, were down -8.9% in total during Q3 and Q4, which if Covid ever abates provides a glimmer of a possible recovery. Another indicator –  Group operating margin of -€337 million (-0.8% of revenues) was positive at €866 million (3.5% of revenues) in H2.

The disastrous results take into account an increase of charges related to restructuring costs and impairments of almost a €1 billion. Net income of -€8,046 million (-€660 million in H2) compared to €19 million in 2019.  However, a  negative Automotive operational free cash flow of -€4,551 million is distressing even with a positive contribution of €1,824 million in H2. Continue reading →

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Ford Europe is Planning on Shifting Passenger Cars to All EVs by 2030, Commercial Vehicles Will Eventually Follow

Posted on 19 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on Ford Europe to Be All EVs by 2030

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Ford Motor claims there will be a step forward in its European reorganization with a new commitment to go all-in on its electric passenger vehicles and to substantially increase and electrify its leading commercial vehicle business. By mid-2026, 100% of Ford’s passenger vehicle range in Europe will be zero-emissions capable, all-electric or plug-in hybrid, and will be completely all-electric by 2030. Ford’s entire commercial vehicle range will be zero-emissions capable, all-electric or plug-in hybrid, by 2024, with two-thirds of Ford’s commercial vehicle sales expected to be all-electric or plug-in hybrid by 2030. (See AutoInformed.com Europe’s F-Series – All-Electric Ford E-Transit Revealed, Ford – EVs Present Environmental, Human Rights Issues)

The news comes after Ford reporting, in the fourth quarter of 2020, finally, a return to profit in Europe and announced it was investing at least $22 billion globally in electrification through 2025, nearly twice the company’s previous EV investment plans. (See AutoInformed.com Ford Motor 2020 Loss $1.3 Billion. Microchip Shortage Looms) Continue reading →

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Ford Motor Still Ensnared in Takata Airbag Shrapnel Recall

Posted on 18 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on Ford Motor Takata airbag and other Safety Recalls

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Ford Motor Company today announced another safety recall for vehicles that may have had obsolete Takata airbags installed in collision and theft repairs after the Takata recall was completed.

Ford said it has identified that certain Takata airbag modules that produce life threatening shrapnel “were not purged from service stock after the parts for the permanent service fix became available.” Continue reading →

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Canadian GM Engineers Can Now Develop Advanced Vehicles on the CTC McLaughlin Advanced Technology Track

Posted on 17 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on the Canadian Technical Centre (CTC) McLaughlin Advanced Technology Track

Now operational internally, an official CTC grand opening is being planned for early spring, pending COVID-19 restrictions.

GM Engineers at the Canadian Technical Centre (CTC) can begin putting their “code-to-the-road” on the newly completed CTC McLaughlin Advanced Technology Track (CTC MATT). CTC honors GM Canada founder, Colonel Sam McLaughlin. The 55-acre outdoor track is part of the Oshawa Transformation Agreement and the C$170 million GM investment announced in May 2019.

The 55-acre operation on the southern-end of the Oshawa Operations expands GM’s Canadian technology footprint to four sites. With campuses in Markham and Oshawa and the Kapuskasing Proving Grounds in northern Ontario, the CTC has grown to become the largest software engineering and development center for GM outside the U.S. (AutoInformed on Unifor Saves Some Canadian Jobs as GM Blinks on Oshawa; GM Canada Plans to Make Face Masks in Oshawa; GM to Federal and Ontario Governments – Oshawa Doomed; GM, Cruise, Microsoft to Commercialize Self-Driving Vehicles; GM Doubles Down on EVs in Bid to Win Global Race) Continue reading →

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Hyundai Tweaks 2022 Kona and Kona Electric SUVs

Posted on 16 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on Kona and Kona Electric SUVs

The Kona EV does not have any advances in EV or battery technology.

Hyundai has tweaked what are now 2022 Kona and Kona Electric SUVs models for the U.S. market. New to the EV is a 10.25-inch digital cluster and 10.25-inch navigation center stack display with new “connectivity features.” The screen comes with a split-screen function, multiple Bluetooth connections and additional voice-recognition features. Drivers can activate and control features such as climate, radio station, rear window and side mirror heating, as well as steering wheel heating through Dynamic Voice Recognition. Drivers can check stocks, weather, or perform POI searches using their voice when connected to Blue Link.

Otherwise,  the Kona EV does not incorporate any advances in EV or battery technology. Instead it has a different front fascia design. New headlamps and Daytime Running Lamps provide a different look. New lower fender sculpted vents are aerodynamically functional. In profile, a different alloy wheel design has been optimized for “efficient airflow.” Oh, there are new taillights as well. The real selling points are carryover. Continue reading →

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Ford – EVs Present Environmental, Human Rights Issues

Posted on 15 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on Initiative for Responsible Mining Assurance

Could there be a problem with acid runoff into essential water and food sources?.

Ford Motor said this morning in Dearborn that it is the first American automaker to join the Initiative for Responsible Mining Assurance, IRMA, “to safeguard human rights, communities where such work is done, and the broader environment.” Ford said this is another step Towards its desire to responsibly source all raw materials used within vehicles globally. BMW Group and IndustriALL are already members.

This follows Fords desire to catch up with other global automakers on what now appears to be a headlong rush to electric vehicles and sustainable mobility. Ford has nearly doubled, to $22 billion, what it will invest in developing EVs and solutions.  This will increase the company’s reliance on mined material, particularly related to production of electric vehicle batteries. Continue reading →

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Porsche SE Profit For Fiscal Year 2020 Forecast at €2.6 Billion

Posted on 12 February 2021 by Ken Zino

In Stuttgart this morning Porsche Automobil Holding SE (Porsche SE) said fiscal year 2020 profit is projected at ~€2.6 billion based on current data. The group result after tax of Porsche SE is influenced significantly by Porsche’s equityportion from its capital stake in Volkswagen AG of currently about 31.4%, and thus by the group result after tax of Volkswagen AG. Continue reading →

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Census – 35% of Households Say it is Difficult to Pay Expenses

Posted on 12 February 2021 by Ken Zino

Census Bureau employees continue doing their jobs whilst under attacks from the Republicans and Covid19. Help is on the way, but it took President Biden to signal the “beginning of the beginning of recovery” on 20 January 2021 at noon. It’s a disaster recovery plan that is needed under the disastrous policies of the voted out of office Trump mis-adminstration.

Better late than never. But for the suffering it’s small compensation for enduring a seditious President for four years who – based on his actions in office was unemployed all the while being pampered, housed, fed and subsidized – aka welfare for the rich –  by taxpayers he disdains. ( see AutoInformed on Snapshot – The Trump Economic Depression, Small Business Pulse Weak – Large Negative Covid Effects) Continue reading →

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BMW Largest US Automotive Exporter for 7th Consecutive Year

Posted on 12 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on BMW Is Largest US Automotive Exporter

Two clear trends – SUV mania and electrification.

BMW Manufacturing led the nation in automotive exports by value for the seventh consecutive year, according to data released by the U.S. Department of Commerce. BMW Manufacturing exported 218,820 Sports Activity Vehicles and Coupes during 2020 with an export value of more than $8.9 billion. The BMWs produced in Spartanburg, South Carolina, were exported through the Port of Charleston, SC (more than 189,000 units), and through five other southeastern ports: Savannah, GA; Brunswick, GA; Jacksonville, FL; Miami, FL; and Everglades, FL. More than 13,000 BMWs were also exported via rail. The top five export countries from BMW Manufacturing were China (23.3% of export volume), Germany (12.9%), South Korea (7.8%), Canada (6%), and Russia (5.3%). (AutoInformed on BMW Manufacturing Largest US Auto Exporter Again, Largest US Auto Exporter – BMW Manufacturing, China – Future Export Base for Global Markets?)

Spartanburg experienced a production interruption due to the coronavirus pandemic. After a five-week non-production period, associates returned for one shift on May 4. With new health guidelines and procedures in place, production slowly ramped up as the supply chain stabilized and customers returned in the summer. During the last six months of the year, Plant Spartanburg produced nearly 218,000 BMWs, a record for any six-month period in the factory’s history.  The plant produced 361,365 vehicles for the entire year 2020. Continue reading →

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Pandemic Negative Impact on Global Auto Industry Is Permanent. Debate is over How Bad and Who Gets Hurt

Posted on 11 February 2021 by Ken Zino

Ken Zino of AutoInformed.com on Global Auto Industry Covid EffectsConsultancy LMC in a wide-ranging, thoughtful presentation this morning on the auto industry post pandemic concluded that some negative effects are long term and permanent. While perhaps a starting conclusion to many analysts who view the recovery is akin to the deep U-shaped curve that the Global Financial Crisis of 2008-09 followed, the argument is compelling in AutoInformed’s view. LMC says globally this is a K-shaped curve. There are winners and losers. (Trade to Plunge as COVID-19 Upends Global Economy, COVID-19 Chaos as LMC Automotive Cuts Global Light Vehicle Sales Forecast by 3.7 Million Units)

Ken Zino of AutoInformed.com on Global Auto Industry Covid EffectsLight vehicle demand presents a complicated and mixed global scenario with ongoing hits from social distancing LMC notes. The Oxford-based group warns those who think the pandemic impact will largely dissipate, in typical British understatement, “could be incorrect.” (Good and Bad? January US Light Vehicle Sales Down -3%) Continue reading →

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General Motors Posts 2020 Earnings of $6.4 Billion. Q4 at $2.8B

Posted on 10 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on GM 2020 Financial Results

“Chevrolet, GMC, Buick and Cadillac were especially well prepared when demand recovered faster than expected – Chevrolet and GMC with their outstanding full-size and midsize pickups. All with a mix of new small- and full-size SUVs, which we launched on time despite the pandemic, said CEO Barra.

General Motors Co. (NYSE: GM) today reported 2020 full-year Earnings of $6.427 billion and Q4 earnings of $2.846 billion – both hurt by production interruptions caused by the COVID-19 pandemic and the Takata airbag-inflator recall announced in November. For the full year GM’s market share was flat at 10.7%; deliveries declined 900,000 at 6.8 million.

GM Financial reported record full-year EBT-adjusted of $2.7 billion. GM North America posted full-year EBIT-adjusted of $9.1 billion, and EBIT-adjusted margin of 9.4%. GM International lost money at a full-year EBIT-adjusted of $(0.5) billion with China Equity Income of $0.5 billion. Cruise struggled with a full-year EBIT-adjusted loss of $(0.9) billion. (see AutoInformed – NHTSA Nixes GM Petition for Exclusion of Millions of Big Trucks and SUVs from Takata Airbag Recalls, GM 2020 US Sales – Infected by Covid –  Are Down -12%, GM to Make CAMI a Commercial Electric Vehicle Plant, GM, Cruise, Microsoft to Commercialize Self-Driving Vehicles) Continue reading →

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Herd Immunity? Toyota Motor Reports $9.87 Billion Q3 FY 2021 Profit. Ups Forecast by +54%

Posted on 10 February 2021 by Ken Zino

Ken Zino of AutoInformed.com on Toyota Q3 2021 Financial ResultsToyota Motor, the world’s largest automaker posted a $9.87 billion Q3 FY Profit compared to $9.45b during the same period one year ago. This appears to AutoInformed a Toyota herd immunity from the Covid-19 virus and variants that are killing other automakers. As a result of the strong showing upholding Akio Toyota’s vow to remain profitable despite the ongoing Global Pandemic, Toyota increase its yearly forecast by 54%. Toyota now predicts a record operating profit $19.13 billion (¥2 trillion), surpassing an earlier projection of ¥1.3 trillion.

Toyota thinks it will sell 9.73 million vehicles this year, up 3.3% from the old forecast of 9.42 million. Nonetheless, this is still a decline from last year’s 10.46 million  – a drop that other global automakers would welcome. If this were an endurance race, competitors are still making repairs in the paddock, as Toyota continues to smoothly run the course. Continue reading →

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Nissan Losses ¥37.8 Billion in Q3. Alliance Still Shaky

Posted on 9 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on Nissan Losses

Nissan COO-CPO Ashwani Gupta (L), CEO Makoto Uchida, center – February 2021 in Japan.

Nissan Motor Company today announced financial results for the April-December period of fiscal year 2020 and a revised outlook for fiscal year 2020. During Q3 of the fiscal year, consolidated net revenue was 2.22 trillion yen, consolidated operating profit was 27.1 billion yen, and the operating profit margin was 1.2%. The net loss in the third quarter was 37.8 billion yen based on an average exchange rate of 124.6 yen/euro for the period.

As for the unstable Alliance post-Ghosn, “Nissan’s results during the Q3 of fiscal year 2020/2021 (October 1st to December 31st 2020), after IFRS restatements, will have a negative contribution to Renault’s Q4 2020 net income estimated at – €123 million,” Renault said in a separate release. Continue reading →

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FAA Expands Weather Camera Program to Hawaii

Posted on 8 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on FAA Expands Weather Camera Program

Weather cameras in Alaska have been successful for 20 years.

The Federal Aviation Administration is expanding weather-camera services to Hawaii to enhance aviation safety and pilot decision-making. The cameras, which already are installed in Alaska and Colorado, improve safety by providing pilots with near-real time video of weather conditions at their destinations and along their intended flight routes. Continue reading →

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Tesla Recalls 135,000 S and X Models for Display Blackouts

Posted on 8 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on Tesla Recalls and Defects

Electronics wear out as do mechanical parts.

Tesla is recalling 2012-2018 Tesla Model S and 2016-2018 Model X vehicles with a center display equipped with a NVIDIA Tegra 3 processor and an 8GB eMMC NAND flash memory device in the US. In the required NHTSA filing Tesla said then the 8GB eMMC NAND flash memory device for the center display reaches lifetime wear, the eMMC controller will no longer be able to maintain the integrity of the filesystem, causing a failure in some of the center display functions.

NHTSA prompted the recall when it started an investigation of last June*. The Office of Defects Investigations (ODI) opened Preliminary Evaluation PE20-010 to investigate incidents of media control unit (MCU) failures resulting in loss of rearview camera in model year (MY) 2012-2015 Tesla Model S vehicles equipped with the NVIDIA Tegra 3 processor with an integrated 8GB eMMC NAND flash memory device. The eMMC NAND flash devices have a finite lifespan based upon the number of program/erase (P/E) cycles. Continue reading →

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