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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Second Chattanooga Motorcar Festival Now in October 2021

Posted on 7 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on the Chattanooga Motorcar Festival

Corky Coker, left, with Linda Vaughn and the 2019 Grand Marshal, Brian Redman, at the 2019 Chattanooga Motorcar Festival award ceremony.

Joseph “Corky” Coker has been named the Grand Marshal for the 2021 Chattanooga Motorcar Festival. At the inaugural event, in 2019, Coker was recognized as the Festival’s “Honored Collector.” The 2020 Festival, originally scheduled for October was postponed until Oct. 15-17, 2021, due to pandemic restrictions. The Festival will return this year with a “more dynamic schedule of fun events for car fans and families alike.” Racing star Brian Redman, the inaugural 2019 Grand Marshal, returns to as Grand Ambassador of the Festival.

Born in Athens, Tenn., Coker worked for his father Harold, who opened the Coker Tire Company in Chattanooga in 1958, sweeping floors and cleaning wide whitewalls. Having grown up on the family farm, Coker originally planned to become a veterinarian but soon discovered that he actually enjoyed working at the tire store. “I suddenly realized that selling hot-rod and Model A tires to these guys made them very happy,” he said. “I really got my head into it and started developing some ideas and goals of my own.” Continue reading →

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Ford Motor 2020 Loss $1.3 Billion. Microchip Shortage Looms

Posted on 5 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on weak Ford Motor 2020 Financial Results

Click to Enlarge.

Ford Motor in the beginning yet again of another multiyear reorganization reported a $1.3 billion loss on $127.1 billion in revenue for 2020 and a $2.8 billion net loss on $36 billion in revenue for Q4. 

Chasing General Motors, Ford said it would increase its planned investments in electric and autonomous vehicles to more than $22 billion and $7 billion in turn through 2025. GM caught the industry by surprise when it said it would have 30 new EVs globally during roughly that period. It was the latest Ford attempt to appease the capital markets which remain skeptical about the lackluster performance of the Dearborn based automaker. (See AutoInformed.com on Environmental About Face – General Motors Ditching Internal Combustion Engines by 2035. Carbon Neutral by 2040?) Continue reading →

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Subsidized Mercedes-Benz Compact EQA EV Available to Order

Posted on 5 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on Mercedes-Benz EQA

As confusing as this sounds, Mercedes actually has reduced the complexity of its EQA models.

A combination of Mercedes cash on the hood with taxpayer subsidies means its EQA compact EV in Germany is “entry level” starting at 37,970.50 euros for the EQA 250 including 19% VA. Rated at power of 140 kW, other variants will follow including a series of all-wheel-drive models with an additional electric powertrain (eATS) and an output of 200 kW or more, and a version with a range of more than 500 kilometers (WLTP). The EQA comes with one year of Mercedes me Charge included. For Mercedes me Charge customers in Europe, this includes ‘green charging’ during this period at no extra cost. The EQA is available to order now, with the first models reaching retailers in the spring.

The relatively low German price is based on discounts of 9000 euros: government share 6000 euros, Mercedes-Benz share 3000. If the EQA is used as a company car, only a quarter of the gross list price is subject to taxation for private use. The Mercedes-Benz Bank offers financing and leasing terms for both private and business customers. The EQA 250 with Business Package is available for leasing by business customers from 399 euros a month. The leasing offer is valid for orders placed by 31 March 2021, while stocks last. Continue reading →

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Electrify America Adds Solar EV Charging in Rural California

Posted on 4 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on sustainable EV charging

Twenty of the 30 solar-powered charging stations are located at health care centers.

Electrify America, a public ultra-fast charging network, has added 30 solar-powered electric vehicle (EV) charging stations with two Level 2 chargers each to its network in the state of California. The off-grid, standalone chargers are strategically located throughout the Central Valley and inland areas of Southern California to provide greater access to sustainable EV charging for drivers in rural parts of the state.

Electrify America’s EV charging infrastructure plans in California include a commitment to increasing access to EV charging infrastructure in rural areas of the state, to both facilitate regional travel and drive adoption of EVs in rural communities. With complimentary charging, the new solar units help remove two barriers to EV adoption in these locations – access to public charging and affordability. The network said it ensured that more than half of these chargers were located in disadvantaged and low-income communities, demonstrating the company’s ongoing commitment to serve these populations. Continue reading →

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Toyota R&D Patent Leader Among US Automakers Again

Posted on 4 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on Toyota R&D and Patents

Toyota received more than 2800 patents in 2020.

The United States Patent and Trademark Office awarded Toyota more patents than any other automaker in 2020, according to an annual ranking by the Intellectual Property Owners Association (IPO). Toyota’s engineers and scientists were granted a total of 2,819 patents in 2020, up 4% from 2019 in what appears to be a clear lead among any other automaker in the United States. Toyota’s leading patent portfolio is one measure of progress  and innovation coming from its research, collaboration and partnerships around next-generation mobility through our Toyota and Lexus brands.

“Toyota continues to invest heavily in its robust research and development pipeline and has received more than 1,400 patents related to autonomous vehicle technology since 2003. Every hour, Toyota invests over $1 million in emerging technology globally, and has invested over $1 billion in R&D related to automated vehicles and robotics since 2017,” Toyota said. Continue reading →

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Good and Bad? January US Light Vehicle Sales Down -3%

Posted on 4 February 2021 by Ken Zino

Ken Zino of AutoInformed.com on US and Global Vehicle Sales in 2021With a 16.6 million unit selling rate, January Light Vehicle US sales were slightly higher than expected. However pandemic worries and the hangover from the Trump administration’s mishandling or ignoring the Covid 19 crisis continue to create great uncertainty in a vital industry that can only react slowly to economic and consumer mood swings. Light Vehicle sales totaled 1.09 million units in January in the US, down by just 3% YoY, on one fewer selling day. The annualized rate of 16.6 million units was the highest since the beginning of the pandemic. SUVs accounted for 54% of total sales, with Compact and Midsize Non-Premium SUVs being the two most popular segments across the industry, according to consultancy LMC.

Projections for 2020 Global Light Vehicle sales ended at 77.7 million units, down -14% from 2019 and with a stronger recovery than expected initially. LMC maintains that 2021 is poised to continue the recovery, with volume projected at 86.5 million units, up 11% from 2020. AI thinks while the past isn’t a 100% sure predictor of the future, the new – perhaps more virulent strains of the Covid virus, the nationalistic fights over vaccines, the emergence of fascism and sedition in the US,  and stricter and ongoing social controls in most major market are huge risks. Significant shares of the public in the U.S., France, Germany and the UK say their lives have changed because of the COVID-19 outbreak, according to a new Pew Research Center survey. (See AutoInformed on IndustriALL Global Union – Labor Will Defend US Democracy, Global Auto Business Threatened by Covid Second Wave, IndustriALL Global Union – Labor Will Defend US Democracy) Continue reading →

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Mazda Increases Forecast for Fiscal Year Ending March 31

Posted on 4 February 2021 by Ken Zino

In a victory of sorts over COVID19, Mazda Motor Corporation today revised upwards its consolidated financial forecast for the Fiscal Year Ending  31 March 2021 (April 1, 2020 through March 31, 2021) that was released on November 9, 2020.

“Based on the situation of a steady progress of improvement in marketing expense and carline mix as well as fixed cost reduction, we revised the full-year forecast for the Fiscal Year ending March 31, 2021,” Mazda said. Nevertheless Mazda is still losing money and is in a perilous, company-threatening position with huge soaring debt and ongoing breathtaking operating losses. (See chart on second page.) Continue reading →

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Daimler to Spin-Off Daimler Truck into Separate Company

Posted on 3 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on Daimler Truck Spin-off and Mercedes-Benz

Sunrise or Sunset?

In Stuttgart this morning a financially challenged Daimler said it intends to spin-off Daimler Truck into a separate company with its own stock market listing. In a move that will be debated until Daimler’s extra-ordinary shareholder meeting during Q3 2021, Daimler claims that a “significant majority stake” in the Daimler Truck shares trading on the Frankfurt stock exchange will be distributed to current Daimler shareholders.

Actually, current Daimler shareholders will be Mercedes-Benz holders since the Daimler name will be recast as Mercedes-Benz at “the appropriate time.” Both companies, whatever they are called, are in mobility industries that are facing disruptive technological and structural changes that threaten survival. (read AutoInformed.com on Daimler Confirms 2020 Group Sales and Revenue Will Decline) Continue reading →

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Ford to Upgrade, Expand South African Plant for 2022 Ranger

Posted on 2 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on Ford South African Manufacturing for New 2022 Ranger

Ford also will build new vehicle modification and training centers.

Ford Motor Company today announced an investment of $1.05 billion (R15.8 billion) in its South African manufacturing operations – marking the biggest investment in Ford’s 97-year history in South Africa. The annual installed capacity at the Silverton plant will increase to 200,000 vehicles from 168,000, for production of the new 2020 Ford Ranger pickup truck for the domestic market and export to over 100 global markets.

Silverton will become one of the first Ford plants globally to achieve “Island Mode” status, becoming entirely energy self-sufficient and carbon neutral by 2024. The plant also will manufacture Volkswagen pickups trucks as part of the Ford-VW alliance. (read AutoInformed.com on Volkswagen Joins Ford by Investing in Argo AI, Volkswagen and Ford Announce Alliance Without Cross Equity) Continue reading →

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Mazda Posts US, Mexico 2021 January Sales Results

Posted on 2 February 2021 by Ken Zino
Ken Zino of AutoInformed.com on Jan 2021 Mazda North American Operations Sales

Click to Enlarge.

Mazda North American Operations (MNAO) today reported total January sales of 25,259 vehicles, an increase of 6.9% compared to January 2020. With 24 selling days in January, compared to 25 the year prior, the company posted an increase of 11.4% on a Daily Selling Rate (DSR) basis.

In keeping with a general industry trend, passenger cars now account for less than 20% of MNAO sales. Sales of Mazda crossovers – the CX-3, CX-30, CX-5, and CX-9 – totaled 20,279 in January, an increase of 6.9% compared to January 2020. Sales of the CX-9 increased 5.7% in January with 2,698 vehicles sold. Sales of the CX-5 increased 5.2 % with 13,583 vehicles sold. The CX5 at 13,583 accounts for more than 53% of MNAO sales.

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