Toyota Motor FY2025 Q2 Earnings Down Significantly

Posted on 6 November 2024 by Ken Zino
Ken Zino of AutoInformed.com on Toyota Motor FY2025 Q2 Down Significantly

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Toyota Motor today in Tokyo (NYSE: TM, 7203T) posted a FY Q2 profit drop of ~¥1.28 trillion yen year-over-year at ~¥573.7 billion. Toyota sold 2.3 million vehicles globally, compared to 2.4 million YOY. Quarterly sales revenue rose a tad ~¥11.44 trillion (~$75 billion) from ¥ 11.43 trillion. Nonetheless, Toyota re-affirmed its full fiscal year 2025 profit forecast of ¥3.57 trillion (~$23 billion), down from ~¥4.94 trillion fiscal year 2024. Simply put Toyota’s certification problems and plant shut downs clobbered earnings.*

“This fiscal year, while maintaining our ability to earn 5 trillion yen, we are strengthening and accelerating our investment in people, including suppliers and dealers, and investment in growth areas. We are taking such measures a step higher, expanding total investments to ~¥830 billion,” said Toyota Chief Financial Officer Yoichi Miyazaki. Continue reading →

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AC Ace Classic electric at SEMA 2024 – Bring Money

Posted on 5 November 2024 by Ken Zino
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AC Cars unveiled the AC Ace Classic electric at the SEMA 2024 show in Las Vegas today with electrified performance technologies partner TREMEC Electric GT. With 49 examples available for the launch, the new AC Ace Classic electric can be reserved exclusively at the SEMA show and by visiting here. Priced at $275,000 (£212,000) before tax and any personalization or custom options. It’s available as left- and right-hand drive and intended for US as well as UK clients.

“It’s an honor to be at SEMA with TREMEC, and the response to the new AC Ace roadster has been phenomenal. To be able to craft such an amazing looking car that draws on the latest EV technology is a milestone for a company that’s celebrating its 123rd anniversary,” said Alan Lubinsky, Chairman of AC Cars. Continue reading →

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October 2024 US Light Vehicle Sales Up at 1.34 Million

Posted on 5 November 2024 by Ken Zino
Ken Zino of AutoInformed.com on October 2024 US Light Vehicle Sales Up at 1.34 Million

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Light Vehicle (LV) sales grew by 11.5% year-on-year (YoY) in October 2024, to 1.34 million units. Although the month had two additional selling days than it did in 2023, sales still exceeded expectations and provided a more cheerful perspective on the industry than has generally been the case in recent months, according to preliminary estimates released today by the respected GlobalData consultancy.*

“Sales have generally disappointed for much of 2024, but October provided a pleasant change of pace. While the fundamentals of the market have probably not shifted to a great extent, some consumers appear to have been enticed by the gradual uptick in incentives, allied with greater vehicle availability and an easing in interest rates. A number of brands highlighted how Electric and Hybrid Vehicles performed better,” said David Oakley, Manager, Americas Sales Forecasts, GlobalData. **
 Continue reading →

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U.S. International Trade Deficit Up in September

Posted on 5 November 2024 by Ken Zino
Ken Zino of AutoInformed.com on U.S. International Trade Deficit Up in September

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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $84.4 billion in September, up $13.6 billion from $70.8 billion in August (revised). As the economy continues to expand, consumers are buying more raising the deficit. The news comes on Election Day where under new Trump Administration – if it returns – proposed tariffs by Trump will cost consumers billions upon billions of dollars, send the cost of living soaring and hurt the economy overall. Trumpa-nomics 2 the sequel: Tanking the Economy Again.

“September exports were $267.9 billion, $3.2 billion less than August exports. September imports were $352.3 billion, $10.3 billion more than August imports. The September increase in the goods and services deficit reflected an increase in the goods deficit of $14.2 billion to $109.0 billion and an increase in the services surplus of $0.6 billion to $24.6 billion. Year-to-date, the goods and services deficit increased $69.6 billion, or 11.8 %, from the same period in 2023. Exports increased $84.7 billion or 3.7 %. Imports increased $154.4 billion or 5.3 %,” the Bureaus said. Continue reading →

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Conflicting China September 2024 Light Vehicle Sales

Posted on 4 November 2024 by Ken Zino
Ken Zino of AutoInformed.com on China September2024 Light Vehicle Sales Conflicting

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During September 2024, China’s Light Vehicle (LV) market was stable compared to the previous month, with sales and production volumes exhibiting divergent trends. Domestic LV sales, excluding exports, reached 2.3 million units, marking a year-on-year (YoY) decrease of 5.4% but a significant month-on-month (MoM) increase of 17.2%, according to data and analysis released today by the respected GlobalData consultancy.* With the ongoing China trade wars, it’s possible that more than half of passenger vehicles were subsidized. Moreover, auto exports are increasing their importance and significance for the Chinese auto industry. Thus the trade wars will continue. The Chinese government has told giant EV makers BYD, SAIC and Geely to halt investment plans in Europe. This will likely play out globally in other trade blocs and countries.

“The substantial YoY and MoM differences may be attributed to the high sales base in the previous year and the gradual impact of the old-for-new subsidy policy. Breaking down the figures by model type, Passenger Vehicle (PV) sales totaled 2.1 million units, with a 2.4% YoY decline but a substantial MoM increase of 18.0%. In contrast, Light Commercial Vehicles (LCVs) also showed a downward trend, which was much more obvious than PV. Continue reading →

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Ford Motor Recalls a Transit Recall for Wheel Lockup

Posted on 4 November 2024 by Ken Zino

Ford Motor Company (NYSE: F) is recalling 2023-2024 Ford Transit vehicles previously repaired under recall number 24V-102. Incorrect bolts may have been used to attach the rear axle shaft, which can lead to the rear wheel locking up or separating from the axle, according to documents made public today by the National Highway Traffic Safety Administration.

“Incorrect bolts may have been used to attach the rear axle shaft, which can lead to the rear wheel locking up or separating from the axle,” according to Ford. Mailing of owner notification letters is expected to begin 9 December 2024. Continue reading →

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Toyota Motor, Joby Aviation Meet at Toyota’s Technical Center

Posted on 4 November 2024 by Ken Zino
Ken Zino of AutoInformed.com on Toyota Motor, Joby Aviation Meet at Toyota's Technical Center

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Toyota Motor Corporation and Joby Aviation executives came together at Toyota’s Higashi-Fuji Technical Center in Shizuoka, Japan on Saturday 2 November. Present were Akio Toyoda, chairman Toyota Group, and Joby CEO and founder, JoeBen Bevirt, along with Joby’s air taxi, an electric vertical takeoff and landing aircraft (eVTOL*). After its first flights in Japan on previous day, the plan was to get senior executives on board, so to speak.

However, the weather kept them on the ground. Nonetheless, their aspirations still soared upward. “Since its founding, Toyota has been working to realize a society in which everyone can move freely. About 100 years ago, in 1925, Sakichi Toyoda, founder of the Toyota Group, offered a prize to encourage the development of a storage battery that could provide enough performance ‘to fly an airplane across the Pacific Ocean.’ Since then, Toyota has continued to focus on the challenge of air mobility through the generations,” Toyota said in a release likely prepared when the Sun was shining. Continue reading →

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Asahi Kasei and Honda to Make Lithium-ion Battery Separators

Posted on 1 November 2024 by Ken Zino
Ken Zino of AutoInformed.com on Asahi Kasei and Honda JV to Make Lithium-ion Battery Separators

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Asahi Kasei Corp. and Honda Motor Co. in Toykyo this morning that they have signed a shareholders’ agreement to convert an existing Asahi Kasei subsidiary in Canada into a joint venture company. This agreement was reached as a result of continued discussions on collaboration for the production of lithium-ion battery separators in Canada based on the basic agreement announced on 25 April 2024. They  plan to establish and start the operation of the joint venture company in early 2025, subject to obtaining permits and approvals from relevant authorities. (read AutoInformed.com on: Lightweighting Avant-Garde – GM, BMW, Asahi Kasei, Mazda, Sika Automotive)

“At the beginning of October we launched Asahi Kasei Battery Separator as a new company for the Hipore™ separator business to achieve more nimble management for this essential component of lithium-ion batteries. I am confident that we can continue to leverage the technology and experience gained with Hipore™ as well as our global network and diverse personnel to realize innovations in batteries for the future of energy storage,” said  Ryu Taniguchi, President & Representative Director.
 Continue reading →

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Subaru of America Posts Modest Sales Increase for October

Posted on 1 November 2024 by Ken Zino
Ken Zino of AutoInformed.com on Subaru Crosstrek Gen 3 Debuts at Chicago Auto Show

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Subaru of America, Inc. (Subaru Corporation Nasdaq: FUJHF) today reported 54,552 vehicle sales for October 2024, an increase of 1.5% compared with October 2023 (53,772). SOA also reported year-to-date sales of 548,164, a 5.2 % increase compared with the same period in 2023. This makes for 27 consecutive months of yearly month-over-month growth.

“October was a notable month for our retailers, partners, and the entire Subaru family,” said Jeff Walters, President and Chief Operating Officer, Subaru of America. “We helped thousands of shelter pets find homes through Subaru Loves Pets® events, responded to hurricane recovery needs, and celebrated significant race wins with the Subaru Motorsports USA team. These collective efforts are what inspire us to be More Than a Car Company®, pushing our commitment forward as a team.” Continue reading →

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Oh Canada – Magna Q3 Sales Off but Net Earnings Up

Posted on 1 November 2024 by Ken Zino
Ken Zino of AutoInformed.com on Oh Canada – Magna Q3 Sales Off but Net Earnings Up

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Magna International (NYSE: MGA) today posted sales of $10.3 billion (footnote 1: 1C$ = 0.736 US$) for Q3 2024, a decrease of 4% from the third quarter of 2023. The lower sales come from a 4% decrease in global light vehicle production, including 6% lower production in North America and China, and a 2% decline in Europe. Adjusted EBIT decreased to $594 million in the third quarter of 2024 compared to $615 million in the third quarter of 2023. This was the result of reduced earnings on lower sales, higher production input costs net of customer recoveries, and lower equity income. However, income from operations before income taxes increased to $700 million for the third quarter of 2024 compared to $538 million in the third quarter of 2023 for the giant Canadian-based global  mega-supplier to the auto industry.*

“We continue to mitigate industry headwinds including lower production volumes in each of our core regions. Our ongoing initiatives and results to date reinforce our conviction in our free cash flow outlook this year and beyond. As we continuously seek to optimize value creation, we are resuming share repurchases in the fourth quarter –ahead of our prior plan,” said Swamy Kotagiri, Magna’s Chief Executive Officer. Continue reading →

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Honda Racing to Sell Parts to Honda and Acura Consumers

Posted on 31 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Honda Racing to Sell Parts to Honda and Acura Consumers

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Honda Racing Corporation USA (HRC US), the North American racing arm for Honda and Acura, today announced it will create a new business to produce performance parts for customer use for street, track and off-road applications. Formerly known as Honda Performance Development (HPD), HRC US will offer a new line of performance parts for retail customers. (read AutoInformed.com on: US Honda Performance Development Now Global)

“HRC US has been winning races and championships on and off road for three decades, and we’re excited to apply this experience to new lines of performance parts for Honda and Acura enthusiasts eager to augment their performance driving experience,” said Jon Ikeda, senior vice president, HRC US. “To be an HRC genuine part, it must meet our exacting standards, while functionally improving vehicle performance and the driving experience.” Continue reading →

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IIHS – Latest 2024 Top Safety Pick Laggards

Posted on 31 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on IIHS - Latest 2024 Top Safety Pick Laggards

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Four vehicles from four different brands fall short in one or more tests required for a 2024 Top Safety Pick or Top Safety Pick+ award in the latest ratings release today from the Insurance Institute for Highway Safety. To qualify for either award in 2024, vehicles need good ratings in the small overlap front and updated side tests, an acceptable or good rating in the pedestrian front crash prevention evaluation and acceptable- or good-rated headlights across all trim levels.

In addition, a good rating in the original moderate overlap front test is enough to qualify for Top Safety Pick, but a good or acceptable rating in the updated test is needed for the “plus.” Continue reading →

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For The Record – Corvette ZR1 Hits 233 MPH

Posted on 31 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on For The Record - Corvette ZR1 Hits 233 MPH

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The 2025 Chevrolet Corvette ZR1* is now the fastest car ever built by an American auto manufacturer. At a test track in Germany earlier this month, General Motors (NYSE: GM) President Mark Reuss drove a 2025 Corvette ZR1 233 mph, setting a top speed record for any current production car priced under $1 million. The Corvette team set this two-way average speed on the northbound and southbound straightaways of the High-Speed Oval Track at ATP Automotive Testing Papenburg.

“Setting the top-speed record in the Corvette ZR1 is a true triumph for Corvette and for Chevrolet, and also an exhilarating, surreal experience for me personally,” said Reuss. “With the current generation’s switch to mid-engine, we knew the outstanding performance and balance made this a real possibility. To go over there and get it done is a testament to the power of ZR1, and to the incredibly talented team that developed and built it.” Continue reading →

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Software Defined Vehicles – NTT, Toyota Motor Link Together

Posted on 31 October 2024 by Ken Zino
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NTT and Toyota Motor Corporation said today in Japan that they have agreed toa  joint initiative in the field of mobility and AI/telecommunications with the aim of realizing a society with zero traffic accidents. (read Ken Zino of AutoInformed.com on: Connected Cars – Toyota and NTT Want Standardization)

“Through their previous collaborations, the two companies have confirmed that they share common values, such as contributing to society through technological and industrial development, a people-centered approach, and global contributions that start in Japan. This time, they will further deepen their collaboration with the aim of achieving a ‘society with zero traffic accidents’ as the first step towards realizing a prosperous mobility society where safety and freedom are in harmony,” the release said. Continue reading →

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Valero Refining Company Fined $82 Million in California

Posted on 31 October 2024 by Ken Zino

The California Air Resources Board (CARB) and the Bay Area Air Quality Management District (BAAQMD) have reached a joint settlement with Valero Refining Company – California, CARB said today in a release. Valero* operates a petroleum refinery in Benicia, California – processing crude oil to produce refined petroleum products such as gasoline and diesel fuels that are sold primarily to the California market. CARB and BAAQMD allege that Valero failed to comply with applicable statutory and regulatory requirements in connection with undisclosed emissions of air contaminants from equipment that generates and distributes hydrogen gas at the Refinery.

“CARB is pleased to have supported the Air District in investigating and settling this important case that helps remediate the harms Valero’s operations caused to surrounding communities,” said CARB Executive Officer Dr. Steven Cliff. “The Air District’s new community fund provides critical funding for projects that improve air quality and public health for impacted local communities. CARB is proud to direct the majority of its share of the penalties from this settlement to the community fund to expand the reach of its projects.” Continue reading →

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