Penske Automotive Group Q3 2024 Net Income Drops

Posted on 30 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Penske Automotive Group 2024 Q3 Net Income Drops

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Penske Automotive Group, Inc. (NYSE: PAG), yesterday announced quarterly results for Q3 of 2024. Q3 revenue increased 2% from the third quarter of 2023 to $7.6 billion. Net income attributable to common stockholders was $226.1 million compared to $263.4 million in the prior year period, and related earnings per share was $3.39 compared to $3.92 for the same period in 2023. Foreign currency exchange positively impacted revenue by $69.0 million, net income attributable to common stockholders by $1.7 million, and earnings per share by $0.03. (read AutoInformed on Penske Automotive Group Posts Lukewarm Q2 Results)

“I am pleased with our financial performance during the third quarter, despite the impact from the stop sale of certain vehicles and the residual impact from the CDK Cyber Security incident. New and used retail automotive gross profit per unit remained strong, retail automotive service and parts performed at record levels, the retail commercial truck business performed well, selling, general, and administrative expenses remained well controlled, and the equity income from Penske Transportation Solutions increased 14% sequentially despite continued freight challenges,” said Chair and CEO Roger Penske. Continue reading →

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Ford Posts Weak Q3 Results. Stock Dropping on Cut Outlook

Posted on 29 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Ford Posts Weak Q3 Results. Stock Dropping on Cut Outlook

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Ford Motor Company (NYSE: F) posted Q3 2024 of $46 billion; net income of $0.9 billion, including a previously announced $1 billion electric vehicle-related charge, as well as an adjusted EBIT of $2.6 billion. It’s stock is off ~9% in trading today. Cash flow from operations in Q3 was $5.5 billion, and adjusted free cash flow was $3.2 billion. At quarter-end, Ford had nearly $28 billion in cash and $46 billion in liquidity. It’s going to need it: Ford’s profit margin was razor-blade thin at 1.9%. Perhaps worse, full-year 2024 adjusted EBIT is  now forecast at ~$10 billion. Nonetheless, Ford declared fourth-quarter regular dividend of 15 cents per share. Head hunters are also on the street looking for a new chief of staff.

“We are in a strong position with Ford+ as our industry undergoes a sweeping transformation,” claimed Ford President and CEO Jim Farley. “We have made strategic decisions and taken the tough actions to create advantages for Ford versus the competition in key areas like Ford Pro, international operations, software and next-generation electric vehicles. Importantly, over time, we have significant financial upside as we bend the curve on cost and quality, a key focus of our team.” Continue reading →

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Cadillac Lyric EV SUV Gets V-Series Performance Option

Posted on 29 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Cadillac 2026 Lyric EV SUV Gets V-Series Performance Option

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Cadillac (NYSE: GM) said today that  the first electric SUV to earn the V-Series badge – the 2026 LYRIQ-V – debuts in early 2025. LYRIQ-V will appear markets around the world in both left-hand-drive and right-hand-drive, including the U.S., Canada, Australia, and New Zealand. More markets will be announced at a later date.

“The LYRIQ-V is a truly remarkable representation of the luxury, performance and innovation prowess that are the foundations of the Cadillac brand,” said John Roth, vice president, Global Cadillac. Continue reading →

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Volkswagen Adds New Collision Avoidance Alerts

Posted on 28 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Volkswagen adds new collision avoidance alerts to VW Car-Net connected vehicle services

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Volkswagen of America today announced new collision avoidance alerts that can provide advance warning to Volkswagen drivers of oncoming roadside hazards and notify some oncoming vehicles that a Volkswagen vehicle is disabled. Starting later this fall, this technology will be included with VW Car-Net Safe & Secure subscriptions* at no additional charge for most MY24 and MY25 Volkswagen vehicles equipped with the proper technology. Volkswagen is the first automaker in the United States to integrate H.E.L.P. ® (Hazard Enhanced Location Protocol) and Road Awareness collision avoidance alerts within its connected vehicle services.

“Putting these collision avoidance alerts into Volkswagen vehicles advances our commitment to the safety of both our drivers and all others who are on the road,” said Rachael Zaluzec, Senior Vice President of Customer Experience and Brand Marketing at Volkswagen of America. “Volkswagen continues to democratize access to features that help both enhance vehicle safety and exceed the expectations of our vehicle owners.” Continue reading →

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Honda Recalls Accords, Civics, CR-V Hybrids for Fuel Leaks

Posted on 28 October 2024 by Ken Zino

American Honda Motor is recalling ~721,000 vehicles because the high-pressure fuel pump may crack and leak fuel creating a fire hazard. Affect are 2023-2024 Honda Accord, Accord Hybrid, 2023-2025 Honda CR-V Hybrid, and 2025 Honda Civic and Civic Hybrid vehicles. Warnings may include a fuel odor while the vehicle is driven or idling.

“Due to improper production of the high-pressure fuel pump, cracks can form at the solenoid core component of the fuel pump. As a result, a fuel leak can occur in lower mileage vehicles when the high-pressure fuel pump is in operation,” Honda said in the required NHTSA filing. As of 7 October 2024, Honda has had 145 warranty claims, and no reports of injuries or deaths related to this safety defect from February 2023 through September 2024.
 Continue reading →

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More Ford Recalls – 2024 Rangers and 2024-2025 Broncos

Posted on 28 October 2024 by Ken Zino

Ford Motor Company (NYSE: F) ) is recalling 2024 Ranger, and 2024-2025 Bronco vehicles. The front upper-control-arm ball joint nut may not have been installed or tightened properly, allowing the front upper control arm to detach from the knuckle assembly, according to the required safety defect filing made public by the National Highway Traffic Safety Administration today. If the ball joint fastener becomes loose, the driver may hear a clunk or rattle noise during suspension compression (jounce) and extension (rebound).

“In some of the affected vehicles, the nut on the ball joint, which secures the front upper control arm to the knuckle assembly, may not have been installed or torqued to specification [Wayne Assembly]. This can result in separation of the front upper control arm from the knuckle assembly. A separation of the front upper control arm from the knuckle assembly may result in partial loss of directional control without warning, increasing the risk of a crash,” Ford said. Continue reading →

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Ford Recalls Mach-E Models for Power Brake and other Failures

Posted on 28 October 2024 by Ken Zino

Ford Motor Company (NYSE: F) is recalling 2021 Mach-E vehicles because An Over-The-Air (OTA) update to the Anti-lock Braking System (ABS) may result in a loss of power brake assist, ABS, Electronic Stability Control, Traction Control, and driver assistance features. The instrument cluster will display several ABS-related warning lamps and text messages at vehicle startup, according to the required filing made public by the National Highway Traffic Safety Administration today.

“An Over-The-Air (OTA) update to the Anti-lock Braking System (ABS) calibration file results in the ABS switching to a default configuration. When in default configuration, the brake system does not provide brake power assist. Base braking remains functional, but customers may experience longer pedal travel, higher pedal efforts, and reduced braking response. Vehicle stability control features (including anti-lock braking, Electronic Stability Control, and Traction Control System) and driver assistance features (including Hill Start Assist and Pre-Collision Assist) also will be disabled, and regenerative braking capability will be reduced. The Electronic Parking Brake remains operable,” Ford said in the filing. Continue reading →

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IIHS – Lax Helmet Laws Kill More Than 20,000 Motorcyclists

Posted on 25 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on IIHS – Lax Helmut Laws Kill More Than 20,000 Motorcyclists

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More than 20,000 motorcyclists who died in crashes in the U.S. since the mid-1970s would have survived if stronger helmet laws had been in place, a new study from the Insurance Institute for Highway Safety shows. Briefly, If every state had required all riders to wear helmets from 1976 to 2022, a total of 22,058 motorcyclists’ lives could have been saved. The number represents 11% of all rider fatalities during those years.

“Requiring all riders to wear helmets is a commonsense rule not that different from requiring people in cars to buckle up,” said IIHS President David Harkey. “We have an obligation to protect everyone on our roadways through smart policy.” Continue reading →

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Annals of Marketing Rolls-Royce Phantom Goldfinger

Posted on 25 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Annals of Marketing Rolls-Royce Phantom Goldfinger

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Rolls-Royce Motor Cars today showed a one-of-one Phantom Extended that pays homage to the 1964 James Bond film, Goldfinger – one of twelve Rolls-Royce appearances in the 007 film franchise. Revealed in the film’s 60th anniversary year, it is said to be inspired by the 1937 Phantom III Sedanca de Ville owned by the eponymous villain, Auric Goldfinger. The British license plate ‘AU 1’, which graced the Goldfinger Phantom III in the film, has been secured.. This will remain with Phantom Goldfinger, which has now been delivered to” a significant Rolls-Royce client and collector based in England.” It’s a reference to the chemical symbol for gold on the periodic table of elements.

“At Rolls-Royce, we are dedicated to crafting deeply personal masterpieces that reshape the boundaries of possibility and truly define the essence of luxury. Each creation is a reflection of our commitment to producing extraordinary, unique motor cars that consistently delight and exceed the expectations of our clients,” said Chris Brownridge, Chief Executive, Rolls-Royce Motor Cars. Continue reading →

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The Subaru 2025 Impreza Hatchback Starts at $24,700

Posted on 24 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on The Subaru 2025 Impreza Hatchback Starts at $24,700

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Subaru of America today said the 2025 Subaru Impreza* continues to be offered in Base, Sport, and RS trim levels with prices ranging from ~ $25,000 to $30,000, plus options. The sixth-generation compact hatchback has upgraded safety features, and an optional 11.6-inch Subaru Starlink® infotainment system.

Returning for 2025, the Subaru Impreza RS trim level (~$30,000) has a 2.5-liter Subaru Boxer® engine rated at 182 horsepower, 18-inch wheels, and unique interior and exterior accents. The 2025 Subaru Impreza is produced in Gunma, Japan. How long these prices hold up remains to be seen given the chaos in global currency exchange markets and the strengthening US dollar. The 2025 Subaru Impreza will begin arriving at retailers later this year. Continue reading →

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Tesla Bringing Scab Workers into Sweden to Break Strike

Posted on 24 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Tesla Bringing Scab Workers into Sweden to Break Strike

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One year after the Swedish union IF Metall called for a strike against Tesla, car manufacturer still refuses to negotiate a collective agreement. Moreover, Tesla has taken a rare measure in Europe of importing scabs, flying in staff from other Tesla plants in Europe to replace the striking workers in Sweden.*

“It has been a year of strike at Tesla and Elon Musk’s total disrespect for the Swedish model, which has successfully governed the country’s labor market for nearly 100 years, stands in stark contrast to other multinational companies in the country. It is unacceptable and the striking workers have the full support of the 50 million members of IndustriALL behind them,” said IndustriALL general secretary Atle Høie today. Continue reading →

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Biden Administration Takes Another Step to Increase Jobs

Posted on 23 October 2024 by Ken Zino

The U.S. Department of Energy (DOE), through its Loan Programs Office (LPO), announced today the closing of a $162.4 million loan guarantee to LongPath Technologies, Inc. (LongPath). The loan guarantee, sustained by President Biden’s Inflation Reduction Act, will help finance the construction and installation of more than 1000 remote monitoring towers as part of a real-time methane emissions monitoring network. The network will include sites in every major U.S. oil and gas production region, including those in California, Colorado, New Mexico, North Dakota, Oklahoma, Pennsylvania, Texas, and Wyoming. LongPath’s Active Emissions Overwatch System project aims to deploy large-area remote methane monitors to provide emissions detection, location, and quantification services for tens of thousands of oil and gas sites. 

“Preventing harmful greenhouse emissions from entering our atmosphere is a key pillar of President Biden and Vice President Harris’ Investing in America agenda to improve public health while combatting climate change,” said U.S. Secretary of Energy Jennifer M. Granholm. “Today’s announcement underscores the Biden-Harris Administration’s continued efforts to create environmentally resilient communities and ensure the United States leads the world in deploying next-generation clean energy solutions.” Continue reading →

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Penske Automotive Group Buys Another Porsche Dealership

Posted on 23 October 2024 by Ken Zino

Penske Automotive Group (NYSE: PAG) said today that it has signed an agreement to acquire Porsche Centre Melbourne, located in Melbourne, Australia, from Porsche Retail Group Australia Pty Ltd. Upon completion of the acquisition, Porsche Centre Melbourne will expand the Company’s partnership with Porsche in Melbourne. The acquisition is expected to add $130 million in estimated annualized revenue, bringing the estimated annualized revenue for the three Porsche Dealerships in Melbourne to $260 million. The acquisition is subject to customary conditions and is expected to close by the end of 2024. This will be 25th Porsche dealership that Penske owns globally. (Read AutoInformed.com on: Penske Automotive Completes Acquisition of Rybrook Group; Mannheim – Porsche Penske Motorsport Reveals Team Home; Penske Automotive Group Posts Lukewarm Q2 Results)

“We are thrilled to extend our relationship with Porsche in Melbourne and are committed to providing exceptional service and innovative retail experiences that exceed our customers’ expectations,” said Penske Automotive Group Head of International Operations Randall Seymore. Continue reading →

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Dodge Charger Daytona Cars to use Solid State Batteries

Posted on 23 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Dodge Charger Daytona Cars to use Solid State Batteries

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Stellantis N.V. (NYSE: STLA) and privately held Factorial Energy said today that their partnership to accelerate the development and deployment of next-generation electric vehicles (EVs) powered by Factorial’s solid-state battery technology* will begin with the launching of a demonstration fleet of all-new Dodge Charger Daytona vehicles based on the STLA Large platform incorporating solid-state batteries in 2026. Critics of solid state batteries maintain the thus far valid assertion that there is no clear path to mass production. Perhaps this will alter that perception at some pint in the future. However, demonstration fleets are not mass production. (read AutoInformed.com on: Solid-State Cell Technology – All Hype No Production Way?)*

“This demonstration fleet is an important milestone in our partnership with Factorial,” said Ned Curic, Stellantis’ Chief Engineering and Technology Officer. “By integrating Factorial’s innovative battery solution into the STLA Large platform, we are validating its potential to enhance our electric vehicle lineup, ensuring customers benefit from improved performance, longer driving ranges and faster charging times in the coming years.” Continue reading →

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Volvo Cars Posts Q3 Profit of SEK 5.7 Billion off from 6.1B

Posted on 23 October 2024 by Ken Zino

Volvo Cars* (VOLCAR B:STO) today posted a core operating profit (EBIT), excluding joint ventures and associates, of SEK 5.7 billion for Q3 2024, compared to SEK 6.1B for Q3 2023. Gross margins at 20.5% for the third quarter were “in line with the company’s underlying operational gross margins for the first half of 2024.” Revenues for the period amounted to SEK 93 billion and the core EBIT margin was 6.2%. Free cash flow was flat at SEK -0.4 billion. In September of 2024, Volvo Cars said it aims to outgrow the premium car market* and generate a core EBIT margin of 7-8%,  as well as strong free cash flows from 2026 onward. It also said that it was scrapping its goal of becoming fully electric by 2030, scaling back its target to between 90% and 100%.

“However, achieving these ambitions will not be straightforward since the weakness in the market has recently accelerated – a fact also echoed in revised industry forecasts for 2024 and 2025 by third-party analysts. Overall industry demand continues to soften and is now affecting the premium segment. Our journey towards 2026 will not be linear, as our industry is facing an increasingly volatile environment,” said Jim Rowan, chief executive for Volvo Cars. “Macroeconomic headwinds are intensifying, as is geopolitical complexity. Despite these challenges we demonstrated resilience during the third quarter of 2024, which is reflected in our overall financial performance.” Continue reading →

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