Stellantis Q3 2024 – Shipments and Revenues Plunge

Posted on 31 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Stellantis Q3 2024 – Shipments and Revenues Plunge

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Stellantis N.V. (NYSE: STLA) said today that during Q3 2024 net revenues of €33.0 billion were down -27% compared to Q3 2023 as consolidated shipments of 1,148,000 were down 279,000 or -20% year-over-year. Stellantis also confirmed its diminished 2024 financial guidance, which was updated on September 30, 2024.*

“While Q3 2024 performance is below our potential, I’m pleased with our progress addressing operational issues, in particular U.S. inventories, which have been reduced meaningfully and are on track for year-end targets, as well as stabilization of U.S. market share. In Europe, stringent quality requirements delayed the start of certain high-volume products, but with progress resolving challenges we will soon benefit from the significantly expanded reach our generational new product wave brings to 2025 and beyond,” claimed Doug Ostermann, CFO, who replaced Natalie Knight earlier this month. Stellantis is also looking to find a successor for CEO Carlos Tavares, who will retire from his seat in 2026. Continue reading →

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One Payment – VW Maintenance, Insurance, Road Calls

Posted on 30 October 2024 by Ken Zino

Volkswagen Group of America said today that with Volkswagen Financial Services (Volkswagen Credit Inc.) it’s starting a vehicle subscription service for Volkswagen vehicles in the Atlanta metro area. This all-new, month-to-month subscription service for some Volkswagen models bundles maintenance, insurance, and 24/7 roadside assistance into a single monthly payment. It’s branded VW Flex. Beginning today 30 October, Atlanta-area consumers will be able to start their vehicle subscription memberships, selecting from Atlas, Atlas Cross Sport, Tiguan, Golf GTI and Jetta models.

“We’re thrilled our customers have a new mobility option through this partnership with Volkswagen Financial Services,” said Andrew Savvas, Chief Sales and Marketing Officer for Volkswagen North American Region. Continue reading →

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Volvo Cars Joins Tesla Supercharger Network in North America

Posted on 30 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Volvo Cars Joins Tesla Supercharger Network in North America

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Volvo Cars* (VOLCAR B:STO) said this week that drivers of its fully electric vehicles including the new EX90 flagship SUV will have access to more than 17,800 Tesla Supercharger stations in the U.S. and Canada.**

“As part of our journey to electrification, we want to make life with an electric car, including our new flagship EX90, as seamless as possible,” said Mike Cottone, President, Volvo Car USA and Canada. Continue reading →

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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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