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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Rolls-Royce 120th Anniversary – Claude Goodman Johnson

Posted on 22 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Rolls-Royce 120th Anniversary - Claude Goodman Johnson

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Rolls-Royce Motor Cars today in acknowledgement of the marque’s 120th anniversary in 2024 published an overview of the life and career of Claude Goodman Johnson, born 24 October 1864. Johnson was born in Buckinghamshire on 24 October 1864, one of seven children. From London’s St Paul’s School, Claude went to the Royal College of Art. Here, he met Sir Philip Cunliffe-Owen, Deputy General Superintendent of the South Kensington Museum (now the Victoria & Albert Museum), where Claude’s father worked. Through him, CJ secured his first job, as a clerk at the Imperial Institute (now Imperial College London). There, he was put to work arranging exhibitions.

“Johnson is celebrated as ‘the hyphen in Rolls-Royce’ but known to all simply as ‘CJ’. A natural showman with an unrivalled talent for generating publicity, he brought an extraordinary mix of skill, dedication and experience to his role as the company’s first Commercial Managing Director; a fascinating, larger-than-life character and a pivotal figure in the Rolls-Royce foundation story,” Rolls-Royce said. Continue reading →

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General Motors Q3 2024 Earnings Up. Guidance Raised Again

Posted on 22 October 2024 by Ken Zino

General Motors (NYSE: GM) today posted flat Q3 net earnings ($3.1 billion), but with pretax earnings up ~16%. GM’s adjusted earnings before interest and taxes were $4.1 billion in the quarter. Global revenue ~11% to $48.8 billion. North American pretax earnings rose 13% to ~$4 billion. Moreover, GM raised its earnings guidance for the third straight time this year. GM’s 2024 financial guidance includes anticipated capital spending of $10.5 billion – $11.5 billion, inclusive of investments in the company’s battery cell manufacturing joint ventures.

“In the third quarter, we grew U.S. retail market share with above-average pricing, well-managed inventories and below-average incentives. In China, sales improved from the second quarter, and dealer inventory fell sharply. In addition, we remain on track to reach our 2024 EV production and profitability targets,” said Mary Barra, GM Chair and CEO. Continue reading →

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BMW Group Plants Dingolfing, Regensburg Going Photovoltaic

Posted on 21 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on BMW Group Plants Dingolfing, Regensburg Going Photovoltaic

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BMW said today that Group Plants Dingolfing and Regensburg will obtain electricity generated from renewable energy directly from their own roofs. Dingolfing’s rooftop PV system, with a capacity of 11.1 MWp, will be one of the most powerful in Germany. To achieve this objective, the premium automotive manufacturer is renting roof space at its two plant sites in Eastern Bavaria to Sunrock Holding Deutschland GmbH, which will generate electricity using photovoltaics and make it available to the plants under direct supply contracts from 2025 onward.

“With this project, we are not only creating one of Germany’s biggest rooftop photovoltaic systems – we are also promoting the generation of renewable energy directly on site at BMW Group plant locations,” said Nicole Haft-Zboril, head of BMW Group Real Estate Management. Continue reading →

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Annals of Marketing – Universal Pictures’ Wicked and Lexus

Posted on 21 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Annals of Marketing – Universal Pictures’ Wicked and Lexus

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Lexus  said today that it is linked with Universal Picture’s “Wicked,” by debuting a 360-degree marketing campaign with a co-branded, 30-second custom spot featuring the 2024 Lexus TX. The custom TV spot – featuring award-winning Cynthia Erivo as Elphaba and global superstar Ariana Grande as Glinda – stars the Lexus TX alongside scenes from the film. The action is set to the movie’s song, “Defying Gravity,” as it’s played on the vehicle’s Lexus Interface. The spot closes with the “Wicked”-inspired Lexus tagline, “Experience OZmazing.”

“As a proud partner of Universal’s ‘Wicked,’ Lexus is helping drive audiences to experience the film’s powerful and transformative magic this holiday season,” said Cynthia Tenhouse, vice president, Lexus marketing. “Offering three-row luxury, innovative technology, and plenty of cargo space for extra broomsticks, the Lexus TX is the perfect vehicle for travelers, wherever the road may take them.” Continue reading →

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Hemlock Semiconductor to Open New Plant in Michigan

Posted on 21 October 2024 by Ken Zino

Governor Gretchen Whitmer of Michigan today confirmed that the Biden-Harris administration provided the proposed direct funding of $325 million to Michigan-based manufacturer Hemlock Semiconductor (HSC)*

“HSC is one of many Michigan-based companies that is helping us lead the future of advanced manufacturing. Thanks to the Biden-Harris administration’s bipartisan CHIPS and Science Act and the U.S. Department of Commerce, we are ensuring HSC’s global leadership in the powerful domestic supply chain to manufacture semiconductor chips needed for everything from computers and phones to AI applications. Together, we are strengthening national and economic security by ensuring supply chains, good-paying jobs, and cutting-edge investments are where they belong—here at home. Let’s build the future we all want—one where America leads,” said Whitmer. Continue reading →

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Mercedes-Benz Opens Battery Recycling Plant in Kuppenheim

Posted on 21 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Mercedes-Benz Opens Battery Recycling Plant in Kuppenheim

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Mercedes-Benz today opened Europe’s first battery recycling plant with an integrated mechanical-hydrometallurgical process making it the first auto manufacturer globally to close the battery recycling loop with its own in-house facility. In contrast with established processes, the expected recovery rate of the mechanical-hydrometallurgical recycling plant is more than 96%. Expensive and scarce raw materials such as lithium, nickel and cobalt can be recovered in a way which is suitable for use in new batteries for future all-electric Mercedes-Benz vehicles. The company has invested tens of millions of euros in the construction of the new battery recycling plant.*

“Mercedes-Benz has set itself the goal of building the most desirable cars in a sustainable way. As a pioneer in automotive engineering, Europe’s first integrated mechanical-hydrometallurgical battery recycling factory marks a key milestone towards enhancing raw-materials sustainability. Together with our partners from industry and science, we are sending a strong signal of innovative strength for sustainable electric mobility and value creation in Germany and Europe,” said Ola Källenius, Chairman of the Board of Management of Mercedes-Benz Group AG. Continue reading →

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Pirelli Recalls Triumph Motorcycle Tires for Tread Separation

Posted on 18 October 2024 by Ken Zino

Pirelli Tire is recalling Scorpion Trail II, Metzeler Tourance Next, and Next II tires sold as replacements and for the Metzeler Tourance Next 150/70R18 M/C 70V tire, also installed as original equipment on certain Triumph motorcycles, according to a safety defect filing made public today by the National Highway Traffic Safety Administration.

“Partial detachment of the tread layer and/or a sudden loss of air pressure may cause loss of control, increasing the risk of a crash,” Pirelli said in the required recall filing. Pirelli also said is not aware of any accidents or injuries related to this safety defect in the U.S. Continue reading →

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Motorcycle Gang Members Charged with Violent Racketeering

Posted on 17 October 2024 by Ken Zino

An indictment was unsealed yesterday in the Eastern District of North Carolina charging 16 members of two outlaw motorcycle gangs – the Hells Angels Motorcycle Club (HAMC) and the Red Devils Motorcycle Club (RDMC) – for their alleged roles in a criminal enterprise engaging in violent criminal activity in and around Raleigh and Fayetteville, North Carolina. The RDMC is the main support club nationwide for the Hells Angels.

“According to the indictment, these defendants were leaders, organizers, and members of the Hell’s Angels Motorcycle Club and committed multiple crimes to advance their positions in this violent gang,” said Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. Continue reading →

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September 2024 Global Light Vehicle Sales Down Slightly

Posted on 16 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on September 2024 Global Light Vehicle Sales – courtesy of and copyright GlobalData – 16 October 2024 all rights reserved

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The Global Light Vehicle (LV) selling rate for September stood at 90 million annually, in line with August’s results, according to an analysis just released by the respected GlobalData consultancy.* Looked at year-over-year (YoY), market volumes are continuing to trend downwards as sales were down ~ 4% versus September 2023. Furthermore, YTD sales are now only up fractionally compared to the same period last year.

“In September, sales were down across most regions. Sales in China fell 5% YoY, as the economy faces headwinds and despite the ongoing scrappage incentive. In the US sales fell YoY for the month, with this September having fewer selling days. Finally, sales in Western Europe remained underwhelming, as a weak economy and high vehicle prices dragged on LV market activity,” said the Global Light Vehicle Sales Forecasting Team. Continue reading →

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DOE Backs Utility-Scale Power Storage In Puerto Rico

Posted on 15 October 2024 by Ken Zino

The U.S. Department of Energy (DOE) through its Loan Programs Office (LPO) today announced the closing of a $861.3 million loan guarantee to finance the construction of two solar photovoltaic (PV) farms equipped with battery storage and two standalone battery energy storage systems (BESS) in Puerto Rico.

“The project is financed under Title 17 Clean Energy Financing Section 1706. Created by President Biden’s Inflation Reduction Act (IRA), EIR can finance projects that retool, repower, repurpose, or replace energy infrastructure that has ceased operations or enable operating energy infrastructure to avoid, reduce, utilize, or sequester air pollutants or greenhouse gas emissions,” LPO said. Continue reading →

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