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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Toyota to Invest in Joby Aviation EV Taxis!

Posted on 15 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Toyota to Invest in Joby Aviation EV Taxis.

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In a quiet, overlooked announcement earlier this month, Toyota Motor Corporation (NYSE: TM) and Joby Aviation (NYSE: JOBY), a firm developing electric air taxis for commercial passenger service, announced that Toyota will invest an additional $500 million to support the certification and commercial production of Joby’s electric air taxi.  The investment will be made in two equal tranches, with the first targeted to close later this year and the second during 2025.* This is part of a trend of traditional automobile companies transitioning to mobility companies  on land, the seas, air or space, including Toyota’s Lunar Cruiser.**

“Today’s investment builds on nearly seven years of collaboration between our companies,” said JoeBen Bevirt, founder and CEO, Joby Aviation. “The knowledge and support shared by Toyota has been instrumental in Joby’s success and we look forward to deepening our relationship as we deliver on our shared vision for the future of air travel.” Continue reading →

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NISSAN ENERGY Charge Network Launches

Posted on 15 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on NISSAN ENERGY Charge Network Launches.

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Nissan announced today an “enhancement” to the MyNISSAN app that claims to simplify EV ownership by consolidating vehicle management and public charging into one app. Users store a default payment method in the MyNISSAN app, then once at a compatible charging station, simply tap an on-screen button to start a charging session within the NISSAN ENERGY Charge Network. This new app will be available to MyNISSAN app users by November 2024. [footnote 1]

“Owning and charging a Nissan EV will become simpler and more seamless with the launch of the NISSAN ENERGY Charge Network. The new network allows Nissan Ariya and future Nissan EV drivers to use their MyNISSAN app to find charging stations, see real-time charger availability and pay for charging – all in one streamlined experience,” Nissan said in a release. Continue reading →

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September Western European Diesel Sales Continue to Drop

Posted on 14 October 2024 by Ken Zino

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An analysis released today by the respected GlobalData consultancy* shows that the diesel share of new car sales in Western Europe during September 2024 fell to 11.9% with August confirmed at 13.8%.

“The MoM difference appears significant, and the trend remains negative, but the September figure is influenced by the large UK total market, and the lower-than-regional-average share that diesel occupies within it. This effect typically drags down the European result in September, though in 2023 it was offset by distortions in the German market caused by withdrawal of a key BEV incentive that increased the non-BEV share, including diesel,” GlobalData said. “When looking at the individual country diesel shares, it can be seen that the MoM diesel share decline at a market level was not unusually steep in September, though the trend remains broadly negative.” Continue reading →

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GM Recalls Blazer, Equinox Models for Sudden Door Openings

Posted on 14 October 2024 by Ken Zino

General Motors is recalling Mexican-built 2025 Chevrolet Blazer, Blazer EV, and Equinox vehicles because the door strikers were not properly heat-treated, which can cause them to break, according to the required filing made public by the National Highway Traffic Safety Administration this morning. This is an extension of a previous recall. (read AutoInformed.com on: New Year Recalls from BMW, Bombardier, Daimler, GM, Hyundai, Kia, Land Rover, Mercedes-Benz, Nissan, Toyota)

“Certain door strikers provided by Brano Group A.S. in the Czech Republic were not properly heat-treated to meet GM hardness specifications. Vehicles potentially built with suspect door strikers were recalled under NHTSA recall 23V869. Containment efforts initiated by GM’s Ramos Arizpe assembly plant for recall 23V869 did not effectively remove all stock of the suspect door strikers,” GM said in the filing. Continue reading →

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Aston Martin Reveals DB12 Goldfinger Edition

Posted on 14 October 2024 by Ken Zino

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Aston Martin revealed today a DB12 Goldfinger Edition, crafted by its personalization service, Q by Aston Martin, in celebration of 60 years of the association between Aston Martin and the James Bond films.* Its 4.0-liter V8 Twin-Turbo engine is rated at a claimed class-leading output of 680PS/800Nm. This provides a zero-to- 60 mph acceleration time of ~3.6 seconds with a top speed of 202 mph. The Aston Martin DB12 Goldfinger Edition is limited to a run of 60 cars. Pricing was not disclosed.**

“What has become one of the most notable partnerships in cinematic history began with the release of Goldfinger in 1964, when the Aston Martin DB5 made its silver screen debut. The DB5 went on to become one of the world’s most recognizable cars and a crucial step in the brand’s illustrious ‘DB’ bloodline. Now, the latest evolution in that lineage is getting the 007 treatment,” Aston Martin said in Gaydon, UK. Continue reading →

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Porsche Sales Weak Through Q3 2024

Posted on 11 October 2024 by Ken Zino
Ken Zino of AutoInformed.com on Porsche Sales Weak Through Q3 2024

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Porsche AG today posted sales declines for the first nine months of the year. Overall global sales at 226,026 dropped -7%. China sales at 43,280 plunged -29%. “This reflects poor economy in the Chinese market” that is affecting all makers. Worse, there is now an outright trade war over tariffs between the EU and China. North American sales at 61,471 dropped -5%. In Europe (excluding Germany), Porsche delivered 52,465 vehicles in the first nine months, an increase of 1% compared to the same period last year. In the home market of Germany, the number of vehicles delivered rose by 8 % as 26,838 units were delivered to customers.

“Customer demand remains at a robust level and the feedback from our customers on the new models is very good. As product availability increases, we are optimistic about the final spurt for 2024,” claimed Detlev von Platen, Member of the Executive Board for Sales and Marketing at Porsche AG. Continue reading →

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