Ford Recalls Transit Vans for Steering Loss

Posted on 29 July 2024 by Ken Zino

Ford Motor Company is recalling 2023-2024 model year Transit vehicles equipped with a Transit Trail package, according to the required safety defect filing made public by the National Highway Traffic Safety Administration today. The problem results in a loss of power steering assist. The recalled part was introduced into production on 15 March /2022 and was taken out of production on 6 March 2024. Affected vehicles are equipped with the Transit Trail package. (Read AutoInformed.com on Ford EVs and Quality Damage First Half Net Income and EPS)

“The Electronic Power Assist Steering (EPAS) ground eyelet joint may have exposed substrate material which is susceptible to corrosion and may lead to a disconnect of the EPAS ground A disconnect of the EPAS ground due to corrosion may result in loss of power to the EPAS Motor and Power Steering Control Module (PSCM), which may result in intermittent or complete loss of power steering assist. A loss of power steering assist may increase the risk of a crash,” Ford said in the filing. Continue reading →

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BMW Classic Partners Party in Dielsdorf August 10th

Posted on 29 July 2024 by Ken Zino
Ken Zino of AutoInformed.com on BMW Classic Partners Party in Dielsdorf August 10th

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BMW said today that it will celebrate more than 20 Swiss BMW, BMW Motorrad and MINI retailers as BMW Group Classic partners. This notes the certification of new BMW Group Classic partners, with a “large-scale event – with iconic vehicles from BMW history and some of the company’s latest new products.” This occurs at the BMW Group Brand Experience Center in Dielsdorf on 10 August 2024.

“This day-long event, with its richly varied program, will give visitors the chance to meet BMW Group Classic and its local partners and explore what they have to offer,” BMW said in a release. “Customers looking for a BMW Group Classic partner to maintain, repair, restore or look after their historic vehicles can take advantage of the range of services traditionally available in Munich, but now also provided by specialists locally.” Continue reading →

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Retro-Vette? 2025 Chevy Corvette Split-Window ZR1 Coupe

Posted on 26 July 2024 by Ken Zino
Ken Zino of AutoInformed.com on Retro-Vette? 2025 Chevy Corvette Split-Window ZR1 Coupe

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Chevrolet said late yesterday that the  Corvette ZR1, aka The King of the Hill, returns sometime in 2025 with the most powerful V8 ever produced in America from an auto manufacturer to confront the world’s best supercars in both a split-window coupe and convertible variants. The upcoming Corvette ZR1 has a 5.5L, twin-turbocharged DOHC flat-plane crank V8 engine dubbed the LT7. It produces 1064 horsepower at 7000 rpm and 828 lb.-ft. of torque at 6000 rpm, per SAE engine testing guidelines.

“Corvette ZR1 is about pushing the envelope with raw power and cutting-edge innovation. From Stingray, to Z06, E-Ray, and now ZR1, the Corvette family continues to elevate with each new iteration — and challenge the best in the world,” said Scott Bell, vice president, Chevrolet. Continue reading →

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Ford EVs and Quality Damage First Half Net Income and EPS

Posted on 26 July 2024 by Ken Zino

Ford Motor (NYSE: F) posted disastrous financial results this week caused by its struggling electric vehicle business and the ongoing costs of large recalls on vehicles of its past. Ford posted Q2 2024 quarter revenue of $47.8 billion, net income of $1.8 billion and adjusted EBIT of $2.8 billion (see the Results Chart following for Q2 and combined Q1 and Q2 sums). Leaving aside the Ford spin on the financial results for the moment, the Dearborn-based automaker is haunted by its past, as well as current management practices – thus sharing a precarious future with other once formidable global legacy automakers. Ford declared a third-quarter regular dividend of 15 cents per share, payable 3 September to shareholders of record at the close of business on 7 August. In January of 2022 Ford stock was trading in the $24-$25 range. It opened this morning at $11.20. (read AutoInformed on: Stellantis Tanks in First Half of 2024 – Net Profit -48%)

Ford President and CEO Jim Farley said second-quarter outcomes  – “Customers exercising “freedom of choice” made Ford the No. 1 gas, No. 2 electric and No. 3 hybrid vehicle brand in the U.S. and the company remains confident in full-year 2024 results, including increasing effectiveness generating cash are resulting from further execution of the customer-centered Ford+ plan – with disciplined capital allocation setting the table for profitable long-term growth by a more strategically and financially durable company.” Continue reading →

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Stellantis Tanks in First Half of 2024 – Net Profit -48%

Posted on 25 July 2024 by Ken Zino
Ken Zino of AutoInformed.com on Stellantis Tanks in First Half of 2024 – Net Profit -48%

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Stellantis (NYSE: STLA) posted today results for the first half of 2024 of €85.0 billion of Net revenues (-14% y-o-y) with €5.6 billion in Net profit, (-48% y-o-y ~$6.1 b). Operating income (see footnotes below*) of €8.5 billion represented a 10% AOI margin as Adjusted diluted EPS (5) decreased 35% y-o-y. Lower financial performance in the first half of 2024 came from lower volumes and mix, with the challenging volume comparisons due to a combination of inventory reduction initiatives, temporary product production gaps due to a generational portfolio transition, and lower market share particularly in North America. (read AutoInformed on: Stellantis Q1 Revenues, Shipments Drop – Transition or Trend?)

“The Company’s performance in the first half of 2024 fell short of our expectations, reflecting both a challenging industry context as well as our own operational issues,” said Carlos Tavares, CEO. “We have significant work to do, especially in North America, to maximize our long-term potential.” Seven or more senior executives have left Stellantis so far this year.
 Continue reading →

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J.D. Power 2024 US APEAL Study Improves Slightly

Posted on 25 July 2024 by Ken Zino

Owner satisfaction with new-vehicle design and performance has rebounded after two years of unprecedented decline, according to the J.D. Power 2024 U.S. Automotive Performance, Execution and Layout (APEAL) StudySM released today. Overall satisfaction is 847 (1000-point scale), an increase of 2 points from a year ago. Satisfaction with non-Tesla battery electric vehicles (BEVs) is at an all-time high (877), surpassing Tesla  at 87). (Read AutoInformed on 2023: APEAL Study of New Vehicle Owner Satisfaction Down Again)

“Traditional manufacturers have listened to the Voice of the Customer,” said Frank Hanley, senior director of auto benchmarking at J.D. Power. “They’re launching enhanced vehicles that are more in line with what customers want, including improved interior storage and higher quality materials, as well as ensuring features have ease of use. For BEVs, recent launches from traditional manufacturers have surpassed perennial leader Tesla when it comes to owners’ level of emotional attachment and excitement with their new vehicle.” Continue reading →

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Bosch Buys HVAC businesses from Johnson Controls, Hitachi

Posted on 24 July 2024 by Ken Zino
Ken Zino of AutoInformed.com on Bosch Buys HVAC businesses from Johnson Controls, Hitachi

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Bosch, a supplier of technology and services, is making what it terms as “a strategic acquisition’ for its Energy and Building Technology business sector. The Bosch Group plans to take over the global HVAC business for residential and light commercial buildings from Johnson Controls (NYSE: JCI).

“As the biggest acquisition in Bosch history, this is an important milestone in the systematic implementation of our strategy for 2030,” said Stefan Hartung, chairman of the board of management of Robert Bosch GmbH. “We are dynamically pushing ahead with the strong development of Bosch, and will achieve a globally leading position in the promising HVAC market with this acquisition. In taking this step, moreover, we will strengthen our presence in the U.S. and Asia and achieve a better balance among our business sectors,” said Hartung. Continue reading →

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NHTSA – 31 Second Consumer Alert on Vehicle Theft

Posted on 24 July 2024 by Ken Zino
Ken Zino of AutoInformed.com on NHTSA – 31 Second Consumer Alert on Vehicle Theft

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One vehicle is stolen every 31 seconds in the United States according to a Consumer Allert issued today by the National Highway Traffic Safety Administration. (Read AutoInformed on Kia and Hyundai Models Have Highest Theft Rates in 2023)*

“Each year, vehicle theft costs Americans more than $8 billion. Victims are left handling the aftermath, such as higher insurance premiums and vehicle depreciation if they’re lucky enough to get their vehicle back. More than 1 million vehicles were stolen in 2023, a 25% increase in vehicle thefts over the previous few years,” NHTSA said. Continue reading →

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Fleet Owners with EVs and Traditional Vehicles Favor EVs

Posted on 23 July 2024 by Ken Zino
Ken Zino of AutoInformed.com on Fleet Owners with EVs and Traditional Vehicles Favor EVs

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The latest research from Cox Automotive published today – Future of Fleets: Path to EV Adoption – shows that among other things that, compared to vehicles powered by internal-combustion engines (ICE), fleet owners operating both electric vehicles (EVs) and their traditional, fuel-burning counterparts have higher levels of satisfaction with their EVs. This despite higher acquisition costs as well as more frequent service and maintenance. Conducted in Q1 2024, the survey collected data from fleet decision-makers in various regions and across differing fleet sizes. “Data show that 14% of fleets presently operate EVs, with a significant trend toward EV adoption expected in the next five years,” Cox said.

“The electric-vehicle story is much larger than just the retail story,” said Zo Rahim, senior analyst of Research and Market Intelligence at Cox Automotive. “In many ways, electric vehicles can be an ideal solution for many fleet operations, which often have set routes of known distances, vehicles that routinely overnight in the same location, and operations that prioritize the cost of ownership. The fleet business is significant in the U.S. market, and we expect the EV share of the fleet market to expand in the coming years.” Continue reading →

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Mattia Binotto Returns to F1 as CEO at Sauber Motorsport

Posted on 23 July 2024 by Ken Zino
Ken Zino of AutoInformed.com on Mattia Binotto Returns to F1 as CEO at Sauber Motorsport

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Audi said today in Germany that as part of its takeover of all shares in Sauber Holding AG and a realignment of future management of the Audi factory Formula One team that Mattia Binotto is joining the Audi F1 project* and will take on its leadership in Hinwil Switzerland. Oliver Hoffmann and Andreas Seidl are leaving the project.

“I am delighted that we have been able to recruit Mattia Binotto for our ambitious Formula 1 project,“ said Gernot Döllner, CEO, AUDI AG. “With his extensive experience of more than 25 years in Formula 1, he will undoubtedly be able to make a decisive contribution for Audi.“ Following his university degree in mechanical engineering at EPFL in Switzerland, the Italian immediately joined the F1 test team of Ferrari in 1995. He subsequently had various positions, from chief engineer to manager of the engine department and technical director. In 2019 he was additionally appointed as team head of Scuderia Ferrari.” Continue reading →

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GM Earns $4.4 Billion on Record Revenue – Raises Forecast

Posted on 23 July 2024 by Ken Zino
Ken Zino of AutoInformed.com on GM Earns $4.4 Billion on Record Revenue – Raises Forecast

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GM (NYSE: GM) posted solid second quarter and first half results today based on sales of traditional trucks, SUVs with stable prices and low incentives, as well as record EV sales and market share in Q2. GM is launching eight all-new or redesigned compact, mid-size and full-size internal combustion engine (ICE) models in North America, including high-volume vehicles such as the Chevrolet Equinox, and its range  of mid-size SUVs. All, repeat all, of which have higher margins than the outgoing models.

“With our new investments, we have an even stronger focus on margins and capital efficiency.,” said Mary Barra, GM Chair and CEO “It was truly a great first half. And we have the products, discipline and strategies to drive future success.” Continue reading →

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Hyundai Recalls 55,000 Vehicles for Sudden Power Loss

Posted on 22 July 2024 by Ken Zino

Hyundai Motor America is recalling ~55,00 2019-2022 Veloster N, 2019-2023 Genesis G70, 2022-2023 Elantra N, and Kona N vehicles, according to the required filing that the National Highway Traffic Safety Administration made public today.

The fuel control valve in the high-pressure fuel pump assemblies equipped in the vehicles could allow excess fuel to enter the fuel pump due to gradual wear of the FCV plunger. An air/fuel  mixture that runs too “rich” may result in a reduction or loss of motive power at low speeds, increasing the risk of a crash. The problem resulted in a recall in Korea last month. According to HMC, upon detection of a fault, the vehicle entered a “limp” drive mode that limited acceleration when exceeding 60 MPH. Continue reading →

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BMW Has Yet Another Airbag Shrapnel Recall

Posted on 22 July 2024 by Ken Zino

BMW of North America is recalling 2015 6 Series Gran Coupe, 2014 5 Series Gran Turismo, 2014 5 Series Sedan, 2015 6 Series Convertible, 2015 6 Series Coupe, 2014 X5, 2013-2014 X3, 2014-2015 3 Series Sedan, 2014 4 Series Coupe, 2014 4 Series Convertible, 2014 3 Series Gran Turismo, and 2015 4 Series Gran Coupe vehicles, according to a NHTSA filing made public this morning. (read AutoInformed on: Takata Airbag Shrapnel – BMW Recalls 400,000 3-Series Models)

“The inflator for the driver air bag may not have been produced according to specifications by the supplier. In extremely rare cases, the air bag inflator could rupture, which could result in injury or death to vehicle occupants,” BMW claimed in the required NHTSA filing. Continue reading →

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Goodyear Sells Off-the-Road Tire Arm to Yokohama Rubber

Posted on 22 July 2024 by Ken Zino
Ken Zino of AutoInformed.com on Goodyear Sells Off-the-Road Tire Arm to Yokohama Rubber

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The Goodyear Tire & Rubber Company (NASDAQ: GT) said today that it has signed a definitive agreement* to sell its Off-the-Road (OTR) tire business to The Yokohama Rubber Company, Limited (TYO: 5101) for $905 million in cash. The OTR tire business tires globally for surface and underground mining, construction and quarry, as well as  port and industrial end markets.

“The sale of the OTR business marks an important milestone as we continue to execute against our Goodyear Forward transformation plan,” said Mark Stewart, Goodyear Chief Executive Officer and President. “We are grateful to our OTR colleagues who have driven the success of the business and are committed to working closely with Yokohama to ensure a smooth transition for customers and associates.” Continue reading →

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First Look – Cadillac SOLLEI EV Concept Convertible

Posted on 22 July 2024 by Ken Zino
Ken Zino of AutoInformed.com on First Look – Cadillac SOLLEI EV Concept Convertible

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Cadillac today showed an all-electric, 2+2 convertible dubbed pretentiously SOLLEI. It’s derived from sun – ‘SOL’ – and leisure – ‘LEI’. The exterior is finished in “Manila Cream,” a color originally used on Cadillacs in 1957 and 1958.

“SOLLEI reimagines the discovery of travel, envisioning a personalized driving experience that connects one with the natural world around them,” said Erin Crossley, design director, Cadillac. “The concept celebrates Cadillac’s pedigree of elegant convertibles in a modern form by cultivating high luxury through design expressions and experiences.” Continue reading →

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