EPA – State Fuel Waivers for ExxonMobil Refinery Shutdown

Posted on 1 August 2024 by Ken Zino

U.S. Environmental Protection Agency Administrator Michael S. Regan today issued an emergency fuel waiver to help alleviate fuel shortages in four states whose supply of gasoline has been impacted by the shutdown of the ExxonMobil Refinery in Joliet, Illinois.

The action comes after progressive Michigan Governor Gretchen Whitmer sent a letter to the EPA, “requesting an emergency fuel waiver that will increase the supply of fuel and help mitigate price fluctuations amidst the refinery outage, the ongoing hurricane season, and as Michiganders continue to enjoy summer travel plans.” Continue reading →

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AC Cars Revives Cobra GT Coupe

Posted on 1 August 2024 by Ken Zino
Ken Zino of AutoInformed.com on AC Cars Revives Cobra GT Coupe

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AC Cars released today the first images of the new AC Cobra GT Coupe. The first ever official AC Cobra coupe set for production, working from an augmented version of the existing AC Cobra GT Roadster architecture. This road-going model, you might remember – if you are of a certain age and Monte Carlo Rally, LeMans and Kammtail resonate – draws on AC’s racing heritage. (read AutoInformed.com on: AC Cars Wins Right to AC Cobra Name)

“The reveal of the AC Cobra GT Coupe is a proud moment for us, and the story of a road-going AC Cobra coupe is one years in the making. To have been able to combine the timeless AC Cobra design into a car using the latest design and construction techniques breaks new ground for AC Cars. This means the limited Clubsport Edition will provide an incredible, racing car-like experience on either the road or the track,” said David Conza, CEO AC Cars.* Continue reading →

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Stellantis Pursuing Share Buy Backs?

Posted on 1 August 2024 by Ken Zino
Ken Zino of AutoInformed.com on Stellantis Sales Up in EU for First Half of 2024

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Stellantis N.V. (NYSE: STLA) said today that pursuant to its Share Buyback Program* announced on 15 February 2024, covering up to €3 billion to be executed in the open market, it has signed a share buyback agreement for the third tranche of its Program with an investment firm that will make its trading decisions concerning the timing of purchases independently of Stellantis. This despite (or because of?) its dreadful performance thus far in 2024. (read AutoInformed.com on: Stellantis Tanks in First Half of 2024 – Net Profit -48%)

Stellantis said it “intends to cancel the common shares acquired through its €3 billion Share Buyback Program apart from a portion of up to €0.5 billion, which will be utilized to execute future employee stock purchase plan activities and equity-based compensation. This is intended to support the benefits of expanding and strengthening the ownership culture inside Stellantis, while avoiding dilution of existing shareholders.” Continue reading →

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Penske Automotive Group Posts Lukewarm Q2 Results

Posted on 31 July 2024 by Ken Zino
Ken Zino of AutoInformed.com on Penske Automotive Group Posts Lukewarm Q2 Results

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Penske Automotive Group (NYSE: PAG) today posted $7.7 Billion in revenue during Q2 2024, a quarterly record. Q2 included a 10% increase in quarterly retail automotive service and parts revenue to $753 million, which is also a quarterly record. However, net income attributable to common stockholders was $241.2 million compared to $300.8 million in the prior year period, and related earnings per share was $3.61 compared to $4.41 for the same period in 2023. Foreign currency exchange negatively impacted revenue by $0.8 million, net income attributable to common stockholders by $0.4 million, but had no negative effect on earnings per share.

“I am pleased to see that our service and parts business remains strong and contributed to our record total quarterly revenue of $7.7 billion. In addition, our focus on efficiency and controlling costs drove a sequential decline in selling, general, and administrative expenses as a percentage of gross profit by 50 basis points to 70.2%,” said Chair and CEO Roger Penske, which is more or less what he said about Q1 results. Continue reading →

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More Fines for Tampering with Emissions Control Systems

Posted on 31 July 2024 by Ken Zino

Diesel performance parts retailers GDP Tuning LLC and Custom Auto of Rexburg LLC, doing business as Gorilla Performance, and owner Barry Pierce were sentenced today in federal court in Pocatello, Idaho. Senior U.S. District Court Judge B. Lynn Winmill for the District of Idaho sentenced Pierce to four months in prison. GDP Tuning and Gorilla Performance were sentenced to five years of probation. All defendants were ordered to jointly pay a $1 million fine. The companies and Pierce had previously pleaded guilty.

“The defendants knowingly and repeatedly flouted Clean Air Act regulations even after being told that this conduct was against the law,” said Assistant Attorney General Todd Kim of the Justice Department’s Environment and Natural Resources Division. “We are committed to enforcing the law and holding individuals and businesses accountable.” Continue reading →

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More Toyota Certification Problems Emerge from MLIT Probe

Posted on 31 July 2024 by Ken Zino
Ken Zino of AutoInformed.com

Akio Toyoda.

Toyota Motor Corporation said today that it had received a “correction order” from the Ministry of Land, Infrastructure, Transport and Tourism (MLIT), that calls for “drastic reforms to ensure appropriate certification operations.” (Read AutoInformed on: Toyota Releases More Details on Vehicle Certification Fraud, Toyota to Restart Pixis Production and Shipments, Daihatsu Ousted from CJPT for Certification Fraud)

“We have also received suggestions and guidance on additional matters. It is with deep regret that we were not able to properly conduct our certification operations, and we apologize to our stakeholders for any concern or inconvenience this may have caused them,” Toyota said in a release. “Through a series of suggestions and internal investigations, we believe that these incidents were caused by both on-site and management factors,” Toyota said. Continue reading →

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Commercial Vehicle Sales Up in EU H1 2024

Posted on 30 July 2024 by Ken Zino
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During the first half of 2024, new EU van sales increased by 15%, at 840,409 units, driven by double-digit growth in key markets, according to data just released by The European Automobile Manufacturers’ Association (ACEA).*

“Germany led with a remarkable 19.3% rise, followed by Spain at 18.5%, Italy at 17.8%, and France at 10.5%. New EU truck registrations saw a more modest increase of 3%, at 183,295 units from January to June. This growth was primarily driven by an 18.2% increase in medium-truck sales, while heavy trucks remained stable with a 0.3% increase. Spain and Italy led with double-digit gains of 21.7% and 10.5%, respectively, while Germany (+8.1%) and France (+5.5%) also posted growth,” ACEA said. Continue reading →

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FAA Okays Automated Commercial Drone Flights

Posted on 30 July 2024 by Ken Zino
Ken Zino of AutoInformed.com on FAA Okays Automated Commercial Drone Flights

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The FAA said today that it has authorized commercial drone flights without visual observers in the same Dallas-area airspace. In a first for U.S. aviation, Zipline International and Wing Aviation can now deliver packages while it’s claimed that  their drones safely separated  from other air traffic using so called Unmanned Aircraft System Traffic Management (UTM) technology.

Previously, when operating drones, the drone pilot must be able to always see the unmanned aircraft. However, what the FAA claims are new advancements in air traffic technology and procedures are making these “Beyond Visual Line of Sight” (BVLOS) flights routine. Considerable lobbying pressure no doubt is in play. The FAA budget was threatened by Republicans last year in latest fiscal year fiasco. The current budget expires on 30 September, so fasten your safety belt, this is going to be a stormy flight this fall.
 Continue reading →

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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
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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
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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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