Hyundai Capital America Fined for Civil Rights Violations

Posted on 9 May 2024 by Ken Zino

The Justice Department said today that Hyundai Capital America* has agreed to pay $333,941 to resolve allegations that it violated the Servicemembers Civil Relief Act** (SCRA) by illegally repossessing 26 vehicles owned by servicemembers. (AutoInformed on Illegally Towed Vehicles – DOJ Helping Service Members)

“Members of our Armed Forces should not have to worry about having their cars repossessed while they are in military service,” said Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division. “The Justice Department remains steadfast in its commitment to enforcing laws that safeguard the rights of our service members so that they can devote their full energy and attention to the defense of our country.”
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BMW Group – Good Q1 Earnings on Slight Sales Increase

Posted on 8 May 2024 by Ken Zino

The BMW Group said today in Munich that during Q1 of 2024 it delivered 594,533 automobiles. This means, the company posted a tiny increase of 1.1% compared to the previous year. Throughout the three-month period, the major automotive markets largely showed an upward trend based on pent up demand and increased sales in the mid-price volume segment. (AutoInformed on: Mercedes-Benz Q1 2024 Profit Drops 25% as Sales Slump)

“The past nine quarters underline BMW’s continuity and reliability: As planned, we are dynamically expanding the share of electric vehicles while maintaining our high level of profitability. Some call this transformation — for us, it is continuous progress,” said the Chairman of the Board of Management of BMW AG, Oliver Zipse. Continue reading →

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Greenhouse Gases – EPA Final Rule for Oil and Gas Sector

Posted on 6 May 2024 by Ken Zino

The U.S. Environmental Protection Agency today issued a final rule to strengthen, expand, and update methane emissions reporting requirements for petroleum and natural gas systems under EPA’s Greenhouse Gas Reporting Program (GHGRP).* There are already significant legal challenges on both sides of the issue. This will likely add to the list of entities, lobbying groups and companies suing EPA.

“As we implement the historic climate programs under President Biden’s Inflation Reduction Act, EPA is applying the latest tools, cutting edge technology, and expertise to track and measure methane emissions from the oil and gas industry,” said EPA Administrator Michael S. Regan. “Together, a combination of strong standards, good monitoring and reporting, and historic investments to cut methane pollution will ensure the U.S. leads in the global transition to a clean energy economy,” Regan said. Continue reading →

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Annals of Marketing – Audi Electric Mountain Bike

Posted on 6 May 2024 by Ken Zino
Ken Zino of AutoInformed.com on Annals of Marketing – Audi Electric Mountain Bike

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Audi of America said this morning that it will increase its range of e-mobility products with the launch of a limited-edition enduro-style electric pedal assist mountain bike – dubbed eMTB – powered by Fantic. It becomes available through Audi Genuine Accessories by the summer of 2024. The Audi eMTB has livery said to be inspired by the design of Audi’s electrified Dakar Rally-winning RS Q e-tron race car. Audi eMTB at ~$9795 comes from a deal with Italian motorcycle and e-bike manufacturer Fantic based upon its XEF 1.9 Factory enduro e-bike.

“The geometry of its lightweight aluminum frame is designed to allow a relaxed riding position so riders can better react to obstacles and terrain. Its mixed 29 in.-front/27.5 in.-rear wheel setup provides the best of both rollover ability and tight cornering agility,” Audi said. Continue reading →

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Ford Maverick Pickups Recalled for Tail Light Failures

Posted on 6 May 2024 by Ken Zino
Ken Zino of AutoInformed.com on Ford Maverick Pickups Recalled for Taillight Failures

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Ford Motor Company is recalling more than 243,000 Maverick vehicles. The Body Control Module (BCM) on 2022-2024 models may deactivate one or both rear tail-lights without warning. The problem appears to be caused by a simple math error during the design phase of product development. The rear lamps use two position bulbs on a single circuit. However, the BCM current threshold was calibrated to the current draw for one bulb. This is a variation and expansion of a previous rear light recall. (AutoInformed on: Ford Recalls Maverick Pickups for Defective Software)

According to the required safety defect filing just released today by the National Highway Traffic Safety Administration, the BCM supplied by Robert Bosch can falsely detect a current overload on one or both of the rear position lamp circuits, resulting in one or both of the lamps to be deactivated during driving. Lamps that fail to illuminate can cause reduced visibility to other drivers in dark conditions, increasing the risk of a collision. Continue reading →

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The 2025 Genesis SUV – $57,700 to $79,300

Posted on 3 May 2024 by Ken Zino
Ken Zino of AutoInformed.com on The 2025 Genesis SUV - $57,700 to $79,300

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Genesis today announced prices for the 2025 GV80 Sport Utility Vehicle ranging from a manufacturer’s suggested retail price (MSRP) of $57,700 to $79,300 plus $1350 freight for an updated version of the first Genesis SUV. It now has a new interior.* Most  GV80 trims will be arriving at U.S. dealers in the coming weeks. The 2025 GV80 2.5T Standard AWD and 2025 GV80 2.5T Select AWD will be available this summer.

“The 2025 GV80 brings a new level of elevated cabin experience to the Genesis SUV lineup, making all occupants feel like honored guests,” said Claudia Marquez, chief operating officer of Genesis Motor North America. “Its new 27-inch widescreen display and array of new interior colors, materials, and finishes introduce an even greater sense of elegance to GV80.” Continue reading →

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The April 2024 U.S. Jobs Report –  is Stable Good?

Posted on 3 May 2024 by Ken Zino
Ken Zino of AutoInformed.com on - The April 2024 U.S. Jobs Report is Stable Good?

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The U.S. labor market added 175,000 jobs in April, the White House said today via its Council of Economic Advisors. More than  60% of private-sector industries added jobs. The unemployment rate ticked up slightly to 3.9% – it went from 3.83% to 3.86% – and the labor force participation rate held steady at 62.7%. AutoInformed sees nothing in the report that is practically worrisome to the auto industry.* What will be telling is if the companies can adjust supply  and pricing to demand without incurring losses. Wage gains continue to outpace inflation. See Figure 2 chart after page the break.  (Read AutoInformed on: April 2024 US Vehicle Sales Drop Slightly)

“At the same time, as economic expansions progress, we expect GDP and job growth to slow to a steadier and more stable pace than the breakneck growth pace coming out of the trough of the pandemic-induced recession,” CEA said. “Economists have referred to this as normalization or sometimes, as economic cooling.” Continue reading →

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April 2024 US Vehicle Sales Drop Slightly

Posted on 2 May 2024 by Ken Zino
Ken Zino of AutoInformed.com on April 2024 US Vehicle Sales Drop Slightly.

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US Light Vehicle (LV) sales declined by 3.9% Year over Year (YoY) in April, to 1.32 million units, according to a preliminary analysis just released by the respected GlobalData* consultancy. This means a 20-month YoY growth streak ended. However, GlobalData said that was “unsurprising” because April 2023 had an additional selling day.

“Calendar effects meant that it was always going to be challenging to match last year’s sales in April. However, with replenished inventory levels helping the market to recover a year ago, the industry is now facing a higher bar in order to keep growing,” said David Oakley, Manager, Americas Sales Forecasts, GlobalData. Continue reading →

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Mercedes-Benz Q1 2024 Profit Drops 25% as Sales Slump

Posted on 1 May 2024 by Ken Zino
Ken Zino of AutoInformed.com on Mercedes-Benz Q1 2024 Profit Drops 25% as Sales Slump

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Mercedes-Benz Group AG (MBG.DE) has reported Group Earnings Before Interest and Taxes (EBIT) of €3.9 billion (Q1 2023: €5.5 billion) a surprising drop of -25% but in line with struggles at European-based Volkswagen Group and Stellantis. MBG claimed that  lower raw material prices, tight cost control and a strong performance at Mercedes-Benz Vans were partially offset by lower sales at Mercedes-Benz Cars where supplier bottlenecks and model changeovers in the Top-End segment also led to a less favorable model mix. Group revenue came in at €35.9 billion (Q1 2023: €37.5 billion). (Read AutoInformed on: Stellantis Q1 Revenues, Shipments Drop – Transition or Trend?; Badass UAW Bargaining Committee Gets Record Daimler Deal)

“Mercedes-Benz delivered a solid Free Cash Flow in the first quarter thanks to our disciplined go-to-market approach, our desirable products and despite the volatile economic environment and external challenges. While we remain vigilant about the global macroeconomic and geopolitical outlook, we confirm our full-year financial targets for 2024,” said Harald Wilhelm, Chief Financial Officer of Mercedes-Benz Group. Continue reading →

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Penske Automotive Group 2024 Q1 Earnings Drop

Posted on 1 May 2024 by Ken Zino
Ken Zino of AutoInformed.com on Penske Automotive Group 2024 Q1 Earnings Drop

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Penske Automotive Group (NYSE: PAG)* said that during Q1 2024 revenue increased 1.5% to $7.4 billion. Net income attributable to common stockholders was $215.2 million compared to $298.3 million in the prior year period, and related earnings per share was $3.21 compared to $4.31 for the same period in 2023. Foreign currency exchange positively impacted revenue by $98.1million, net income attributable to common stockholders by $1.4 million, and earnings per share by $0.02.

“Our retail automotive service and parts revenue grew 9% to a quarterly record of $746 million. During the quarter, we experienced a recovery across our used vehicle retail automotive operations with profitability improving sequentially by $428 per unit retailed. Further, I was pleased with our focus on controlling costs as selling, general, and administrative expenses as a percentage of gross profit improved by 30 basis points sequentially to 70.7%,” said Roger Penske Chair and CEO. Continue reading →

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Stellantis Q1 Revenues, Shipments Drop – Transition or Trend?

Posted on 30 April 2024 by Ken Zino
Ken Zino of AutoInformed.com on Stellantis Q1 2024 Net Revenues, Shipments Drop – Transition or Trend?

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Stellantis N.V. (NYSE: STLA) today reported Q1 2024 financial results that showed net revenues of €41.7 billion off -12% compared to Q1 2023 on consolidated shipments of 1,335,000 vehicles, down 10%. Stellantis claimed these reflected  production actions and inventory management to prepare for new product wave in H2 2024 compared with strong shipments in Q1 2023.

“We are getting ready to show you the true color of Stellantis as we bring new products to market where we have multi energy opportunities that will allow us to benefit from a cost side while  addressing the consumers in the best way,” said Natalie Knight CFO of Stellantis. “While there are things we would love to have seen different and better in the first quarter and we are very proud of where we’re moving when it comes to market share and inventory. We think we’re doing things in the right way.” Continue reading →

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NHTSA Makes Automatic Emergency Braking Mandatory

Posted on 30 April 2024 by Ken Zino
Ken Zino of AutoInformed.com on NHTSA Makes Automatic Emergency Braking Mandatory

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The U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) has finalized a new Federal Motor Vehicle Safety Standard (FMVSS 127) that will make automatic emergency braking (AEB), including pedestrian AEB, standard on all passenger cars and light trucks by September 2029. This new safety standard will almost without question significantly reduce rear-end and pedestrian crashes. The Center for Auto Safety asked NHTSA to do this in 2015.

“The new vehicle safety standards we finalized today will save hundreds of lives and prevent tens of thousands of injuries every year,” said U.S. Transportation Secretary Pete Buttigieg. “The Bipartisan Infrastructure Law is not only making historic investments in transportation, but it’s also ushering in a new era of safer travel by ensuring new cars and light trucks are equipped with automatic emergency braking, making our roads safer for drivers and pedestrians alike.” Continue reading →

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National Labor Relations Board Certifies VW Chattanooga UAW

Posted on 30 April 2024 by Ken Zino

The National Labor Relations Board has certified the results of the election in which Volkswagen Chattanooga employees voted for representation by the United Auto Workers. The battle with VW management – a later day version of the Ford Rouge battle of the bridge, included disgraceful interference by VW management instead of the neutrality stipulated under US labor laws. The Chattanooga plant has now become the symbol and rallying point of the tough fight for workers’ rights, bringing national or global attention to the struggles and potential of unionizing in the low-wage South.*

“Volkswagen and union workers around the world have a long history of successfully building vehicles together, and we are jointly committed to a strong and successful future at Volkswagen Chattanooga with the UAW. We share many common goals: providing a positive working environment where employees are well compensated for their hard work building quality vehicles and share in the company’s success. Continue reading →

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NHTSA Investigation Opened on Ford Blue Cruise Fatalities

Posted on 29 April 2024 by Ken Zino

The National Highway Traffic Safety Administration is conducting a preliminary investigation of Mustang Mach-E electric vehicle crashes with Blue Cruise autonomous driving on freeways at night according to documents made public by the Office of Defects Investigations (ODI) today. The crashes which killed three people occurred when Blue Cruise was in use just before the collisions. What’s unclear is if the drivers were alerted in time by the system to avoid the crash? (see AutoInformed on: Ford Motor Establishes Latitude AI for Autonomous Driving)

More than 130,000 2021-2024 Ford Mustang Mach-E vehicles equipped with Co-Pilot360 Active 2.0 are covered by so-called PE24012 by the Office Of Defects Investigation PE24012 opened on 25 April 2024 by Joseph Teitelman, Peter Kivett and Tanya Topka at NHTSA. Continue reading →

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Ford Fund Now Ford Philanthropy

Posted on 29 April 2024 by Ken Zino
Ken Zino of AutoInformed.com on Ford Fund Now Ford Philanthropy

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Ford Motor Company (NYSE: F) said today that the Ford Motor Company Fund (aka Ford Fund), its philanthropic section is renaming itself to “Ford Philanthropy.” The rebranding is said to reflect a fresh and modern outlook that also highlights Ford’s mission to make the world a better place. Ford Philanthropy’s community partners, funding model, network of community centers and focus priorities – applying Ford’s mobility expertise to expand access to essential services, education for the future of work and entrepreneurship – remain the same.

“With $2.3 billion in philanthropic contributions since 1949, together with Ford Motor Company, Ford Philanthropy remains unwavering in its commitment to invest in solutions that address unique community needs,” Ford said in a release. Continue reading →

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