Stellantis Posts Record 2023 Results – €18.6B Net

Posted on 15 February 2024 by Ken Zino
Ken Zino of AutoInformed.com on Stellantis Posts Record 2023 Results - €18.6B Net

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Stellantis (NYSE: STLA) today reported record full year 2023 results with net revenues growing 6% year-over-year to €189.5 billion. Net profit rose 11% to €18.6 billion, helped by a 10% gain in operating income due to the non-recurrence of unusual charges in 2022, mainly related to the Takata airbag recall and CAFE penalty adjustments. Significantly, industrial free cash flow increased 19% y-o-y to €12.9 billion. All told, Stellantis shipped ~6,392,600 vehicles during the year. As a result, it proposed a dividend of €1.55 per common share, that’s plus ~16% compared to 2022, pending shareholder approval at the annual meeting on 16 April 2024.

“As we just passed the three-year mark since Stellantis’ inception, I warmly thank our teams who are executing at the highest levels and contributing greatly to our growth story, even in the strongest of headwinds. Today’s record financial results are proof that we have become a new global leader in our industry and will remain rock solid as we look to a turbulent 2024. Thanks to our flexible technology and product roadmap, we are prepared to address the various scenarios that could arise and to continue delivering on our Dare Forward 2030 targets,” said Carlos Tavares, CEO. Continue reading →

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GM Expands Super Cruise Network in North America Again

Posted on 15 February 2024 by Ken Zino
Ken Zino of AutoInformed.com on GM Expands Super Cruise Network in North America Again

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General Motors (NYSE:GM) said today that it is increasing its Super Cruise Network to 750,000 miles of available hands-free driving, which makes it the largest such assisted driving application in North America. GM claimed this was nearly six times the coverage of other hands-free driver assistance technologies on the market today. The new roads have started to be added incrementally over-the-air, at no additional charge, and will continue to be added through 2025.*

“GM is all-in on safely deploying Super Cruise as we make the technology available on more vehicles, more roads and for more people to enjoy. A key part of that is expanding the road network, in this case nearly doubling it again, with LiDAR mapped highways. High precision LiDAR mapping gives us an operating domain where we are confident in Super Cruise’s abilities, “said Anantha Kancherla, GM vice president of ADAS. Continue reading →

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Annals of Marketing – G-Class Stronger Than Diamonds

Posted on 14 February 2024 by Ken Zino
Ken Zino of AutoInformed.com on Annals of Marketing – Geländewagen Diamond Edition

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Mercedes-Benz today announced a global campaign with the G-Class Stronger Than Diamonds edition, claimed to be “a very special symbol of love limited to just 300 units worldwide.” The marketing campaign, dubbed “A love that lasts forever. Stronger than diamonds,” is on Mercedes-Benz social media channels.

The campaign film is here. (See AutoInformed.com: Mercedes-Benz Sindelfingen to Build GLC SUV) Continue reading →

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BMW i Ventures Invests in Skylo Technologies

Posted on 13 February 2024 by Ken Zino

BMW i Ventures today announced an investment in Skylo Technologies,* a direct-to-device satellite connectivity service provider. The $37 million financing round was co-led by Intel Capital and Innovation Endeavors and joined by BMW i Ventures, Samsung Catalyst Fund, Seraphim Space, and Next47. (AutoInformed: BMW i Ventures Invests in Formant Robotics Data Platform)

“We were impressed with Skylo’s global connectivity solution that enables ‘always-on, always-connected’ communication for the automotive industry,” said Kasper Sage, Managing Partner at BMW i Ventures. “Skylo has a proven solution and team that is going to make satellite connectivity a new standard for the next generation of vehicles while keeping people safe and making their experiences seamless wherever they may go.” Continue reading →

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Annals of Marketing – Dag Ødegaard’s F-150 Lightning

Posted on 13 February 2024 by Ken Zino
Ken Zino of AutoInformed.com on Annals of Marketing - Dag Ødegaard’s F-150 Lightning

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Ford Motor (NYSE: F) said today that Dag Ødegaard from Lier, Norway is the first Norwegian customer to take home an electric Ford F-150 Lightning. The Mustang Mach-E, now available in ~39 global markets, debuted in Norway during 2021 and is among the top five vehicles in the market. Ford Motor said two years ago that it is pursuing zero emissions for all vehicle sales in Europe and carbon neutrality of facilities, logistics and suppliers by 2035.

“It’s fitting that Ødegaard is the first in Norway with the truck, given his connections to America. His wife (unnamed) is from Texas and he owns a store in Norway that sells American grill and barbecue equipment,” Ford said. Continue reading →

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Toyota Cleans Daihatsu House Over False Tests

Posted on 13 February 2024 by Ken Zino

Toyota said today in Japan that effective 1 March 2024 Chairman Matsubayashi and President Okudaira will resign from their posts at its troubled Daihatsu affiliate that has been enmeshed in false certification test scandals of the vehicles it makes for Toyota for more than a year.

The post of chairman will be abolished, and the new president will be Masahiro Inoue, currently chief officer of Toyota’s Latin America & Caribbean Region. Masanori Kuwata of Toyota Motor Kyushu will be newly appointed as executive vice president in addition to current Executive Vice President Hoshika. Continue reading →

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Daihatsu Ousted from CJPT for Certification Fraud

Posted on 13 February 2024 by Ken Zino

The Commercial Japan Partnership Technologies Corporation (CJPT) said today that it has accepted a request by Daihatsu Motor Co., (Daihatsu) for removal from CJPT because of “procedural irregularities in certification applications.”*

“CJPT has decided to accept Daihatsu’s request based on the belief that the continued inclusion of Daihatsu in activities will not gain the understanding of the public needed to progress its projects to build the future together,” CJPT said. Continue reading →

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Kia Recalls 2024 Tellurides for Sudden Engine Failures

Posted on 12 February 2024 by Ken Zino

Kia America  (Kia) is recalling 2024 Telluride vehicles because the engine valve springs may break while driving, which can result in a sudden loss of power and possibly create a hole in the engine block, which is a fire hazard. Abnormal engine noise, check engine light illumination, and a rough running engine are warning signs that the driver may notice before the engine fails. Tellurides are made in Georgia at a non-unionized plant.

National Highway Traffic Safety Administration today released the required recall filing. Kia told NHTSA that “The engine valve springs may break while driving due to fatigue cracking as a result of damage to the springs during manufacture by the supplier. A broken valve spring may result in a loss of motive power. In rare cases, a hole in the engine block may occur due to a broken valve entering the combustion chamber.” Continue reading →

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Nissan Recalls LEAF EVs for Bad Rearview Cameras

Posted on 12 February 2024 by Ken Zino

Nissan North America (Nissan) is recalling ~58,000 model-year 2018-2022 LEAF electric vehicles because damage to the camera harness can cause distortion or loss of the rearview camera display image. As such, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard number 111, “Rear Visibility.”

If the rear view image is not available, rearward visibility may be reduced, potentially increasing the risk of a crash. The recalled LEAF models were made at the non-unionized Smyrna, Tennessee assembly plant. Continue reading →

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Mercedes-Benz Recalls GLC models for Headlight Glare

Posted on 12 February 2024 by Ken Zino

Mercedes-Benz USA (MBUSA) is recalling more than 15,500 vehicles because the headlights may be incorrectly adjusted too high during production and create a glare for oncoming traffic. As such, these luxury vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard number 108, “Lamps, Reflective Devices, and Associated Equipment.” (see also AutoInformed: IIHS Toughens Musts for Top Safety Pick Ratings)

The recall was made public today by the National Highway Traffic Safety Administration. Th recall appears to have been set in motion by an Insurance Institute for Highway Safety (IIHS) rating of GLC (253 platform) vehicles more than one year ago, including their headlamp adjustments. Continue reading →

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Honda Recalls 750,000 Vehicles for Bad Airbag Deployments

Posted on 12 February 2024 by Ken Zino

Honda (American Honda Motor Co.) is recalling ~750,000 Honda and Acura vehicles from model-years 2020-2022 for unintentional airbag deployments during a crash. According to documents released publicly today by the National Highway Traffic Safety Administration, the front passenger seat weight sensor may crack and short circuit, failing to suppress air bag deployment during an accident as intended by the engineering design. A capacitor in the printed circuit board of the seat weight sensor may develop an internal short circuit from the exposure to environmental humidity.

“Due to a natural disaster at the manufacturing plant of a tier-2 supplier, the tier-1 supplier temporarily changed the base material in the printed circuit board of the seat weight sensor, which was not sufficiently verified for its intended use. The alternative base material could allow additional strain to the printed circuit board that can lead to a capacitor cracking and an internal short circuit,” Honda said in the required recall filing with NHTSA. Continue reading →

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Chevy Silverado, GMC Sierra Pickup Recall for Bad Tailgates

Posted on 12 February 2024 by Ken Zino

General Motors (NYSE: GM) is recalling model-year 2020-2024 Chevrolet Silverado 2500, 3500, and GMC Sierra 2500, 3500 heavy-duty pickup trucks equipped with power-unlatching tailgates. The tailgate’s electronic gate-release switch may short circuit because of water intrusion, which can result in the tailgate inadvertently unlatching while the vehicle is in park, according to the required filing made public this morning by the National Highway Traffic Safety Administration. More than 323,230 pickup trucks are potentially affected by the safety defect.

Only 2500 and 3500 (HD) series vehicles that are equipped with the manual gate with power lock and release (RPO QT5) are affected by this recall. HD series vehicles with other tailgate configurations are not affected, GM said in the filing. GM has also stopped delivery of the vehicles. It is a violation of federal law for a dealer to deliver a new motor vehicle or any new or used item of motor vehicle equipment until the defect is remedied. If the driver does not manually close the gate before beginning a drive, cargo in the bed of the truck may exit the vehicle and become a road hazard, increasing the risk of a crash. Continue reading →

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Toyota to Restart Pixis Production and Shipments

Posted on 9 February 2024 by Ken Zino
Ken Zino of AutoInformed.com on Toyota to Restart Pixis Production and Shipments

Pixis truck.

Toyota said today that Daihatsu has reported to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) the processes it has taken to prevent a recurrence of the irregularities that resulted in false certifications of Daihatsu made vehicles. Toyota will resume production on 26 February and shipments of the Pixis Epoch and Pixis Truck and Pixis Van, which are outsourced to Daihatsu Motor Company (AutoInformed.com: Group Troubles Move Forward Akio Toyoda’s Vision Speech; Toyota, Daihatsu Form Emerging Market Compact Car Company)

“Toyota will provide full support to ensure that the various measures are implemented. We will resume production of the models to be released for shipment by MLIT as soon as they are ready, while carefully communicating with our suppliers and other related parties,” Toyota said. Continue reading →

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Stellantis Increases January European Sales and Market Share

Posted on 8 February 2024 by Ken Zino
Ken Zino of AutoInformed.com on Stellantis Increases January European Sales and Market Share

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Stellantis (NYSE: STLA) said today that in the EU29 market it posted a 7.6% increase in passenger car and commercial vehicle volumes (PC+CV) year-on-year, corresponding to a market share of 19.7%, up 0.9 percentage points compared to one year ago.

“Stellantis’ sales growth across key markets in January reflects our collective dedication to innovation and customer satisfaction,” said Uwe Hochgeschurtz, Stellantis Chief Operating Officer, Enlarged Europe. “This performance, both in volumes and market share across all energies and segments, reaffirms our position as the unrivaled challenger for the #1 spot in Europe. Continue reading →

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European Passenger Car Sales Soft in January 2024

Posted on 8 February 2024 by Ken Zino

The Western Europe passenger car selling rate fell slightly to 12 million units a year in January, according to numbers just released by the respected GlobalData* consultancy, at 901,000 vehicle registrations. Year-over-year (YoY) January grew 10.7% with strong growth in Germany and other major West European countries. However, relative to pre-pandemic January 2019, the  passenger vehicle (PV) market is down almost 19%.

“With supply having been a key limiting factor over recent years, 2024 will see the focus return to the health of underlying demand. In this regard, consumers face headwinds such as high interest rates, inflation, and elevated vehicle pricing. However, the latter should ease as a function of greater vehicle supply and further volume recovery is baked into the 2024 outlook. Risks remains, noting the recent Red Sea attacks hitting freight costs, which only increases pressure on the manufacturing cost base,” the GlobalData European Light Vehicle Sales Forecasting Team said. Continue reading →

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