Ford Motor 2023 Q3 Net income $1.2 Billion

Posted on 26 October 2023 by Ken Zino
Ken Zino of AutoInformed.com on Ford Motor Q3 Net income $1.2 Billion

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Ford Motor Company (NYSE: F) posted today Q3 revenue of $44 billion, up 11% from Q3 2022 on flat vehicle wholesales. Net income of $1.2 billion reversed a year-ago net loss of $827 million, which included a $2.7 billion non-cash, pretax impairment on Ford’s losing investment in Argo AI. Adjusted earnings before interest and taxes (EBIT), in Q3 increased to $2.2 billion.

“I’m very optimistic about the reality we’re creating with Ford+,” said President and CEO Jim Farley. “We’re building a more dynamic, highly talented and customer-focused company at the intersection of great vehicles, iconic brands, innovative software and high-value services. Continue reading →

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Consumer Spending Spree – October US Auto Sales

Posted on 26 October 2023 by Ken Zino
Ken Zino of AutoInformed.com on Consumer Spending Spree – October US Auto Sales

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Total US new-vehicle sales during October 2023 are forecast to reach 1,201,800, a 6.6% increase from October 2022, according to numbers just released by J.D. Power and GlobalData.* The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 15.5 million units, up 0.9 million units from October 2022. Retail buyers are on pace to spend $43.7 billion on new vehicles, up $0.3 billion from October 2022.

“October results indicate a relatively robust performance with modest year-over-year sales growth but with record consumer expenditures. Year-to-date total sales through October are anticipated to surpass 12.8 million units, reflecting a 13.6% increase compared with the same period a year ago. Nonetheless, these figures remain below pre-pandemic levels when year-to-date sales exceeded 14 million units. The UAW work stoppage, which commenced in September, has had a limited effect on October’s industry sales,” said  Thomas King, president of the data and analytics division at J.D. Power. Continue reading →

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Ford Reaches UAW Contract Agreement If Members Vote Yes

Posted on 25 October 2023 by Ken Zino
Ken Zino of AutoInformed.com on Ford Reaches UAW Contract Agreement If Members Vote Yes

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“We are pleased to have reached a tentative agreement on a new labor contract with the UAW covering our US operations,” said Ford CEO and President Jim Farley at 8:43 pm tonight in a Dearborn issued statement. The agreement is dependent on ratification by Ford’s UAW-represented employees. Consistent with the ratification process, the UAW will share details with its membership before they are disclosed in public. This will likely occur late Sunday.

AutoInformed thinks that Bill Ford’s appeal moved the then stalled negotiations in the right direction and away from inflammatory language and posturing. Ford workers will return to work while the agreement goes through the ratification process with the UAW National Ford Council convening in Detroit this weekend to review the agreement. (See AutoInformed: Bill Ford Asks UAW to Choose His View of the Right Path) Continue reading →

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Zero-Emissions Truck Sales Soar in California

Posted on 24 October 2023 by Ken Zino

The California Air Resources Board (CARB) has released a report showing that truck manufacturers are exceeding targeted sales of zero-emissions vehicles and are now two years ahead of schedule. This, in CARB’s view shows the interest that fleet operators have in zero-emissions trucks. (AutoInformed: CARB Mandates Zero-Emission Medium, Heavy-Duty Vehicles; Death of the Diesel – CARB Tightens Off-Road Equipment Regs)

“The report makes several important points: users are interested in adopting zero-emissions technology; several manufacturers are stepping up to meet that market interest; and the flexibility that we built in to allow for a phased-in transition toward a zero-emissions future is working,” said Dr. Steven Cliff, CARB’s Executive Officer. “Helping the businesses that rely on trucks to transport goods across the state switch to zero emissions is key to achieving a clean air future, and the data show that progress is well underway.” Continue reading →

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Stellantis and Orano Explore EV Battery Recycling Deal

Posted on 24 October 2023 by Ken Zino

Stellantis N.V.* and Orano** today announced the signing of a memorandum of understanding to establish a joint venture for recycling end-of-life electric vehicle batteries and scrap from gigafactories in so-called Enlarged Europe and North America. The reclaimed cobalt, nickel, and lithium are part of what Stellantis says is a circular economy approach and will help meet the European Union (EU) 2031 battery directive to use recycled materials in new batteries.

“The United Nations’ Sustainable Development Goals has confirmed the need to find solutions like this one with Orano to meet the challenge of natural resource scarcity and sustainability,” said Stellantis Senior Vice President, Circular Economy Business Unit, Alison Jones. “Guided by our Dare Forward 2030 strategic plan, Stellantis is committed to shifting its production and consumption model by fulfilling its circular economy commitment.” The Stellantis Dare Forward 2030 strategic plan aspires to make it a carbon net zero company by 2038. Continue reading →

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GM Earns $3.6 Billion in Q3 2023

Posted on 24 October 2023 by Ken Zino
Ken Zino of AutoInformed.com on GM Earns $3.6 Billion in Q3 2023

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General Motors (NYSE: GM) today reported third-quarter 2023 revenue of $44.1 billion, net income attributable to stockholders of $3.1 billion and EBIT-adjusted of $3.6 billion on global sales of 981,000 vehicles.* The $3.6 billion includes ~$(0.2) billion of labor disruption impact, which was before the UAW struck GM’s most profitable plant this morning. The losses could be or evolve into a much higher number. At the moment GM is leading the Large SUV segment with more than 60% market share year-to-date, more than 3X nearest competitor. Moreover the  Cadillac Escalade number one selling Large Luxury SUV and will add the all-electric Escalade IQ in 2024. GM’s US market share is up 0.7 percentage points year-over-year. (AutoInformed: UAW Strike at Arlington – GM’s Biggest, Most Profitable Plant)

“Our supply chain team and logistics partners in North America have done great work improving the flow of vehicles from our assembly plants to our dealers,” said GM CEO Mary Barra. “Our U.S. dealers helped us outperform the market with strong pricing and essentially flat incentives. We were profitable in every region, including China. And GM International excluding China is on track to deliver significantly higher EBIT-adjusted in 2023 compared to a year ago. Continue reading →

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UAW Strike at Arlington – GM’s Biggest, Most Profitable Plant

Posted on 24 October 2023 by Ken Zino

Ken Zino of AutoInformed.com on Ken Zino of AutoInformed.com on UAW Strike at Arlington – GM’s Biggest, Most Profitable PlantGeneral Motors’ largest plant – and likely its most profitable – is idle today as 5000 UAW members at Arlington Assembly* joined the Stand Up Strike, shutting down production. The strike happened just hours after GM reported third quarter (Q3) earnings of $3.5 billion. It’s also one day after the UAW struck Stellantis’ largest plant, Sterling Heights Assembly Plant (SHAP). This was just a few days after the UAW president Shawn Fain briefed members on his perceived shortcomings of GM’s latest contract offer. (AutoInformed: GM Earns $3.6 Billion in Q3 2023; GM Increases Contract Offer for UAW Members; UAW On Strike at Stellantis Sterling Heights RAM Plant)

“Another record quarter, another record year. As we’ve said for months: record profits equal record contracts.” said UAW President Shawn Fain. “It’s time GM workers, and the whole working class, get their fair share.” Continue reading →

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UAW On Strike at Stellantis Sterling Heights RAM Plant

Posted on 23 October 2023 by Ken Zino
Ken Zino of AutoInformed.com on UAW On Strike at Stellantis Sterling Heights RAM Plant

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This Monday morning 6800 UAW members joined the so-called Stand Up Strike, shutting down production at Sterling Heights Assembly Plant (SHAP),  Stellantis’* largest plant and biggest moneymaker. UAW workers who make Stellantis’ best-selling RAM 1500 trucks are now joining the ongoing strikes at all three of the Big Three automakers. (AutoInformed: Stellantis Pulls Out of Electronics Show to Cut Costs)

The move comes just days after UAW President Shawn Fain detailed the current proposals across the automakers, highlighting the shortcomings of Stellantis’ current offer. Despite having the highest revenue, the highest profits (North American and global), the highest profit margins, and the most cash in reserve, Stellantis lags behind Ford and General Motors in addressing the demands of their UAW workforce. Currently, Stellantis has the worst proposal on the table regarding wage progression, temporary worker pay and conversion to full-time, cost-of-living adjustments (COLA), and more, UAW president Shown Fain told members in his weekly address. Some of the members on the broadcast were calling for a vote now. Continue reading →

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Toyota Shows Mid-Size EV Pickup Truck

Posted on 20 October 2023 by Ken Zino
Ken Zino of AutoInformed.com on Toyota Shows Mid-Size EV Pickup Truck

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Toyota is showing what it calls a concept mid-size EV Pickup Truck at the Japan Mobility Show 2023. At just over 5 meters long with a double cab design, the EPU’s monocoque structure enables a versatile deck space for a broader range of user applications.

“The EV pickup has quietness and is accompanied by packaging with a low center of gravity for superior handling stability and ride comfort,” Toyota said. It also show a similarly styled, three-row, seven-passenger Land Cruiser Se. Continue reading →

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VW, UTK Sign New Research Agreement

Posted on 20 October 2023 by Ken Zino

Volkswagen Group of America, Inc. (VWGoA) and the University of Tennessee, Knoxville (UTK) signed a new Master Research Agreement to extend their research partnership through 2028. Extending the agreement allows research to continue at the Volkswagen Innovation Hub in Knoxville. During the past five years, the collaboration has produced 27 active research projects, 15 publications, and multiple pending patents. (AutoInformed: VW Patents High-Speed Wireless EV Charging System)

“Partnering with the University of Tennessee, Knoxville for research has accelerated Volkswagen Group’s ability to bring practical innovations to our products,” said Chuhee Lee, vice president of mobility design and technology at Volkswagen Group Innovation Center California. “With this extension, we’ll be able to continue this invaluable research and bring more materials and power electronics solutions for more sustainable mobility. UTK has been an invaluable partner, bringing incredible research talent with an interest in the automotive industry and sustainability.” Continue reading →

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Toyota Hydrogen Road Service Vehicle at Motegi

Posted on 20 October 2023 by Ken Zino
Ken Zino of AutoInformed.com on Toyota Hydrogen Road Service Vehicle spotted at Motegi

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Toyota continues to take steps toward its goal to promote and move to a hydrogen-powered society. The latest example was spotted at Motegi raceway at a Super Taikyu race where a hydrogen refueling truck was in use.

“When we were first approached, the project only entailed the hydrogen module. However, from the perspective of JAF’s operations, we informed Toyota that running out of fuel was a relatively rare problem, while the most common issues are tire-related, “said General Manager Koso Takeda, JAF Road Service Division. “From there, the conversation turned to creating an all-in-one vehicle with the equipment to carry out JAF tasks. Before the day was out, people from Toyota visited our offices to measure sizes, and proceeded to build it.” Continue reading →

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GM Increases Contract Offer for UAW Members

Posted on 20 October 2023 by Ken Zino
Ken Zino of AutoInformed.com on GM Increases Contract Offer for UAW Members

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General Motors said today that it has provided a comprehensive offer to the UAW yesterday with “substantial movement in all key areas in an effort to reach a final agreement with the UAW and get our people back to work.” Gerald Johnson, executive vice president manufacturing and global sustainability, in a video told GM UAW members “the offer on the table is the most significant that GM has ever proposed to the UAW and recognizes our team members for all their dedication and contributions. The majority of our workforce will make $40.39 per hour, or roughly $84,000 a year by the end of this agreement’s term. We also continue to provide world-class health care with no out-of-pocket premiums or deductibles for seniority team members.”

Neither the United Autoworkers Union, nor its president Shawn Fain had immediate comment, which AutoInformed takes as a hopeful sign that a fair deal for all involved is in process. Continue reading →

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Made In CA and US – Honda Civic Hybrid Back Next Year

Posted on 20 October 2023 by Ken Zino

Ken Zino of AutoInformed.com on Made In CA and US - Honda Civic Hybrid Back Next YearThe Civic hybrid will join CR-V and Accord in Honda’s expanding hybrid-electric line-up as a 2025 model. Civic hybrid production will start with the sedan in Canada, followed by the hatchback in Indiana;  the two-motor hybrid electric system is made in Ohio.* (AutoInformed: Honda Shows Prototype Electric Autonomous Work Mower; Honda Prologue EV Losing Vapor Ware Status)

“Our associates are proud to play an important role in the Honda electrification strategy by adding production of the new Civic hybrid to the CR-V hybrid we now build,” said Roxanna Metz, plant co-lead of the Indiana Auto Plant. “Sales of Honda hybrid models already represent more than one-quarter of our sales in the U.S. and we are proud to help our customers transition to the electrified future with our ‘made in Indiana’ products.” Continue reading →

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Robitaxi Riders at Odds with Overall Consumer Opinion

Posted on 19 October 2023 by Ken Zino

In general consumers are not comfortable with the testing and deployment of robotaxis* on their city streets, according to the inaugural J.D. Power US Robotaxi Experience StudySM, released today. Findings show that only 27% of non-riders are comfortable sharing the road with robotaxis and just 20% of all consumers nationally are comfortable with AV technology being tested on streets and highways near them. Robotaxi riders, clearly new-tech adopters, are critical messengers for AV technology, and most tend to tout a positive experience.

“Automated vehicle technology is built on the promise of alleviating distracted driving, impaired driving and collisions attributed to human error,” said Kathleen Rizk, senior director of user experience benchmarking and technology at J.D. Power. “However, the benefits result from consumer acceptance, which is why it’s imperative to ensure these first deployments are flawless—not only for the riders but also especially for those who are not early adopters, including non-riders who are experiencing AVs in their community and those learning from a distance through social media and other news outlets.” Continue reading →

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Cleveland-Cliffs Steel To Pay $100M for Dearborn Emissions

Posted on 19 October 2023 by Ken Zino
Ken Zino of AutoInformed.com on Cleveland-Cliffs Steel To Pay $100M for Dearborn Emissions

Cleveland-Cliffs Dearborn Works

The US Environmental Protection Agency and the US Department of Justice announced a modification this afternoon to a 2015 consent decree between the United States and state of Michigan with the Cleveland-Cliffs Steel Corporation (NYSE: CLF formerly AK Steel) to resolve Clean Air Act violations at the company’s Dearborn, Michigan, steel manufacturing plant. The company is the largest supplier of flat rolled steel in North America and the largest supplier of automotive-grade steel in the US. Cleveland Cliffs also announced a price increase today. Cliffs’ minimum base price for hot rolled steel is now $800 per net ton.

“Today’s announcement shows that EPA and the Department of Justice are committed to achieving cleaner air for communities across the country,” said Assistant Administrator David M. Uhlmann for EPA’s Office of Enforcement and Compliance Assurance. “The changes that Cleveland-Cliffs will make at its Dearborn facility will reduce harmful air pollution and improve air quality for local residents.” Continue reading →

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