Tag Archives: auto industry commentary

CarMax FY Q3 Net Profit Up 1.2%

Posted on 19 December 2024 by Ken Zino

CarMax (NYSE: KMX) today reported results for the third quarter ended November 30, 2024. Total gross profit of $677.6 million increased  by 10.6% year-over-year (YoY) because of higher volumes and margins. Gross profit per retail used unit was $2306, in line with the prior year’s Q3. Gross profit per wholesale unit  was $1015, up $54 per unit. Extended Protection Plans (EPP) margin per retail unit of $573, was an increase of $53.

“I am pleased with the positive momentum that we are driving across our diversified business model. Our solid execution and a more stable environment for vehicle valuations enabled us to deliver robust EPS growth driven by increases in unit sales and buys, solid margins, growth in CAF income, and ongoing management of SG&A,” said Bill Nash, president and chief executive officer. Continue reading →

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Toyota to Get $4.5M in Fed Funding for EV Batteries

Posted on 18 December 2024 by Ken Zino

Toyota (NYSE:TM) said today that Toyota Engineering & Manufacturing North America, Inc. (TEMA), inclusive of Toyota Motor North America (TMNA) R&D, has been selected to receive $4.5 million in funding from the U.S. Department of Energy, Advanced Research Projects Agency-Energy (ARPA-E). The funding is part of the Catalyzing Innovative Research for Circular Use of Long-lived Advanced Rechargeables (CIRCULAR) Program, designed to support a circular domestic supply chain for electric vehicle (EV) batteries.

“As it stands, this project and program will highlight avenues for everyone to rethink their approach to battery circularity, and help prioritize the extension of battery life, facilitate battery reuse, and reduce battery waste while unveiling the appropriate pathways to achieve such priorities,” said Nik Singh, principal scientist at TRINA (Toyota Research Institute of North America) who is Principal Investigator on this project. “This is only made possible by the collaboration between the exceptional teams comprised within this project group.” Continue reading →

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California Advanced Clean Cars II Regs – EPA Grants Waivers!

Posted on 18 December 2024 by Ken Zino

“After reviewing the information provided by California, reviewing comments submitted by the public, and applying the limited criteria for waiver review under the Clean Air Act, EPA determined in each case that it would be appropriate to grant both waiver requests. The records, included in the waiver decisions, contain public comments on the programs’ feasibility, including costs to manufacturers and the lead time provided. EPA’s review found that opponents of the waivers did not meet their burden to show how either program is inconsistent with the Clean Air Act. California has longstanding authority to request waivers from EPA to protect its residents from dangerous air pollution coming from mobile sources like cars and trucks,” said EPA Administrator Michael S. Regan. “Today’s actions follow through on EPA’s commitment to partner with states to reduce emissions and act on the threat of climate change.” Continue reading →

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Clean Air Act – Power Performance Enterprises Fined

Posted on 18 December 2024 by Ken Zino

Louisiana-based company Power Performance Enterprises Inc. (PPEI) and its president and owner, Kory B. Willis, were sentenced yesterday in federal court in Sacramento, California, for violating and conspiring to violate the Clean Air Act by tampering with the monitoring devices … Continue reading →

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Milestones – Sculptor Charles Sykes – Spirit of Ecstasy Creator

Posted on 18 December 2024 by Ken Zino

“Best known to posterity as the creator of the Spirit of Ecstasy, Charles Sykes was a multi-talented artist with deep connections to the principal players in the Rolls-Royce story. His professional and artistic relationship with Eleanor Thornton was pivotal in his work, for which she was perhaps his greatest muse; he also benefited from two powerful patrons in Lord Montagu of Beaulieu and Claude Johnson, on whose behalf he produced some of the finest and most enduring works of art. His paintings of Rolls-Royce motor cars uniquely capture their grace and beauty, and in his depictions of their almost exclusively aristocratic owners, he provides a fascinating window into a world that has now vanished,” said Andrew Ball, Head of Corporate Relations and Heritage, Rolls-Royce Motor Cars. Continue reading →

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US Auto Sales Forecast Trump Bump or Bumpy 25?

Posted on 17 December 2024 by Ken Zino

The experts at Cox Automotive said today that the U.S. Automotive forecast for 2025 is likely positive with what they termed the Goldilocks economy – not too hot nor too cold but just right.

“Instead of a slowing economy, we have a stabilizing economy and most importantly, a stabilizing labor market,” said the estimable Jonathon Smoke Cox, Automotive chief economist. “We can stop fretting about a soft landing and acknowledge we’ve navigated restrictive rates, slowing job growth and increasing unemployment. But as we end 2024, momentum is back on our side. And the labor market is expected to remain at full employment,” said Smoke. Continue reading →

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Toyota Slashes 2025 Electric Vehicle Prices $6000

Posted on 17 December 2024 by Ken Zino

Toyota said today in Plano Texas that the Manufacturer’s Suggested Retail Price* (MSRP) for the 2025 bZ4X is $6000 lower for the XLE grade and $5380 lower for the Limited grade.** The 2025 bZ4X also adds a new Nightshade edition, making it the first-ever Toyota Nightshade BEV. There is more standard driver assistance technology on the Limited grade, including Traffic Jam Assist, Lane Change Assist, and Front Cross Traffic Alert.

“For drivers thinking about going all electric, the Toyota bZ4X just made the choice even easier,” Toyota said. “With a smooth, quiet ride, and an EPA estimated range rating of up to 252 miles on FWD models, the bZ4X is a great value for drivers that want a BEV from a trusted brand. For 2025, that value starts at an MSRP of $37,070 on the XLE FWD grade, a reduction of nearly 14-percent. Continue reading →

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Kenworth, Peterbuilt ABS Software Recall

Posted on 16 December 2024 by Ken Zino

PACCAR Incorporated (PACCAR) is recalling ~221,000 Peterbilt and Kenworth buses, medium- and heavy-duty vehicles equipped with Bendix EC80 Advanced Electronic Control Units (ECU) according to documents made public today by the National Highway Traffic Safety Administration.

“According to Bendix in its recall 24E-086, the ABS, Automatic Traction Control (ATC), or Electronic Stability Control (ESC) may set an ABS fault or may stop operating. Other functions which strongly interact with ABS such as Active Cruse Control (ACC) and Collision Mitigation System (CMS) may also fault. In extremely rare situations before the system faults or stops operating, if there is a stability event or an automated braking request, the system may respond incorrectly to the event. This may increase the likelihood of a crash,” PACCAR said in the required safety defect filing. Continue reading →

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November Global Light Vehicle Sales Rate 93 Million

Posted on 16 December 2024 by Ken Zino

The Global Light Vehicle (LV) selling rate for November* stood at 95 million units/year, according to an analysis released today by the respected GlobalData consultancy.** a small improvement on the previous month, and the best result so far in 2024. Market volumes continued to grow in November as YoY sales were up 6% compared to November 2023. YTD sales stood at 80 million units.

“In November, sales saw sustained growth in key markets like the US and China. Chinese consumers are capitalizing on scrappage subsidies and a very competitive pricing environment. In the US, an extra selling day compared to the previous year contributed to increased sales YoY. Sales in Western Europe remain lackluster, mirroring previous trends, as political and economic challenges persist, exacerbated by recent government turmoil in Germany and France,” the Global Light Vehicle Sales Forecast Team said. Continue reading →

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Airports – More Safety, Capacity Improvements On Way

Posted on 16 December 2024 by Ken Zino

The U.S. Department of Transportation’s Federal Aviation Administration (FAA) is awarding $20.5 million for 25 grants across 14 states and Puerto Rico to modernize airports under the Bipartisan Infrastructure Law Airport Infrastructure Grants (AIG) program, part of the $25 billion total included in the law over a period of five years for airport and air traffic control infrastructure improvements.

Nearly three million people travel by air every day in the United States. According to the Census of Governments (CoG) from the U.S. Census Bureau, there are 435 independent special districts operating as airport authorities, airport commissions, or port authorities across the United States. In addition, local governments such as counties and municipalities, and state governments, may also operate airport authorities. They are all responsible for the behind-the-scenes operations at public airports. As of the 2022 CoG, there were 435 independent airport authorities and commissions nationwide. The Midwest had the most (189) of any region, followed by the South (159). Continue reading →

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Florida Man Pleads Guilty to Odometer Tampering

Posted on 13 December 2024 by Ken Zino

Drew Mitchell Schreiber, of Orlando, Florida, pleaded guilty yesterday in the U.S. District Court for the Middle District of Florida to three counts of odometer tampering, The U.S. Justice Department said today. In all, Schreiber sold 140 rolled-back vehicles. Because many of these vehicles were more than 10 years old, Schreiber obtained so-called “exempt” titles that did not reveal the actual mileage of the vehicles.

“Just because a motor vehicle may be exempt from mileage recording on a title does not give a dealer the right to roll back odometers,” said Principal Deputy Assistant Attorney General Brian M. Boynton of the Justice Department’s Civil Division. “With vehicles remaining in use for longer periods of time, many Americans rely on older vehicles as their primary mode of transportation. Used car buyers deserve peace of mind knowing that the odometer reading in their vehicle is correct.” Continue reading →

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December U.S. Auto Sales Start Strong

Posted on 13 December 2024 by Ken Zino

The Q4 2024 Cox Automotive Dealer Sentiment Index (CADSI) released today shows growing optimism among U.S. auto dealers. Despite current weak market conditions, the post-election survey indicates increasing dealer confidence. The final Auto Market Report video of the year, noted that after a very strong November, December appears to be off to a strong start.

“We saw a surge in the outlook, technically the largest surge we have had quarterly in the history of the data,” said  Cox Automotive Chief Economist Jonathan Smoke. “It is the best fourth quarter since 2021, which was the most profitable quarter in dealer history.” Continue reading →

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Technical Tidbits – Porsche 1900 Wheel-Hub Motor

Posted on 13 December 2024 by Ken Zino

“Almost 125 years ago, Ferdinand Porsche was involved in the development of an electric vehicle. It was powered by a wheel-hub motor,” Porsche said in a release today.

“It’s April 14, 1900, and a groundbreaking electric car, based on the Lohner-Porsche system, is celebrating its premiere at the Paris Exposition’s Palace of Electricity. It’s the innovative drive concept that brings widespread recognition of the Porsche name,” Porsche said. Continue reading →

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French are Running Nissan Americas and in Japan

Posted on 12 December 2024 by Ken Zino

Christian Meunier has been named chairman, Nissan Americas, effective 1 January 2025. He replaces Jérémie Papin who has been appointed chief financial officer (CFO), Nissan Motor Co., Ltd. As chairman for Nissan Americas, Meunier will lead operations and strategy across all of North and South America as part of the company’s global business plan, The Arc. He will report to Guillaume Cartier, chief performance officer (CPO), Nissan Motor Co, Ltd. It’s the latest move at the struggling automaker whose, well, Arc is sinking.*

At the beginning of November Nissan Motor Company in Japan announced weak financial results for the six-months ended 30 September 2024. Net revenue decreased by ¥79.1 billion year-over-year (YOY) to ¥5.98 trillion yen, with consolidated operating profit decreasing ¥303.8 billion to ¥32.9B. This was a paltry operating profit margin of 0.5%. Net income was ¥19.2 billion. Global sales volumes decreased year-on-year to 1.6 million units. As a consequence Nissan revised its full year financial outlook for fiscal year 2024. The dividend was cancelled. Continue reading →

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GM About Face on Robo Taxi Development

Posted on 11 December 2024 by Ken Zino

General Motors (NYSE: GM) plans to realign its autonomous driving strategy and prioritize development of advanced driver assistance systems on a path to fully autonomous personal vehicles. GM will build on its Super Cruise program, the company’s hands-off, eyes-on driving feature, now offered on more than 20 GM vehicle models and currently logging over 10 million miles per month. GM made the announcement on a conference call for analysts late yesterday. The move could mean significant savings next year on research and development costs at the embattled company.

“GM is committed to delivering the best driving experiences to our customers in a disciplined and capital efficient manner,” said Mary Barra, chair and CEO of GM. “Cruise has been an early innovator in autonomy, and the deeper integration of our teams, paired with GM’s strong brands, scale, and manufacturing strength, will help advance our vision for the future of transportation.” Continue reading →

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