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Interesting Car/Truck Manufacturer News
- Thread starter Weather Man
- Start date
I work on Chevrolet's every day. No, I would not buy one.
Interesting.
XPeng slashes vehicle prices at in-house stores amid rising production
XPEV -0.45%Jul. 27, 2022 6:39 AM ET- XPeng's (NYSE:XPEV) offline stores in Beijing indicate that it is currently offering significant discounts to consumers in its offline stores, but the prices shown on its website remain unchanged, an automotive expert indicated as cited by CNEVPost.
- The current Chinese new energy vehicle market is highly competitive, with more and more new brands and more models at the same price level as XPeng models.
- The company is also offering in-store discounts in Shanghai and Chengdu.
- The expert states that XPeng is facing difficulties with sales growth not keeping up with capacity increases and a decline in sales of NEVs in China in July, which is the main reason the company is offering the discount.
- XPeng Chairman and CEO He Xiaopeng had said during latest Q3 earnings call that the company's Zhaoqing plant and the Guangzhou and Wuhan plants under construction have a total design capacity of 400K units and can support 600K units of annual production through double-shift production.
- For Q2, deliveries of vehicles are expected to be between 31K and 34K; in Q1, the company delivered 34,561 vehicles (+159% Y/Y).
Ford shares drive higher after big earnings beat, reaffirmed forecast
Jul. 27, 2022 4:38 PM ETFord Motor Company (F)By: Kevin P. Curran, SA News Editor48 Comments
gopixa/iStock Editorial via Getty Images
Ford Motor (NYSE:F) shares popped in Wednesday’s extended session after the auto manufacturer posted a stronger-than-expected earnings result and reaffirmed full-year targets.
For its fiscal third quarter, the automaker reported non-GAAP EPS of $0.68 and $37.9B in automotive revenue. Analysts had anticipated EPS to reach $0.44 and revenue to reach $35.17B, both of which were surpassed by a wide margin. Cash flow from operations rose to $2.9B for the quarter, up from $756M in 2021.
The beat on top and bottom lines came despite slowing sales and supply chain problems in China, where sales dropped 22% during the quarter, and inflationary impacts pressuring the bottom line.
“We’re moving with purpose and speed into the most promising period for growth in Ford’s history – to innovate and deliver great products and connected services, raise quality and lower costs,” said CEO Jim Farley. “We’re giving customers great experiences and value, improving our profitability and making Ford the next-generation transportation leader.”
Moving forward, the company reaffirmed earnings guidance that includes a full-year profit based upon “continued strong pricing” and cost-cutting efforts. The company anticipates adjusted EBIT to range from $11.5B to $12.5B, up 15% to 25% from 2021 while adjusted free cash flow is expected to reach a range of $5.5B to $6.5B. The automaker also affirmed its intention to produce electric vehicles at a rate of 600K globally per year by late in 2023, first announced only a week prior to earnings.
Shares rose over 7% shortly after the report.
Still, the company anticipates a continued struggle with inflation for the rest of the year. Management forecast a whopping $4B in headwinds from rising commodity costs for the remainder of 2022. From a catch-all termed “other inflationary pressures continuing to affect a broad range of costs,” another $3B headwind is anticipated.
Elsewhere, the company raised its dividend by 50%.
Holley stock extends decline as more analysts trim targets
HLLY -18.09%Aug. 01, 2022 11:41 AM ETHolley Inc. (NYSE:HLLY) stock marked yet another double-digit decline on Monday as more analysts cut ratings on the name.
Shares of the Bowling Green-based manufacturer fell nearly 21% at the intraday low on Monday, adding to a 36.94% decline for the stock on Friday.
Last week’s steep slide was motivated by the release of its second quarter preliminary results, which reflected softening sales and slashed full-year guidance.
“Second quarter sales fell short of expectations, driven by microchip shortages and other supply chain challenges that prevented us from building and shipping many of our most popular products,” CEO Tom Tomlinson explained. “Growth in DTC sales was more than offset by resellers that reduced their purchases below their out-the-door sales levels, indicating that some sell-down of reseller inventory also occurred in the quarter. This is all against the backdrop of challenging economic conditions and softening consumer demand.”
Following the surprisingly pessimistic report, multiple analysts slashed their guidance on the stock as well.
"Valvoline to sell oil products business to Saudi Arabia's Aramco" Valvoline to sell oil products business to Saudi Arabia's Aramco
DUBAI, United Arab Emirates — Saudi Aramco announced a $2.65 billion agreement on Monday to acquire Valvoline's global products business, which includes motor oils, transmission fluids, coolants and other automotive maintenance products.
Valvoline said the transaction will separate its global products from its retail services businesses, transforming it into a purely automotive service provider. The more than 150-year-old company operates and franchises around 1,700 service centers, with stores across the United States offering oil changes and other quick services.
DUBAI, United Arab Emirates — Saudi Aramco announced a $2.65 billion agreement on Monday to acquire Valvoline's global products business, which includes motor oils, transmission fluids, coolants and other automotive maintenance products.
Valvoline said the transaction will separate its global products from its retail services businesses, transforming it into a purely automotive service provider. The more than 150-year-old company operates and franchises around 1,700 service centers, with stores across the United States offering oil changes and other quick services.
Interesting dichotomy of EU going into recession versus ICE bans and emissions requirements that will effectively ban ICE well before the formal bans driving orders for ICE high end sports cars.
Ferrari Non-GAAP EPS of €1.36 beats by €0.16, revenue of €1.29B beats by €70M
RACE +0.94%Now!- Ferrari press release (NYSE:RACE): Q2 Non-GAAP EPS of €1.36 beats by €0.16.
- Revenue of €1.29B (+24.0% Y/Y) beats by €70M.
- Total shipments of 3,455 units, up 28.7% versus Q2 2021.
- “Ferrari continues a phase of strong growth, with quarterly record results in terms of revenues, EBITDA and EBIT. The quality of the first six months and the robustness of our business allows us to revise upward the 2022 guidance on all metrics. Also the net order intake reached a new record level in the quarter” – commented Benedetto Vigna, Chief Executive Officer of Ferrari. “The last quarter was also notable for the unique memories generated by our 75th anniversary celebrations and the Cavalcades, which raised the experiences we offer clients for sharing the passion and spirit of Ferrari to new levels as we continue to push the boundaries.”
General Motors to void warranties on hot cars and trucks that get flipped. Warranties will be non-transferable if the vehicles are quickly resold
By Gary Gastelu FOXBusiness
General Motors is initiating a new program to stop its hottest models from getting flipped for sky-high prices. In-demand, low-volume vehicles like the GMC Hummer EV have been getting resold for astonishing amounts as supply comes nowhere near satisfying demand.
The initial Hummer EV model available this year has a starting price of $112,595, but several barely driven examples have been auctioned for over $250,000, with one commanding $324,500 at a recent event.
The automaker will soon be launching the high-performance $106,395 Chevrolet Corvette Z06 and $149,990 Cadillac Escalade-V and wants to get out front of the issue.
GM North America President Steve Carlisle has sent a letter to dealers informing them that the transfer of certain warranties will be voided if the vehicles are resold by the buyer within 12 months of delivery.
"When vehicles are quickly resold, particularly by unauthorized dealers or other resellers that do not adhere to GM’s standards, the customer experience suffers and GM’s brands are damaged," the letter says. Carlisle adds that dealers will also be restricted from placing orders and reservations on "certain high demand models" in the future.
Due to the patchwork of state dealer franchise laws, legacy automakers are largely prevented from mandating how much dealers charge for their products, while new brands like Tesla that sell their vehicles directly are entirely in control of pricing. However, GM's franchise agreements do include general "best interest" provisions, according to Autoblog.
A GM spokesman told FOX Business that the bumper-to-bumper, powertrain/electric vehicle propulsion, sheet metal, tire and accessory coverages will be voided on all three models, but clarified that the Hummer EVs battery warranty will remain intact. GM will also continue to cover any required recall work on all the vehicles.
The National Automobile Dealers Association did not immediately respond to a request for comment on the policy.
GM is also attempting to address this problem on the customer side by offering buyers of the Corvette Z06 $5,000 worth of MyChevrolet rewards points, which can be used to pay for things like accessories and service, if they hold on to the car for at least a year.
ooooh man them flippers gonna be mad lol
It is interesting watching the automotive supply chain evolve before your very eyes. Some will survive the Green Insanity and some will not. The mandates are like watching a horror show in slow motion.
BorgWarner topped consensus estimates with its Q2 earnings report on the strength of a 7% increase in organic sales during the quarter.
The auto supplier also issued solid guidance despite the inflation headwinds it is facing. BWA expects full-year oragnic sales to be up 11% to 14% and EPS to land in a range of $4.00 to $4.40 vs. $3.90 to $4.25 prior and $4.02 consensus. Operating margin of 8.4% to 8.8% is anticipated for the year and operating cash flow of $1.50B to $1.55B vs. $1.57B.
Based on new business awards and actions announced to date, BorgWarner (NYSE:BWA) believes it is already on track to achieve approximately $3.7B of electric vehicle revenue by 2025.
BorgWarner (BWA) also announced the acquisition of Rhombus in a deal with an enterprise value of up to $185M. San Diego-based Rhombus offers V2G and Underwriters Laboratory-certified charging. Rhombus is noted to supply its patented technology to EV OEMs and charging/grid service providers.
BorgWarner gains after earnings beat, guiding for strong electric vehicle revenue
BWA -0.23%Aug. 03, 2022 6:50 AM ETBorgWarner topped consensus estimates with its Q2 earnings report on the strength of a 7% increase in organic sales during the quarter.
The auto supplier also issued solid guidance despite the inflation headwinds it is facing. BWA expects full-year oragnic sales to be up 11% to 14% and EPS to land in a range of $4.00 to $4.40 vs. $3.90 to $4.25 prior and $4.02 consensus. Operating margin of 8.4% to 8.8% is anticipated for the year and operating cash flow of $1.50B to $1.55B vs. $1.57B.
Based on new business awards and actions announced to date, BorgWarner (NYSE:BWA) believes it is already on track to achieve approximately $3.7B of electric vehicle revenue by 2025.
BorgWarner (BWA) also announced the acquisition of Rhombus in a deal with an enterprise value of up to $185M. San Diego-based Rhombus offers V2G and Underwriters Laboratory-certified charging. Rhombus is noted to supply its patented technology to EV OEMs and charging/grid service providers.
BorgWarner to provide battery systems for e-trucks
BWA +3.03%Aug. 03, 2022 9:06 AM ETAutomotive supplier BorgWarner (NYSE:BWA) has announced multiple development, including a contract from a European manufacturer to power its first range of heavy-duty electric trucks.
The company has previously with this customer on high-voltage prototype vehicles. For the latest project, BorgWarner (BWA) will provide the latest generation of its ultra-high energy battery system, which is said to offer a 50% increase in energy density over its predecessor.
Developed for energy-intensive electric drivetrain applications operating at up to 747 volts, each 9 AKM battery pack stores 98 kWh of energy and comes ready to install with all connectors. Three packs will be used to supply 294 kWh to power the 4x2 truck and four packs to provide 392 kWh to the 6x2 truck.
BorgWarner (BWA) has also won contracts from a global automaker and one Chinese automaker to provide its advanced High-Voltage Coolant Heater (HVCH) technology for their new electric vehicle models. Additionally, Italian service provider Route220 has installed the first units of BorgWarner's new fast-charging station, Iperion-120. The DC device is said to offer high-speed charging, ease of use and longevity
The electric vehicle sector is buzzing after Senate bill resets tax credit rules
Aug. 08, 2022 7:55 AM ETTesla, Inc. (TSLA)WKHS, VLKAF, TM, GM, FSR, F, RIVN, GOEVBy: Clark Schultz, SA News Editor18 CommentsThe Senate passed the Inflation Reduction Act over the weekend which covered the electric vehicle tax credit as part of the nearly $400B over 10 years in funding for climate and energy related programs.
The $7,500 electric vehicle tax credit will be renewed in January of 2023 and last until the end of 2032. A striking new requirement is that qualifying cars must be assembled in North America and that materials and critical minerals in the battery must come from the US or a country with a free trade agreement with the US. That means some electric vehicles sold in the U.S. will be ineligible as soon as the bill takes effect.
The new credits would apply to trucks, vans and SUVs priced under $80,000 and cars up to $55,000 (only families with adjusted gross incomes of up to $300,000 would be eligible). There are also energy rebates for heat pumps, rooftop solar, electric HVAC and water heaters, as the U.S. aims to lower carbon emissions by about 40% by 2030.
The bill also created a $4,000 tax credit for used EVs, as well as billions in new funding for EV production as well as $3B for the U.S. Postal Service to buy EVs and battery-charging equipment.
Reaction has been quick with a group representing General Motors (GM), Toyota (TM), Volkswagen (OTCPK:VLKAF) and other major automakers putting out a statement indicating that U.S. electric-vehicle adoption targets for 2030 will be in jeopardy due to the domestic production requirements in the bill. The Alliance for Automotive Innovation had warned late Friday that most EV models would be ineligible for a $7,500 tax credit for U.S. buyers under the bill.
Fisker (FSR) announced a process for reservation holders to retain the federal tax credit if they act quick. Other EV players are likely to follow suit.
Looking ahead, a clarification from the government on precisely which models qualify for the EV tax credit will be crucial to sales expectations.
Rivian Automotive cuts lowest-cost versions of electric pickup and SUV
RIVN -1.43%Aug. 19, 2022 7:51 AM ET6 CommentsElectric vehicle maker Rivian Automotive (NASDAQ:RIVN) is discontinuing the lowest-priced option of its R1T pickup truck and R1 SUV, according to an e-mail seen by MarketWatch.
The lowest cost for a R1 truck will now be the $73,000 Adventure package. The lowest cost for a R1S SUV will now be $78,000.
Rivian Automotive (RIVN) customers with standing orders have until September 1 to either reconfigure their existing order or cancel it with the deposit refunded.
Shares of RIVN peeled off 2.37% in premarket action on Friday.
"Breaking: Ford Is Working On A Game-Changing 1,300 HP Shelby GT500" Breaking: Ford Is Working On A Game-Changing 1,300 HP Shelby GT500
Ford to appeal $1.7B Georgia jury award against it in truck crash
F -1.67%Aug. 21, 2022 10:08 PM ET29 CommentsFord (NYSE:F) said on Sunday it will appeal a $1.7B verdict against it involving a pickup truck crash that killed a Georgia couple.
Jurors in Gwinnett County, Georgia, returned the verdict late last week in the civil case involving what the plaintiffs' lawyers said were dangerously defective roofs on Ford (F) pickup trucks, including the 2002 Ford F-250 truck the couple were driving in the fatal crash.
Lawyers for the plaintiffs - the couple's two children - had submitted evidence of nearly 80 similar rollover wrecks that involved truck roofs being crushed that injured or killed motorists, the Butler Prather law firm told the AP news agency.
The allegation that Ford (F) was irresponsible and willfully made decisions that put customers at risk is "simply not the case," a defense lawyer said in the closing argument.
Ford (F) "has an exceptional brand and exciting new offerings in the hybrid and EV space, which should lead it to resume revenue growth after a long period of stagnation," Jordan Sauer writes in a bullish analysis posted recently on Seeking Alpha.
I'd expect that award to be majorly reduced, unless there is some next-level evidence of willful negligence on Ford's part.
2nd billion dollar award i have seen come out of GA.
Dealership are scum of the earth. Where is the CEO for GM for this??
I would have signed it “Lick Myballs”
Seriously this needs to be sent to the higher ups at GM. If car enthusiasts don't put an end to this garbage then this hobby is over. Everyone should just buy Ubers, I mean Mach E and be done with it.
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