Day: August 2, 2022

Car Industry

Stellantis earnings: Record results for the first half

Stellantis this year rolled out an ambitious plan to double annual revenues by 2030 and turn its range from traditional combustion engines to EVs.

“We are ahead of Tesla in Europe in electric vehicle sales, and not far from Volkswagen,” Palmer said on Thursday.

CEO Carlos Tavares said Stellantis, whose brands include Jeep, Ram, Chrysler, Dodge and Fiat, was “delivering an outstanding performance and executing its bold electrification strategy.”

“We are shaping Stellantis into a sustainable mobility tech company that is fit for the future,” he said.

Palmer said that the group, though its range of premium vehicles, was well placed to cope with the global rise in inflation.

“We will look to pass rising inflation costs to customers on the market until feasible,” he said.

Net pricing accounted for over 5.8 billion euros ($5.9 billion) of the overall operating income in the first half, Stellantis said in slides prepared for its earnings presentation.

Foreign exchange also supported the results, with Palmer saying a stronger dollar contributed to the first-half adjusted EBIT to the tune of around half a billion euros.

North America gains

In North America, net revenue rose 31 percent to $43.2 billion, and the automaker said it achieved a record 18.1 percent adjusted operating margin for the region. Adjusted operating income for North America was $7.8 billion.

Tavares said the record profit margin “demonstrates a very high level of efficiency and effectiveness” that is comparable with rival manufacturers.

Shipments in the region rose 10 percent to 959,000, which the company largely attributed to strong demand for the Jeep Wagoneer, Grand Wagoneer, refreshed Compass and Grand Cherokee L and the Chrysler Pacifica, but the total was “partially offset by lower volumes of Ram pickups, Dodge Durango and discontinued Grand Cherokee WK.”

Tavares said the company’s average transaction price,

Road more Read More
Car News

DC bill would ban right turns on red for cars, introduce

The D.C. Council is considering a bill that would ban cars from turning right during red lights while also letting cyclists maintain a more consistent pace on the District’s roads.

The D.C. Council is considering a bill that would ban cars from turning right during red lights while also letting cyclists maintain a more consistent pace on the District’s roads.

The “Safer Streets Amendment Act of 2022” would allow cyclists to perform an “Idaho Stop,” where red lights can be treated as stop signs, and stop signs can be treated as yield signs.

“Allowing cyclists and other riders to maintain momentum and move more quickly through an intersection, while getting out ahead of traffic, reduces their exposure to traffic, making their ride more predictable and safer,” Ward 3 council member Mary Cheh wrote when introducing the bill in February.

The District launched its Vision Zero initiative in 2015, with the goal of eliminating traffic deaths and serious injuries by 2024.

D.C. saw 40 people killed in traffic crashes in 2021, including 20 people who were either pedestrians or cyclists — the most since Vision Zero began six years earlier.

This year, according to the Vision Zero website, there have been 11 pedestrians and three cyclists killed in traffic crashes in the nation’s capital.

The bill’s text notes that making a right turn on a red light has been legal in D.C. since 1979, as a result of a nationwide push to allow the turns to save fuel during a global oil crisis.

The measure has already gotten through the D.C. Council’s transportation committee.

It will be taken up by the council in September, and, if approved, the red light ban would go into effect beginning Jan. 1, 2025.

Cheh’s bill was supported by fellow council members Christina Henderson, Brianne K.

Road more Read More
Cars Review

Car Masters: Rust to Riches season 4 review


If you’re after car makeovers, a quality team with family values, and insight into the car work, Car Masters: Rust to Riches will be a fantastic watch. While the fourth season doesn’t exactly add anything from its previous three seasons, it’s still great to watch!

Netflix reality series Car Masters: Rust to Riches season 4 was released on the streaming service on July 27, 2022.

If you’ve watched the last three seasons of Car Masters: Rust to Riches, you’ll know what to expect. And like the previous three seasons, the fourth season has eight episodes. But are the episodes worth watching?

Yes, for sure. Much like Ready Steady Cut said about Season 3, Car Masters: Rust to Riches has the energy of an endless reality show“. And that remains throughout the fourth season. Big characters? Yes. Big car makeovers? Yes. Drama? Yes. The stakes are immediately high. In the first episode, the team have to use forty grand to turn an old and haggard Elite Laser 917 into something that’s back in its prime. But as hard-core viewers will know, and if you don’t, the first episode makes it clear that Mark is not exactly fond of working with high-end clients. 

Car Masters: Rust to Riches feels like a bit of a niche show, to be honest. There aren’t many shows that feature characters and scenes like those featured not only in this season but the previous three. Whilst, like previously said, there is heaps of potential drama in the show, you won’t find many scenes of arguments, screaming matches, and fights. Instead, the team seem to get on fairly well. The drama comes from other means, such as extreme makeover demands, customers not offering a large enough budget, time restrictions, and more. 

Furthermore, the only critique for

Road more Read More
Auto News

EV tax credit proposal adds tougher sourcing limits for

WASHINGTON — A Senate proposal released Wednesday would extend the current $7,500 tax credit for consumers buying new electric vehicles but add increasingly stringent critical mineral and battery sourcing requirements for automakers.

As part of the tax credit, automakers would be subject to annual increases in sourcing requirements for critical minerals and battery components used in eligible EVs and limited to sourcing from countries with a free trade agreement with the U.S. such as Canada and Mexico — a caveat aimed at reducing reliance on China.

By 2024, the proposal calls for 50 percent of the critical minerals used in EV batteries to be extracted or processed in the U.S. or a country where the U.S. has a free trade agreement in effect or from materials that were recycled in North America. In 2024 and 2025, 60 percent of the battery components must be made or assembled in North America.

Sourcing requirements would increase to 80 percent after 2026 for critical minerals, and by 2029 would require 100 percent of the battery components to be made or assembled in North America.

Final assembly of the vehicle must occur within North America — a provision that would apply immediately after the bill is enacted.

Automakers including General Motors and Mazda as well as several industry trade groups were still reviewing details of the tax credit proposal on Thursday.

“The goals of tax credits should be to help build the overall market for EVs and help meet President Biden’s goals of 50 percent EV sales by 2030,” said Daniel Ryan, vice president of government and public affairs at Mazda North American Operations.

“We are concerned that the provisions on batteries and critical minerals will be very difficult to meet in the timelines required, as the overall industry works to build additional capacity

Road more Read More