Link/Page Citation
Reuters - Tesla to fix software in 5,836 imported cars in China, watchdog says - 15/6/2024
China's market regulator said that Tesla, opens new tab would fix software in 5,836 imported Model 3, Model S and Model X cars from July, citing safety issues.
For the complete story see:
https://www.reuters.com/business/autos-transportation/tesla-fix-software-5836-imported-cars-china-watchdog-says-2024-06-14/
Reuters - Stellantis cuts costs rather than turn defensive as Chinese threat grows - 14/6/2024
Stellantis opens new tab will aggressively move to cut costs as competition from Chinese automakers intensifies rather than use a "defensive" strategy that relies on tariffs on Chinese-made imports that European officials are set to institute in that region.
For the complete story see:
https://www.reuters.com/business/autos-transportation/stellantis-deliver-77-bln-euros-dividends-buyback-2024-2024-06-13/
Wards Auto - Stellantis Talks of New Jeeps, Maintaining Profits Amid BEV Times - 14/6/2024
Stellantis's strategy for staying profitable while transitioning to electrification is to emphasize best-in-class metrics on vehicles such as Wagoneer S.
For the complete story see:
https://www.wardsauto.com/stellantis/stellantis-talks-of-new-jeeps-maintaining-profits-amid-bev-times
Other Stories
The Business Time - Ford expands EV offerings to all US dealers in bid to juice sales - 13/6/2024
Inside EVs - Mercedes-Benz To Deploy 'World's Most Efficient 400 kW Charger' In The U.S. - 13/6/2024
Reuters - EV startup Fisker to recall 18,000 vehicles in latest setback - 12/6/2024
Wards Auto - Honda Begins U.S.-Made Market-Ready Fuel Cell - 11/6/2024
Detroit Free Press - GM lowers EV production targets amid slow demand, says EVs will show 'variable profit' - 11/6/2024
Media Releases
Stellantis (NYSE: STLA, XPAR: STLA, MI: STLA) - Stellantis Unveils Multiple World Premiere Software-Driven Products Addressing B2C and B2B Customers - 13/6/2024
General Motors Co. (NYSE: GM) - GM Board Approves New $6 Billion Share Repurchase Authorization - 11/6/2024
Latest Research
Evaluation of a conceptual model of supply chain risk management to import/export process of an automotive industry: an action research approach - By Ualison Rébula De Oliveira, Gabriela Costa Dias, Vicente Aprigliano Fernandes
Industry Overview
United States Automotive
Overviews of Leading Companies
Advance Auto Parts, Inc. (NYSE: AAP)
BMW of North America, LLC (ETR: BMW)
Fisker Inc. (NYSE: FSR)
Ford Motor Co (NYSE: F)
General Motors Co. (NYSE: GM)
Jaguar Land Rover North America LLC (NYSE: TTM, NSE: TATAMOTORS)
Mercedes-Benz USA LLC (ETR: DAI)
Porsche Cars North America Inc. (ETR: PAH3)
Stellantis (NYSE: STLA, XPAR: STLA, MI: STLA)
Tesla (NASDAQ: TSLA)
The Shyft Group, Inc. (NASDAQ: SHYF)
Thor Industries Inc. (NYSE: THO)
Associate: Danny Cliffson Crispin Benos
News and Commentary
Reuters - Tesla to fix software in 5,836 imported cars in China, watchdog says - 15/6/2024
China's market regulator said that Tesla, opens new tab would fix software in 5,836 imported Model 3, Model S and Model X cars from July, citing safety issues.
For the complete story see:
https://www.reuters.com/business/autos-transportation/tesla-fix-software-5836-imported-cars-china-watchdog-says-2024-06-14/
Reuters - Stellantis cuts costs rather than turn defensive as Chinese threat grows - 14/6/2024
Stellantis opens new tab will aggressively move to cut costs as competition from Chinese automakers intensifies rather than use a "defensive" strategy that relies on tariffs on Chinese-made imports that European officials are set to institute in that region.
For the complete story see:
https://www.reuters.com/business/autos-transportation/stellantis-deliver-77-bln-euros-dividends-buyback-2024-2024-06-13/
Wards Auto - Stellantis Talks of New Jeeps, Maintaining Profits Amid BEV Times - 14/6/2024
Stellantis's strategy for staying profitable while transitioning to electrification is to emphasize best-in-class metrics on vehicles such as Wagoneer S.
For the complete story see:
https://www.wardsauto.com/stellantis/stellantis-talks-of-new-jeeps-maintaining-profits-amid-bev-times
The Business Time - Ford expands EV offerings to all US dealers in bid to juice sales - 13/6/2024
FORD Motor will sell its lineup of electric vehicles through all 2,800 of its US dealers in a bid to boost sales of battery-powered models now being shunned by mainstream buyers.
For the complete story see:
https://www.businesstimes.com.sg/companies-markets/transport-logistics/ford-expands-ev-offerings-all-us-dealers-bid-juice-sales
Inside EVs - Mercedes-Benz To Deploy 'World's Most Efficient 400 kW Charger' In The U.S. - 13/6/2024
Mercedes-Benz High Power Charging (HPC) announced an agreement with electric vehicle supply equipment (EVSE) provider Alpitronic to deploy 400 kilowatt DC fast chargers in the U.S.
For the complete story see:
https://insideevs.com/news/723236/mercedes-benz-alpitronic-400kw-chargers-nacs-ccs/
Reuters - EV startup Fisker to recall 18,000 vehicles in latest setback - 12/6/2024
Fisker said it was recalling more than 18,000 cars in North America and Europe due to faulty software and non-compliance with safety standards, in the latest setback for the cash-strapped electric-vehicle startup.
For the complete story see:
https://www.reuters.com/business/autos-transportation/ev-startup-fisker-recall-18000-vehicles-latest-setback-2024-06-12/
Wards Auto - Honda Begins U.S.-Made Market-Ready Fuel Cell - 11/6/2024
Honda starts production of its hydrogen fuel-cell plug-in hybrid vehicle advertised as the first market-ready vehicle of its kind to be made in the U.S.
For the complete story see:
https://www.wardsauto.com/vehicles/honda-begins-u-s-made-market-ready-fuel-cell
Detroit Free Press - GM lowers EV production targets amid slow demand, says EVs will show 'variable profit' - 11/6/2024
General Motors is pulling back its electric vehicle production target this year and adjusting the timing on its profit targets because demand for EVs is not growing at the pace initially expected.
For the complete story see:
https://www.freep.com/story/money/cars/general-motors/2024/06/11/gm-electric-vehicles-production-demand/74055964007/
Media Releases
Stellantis (NYSE: STLA, XPAR: STLA, MI: STLA) - Stellantis Unveils Multiple World Premiere Software-Driven Products Addressing B2C and B2B Customers - 13/6/2024
AMSTERDAM - Stellantis is enhancing the mobility experience of consumer and commercial owners of vehicles from its 14 iconic brands with a steady stream of new connected features. That effort is delivering a boost to high-margin revenue from software and connected services, which has grown by 2.5 times since 2021, as the number of subscribers globally during that same period has increased to 5 million.
Additionally, the monetizable car parc has grown 15% to 13.8 million vehicles, and Stellantis delivered more than 94 million over-the-air (OTA) updates in 2023, adding and improving features in its existing vehicles.
Those achievements set the foundation for the next chapter of software growth at Stellantis, which is using cloud-based design and testing tools, including the groundbreaking Virtual Engineering Workbench, to redefine automotive software development speed, quality and deployment. The software, developed in-house and with a roster of strategic partners, enables next-generation features for upcoming Stellantis brand vehicles and those on the road today.
"In a little more than two years we have made a decisive shift from a traditional auto industry mindset to operating much more like a startup company, including a sharp focus on speed and building up our own software creation capabilities. It gives us critical flexibility and a competitive advantage going forward," said Yves Bonnefont, Stellantis Chief Software Officer. "Now we take the next step and begin scaling up, which includes the tech readiness for integration of our transformative STLA Brain, STLA Smartco*ckpit and STLA AutoDrive AI-powered technology platforms."
Stellantis has built its in-house capabilities to develop its own software, taking advantage of a global footprint of technology development hubs to work 24/7, building and customizing software products for each of the Company's vehicle platforms.
The cutting-edge technology platforms are:
STLA Brain: The foundational architecture offers centralized computing full over-the-air access to sensors and actuators. It reduces complexity, enabling the number of electronic control units (ECUs) per vehicle to be reduced by half to approximately 60 ECUs. New features can be developed in-house in less than six months, one-fourth the time of today's process. Technology readiness for integration is expected by the end of the year, with vehicle integration in 2025.
STLA Smartco*ckpit: The platform ushers in a new generation of personalization and connected capabilities, powered by machine learning and AI technologies, giving users a seamless integration with their digital lives. A focus on simplified menus with fewer clicks for response to user inputs significantly improves ease of use. AI-enabled experiences give vehicle occupants more options in navigation, media, climate, lighting and productivity features. The key is a digital personal profile that knows your preferences and moves with you between Stellantis brand vehicles. Technology readiness for integration is expected by the end of the year. STLA Smartco*ckpit debuts in a Stellantis brand vehicle in 2025.
STLA AutoDrive: The system leverages the capabilities of STLA Brain and STLA Smartco*ckpit to deliver useful and continuously updated Advanced Driver Assistance System (ADAS) technology that is intuitive, robust and inspires driver confidence. STLA AutoDrive targets significantly increasing the uninterrupted time and distance for ADAS-supported driving. The strategy includes industry-leading ADAS that provides drivers with both hands-off/eyes-off-the-road mobility and a fallback to limited hands-off/eyes-on-the-road cruising (Level 2+) in the same system. Eyes-off technology readiness for integration is expected by the end of the year with the commercial launch in 2025.
Stellantis is developing connected services and software-enabled features for retail and fleet customers under the philosophy of "Make my drive safer, make my life easier, and make my drive more exciting." Features available today in regions around the world include:
e-ROUTES: Available in Europe and expanding globally this year, Stellantis is the first automaker to launch a route-planning smartphone app integrated with real-time vehicle data, specifically designed for EVs. Apple CarPlay and Android Auto project e-ROUTES onto the vehicle's central screen. Charge stops are tailored to the driver's preferences, including payment options and minimum battery level.
ChatGPT enhanced virtual assistant: After a successful pilot in October 2023, Stellantis is the first OEM to offer ChatGPT as a standard feature for new and existing vehicles, available in 20 European countries by the end of 2024. Conversing in natural language can help customers learn more about the world around them, the places they are going, or even tell the passengers a story.
AppMarket: In North America, AppMarket is the central hub for connectivity, integrating regularly refreshed services and experiences with the ability to purchase subscriptions in the vehicle. AppMarket has been made available over the air in nearly half of Jeep® and Ram vehicles from the 2021 to 2023 model years and will reach 99% of eligible vehicles by the end of 2024. A similar service covers eligible vehicles in Europe.
Free2move Connect Fleet: This fleet management platform links a fleet manager with his or her vehicles for real-time visibility. An online dashboard displays vital vehicle health data such as oil life remaining or battery state of charge. Free2move Connect Fleet can also set geofence boundaries and provides real-time geolocation. In case of theft, a tracker helps with recovery.
MyTasks: This tool gives drivers all the info they need on the in-vehicle entertainment screen to execute their schedules efficiently, even if there are changes or delays. Fleet managers get automatic updates when tasks are completed or delayed and rescheduled, so all parties can manage the day's progress.
Mobilisights is expanding its client base by leveraging data from 13.8 million connected Stellantis vehicles to deliver innovative solutions that not only respect privacy but also enrich its customers' experiences. These insights enhance fleet management, drivers experience, traffic management and urban planning, fostering a smarter and safer transportation world through personalized and anonymized data.
https://www.stellantis.com/en/news/press-releases/2024/june/stellantis-unveils-multiple-world-premiere-software-driven-products-addressing-b2c-and-b2b-customers
General Motors Co. (NYSE: GM) - GM Board Approves New $6 Billion Share Repurchase Authorization - 11/6/2024
DETROIT, June 11, 2024 /PRNewswire/ -- General Motors Co. (NYSE: GM) announced today that its Board of Directors has approved a new share repurchase authorization to repurchase up to $6 billion of the company's outstanding common stock.
"The investments GM made in its brands and product portfolio over the last several years, and the company's operating discipline, are delivering consistently strong revenue growth, margins and free cash flow," said Paul Jacobson, GM executive vice president and chief financial officer. "We are very focused on the profitability of our ICE business, we're growing and improving the profitability of our EV business and deploying our capital efficiently. This allows us to continue returning cash to shareholders."
In November 2023, GM announced a $10 billion accelerated share repurchase, while continuing to have approximately $1.4 billion in remaining capacity under its prior share repurchase authorization. In the first quarter of 2024, GM repurchased $0.3 billion in shares, and the company expects to exhaust the remaining $1.1 billion of the prior authorization before the end of the second quarter.
The new authorization will allow the company to opportunistically repurchase shares after the completion of the existing reauthorization.
In addition to continuing shareholder returns through share repurchases, GM increased its common stock dividend 33%, from $0.09 to $0.12 per share, in the first quarter.
https://investor.gm.com/news-releases/news-release-details/gm-board-approves-new-6-billion-share-repurchase-authorization
Latest Research
Evaluation of a conceptual model of supply chain risk management to import/export process of an automotive industry: an action research approach
Ualison Rébula De Oliveira, Gabriela Costa Dias, Vicente Aprigliano Fernandes
Abstract
Increasingly, risk management is becoming an integral part of supply chain management, where suppliers and producers have incorporated different tools and methods that identify, assess and monitor threats, continuously and permanently. However, the peculiarities of each supply chain and the existence of numerous risk management tools make the operationalization of the supply chain risk management (SCRM) a somewhat complex process. In this context, the present research aims to evaluate and operationalize a conceptual model of SCRM for the stages of identification, analysis and risk assessment. This model was created based on the integration of the Environmental Risk Assessment and Risk Index tools. Methodologically, the research was supported by an action research conducted and applied in the Alliance Customs & Trade department of an automobile company in Brazil. As the main empirical result, twenty-nine sources of risk and their consequences for importing inputs and exporting finished products were identified. As the main result of a theoretical nature, the development of structured stages of an action research was presented, which involved researchers in a participatory and cooperative way in solving a real problem.
https://link.springer.com/article/10.1007/s12063-023-00422-8
The Industry
Automotive Market in US: Global Industry Analysis and Forecast (2022-2029). Last Published date: July 2022
Automotive Market in US was valued at US$ 15.9 Mn. in 2021 and is expected to grow at US$ 37.8 Mn. in 2029. Automotive Market in US size is expected to grow at a CAGR of 13.17 % through the forecast period.
Automotive Market in US Overview:
The automotive industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles. It is one of the world's largest industries by revenue (from 16 % such as in France up to 40 % to countries like Slovakia). It is also the industry with the highest spending on research & development. The automotive industry is the most substantial mass-market, hence they have to achieve special requirements, and extensive sales targets. Suppliers in this industry are often spin-offs to companies that have been on the market for some time.
The automobile industry is dependent on various factors such as availability of skilled labour at low cost, robust R&D centres, and low-cost steel production. The automobiles increase mobility, comfort, and safety, making them more enjoyable to use. A number of jobs are created and training is also provided through the industry. An increasing number of forward and reverse links in the economy promote both direct and indirect jobs.
The report explores the Automotive Market in US Market segments (Vehicle Type, Fuel type, Service, Equipment and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Automotive Market in US Market drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Automotive Market in US Market contemporary competitive scenario.
Automotive Market in US Dynamics:
The automobile industry's focus has switched to electric vehicles as a means of lowering vehicular emissions, which is propelling the market. Governments and environmental agencies are establishing strict emission rules and laws in response to growing environmental concerns, which may drive up the cost of manufacturing electric drive trains and fuel-efficient diesel engines in the future years. The factors such as the rise in the average age of vehicles due to technological advancements, rise in the average miles driven per vehicle, and surge in road safety awareness in people leads to the growth of the Automotive Market in US. The increasing disposable income, the availability of the financing options, rising urban population, close substitutes for each segment which are equipped with best technological advancements such as active and passive safety systems, comfort features, and high performing powertrains are the factors which lead to the growth of the market. The market also enjoys growth due the dynamic Indian public transportation network and the growing logistic landscape. The demand for electric vehicles is also another factor which is contributing to the growth of the Indian automotive market.
Automobiles with advanced features (using more motors) to have more weight and cost compared to basic models which restrains the growth of the Automotive Market in US. Due to stringent environmental norms and rising demand for vehicles with better fuel efficiency, automotive suppliers are looking at lighter components for weight reduction which will help to meet the demand for lower emissions and better mileage. The commercialization in the mass market is one of the keys restrain which hinders the market growth. Nowadays, automobiles with more advanced features have been growing in demand in the mid-priced and luxury segments. They have better features than a decade back and use more automotive motors than base car models.
COVID-19 Impact on Automotive Market in US:
The coronavirus (COVID-19) pandemic has induced a decade of expansion in the global automotive industry to an abrupt standstill, with sales plummeting in most markets. As a result, there have been more job cuts beyond the sector, with plants and suppliers shutting down in countries where the markets are slowest to recover. After a disastrous 2020 for the global automotive sector, an upturn is expected in 2021, but carmakers worldwide will demand to seek out growth pockets while pushing through extensive cost-cutting programmes. The rivalry among the US and China will continue in 2021. Sanctions and investment restrictions may even force third-party countries to choose between the two rivals.
Changing prices of raw materials challenges the market growth:
The steel bars and copper wires are used for making the raw materials used in manufacturing motors. Motor manufacturers and suppliers are concerned about access to materials and price volatility. Changing prices of raw materials restrains the growth of the Automotive Market in US. Also, manufacturers have long-term supply contracts that prevent them from taking the cost advantage of decreasing materials prices. In such cases, if the price of the commodity or the material falls, the manufacturers do not have the upper hand and lose the cost advantage. Raw material prices had hit the automotive motor market severely due to an increase in prices of copper by around 38%, plastic by around 35%, and stainless steel by around 45%. The market was further impacted by the onset of the war, along with global supply chain disruptions in some parts of the world. The cost of raw materials which are used in automobile industry keeps on changing which affects the growth of the market.
Automotive Market in US Segment Analysis:
Based on Vehicle Type, the three-wheeler segment holds the largest market share in 2021. Three-wheelers are a common mode of transport used by people for short-distance travel. The fact that Indian customers are extremely price-sensitive helps the three-wheeler market as it provides short-distance passenger transport at a low price. The demand is expected to remain steady over the years due to the growing population in that country that upkeeps transportation demand. The three-wheeler market is expected to experience a shift from conventional vehicles to electric vehicles sooner than their LCV counterparts owing to their small size and limited load-carrying capacity. The advent of e-rickshaws has already created a demand for the vehicle across the country, predominantly from the tier 2 and tier 3 cities. These factors lead to the growth of the Automotive Market.
Automotive Market in US Scope: Inquire before buying
Global Automotive Market
Report Coverage
Details
Base Year:
2021
Forecast Period:
2022-2029
Historical Data:
2017 to 2021
Market Size in 2021:
US$ 15.9 Mn.
Forecast Period 2022 to 2029 CAGR:
13.17%
Market Size in 2029:
US$ 37.8 Mn.
Segments Covered:
by Product
* Passenger Cars * Commercial Vehicles * Three Wheelers * Two Wheelers
by Type
* Diesel * Petrol * Electric
by Application
* Mechanical * Exterior and Structural * Electrical and Electronics
by End-User
* Tires * Seats * Batteries * Other Equipment Types
https://www.maximizemarketresearch.com/market-report/automotive-market-in-us/86405/
Automotive industry in the United States - statistics & facts - Last published date: 29 April 2022
At just under 6.6 million kilometers in 2020 (approximately 4.1 million miles), the United States boasted the most extended road network worldwide. These long distances are an incentive toward mass motorization: As of 2022, over 76 percent of the U.S. population reported having access to their own car, with an additional 19 percent having access to a company or family car. The high motor vehicle demand in the country fuels an active automotive industry. With over 1.5 trillion U.S. dollars in revenue from road vehicle and parts retail trade, the sector has swiftly recovered from the COVID-19 pandemic. However, the global automotive chip shortage is a challenge to the industry, and the monthly inventory-to-sales ratio has been nosediving since April 2020.
A market rooted in light trucks and U.S. automakers
Amid the semiconductor shortage, light trucks remain the most popular vehicle type in the country. U.S. light truck sales amounted to under 11.6 million units in 2021, rebounding by around five percent compared to 2020. Meanwhile, the number of cars sold in the U.S. has been decreasing from a staggering 11.4 million units in 1973 to a little over 3.3 million units in 2021, as U.S. consumer demand has been shifting to larger vehicles over the past few decades.
General Motors, Chrysler LLC, and Ford Motor are the key American automakers, although Chrysler LLC is a fully-owned subsidiary of the Europe-based Stellantis. In addition to these carmakers, Tesla's market share is rising due to the increasing acceptance of electric vehicles. General Motors is the vehicle manufacturer with the highest market share, followed by Toyota and Ford.
War and profitability challenge the industry
Fuel prices in the U.S. have been increasing throughout the pandemic as well as during Russia's invasion of Ukraine, with diesel prices soaring over five U.S. dollars per gallon by March 10, 2022. The U.S. has increased its national petrol production through hydraulic fracking to ease dependence on Russian crude oil exports; however, market uncertainty has led to inflation despite the U.S.'s increased self-reliance.
In parallel, the new energy vehicle market has also gained popularity. Around 607,600 plug-in electric light vehicles were sold in the U.S. in 2021-almost double the sales in 2020. The Tesla Model S was the best-selling passenger car in the first quarter of 2022, followed by the Model 3. Tesla recorded a market capitalization of over one trillion U.S. dollars in April 2022, ranking among the world's largest companies. Boosted by Tesla's success, the U.S. electric vehicle industry attracted startup companies like Rivian, Lucid Motor, and Canoo. Despite the boom in the market, these startups have challenges ahead; Rivian, which started its vehicle deliveries in 2021, recorded a net loss of close to 4.7 billion U.S. dollars in 2021.
https://www.statista.com/topics/1721/us-automotive-industry/#dossierKeyfigures
Number of vehicles in operation in the United States between 1st quarter 2018 and 1st quarter 2022 - Last published date: 20 July, 2022
In the first quarter of 2022, there were just under 284 million vehicles operating on roads throughout the United States. Almost 41.8 million used vehicles changed owners in the U.S. between the first quarter of 2021 and the first quarter of 2022, while new registrations of vehicles came to about 14.5 million units during that period.
Automotive market disparities
The number of licensed drivers had been steadily increasing up to just under 228,200 in 2020, but the automotive market has been impacted by economic developments over the past few years. The U.S. vehicle fleet is aging, reflected by the slow increase of the average vehicle age from 11.7 years in 2018 to over 12 years in 2021. This is in part due to market disparities. The average selling price of new vehicles has been increasing to just under 42,400 U.S. dollars in 2021, up from under 35,000 in 2016. Used car prices have also been rising amidst the chip shortages linked to the COVID-19 pandemic, reaching close to 26,700 U.S. dollars in 2021. The majority of U.S. car owners earned more than 40,000 U.S. dollars per years, with the 50,000 to 75,000 income group owning over 33 percent of the vehicles in use.
The boom of the used vehicle market
Close to three quarter of new car buyers were born between 1946 and 1981, with Gen X being the leading consumers by age group for both the new and used vehicle market. Used light vehicle sales have been steadily increasing since 2010, representing well over double the size of the new light vehicle market in 2020. With a product range priced below new vehicle prices, used vehicles are gaining momentum in the United States. The average American household spends some 4,500 U.S. dollars on vehicle purchases annually, with consumers in income groups earning above 50,000 U.S. dollars per year spending above 4,000 dollars annually on car buying. Used vehicle financing options are naturally more affordable than new vehicle financing options, with an average monthly payment some 100 dollars under payments for new vehicles.
https://www.statista.com/statistics/859950/vehicles-in-operation-by-quarter-united-states/
Leading Companies
Advance Auto Parts Inc. (NYSE: AAP)
Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installer and do-it-yourself customers. As of July 13, 2019, Advance operated 4,912 stores and 150 Worldpac branches in the United States, Canada, Puerto Rico and the U.S. Virgin Islands. The Company also serves 1,250 independently owned Carquest branded stores across these locations in addition to Mexico, the Bahamas, Turks and Caicos and British Virgin Islands.
https://corp.advanceautoparts.com/about/general.asp
28 February 2024
Advance Auto Parts Reports Fourth Quarter and Full Year 2023 Results
RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America, that serves both professional installer and do-it-yourself customers, announced its financial results for the fourth quarter and full year ended December 30, 2023.
"As we closed out 2023, we continued to act with a sense of urgency to stabilize the business and position the company to return to profitable growth," said Shane O'Kelly, president and chief executive officer. "Our full year results are well below our expectations, and we are focused on instilling greater discipline and accountability both in the fundamental business and in how the organization executes across the board. In addition to the operational improvements we are implementing, we are strengthening internal controls and enhancing the quality of our accounting information to help better inform how we drive the business forward.
"We continue to advance our ongoing operational and strategic review of the business, including the separate sales processes for Worldpac and our Canadian business. We have streamlined and reorganized the company's leadership structure and have made several important new hires, including the appointments of Ryan Grimsland as Chief Financial Officer and Elizabeth Dreyer as Chief Accounting Officer. Building on the $150 million in annualized SG&A reductions our team executed in the fourth quarter, we recently launched an initiative to eliminate costs related to our indirect spend by an additional $50 million on an annualized basis. We are also moving forward with the consolidation of our supply chain to a single, unified network to create efficiencies and better serve customers. Looking ahead, we are committed to driving enhanced value for shareholders by executing on the fundamentals of our business - focusing on the customer, investing in our frontline and strengthening our competitive position."
Fourth Quarter and Full Year 2023 Results (1)
Fourth quarter 2023 Net sales totaled $2.5 billion, a 0.4% decrease compared with the prior year. Comparable store sales for the fourth quarter 2023 decreased 1.4%. For full year 2023, Net sales of $11.3 billion increased 1.2% from 2022. Comparable store sales for the full year decreased 0.3%.
The company's Gross profit decreased 11.9% from the fourth quarter of the prior year to $950.8 million or 38.6% of Net sales compared with 43.6% in the prior year quarter. This result reflects both business performance and atypical drivers, primarily attributable to a change in inventory related items and elevated supply chain costs. The company's full year Gross profit was $4.5 billion, or 40.1% of Net sales, representing a 414 basis points decrease from the prior year primarily driven by inventory related items and costs not fully covered by pricing actions.
The company's SG&A was $999.4 million in the fourth quarter, or 40.6% of Net sales compared with 38.8% for the prior year quarter. This was primarily driven by a year over year increase in occupancy costs and store labor. The company's full year SG&A was $4.4 billion, or 39.1% of Net sales compared with 38.2% in the prior year.
The company's fourth quarter Operating loss was $48.6 million, or (2.0)% of Net sales compared with the fourth quarter of the prior year Operating income of $119.3 million or 4.8% of Net sales. The company's full year Operating income was $114.4 million, or 1.0% of Net sales, compared with $670.3 million, or 6.0% of Net sales, in the prior year.
The company's effective tax rate in the fourth quarter of 2023 was 42.3%. The company's Diluted loss per share was $0.59 compared with Diluted earnings per share of $1.39 in the fourth quarter of the prior year. The company's effective tax rate for full year 2023 was 6.6%. The company's 2023 Diluted earnings per share was $0.50 compared with $7.65 in the prior year.
Net cash provided by operating activities was $0.3 billion for the full year 2023 versus $0.7 billion for the prior year. The decrease was primarily driven by lower Net income and working capital. Free cash flow for the full year 2023 was $43.7 million, compared with $312.5 million for the prior year.
During management's review, the company identified issues with certain previously reported financials. All comparisons are based on the corrected historical results as depicted in the financial tables herein, which include the correction of non-material errors in previously reported results.
The company filed a Form 12b-25 with the Securities and Exchange Commission and disclosed that it expects to file its Form 10-K prior to the expiration of the extension period.
(1) All comparisons are based on the same time period in the prior year. Comparable store sales include locations open for 13 complete accounting periods and excludes sales to independently owned Carquest locations.
Capital Allocation
On February 13, 2024, the company declared a regular cash dividend of $0.25 per share to be paid on April 26, 2024 to all common stockholders of record as of April 12, 2024.
Subsequent Events
On February 26, 2024, the company entered into an amendment to its revolving credit facility to enable certain addbacks to financial covenants for specific write-downs of inventory and vendor receivables. As of December 30, 2023, considering the amendment, the company was in compliance with the credit facility's financial covenants.
Full Year 2024 Guidance (1)
"In 2024, we are refining our operational improvement plans and building on the decisive actions we have taken to turn around the company's performance. We are committed to improving overall productivity and taking a disciplined approach to reducing expenses, which will support our focus on investing in our team members. Our 2024 full year guidance is reflective of the steps we must take to reset the business and solidify our foundation for the long term," said Ryan Grimsland, executive vice president and chief financial officer.
https://corp.advanceautoparts.com/investors/news-and-events/press-releases/press-release-details/2024/Advance-Auto-Parts-Reports-Fourth-Quarter-and-Full-Year-2023-Results/default.aspx
BMW of North America, LLC (ETR: BMW)
BMW of North America, LLC is part of the BMW Group and a subsidiary of Bayerische Motoren Werke AG (ETR: BMW).
https://www.bmwgroup.com/en/company.html#
BMW of North America, LLC (BMW NA) was established in 1975 as the United States importer of BMW luxury/performance vehicles. BMW of North America assumed import and distribution responsibilities for BMW motorcycles in 1980. BMW of North America also began to distribute light trucks in 1999. BMW of North America's Corporate Headquarters is located in Woodcliff Lake, New Jersey. Its Eastern Regional Headquarters and Technical Training Center is located in Woodcliff Lake, New Jersey. A Vehicle Preparation Center is in Port Jersey, NJ and a Regional Distribution Center is in Nazareth, PA.
https://www.bmwusa.com/about/bmw-of-north-america.html
3 November 2022
BMW Group Quarterly Statement to 30 September 2022
Attached please find the Quaterly Statement to 30 September 2022 for download.
The telephone conferences for journalists and analysts will also be broadcast on our web page at 10:00 a.m. (CET) and 2:00 p.m. (CET) respectively.
For full release see:
https://www.press.bmwgroup.com/global/article/detail/T0405300EN/bmw-group-quarterly-statement-to-30-september-2022
Fisker Inc. (NYSE: FSR)
California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world's most sustainable vehicles.
DESIGNED BY HENRIK
From the hand of Henrik Fisker flows our collective purpose. An automotive icon and tech visionary, Henrik has created some of the most iconic vehicles ever on four wheels, from James Bond's famed BMW Z8 to his latest disruption, the revolutionary Fisker Ocean.
Today, he leads Fisker in reimagining the way we move with the world's most emotionally charged and highly sustainable vehicles.
https://www.fiskerinc.com/about
4 August 2023
FISKER INC. ANNOUNCES SECOND QUARTER 2023 FINANCIAL RESULTS*
Fisker began inaugural deliveries of Fisker Ocean Ones in Austria, Denmark, Germany, and the US with deliveries starting in Norway and Sweden shortly.
Fisker Ocean One and Extreme achieved EPA range of 360 miles, which is the longest range of any new electric SUV in its class.
Opened new customer locations in London, Oslo, and Stockholm, with additional customer facilities opening in North America and Europe this year.
Q2 2023 was Fisker's first quarter with automotive sales revenue. First vehicles delivered achieved a 7.5% gross margin; excluding early-stage investor vehicles, gross margin was 18.5%. EPS was ($0.25), compared to ($0.36) in the prior year.
Raised $300 million in gross proceeds from convertible bond offering in July, with potential to double proceeds in 12-months, bolstering quarter-end cash, cash equiv., and restricted cash to $822 million on a proforma basis; this excludes $33 million in VAT receivables.
Fisker published its Life Cycle Assessment (LCA) report, highlighting that the Fisker Ocean had the lowest published carbon footprint of any electric SUV.
Fisker held its "Product Vision Day" event on August 3, 2023, where it showcased its product lineup and how it plans to disrupt and innovate in every market segment it enters.
1,022 vehicles produced in Q2 2023 and 1,009 produced in July, which had fewer working hours due to the planned Magna Steyr annual summer shutdown. Calendar 2023 production forecast updated to a range of 20,000-23,000 units due to a short-term capacity constraint at one supplier.
LOS ANGELES, CA - (August 4, 2023) - Fisker Inc. (NYSE: FSR) ("Fisker"), driven by a mission to create the world's most emotional and sustainable electric vehicles, today announced its financial results for the second quarter ended June 30, 2023.
"Our second quarter marked an important milestone for Fisker as we started deliveries of our first Fisker Ocean vehicles to customers. We are currently in a quarter that truly marks the inflection for Fisker - our business model has now been proven, by the fact that we are already making a positive profit margin on the first vehicles we are selling," stated Henrik Fisker, Chairman and Chief Executive Officer of Fisker.
"Feedback from our first customers and the numerous members of the media who have now reviewed the Fisker Ocean has been quite positive, and we are not slowing down. We unveiled our future product vision to investors, the press, and our customers and are excited to enter a range of new vehicle segments, including pickup trucks. We look forward to getting more and more vehicles into the hands of our loyal customers so they can experience the unique and classleading features of the Ocean," continued Fisker.
For full release see:
https://assets.ctfassets.net/cghen8gr8e1n/5idjtDyGMQ3YDQ1YwKI2Oi/657cf3036d323aab333507858c29016a/Fisker_Inc._Announces_Second_Quarter_2023_Financial_Results.pdf
Ford Motor Co. (NYSE: F)
Since 1903, Ford Motor Company has put the world on wheels. From the moving assembly line and the $5 workday, to soy foam seats and aluminum truck bodies, Ford has a long heritage of progress.
Ford's contributions in World War II extended beyond military production on the assembly lines. In 1943, the Ford Motor Company Garden Educational Service was established to assist communities on the home front.
Since 1903, Ford Motor Company has built iconic vehicles, including Model T, Continental, Mustang, F-series, and Bronco. We have also manufactured many other products, such as airplanes, radios, refrigerators, postal machines, and weather satellites.
https://corporate.ford.com/company/history.html
Four key issues facing Ford
Trade
Ford supports trade policies and agreements that create and sustain U.S. jobs - expanding opportunities for U.S. exports and leveling the playing field for American companies and workers. As America's number one vehicle assembler and exporter1, Ford cares deeply about ensuring trade agreements are free and fair.
Whether it's working on the new United States-Mexico-Canada Agreement - USMCA - or ensuring that currency exchange rates are set by markets, not countries, the Ford team is working to make sure markets around the world are open to our products.
Fuel economy
Ford is working to ensure that policymakers understand our commitment to reduce greenhouse gas emissions in our vehicles and our facilities, and to expand our focus on electrified vehicles - highlighting our $11 billion investment in the near term. Our message to regulators at both the federal and state level is to urge collaboration toward one common standard that ensures regulatory certainty for product planning.
Autonomous vehicles, mobility & electrification
Ford is working to ensure a clear regulatory framework for the safe deployment of fully autonomous vehicles, as federal legislation will ultimately define how autonomous vehicles hit the road. While regulators update existing safety standards, Ford has supported bills like the AV Start Act that allow more self-driving vehicles on the roads and ensure there won't be a patchwork of state laws and regulations.
State legislation
Each year Ford faces almost 1,000 different pieces of legislation in state capitals that can impact Ford's business operations and bottom line. Sometimes it's competitors trying to change to state laws to gain an unfair advantage when it comes to selling and servicing vehicles, other times it involves developing solutions for emerging technologies and innovation. Ford works closely with policy makers in the states to help shape solutions and to ensure all automakers compete on a level playing field.
https://corporate.ford.com/company/government-relations.html
24 April 2024
Customers Find Appeal in 'Freedom' of Ford Powertrain Choices, Contributing to Solid Q1 Results, Setting Up Strong Full Year
Ford reports first-quarter revenue of $42.8 billion, net income of $1.3 billion, and adjusted EBIT of $2.8 billion
Revenue from Ford Pro commercial customers jumps 36%, EBIT more than doubles, with high demand for Super Duty work trucks, Transit vans and software/physical services
Ford Blue's strong global product lineup includes new versions of F-150 and Ranger trucks; hybrid volumes on pace for 40% full-year growth
Company declares second-quarter regular dividend of 15 cents per share
Full-year adjusted EBIT tracking to high end of $10 billion to $12 billion; adjusted FCF target raised to $6.5 billion to $7.5 billion; CAPEX guidance tightened to $8 billion to $9 billion
DEARBORN, Mich., April 24, 2024 - Ford's first-quarter 2024 operating results provided more evidence that its segmented, customer-centered strategy is delivering growth and profitability, sharpening capital efficiency and fortifying business durability.
"Customers want vehicles that they're passionate about, choices in how they're powered, quality that's constantly getting better and great value," said President and CEO Jim Farley. "With Ford+, we're increasingly giving them all those things in ways that others don't and creating a company that will lead for the long haul." Nowhere is that momentum more apparent, said Farley, than in Ford Pro, which helps commercial customers improve the productivity of their organizations.
"The Ford Pro team is growing volumes, revenue and profitability - including EBIT margin - and services capabilities," he said. "We're seeing real evidence of what's possible for customers and the company across all our segments, and applying what we're learning about things like mobile services and value-added software to our retail businesses."
Relatedly, a new Ford brand campaign is showcasing the company's distinctive commitment and ability to suit the needs of almost every customer through "Freedom of Choice" across a lineup of high-performing, high-volume gas, hybrid and electric vehicles.
Ford's revenue for the 2024 first quarter was $42.8 billion, up 3% year-over-year even as vehicle shipments declined slightly. The company has increased revenue in each of the past three years and expects to do so again in full-year 2024. Net income for Q1 was $1.3 billion; adjusted earnings before interest and taxes, or EBIT, totaled $2.8 billion.
Operating cash flow in the period was $1.4 billion; adjusted free cash flow was a use of $500 million. Both reflected working capital effects from about 60,000 vehicles that were in inventory at the end of the first quarter, but are expected to be shipped in Q2. CFO John Lawler said that the company's balance sheet remains "rock solid," with $25 billion in cash and nearly $43 billion in liquidity at quarter-end.
Ford's continued strong performance and disciplined capital allocation enable the company to fund Ford+ initiatives while also meaningfully returning capital to shareholders - the latter at a targeted rate of 40% to 50% of adjusted free cash flow. Consequently, Ford today declared a secondquarter regular dividend of 15 cents per share, payable June 3 to shareholders of record at the close of business on May 8.
For full release see:
https://s201.q4cdn.com/693218008/files/doc_financials/2024/q1/Q1-2024-PRESS-RELEASE-4-24-24-FINAL.pdf
General Motors Co. (NYSE: GM)
We envision a future of zero crashes, zero emissions and zero congestion, and we have committed ourselves to leading the way toward this future.
General Motors has been pushing the limits of transportation and technology for over 100 years. Today, we are in the midst of a transportation revolution. And we have the ambition, the talent and the technology to realize the safer, better and more sustainable world we want.
As an open, inclusive company, we're also creating an environment where everyone feels welcomed and valued for who they are. One team, where all ideas are considered and heard, where everyone can contribute to their fullest potential, with a culture based in respect, integrity, accountability and equality.
Our team brings wide-ranging perspectives and experiences to solving the complex transportation challenges of today and tomorrow.
Headquartered in Detroit, Michigan, GM is:
Over 180,000 people
Serving 6 continents
Across 23 time zones
Speaking 70 languages
At General Motors, innovation is our north star. As the first automotive company to mass-produce an affordable electric car, and the first to develop an electric starter and air bags, GM has always pushed the limits of engineering.
GM is the only company with a fully integrated solution to produce self-driving vehicles at scale.
We are committed to an all-electric future.
2.6 billion EV miles have been driven by drivers of five GM electrified models, including the Chevrolet Bolt EV.
Our future depends on responsible stewardship of the earth, and we continually seek creative and innovative solutions for the environment. Our policies and technologies promote a cleaner planet from supply chain to manufacturing to the vehicles we put on the road.
Across 14 recent new-vehicle launches, we've trimmed an average of 357 pounds per vehicle, saving 35 million gallons of gasoline and avoiding 312,000 metric tons of CO2 emissions per year.
Today, our vehicle manufacturing process has the lowest environmental footprint in our history, thanks to steady progress toward achieving our 2020 operational commitments to reduce energy, carbon, water and waste intensity.
We are General Motors. We transformed how the world moved through the last century. And we're determined to do it again as we redefine mobility to serve our customers and shareholders and solve societal challenges.
https://www.gm.com/our-company/about-gm.html
23 April 2024
GM Releases 2024 First-Quarter Results and Raises Full-Year Guidance
DETROIT, April 23, 2024 /PRNewswire/ -- General Motors Co. (NYSE: GM) today reported first-quarter 2024 revenue of $43.0 billion, net income attributable to stockholders of $3.0 billion and EBIT-adjusted of $3.9 billion.
GM is also updating its 2024 full-year earnings guidance:
Updated 2024 Guidance
Previous 2024 Guidance
Net income attributable to stockholders
$10.1 billion - $11.5 billion
$9.8 billion - $11.2 billion
EBIT-adjusted
$12.5 billion - $14.5 billion
$12.0 billion - $14.0 billion
Automotive operating cash flow
$18.3 billion - $21.3 billion
$18.0 billion - $21.0 billion
Adjusted automotive free cash flow
$8.5 billion - $10.5 billion
$8.0 billion - $10.0 billion
EPS-diluted
$8.94 - $9.94
$8.50 - $9.50
EPS-diluted-adjusted
$9.00 - $10.00
$8.50 - $9.50
GM's 2024 financial guidance includes anticipated capital spending of $10.5 billion - $11.5 billion, inclusive of investments in the company's battery cell manufacturing joint ventures.
For full release see:
https://investor.gm.com/news-releases/news-release-details/gm-releases-2024-first-quarter-results-and-raises-full-year
Jaguar Land Rover North America LLC (NYSE: TTM, NSE: TATAMOTORS)
Jaguar Land Rover are reimagining the future of modern luxury by design through our two distinct, British brands.
Our brands are steeped in a rich tapestry of timeless designs that resonate with people, creating an emotional attachment, an intimacy, that is truly unique on the global stage.
Jaguar Land Rover has been a wholly-owned subsidiary of Tata Motors, in which Tata Sons is the largest shareholder, since 2008.
Two brands. Two distinct personalities. Both connected by the elements of quality and sustainability that underpin Jaguar Land Rover's future of modern luxury by design.
https://www.jaguarlandrover.com/overview
Jaguar Land Rover North America LLC is a wholly-owned subsidiary of the British company, Jaguar Land Rover Automotive plc, which is a subsidiary of the Indian company, Tata Motors Limited (NYSE: TTM, NSE: TATAMOTORS).
Tata Motors has a strong global network of subsidiaries and associate companies, including Jaguar Land Rover in the UK and Tata Daewoo in South Korea. Our international footprint was established with our first export in 1961. Today, we have over 134 direct and indirect subsidiaries in India and abroad.
https://www.tatamotors.com/about-us/subsidiaries/
25 January 2023
JLR RETURNS TO PROFIT AS CHIP SHORTAGES EASED IN THE THIRD QUARTER
Revenues in Q3 FY23 of £6.0 billion, up 28% vs. Q3 FY22 and up 15% vs. Q2 FY23
Free cash flow in Q3 FY23 of £490 million with EBIT margin of 3.7% and profit before tax of £265 million, up from a loss before tax of £(9) million in Q3 FY22
Wholesale volumes of 80k, the highest level since Q1 FY22 when the semiconductor shortages began and up 15% vs. Q3 FY22
The production ramp up of New Range Rover and New Range Rover Sport continued with 27k units wholesaled in the quarter, up from 14k in Q2
Liquidity remained strong at the end of the quarter with £3.9 billion of cash
Undrawn £1.5 billion unsecured revolving credit facility extended to April 2026 and extension to £0.6 billion equivalent China bank loan maturing June 2023 signed
Strong demand continues - 85k cars delivered to retail clients in Q3 while taking 95k new orders with the total number of orders increasing to a new record of 215k units
Three most profitable models, the New Range Rover, New Range Rover Sport and Defender account for over 74% of the order book
Modern luxury Range Rover SV is the fastest ever selling Special Vehicle Operations model, with more than 5,000 orders since launch in October 2021 at average pricing above £180,000
Refocus transformation programme delivered £850 million year to date and on track to deliver £1 billion of savings this financial year
Reimagined pure-electric Jaguar models, launching in 2025, will be built in Solihull alongside BEV Range Rovers, heralding an exciting new era of electric car production in the UK
Jaguar Land Rover Automotive plc today reported its financial results for the three months to 31 December 2022 (Q3 FY23).
Jaguar Land Rover delivered on its plans and achieved positive free cash flow and profitability in Q3 as semiconductor supply challenges eased in the quarter. Revenues in Q3 FY23 were £6.0 billion, up 28% vs. Q3 FY22 and up 15% vs. Q2 FY23 reflecting strong model mix and pricing as the production ramp up of the New Range Rover and New Range Rover Sport continued with 27,456 units wholesaled in the quarter, up from 13,537 in Q2.
Profit before tax in the quarter was £265 million, up from a loss of £(9) million a year ago with a positive EBIT margin of 3.7%, up from 1.4% in Q3 FY22. The higher profitability reflects increased wholesale volumes with favourable mix, pricing and foreign exchange offset partially by higher inflation and supplier claims largely related to constrained volumes. Profit after tax in the quarter was £261 million, up from a loss of £(67) million in Q3 FY22. Free cash flow was £490 million in Q3 FY22, up from £164 million in Q3 FY22.
Wholesale volumes were 79,591 units in the period (excluding the Chery Jaguar Land Rover China joint venture), up 5.7% compared to the prior quarter ending 30 September 2022 and 15.0% compared to the same quarter a year ago. Compared to the prior quarter, wholesale volumes were higher in North America (+17%), UK (+13%) and Overseas (+10%) and lower in China (-13%) and Europe (-3%).
Wholesales in China during the quarter were impacted by lockdowns leading to dealer closures followed by high rates of staff absence as Covid-19 restrictions were relaxed. The situation is expected to recover in the fourth quarter with our dealers open and staff absence closer to normal levels in January.
The Company continues to see strong demand for its vehicles. As at 31 December 2022, the total order book increased to 215,000 client orders, up around 10,000 orders from 30 September 2022. Demand for the Range Rover, Range Rover Sport and Defender remains strong and represents 74% of the order book.
The Refocus transformation programme delivered £300 million of value in Q3 (£850 million year to date) and is on track to deliver a target of £1 billion plus improvements in the year to help mitigate the impact of inflation.
JLR had strong liquidity at the end of the quarter with £3.9 billion of cash. The £1.5 billion undrawn unsecured revolving credit facility has been extended from March 2023 to April 2026. An extension to our £0.6b equivalent China bank loan due to mature in June 2023 has also been signed (for three years maturing in January 2026, subject to annual reviews).
Although there continue to be supply chain and other macro risks, our guidance for the full year remains unchanged. Positive profits and free cash flow in Q4 FY23 on wholesales of 80,000 or more are expected to achieve breakeven cashflow and a positive EBIT margin for the full year.
https://www.jaguarlandrover.com/news/2023/01/jlr-returns-profit-chip-shortages-eased-third-quarter
Mercedes-Benz USA LLC (ETR: DAI)
Mercedes-Benz USA LLC, as part of Mercedez-Benz, is part of the Daimler Group, the parent of which is the German company, Daimler AG (ETR: DAI).
https://www.daimler.com/company/at-a-glance.html
For nearly a century, Mercedes-Benz has made it our mission to move the world. Through our employees and their achievements, we've created a company we can all be proud of.
Mercedes-Benz was founded in 1926 by Karl Benz, Gottlieb Daimler, Wilhelm Maybach and Emil Jellinek, whose daughter Mercedes is our original namesake.With offices in 93 locations worldwide and a corporate headquarters in Stuttgart, Germany, our global presence continues to grow.
Our vehicles are manufactured in 17 countries on five continents, and distributed all over the world.From the crumple zone in 1959 to the airbag in 1980 and PRE-SAFE® braking in 2002, Mercedes-Benz has invented many of the automotive technologies we see today
https://www.mbusa.com/en/about-us
26 October 2022
Mercedes-Benz posts robust Q3 profit in a demanding environment.
October 26, 2022 - Mercedes-Benz Group AG delivered solid financial results in the third quarter of 2022 as robust demand and healthy pricing for cars and vans, as well as cost discipline.
As a result, Earnings Before Interest and Taxes (EBIT) increased by 83% to [euro]5.2 billion (Q3 2021: [euro]2.8 billion). Group revenue increased by 19% to [euro]37.7 billion (Q3 2021: [euro]31.6 billion). The adjusted Return on Sales at Mercedes-Benz Cars reached 14.5% and 12.7% at Mercedes-Benz Vans.
You will find all documents and the recordings of the conference calls in the lower section of this page.
Mercedes-Benz saw robust demand especially for its Top-End and electric vehicles as customer orders exceed the constrained supply in large part due to the ongoing semiconductor shortages and bottlenecks in logistics. As the transformation towards an all-electric future continues, Mercedes-Benz Passenger Car BEV sales more than doubled in the first nine months of the year (+156%) and increased by 183% in the third quarter.
As energy supply uncertainties in Europe and the ongoing COVID challenges in Asia continue to impact consumer sentiment, the company remains vigilant and is preparing to safeguard supply chains and to maximise the potential for reducing or substituting the use of natural gas in vehicle production. Mercedes-Benz continues to see a gas reduction potential of around 50% in Germany if regional pooling is possible. As part of the company's strategic goal of switching from gas to renewable electricity and other energy sources, Mercedes-Benz unveiled plans to build a wind farm at its test track in Papenburg, northern Germany, with an output of over 100 MW - more than 15% of Mercedes-Benz Group AG's electricity needs in Germany from the middle of the decade.
Investments, free cash flow, liquidity
The Free Cash Flow of the industrial business amounted to [euro]3.0 billion (Q3 2021: [euro]3.0 billion), impacted by the build-up of inventories as a result of semiconductor bottlenecks, a model-related production ramp-up and logistical bottlenecks. Inventories rose compared to historically low levels last year. The adjusted free cash flow of the industrial business was [euro]3.3 billion (Q3 2021: [euro]3.5 billion). The net liquidity of the industrial business as of September 30 amounted to [euro]23.3 billion (end of 2021: [euro]21.0 billion).
The Group's investments into property, plant & equipment amounted to [euro]0.8 billion in the third quarter of 2022 (Q3 2021: [euro]1.1 billion). Mercedes-Benz Cars invested [euro]0.7 billion in property, plant & equipment (Q3 2021: [euro]0.8 billion) and Mercedes-Benz Vans invested [euro]0.1 billion (Q3 2021: [euro]0.1 billion). At Group level, research and development expenditure in the third quarter amounted to [euro]2.3 billion (Q3 2021: [euro]2.2 billion).
For full release see:
https://group.mercedes-benz.com/investors/reports-news/interim-reports/q3-2022/
Porsche Cars North America Inc. (ETR: PAH3)
The parent company of Porsche Cars North America Inc. is the German company, Porsche Automobil Holding SE (ETR: PAH3). Porsche Automobil Holding SE ("Porsche SE") is a listed holding company. The holding was founded in 2007. In particular, it holds the majority of the ordinary shares in the Volkswagen Group, one of the world's leading automobile manufacturers. The Group comprises twelve brands from seven European countries: Volkswagen Passenger Cars, Audi, SEAT, SKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN.
https://www.porsche-se.com/en/company/about-us
Porsche Cars North America, Inc. (PCNA), based in Atlanta, Georgia, is the exclusive importer of Porsche vehicles for the United States.
Established in 1984, it is a wholly-owned subsidiary of Dr. Ing. h.c. F. Porsche AG, which is headquartered in Stuttgart, Germany. PCNA employs approximately 300 people who provide Porsche vehicles, parts, service, marketing and training for its 189 dealers. They in turn, work to provide Porsche customers with best-in-class experience.
Throughout its 65-plus year history, Porsche has developed numerous technologies that have advanced vehicle performance, improved safety and spurred environmental innovations within the automotive industry. The company continues to celebrate its heritage by adding to its long list of motorsports victories dating back to its first 24 Hours of Le Mans class win in 1951. Today, with more than 30,000 victories, Porsche is recognized as the world's most successful brand in sports car racing.
PCNA, which imports the iconic 911, Boxster and Cayman sports cars, Cayenne and Macan sport utility vehicles, and Panamera sports sedans for the U.S., strives to maintain a standard of excellence, commitment and distinction synonymous with its brand.
Porsche Motorsport North America provides racing assistance, parts and service from their home base in Southern California. Porsche Logistics Services, LLC provides parts distribution from Ontario, CA and Atlanta, GA.
In October 2009, PCNA also officially opened a new Northeast Regional Support Center that was awarded a prestigious LEED Gold Certificate for being built and operated with a level of environmental sensitivity. The 300,0000 sq. ft. building is the only one to receive this honor in the northeast area it is located (Easton, Pennsylvania). The environmentally conscious initiatives in the U.S. also include other facilities. In 2009, Porsche's Logistic complex in Ontario, California began to employ solar power, saving 50,000 pounds of CO2 each year.
In January of 2015 PCNA moved to its new North American headquarters located in the southern metropolitan district of Atlanta, Georgia, this one-of-a-kind facility showcases a commitment to both design and functionality and serves to provide an incomparable experience among all other automotive brands in the world. Beyond its captivating architecture, headquarters is also home to an industry first in North America -- The Porsche Experience Center, which invites customers, business partners and brand enthusiasts to celebrate every aspect of Porsche. The Porsche Experience Center, which features a module-based 1.6 mile driver development track, includes a Driving Simulator Lab, Porsche Driver's Selection Store, Carrera Café, and Restaurant 356 for the ultimate fine-dining experience. The venue is also home to Human Performance Center, Business Center, Classic Car Gallery and Restoration Center and the Porsche Exclusive - Personal Design Studio.
https://www.porsche.com/usa/aboutporsche/porschecarsnorthamerica/aboutporschecarsnorthamerica/
28 October 2022
Porsche AG on track with strong results
Strong performance in the pivotal quarter of the IPO. During the first nine months of the year Dr. Ing. h.c. F. Porsche AG ("Porsche AG", and together with its fully consolidated subsidiaries, the "Porsche Group" or "Porsche") increased Group sales revenue by 15.7 per cent to 26.74 billion euros (previous-year period: 23.12 billion euros).
It thus achieved Group return on sales of 18.9 per cent (previous-year period: 15.5 per cent). Group operating profit was 5.05 billion euros - an increase of 40.6 per cent from 3.59 billion euros in the first nine months of 2021. The increase in sales revenue was mainly driven by an attractive product mix with significantly higher proceeds per vehicle, exchange rate effects and higher Group sales volumes.
"Despite significant global challenges, Porsche has achieved compelling financial growth during the first nine months of 2022," says Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board for Finance and IT at Porsche AG. "In this volatile and difficult market environment we are demonstrating our ability to operate profitably, in particular through cost discipline and an attractive product mix. At the same time, we are decisively pushing ahead with our modern luxury strategy."
During the first nine months of 2022, Porsche generated Automotive net cash flow of 3.27 billion euros (previous-year period: 2.88 billion euros). "Our ambition is to deliver the best products and service to our customers, thus we are continuously investing in future projects while at the same time working to generate strong Automotive net cash flow", says Lutz Meschke.
Oliver Blume, Chairman of the Executive Board of Porsche AG: "In our view, these results demonstrate that Porsche is well positioned in the sweet spot of the luxury automotive segment. Our attractive product portfolio covers both luxury and sport. In addition, we have ambitious goals in terms of sustainability: We are working towards achieving a net carbon-neutral value chain in 2030 and a net carbon-neutral use phase for future BEV models."
By the end of the third quarter of 2022, Porsche achieved a slight increase in deliveries. In total, the Porsche Group delivered 221,512 vehicles to customers. This is a 2.0 per cent increase compared to the same period last year (217,198 deliveries).
The Group's Financial Services segment, comprising Porsche Financial Services ("PFS"), the Group's own captive financial services business, exhibited solid performance in the first nine months of 2022, with sales revenue of 2.47 billion euros and operating profit of 301 million euros. In the previous-year period, PFS reported sales revenue of 2.32 billion euros and operating profit of 227 million euros. This equates to increases in sales revenue and operating profit of 6.0 per cent and 32.7 per cent, respectively.
Despite the significant global challenges presented by disruptions to global supply chain and parts availability for production, Porsche AG is confirming its outlook for the full year 2022: Porsche expects return on sales to be in the range of 17 to 18 per cent for 2022. This outlook remains unchanged despite the newly announced employee IPO bonus to be paid in the fourth quarter of 2022. Over the medium term, Porsche confirms its return on sales target in a range of approximately 17 to 19 per cent. Porsche's long-term ambition continues to be to achieve Group return on sales of more than 20 per cent. CFO Lutz Meschke emphasizes: "Despite the challenging times we remain confident with respect to our strong profitability and financial and operational resilience."
IPO opens up new possibilities
One month after its IPO, Porsche AG looks back satisfied: On 29 September 2022, the Preferred Shares started trading on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard). The final offer price was 82.50 euros.
"The third quarter of 2022 was quite volatile and challenging from a political, economic and social perspective. Nevertheless we were able to successfully list Porsche and get off to a flying start. This demonstrates the attractiveness of our business model and the uniqueness of the Porsche brand", says Lutz Meschke. "Many thanks to the entire team. Our highly motivated and qualified crew made this performance possible through their great commitment."
For full release see:
https://newsroom.porsche.com/en/2022/company/porsche-increase-sales-revenue-operating-profit-return-on-sales-quarter-3-2022-30196.html
Stellantis (NYSE: STLA, XPAR: STLA, MI: STLA) formerly FCA US LLC (NYSE: FCAU, MI: FCA)
Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA) ("Stellantis") announced that, following completion of the merger of Peugeot S.A. ("Groupe PSA") and Fiat Chrysler Automobiles N.V. ("FCA") on January 16, 2021, the combined company was renamed Stellantis.
In this new era of mobility, our portfolio of brands is uniquely positioned to offer distinctive and sustainable solutions to meet the evolving needs of customers, as they embrace electrification, connectivity, autonomous driving and shared ownership. Founded by visionaries who infused them with passion and competitive spirit, these brands have made automotive history for more than a century and continue to speak to customers and inspire our employees today.
We offer a full spectrum of choice from luxury, premium and mainstream passenger vehicles to pickup trucks, SUVs and light commercial vehicles, as well as dedicated mobility, financial, and parts and service brands.
The driving force behind us is the diverse and talented group of men and women around the world who bring their passion and experience to their work every day. And while we are a truly global organization, we remain deeply rooted in the communities in which we operate and our people live and work.
With industrial operations in nearly 30 countries and a commercial presence in more than 130 markets, Stellantis has the ability to consistently exceed the evolving needs and expectations of customers, while creating superior value for all stakeholders.
https://www.stellantis.com/en/news/press-releases/2021/january/the-new-name-and-governance-of-stellantis-take-effect
https://www.stellantis.com/en/group/about-us
30 April 2024
First Quarter 2024 Shipments and Revenues
Stellantis Reports Q1 2024 Net Revenues and Shipments Reflecting New Product Transition
Net revenues of [euro]41.7 billion, down 12% compared to Q1 2023 primarily due to volume, mix and foreign exchange headwinds, partly offset by firm net pricing
Consolidated shipments(1) of 1,335 thousand units, down 10%, reflecting production actions and inventory management to prepare for new product wave in H2 2024 compared with strong shipments in Q1 2023 to build inventory following a prolonged period of supply constraints
Total new vehicle inventory of 1,393 thousand units (Company inventory of 423 thousand units) at March 31, 2024, reflecting improving level and structure versus December 2023
Global BEV and LEV sales increased by 8% and 13%, respectively, versus Q1 2023; ongoing global focus with new BEVs launching throughout 2024
Ordinary dividend of [euro]1.55 per share (16% increase versus prior year) approved at AGM to be paid to shareholders on May 3, 2024
[euro]3.0 billion share buyback on track for 2024 completion
"While Q1 2024 year-over-year shipments and Net revenues comparisons were difficult due to transitions in our next generation product portfolio manufactured on new platforms, we are delivering clear improvements in key commercial dynamics with customer sales outpacing shipments. We are reducing inventories to reinforce our strong relative pricing ahead of our new or mid-cycle product launches this year in key regions. During Q1 2024, we have introduced four new models out of our full-year launch plan of 25 models, including 18 BEV nameplates, which we believe sets the stage for materially improved growth and profitability in the second half of the year."
AMSTERDAM - Stellantis N.V. today reported first quarter 2024 Net revenues and shipments reflecting production actions and inventory management strategies to prepare for the upcoming new product wave. Sales to customers were unchanged from prior year, with growth in Middle East & Africa (up 23% year-over-year) and Enlarged Europe (up 6% year-over-year). Global BEV sales were up 8% and North America PHEV sales were up 79% year-over-year. Jeep® Wrangler, Jeep® Grand Cherokee and Dodge Hornet were the top three most sold PHEVs in the U.S.(4) Stellantis Pro One commercial vehicles achieved market share leadership in the Middle East & Africa region in the quarter with 26% market share, while maintaining its No. 1 position in both EU30 and South America, on its quest to achieve global market leadership by 2027. In EU30 BEV sales, Pro One also takes the top spot with 33% market share.
For full release see:
https://www.stellantis.com/en/news/press-releases/2024/april/first-quarter-2024-shipments-and-revenues
The Shyft Group, Inc. (NASDAQ: SHYF) formerly Spartan Motors Inc. (NASDAQ: SPAR)
Spartan Motors, Inc. (NASDAQ: SPAR) announced its corporate name change to The Shyft Group, Inc. (NASDAQ: SHYF) ("Shyft" or the "Company"), following the divestiture of its Emergency Response (ER) business.The Shyft Group is headquartered in Novi, Mich.
The Shyft Group, formerly Spartan Motors, began in 1975, when a small group of automotive engineers drew on their collective expertise and launched their own company outside of Lansing, Michigan. Their formula was simple: build a high-quality custom product for a specific consumer, sell it at a fair price, and provide great service over the life of the vehicle.
Over time, much has changed, including our name, but those pillars of innovation and customer-centricity live on.
Today, with thousands of dedicated associates across multiple states and campuses, The Shyft Group and its family of brands continues to engineer, assemble, and service vehicles and upfits to meet our customers' unique needs, still charges a fair price for its high quality, long-lasting products, and always provides a higher level of service and support after the sale.
https://theshyftgroup.com/about-us/our-history/
25 April 2024
The Shyft Group Reports First Quarter 2024 Results
First quarter sales of $198 million; Quarter end consolidated backlog of $439 million with FVS backlog up 10% sequentially
Maintains 2024 outlook with sales of $850 to $900 million and adjusted EBITDA of $40 to $50 million
NOVI, Mich., April 25, 2024 /PRNewswire/ - The Shyft Group, Inc. (NASDAQ: SHYF) ("Shyft" or the "Company"), the North American leader in specialty vehicle manufacturing, assembly and upfit for the commercial, retail and service specialty vehicle markets, today reported operating results for the first quarter ending March 31, 2024.
First Quarter 2024 Financial Highlights
For the first quarter of 2024 compared to the first quarter of 2023:
Sales of $197.9 million, a decrease of $45.5 million, or 18.7%, from $243.4 million
Net loss of $4.7 million, or ($0.14) per share, compared to net income of $1.7 million, or $0.05 per share
Adjusted EBITDA of $6.1 million, or 3.1% of sales, a decrease of $4.7 million, from $10.8 million, or 4.4% of sales; Results include $5.5 million of EV program related costs versus $8.5 million in the prior year
Adjusted net loss of $1.4 million, or ($0.04) per share, compared to adjusted net income of $4.3 million, or $0.12 per share in the first quarter of 2023
Consolidated backlog of $439.4 million as of March 31, 2024, down $228.0 million, or 34.2%, compared to $667.4 million as of March 31, 2023; On a sequential quarter basis, consolidated backlog was up 7.4%
"We made progress implementing our operating framework, which includes high performing teams, operational excellence, and customer centricity," said John Dunn, President and CEO. "Our sales team drove improved commercial activity in the quarter, which enabled a sequential improvement in order backlog. Our SV business continues to execute well and delivered solid results in the quarter."
For full release see:
https://theshyftgroup.com/news/the-shyft-group-reports-first-quarter-2024-results/
Tesla (NASDAQ: TSLA)
Tesla was founded in 2003 by a group of engineers who wanted to prove that people didn't need to compromise to drive electric - that electric vehicle can be better, quicker and more fun to drive than gasoline cars. Today, Tesla builds not only all-electric vehicles but also infinitely scalable clean energy generation and storage products. Tesla believes the faster the world stops relying on fossil fuels and moves towards a zero-emission future, the better.
Launched in 2008, the Roadster unveiled Tesla's cutting-edge battery technology and electric powertrain. From there, Tesla designed the world's first ever premium all-electric sedan from the ground up - Model S - which has become the best car in its class in every category. Combining safety, performance, and efficiency, Model S has reset the world's expectations for the car of the 21st century with the longest range of any electric vehicle, over-the-air software updates that make it better over time, and a record 0-60 mph acceleration time of 2.28 seconds as measured by Motor Trend. In 2015, Tesla expanded its product line with Model X, the safest, quickest and most capable sport utility vehicle in history that holds 5-star safety ratings across every category from the National Highway Traffic Safety Administration. Completing CEO Elon Musk's "Secret Master Plan," in 2016, Tesla introduced Model 3, a low-priced, high-volume electric vehicle that began production in 2017. Soon after, Tesla unveiled the safest, most comfortable truck ever - Tesla Semi - which is designed to save owners at least $200,000 over a million miles based on fuel costs alone.
All Tesla vehicles are produced at its factory in Fremont, California, where the vast majority of the vehicle's components are also made. To achieve our goal of having the safest factories in the world, Tesla is taking a proactive approach to safety, requiring production employees to participate in a multi-day training program before ever setting foot on the factory floor. From there, Tesla continues to provide on-the-job training and track performance daily so that improvements can be made quickly. The result is that Tesla's safety rate continues to improve while Model 3 production ramps.
To create an entire sustainable energy ecosystem, Tesla also manufactures a unique set of energy solutions, Powerwall, Powerpack and Solar Roof, enabling homeowners, businesses, and utilities to manage renewable energy generation, storage, and consumption. Supporting Tesla's automotive and energy products is Gigafactory 1 - a facility designed to significantly reduce battery cell costs. By bringing cell production in-house, Tesla manufactures batteries at the volumes required to meet production goals, while creating thousands of jobs.
And this is just the beginning. With Tesla building its most affordable car yet, Tesla continues to make products accessible and affordable to more and more people, ultimately accelerating the advent of clean transport and clean energy production. Electric cars, batteries, and renewable energy generation and storage already exist independently, but when combined, they become even more powerful - that's the future we want.
https://www.tesla.com/about
25 January 2023
Q4 and FY 2022 Update
Highlights
Profitability
16.8% operating margin in 2022; 16.0% in Q4
$13.7B GAAP operating income in 2022; $3.9B in Q4
$12.6B GAAP net income in 2022; $3.7B in Q4
$14.1B non-GAAP net income1 in 2022; $4.1B in Q4
Cash
Operating cash flow of $14.7B; free cash flow2 of $7.6B in 2022
Operating cash flow of $3.3B; free cash flow of $1.4B in Q4
$1.1B increase in our cash and investments3 in Q4 to $22.2B
Operations
6.5 GWh of energy storage deployed in 2022, up 64% YoY
Record vehicle deliveries of 1.31 million in 2022
Summary
Q4-2022 was another record-breaking quarter and 2022 was another recordbreaking year. In the last quarter, we achieved the highest-ever quarterly revenue, operating income and net income in our history. In 2022, total revenue grew 51% YoY to $81.5B and net income (GAAP) more than doubled YoY to $12.6B.
As we progress into 2023, we know that there are questions about the nearterm impact of an uncertain macroeconomic environment, and in particular, with rising interest rates. The Tesla team is used to challenges, given the culture required to get the company to where it is today. In the near term we are accelerating our cost reduction roadmap and driving towards higher production rates, while staying focused on executing against the next phase of our roadmap.
Our ASP's have generally been on a downward trajectory for many years. Improving affordability is necessary to become a multi-million vehicle producer. While ASPs halved between 2017 and 2022, our operating margin consistently improved from approximately negative 14% to positive 17% in the same period. This margin expansion was achieved through introduction of lower cost models, buildout of localized, more-efficient factories, vehicle cost reduction and operating leverage.
In any scenario, we are prepared for short-term uncertainty, while being focused on the long-term potential of autonomy, electrification and energy solutions. Our relentless cost control and cost innovation is why we believe that no other OEM is better equipped to navigate through 2023, and ultimately succeed in the long run, than we are.
For full release see:
https://tesla-cdn.thron.com/static/SVCPTV_2022_Q4_Quarterly_Update_6UDS97.pdf?xseo=&response-content-disposition=inline%3Bfilename%3D%22b7871185-dd6a-4d79-9c3b-19b497227f2a.pdf%22
Thor Industries Inc (NYSE: THO)
Wade Thompson and Peter Orthwein founded Thor Industries in 1980 with the purchase of Airstream, an already iconic brand. Since going public in 1984, Thor has grown both organically and through strategic acquisitions in both recreational vehicles (RVs) and buses. Today, Thor is the sole owner of operating subsidiaries that represent some of the world's largest RV manufacturers.
Over the years Thor has received many honors for its growth and management success and has become one of the most admired and respected companies, not only in the RV industry, but in American business.
https://www.thorindustries.com/history
6 March 2024
Thor Industries Announces Second Quarter Fiscal 2024 Results
Fiscal Second Quarter 2024 Highlights
Consolidated net sales for the second quarter were $2.21 billion.
Consolidated gross profit margin for the second quarter was 12.3%.
Net income attributable to THOR Industries, Inc. and diluted earnings per share for the second quarter of fiscal 2024 were $7.2 million and $0.13, respectively, inclusive of a $14.7 million charge related to the November 15, 2023 refinancing of the Company's debt facilities.
The Company revised its full-year fiscal 2024 consolidated net sales and diluted earnings per share guidance to a consolidated net sales range of $10.0 billion to $10.5 billion and diluted earnings per share in the range of $5.00 to $5.50.
ELKHART, Ind., March 06, 2024 (GLOBE NEWSWIRE) -- THOR Industries, Inc. (NYSE: THO) today announced financial results for its second fiscal quarter ended January 31, 2024.
"Our fiscal second quarter, similar to the prior-year period, presented a challenging operating environment as seasonally lower retail demand and cautious dealer sentiment impacted our results. As macro conditions continue to pressure the top-line, our teams proactively navigated through the retail offseason to improve the competitive positioning of our operating companies and independent dealer partners. Notably, we continued to work with our North American independent dealer partners to closely match wholesale production with the pace of retail sales and we enacted promotional programs to assist independent dealers in moving prior-model-year units and stimulate retail demand. With the rapid increase in interest rates over the past year, dealers face elevated floorplan financing costs that have put substantial pressure on their operations. As a result, we currently believe that even though the levels and mix of channel inventory are well-positioned ahead of the retail selling season, dealers will remain focused on limiting inventory levels as they manage interest expense," said Bob Martin, President and CEO of THOR Industries.
"Over the long term, we remain encouraged as attendance figures at recent retail RV shows and consumer interest in the lifestyle remain strong. Our teams will continue to monitor evolving market trends as we progress through the upcoming selling season, and we remain highly confident in our operating teams and flexible business model to deliver value for our independent dealer partners and end consumers," added Martin.
Second-Quarter Financial Results
Consolidated net sales were $2.21 billion in the second quarter of fiscal 2024, compared to $2.35 billion for the second quarter of fiscal 2023.
Consolidated gross profit margin for the second quarter of fiscal 2024 was 12.3%, an increase of 20 basis points when compared to the second quarter of fiscal 2023.
Net income attributable to THOR Industries, Inc. and diluted earnings per share for the second quarter of fiscal 2024 were $7.2 million and $0.13, respectively, compared to $27.1 million and $0.50, respectively, for the second quarter of fiscal 2023. In the second quarter of fiscal 2024, as a result of the amendments and associated maturity date extensions and interest rate margin reductions related to the November 15, 2023 refinancing of the Company's debt facilities, the Company recognized total expense of $14.7 million. Approximately $7.5 million of this expense is classified as interest expense in the Company's Condensed Consolidated Statements of Income and Comprehensive Income and primarily represents extinguishment charges, and the remaining $7.2 million of this expense is classified as administrative expense and primarily represents third-party costs attributed to the modified debt facilities.
For full release see:
https://ir.thorindustries.com/investor-resources/press-releases/press-release-details/2024/THOR-Industries-Announces-Second-Quarter-Fiscal-2024-Results/default.aspx
ACQ_REF: IS/43967/20240618/USA/14/2
ACQ_AUTHOR: Associate/Danny Cliffson Crispin Benos
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