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GM books Q2 $0.8bn loss

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COVID-19 hit GM second quarter results hard, as expected

COVID-19 hit GM second quarter results hard, as expected

General Motors has booked a second quarter 2020 loss of US$0.8bn compared with a a $294m profit for the first quarter. Revenue was $16.8bn compared with $32.7bn in Q1.

Operating income was $2.4bn a year ago and revenue $36.1bn.

“We have a track record of making swift and strategic decisions to ensure our long-term success for the benefit of all our stakeholders. We will continue to drive the necessary change throughout the company to enable growth as we prepare to deliver a world with zero crashes, zero emissions and zero congestion,” said chairman and CEO Mary Barra in a statement.

GM said its Q2 results “demonstrated the resilience of the business, even while affected significantly by the pandemic”.

Chevrolet Silverado and GMC Sierra sales were strong, leading to year-over-year US market share growth, despite tight inventory. Solid demand translated to stronger average transaction pricing and lower incentives, with full-size pickup ATPs increasing $1,526 versus the first quarter.

Launch plans for full-size SUVs also remained on track, with the first customers taking deliveries in June.

Total income and EBIT-adjusted reflected the COVID-19 pandemic impact, with key drivers including a 62% drop in GMNA wholesales, a $0.2bn decline in GMI EBIT-adjusted and lower GM Financial EBT, partially offset by cost actions compared to last year.

GMNA results neared break even, demonstrating the effects of key actions taken the last several years. Performance in China improved on a sequential basis from Q1, with growing sales and equity income of $200million in Q2.

GM posted an EBIT adjusted loss of $0.1bn in North America, compared with $3bn of profit in Q1 2019, $0.3bn loss for international versus break even, $0.2bn loss for Cruise (0.3bn loss a year ago) and $0.2bn profit at GM Financial compared with $0.5bn in Q1 2019.

“Clearly, the second quarter was a challenge, but we achieved near break even EBIT-adjusted in North America, despite losing eight of 13 weeks of production. These results illustrate the resiliency and earnings power of the business as we make the critical investments necessary for our future,” said CFO Dhivya Suryadevara.

US Q2 vehicle sales declined about 34% year on year. Results were impacted by significantly reduced industry demand due to the COVID-19 pandemic and tight dealer inventories caused by the production shutdown in the first and second quarters. Overall sales showed signs of recovery – especially retail sales, which improved from April’s 35% decline to May and June, where year over year declines were around 20%.

No outlook was provided.

Some cheer as GM posts a Q1 profit

Source: https://www.just-auto.com/news/gm-books-q2-08bn-loss_id196930.aspx?utm_source=article-feed&utm_medium=rss-feed&utm_campaign=rss-feed

Automotive

GM Debuts Even Quicker Fourth-Generation Magnetic Ride Control

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It’s been almost 20 years since Cadillac first introduced their nifty MagneRide technology on the Cadillac STS Seville, and, at the time, was pretty groundbreaking stuff, offering technology that would adjust and adapt suspension components of a vehicle in real-time in response to changes in terrain. Now on its fourth generation, MagneRide 4.0 gets a number of substantial upgrades across the board making it, in Cadillac’s own words, the world’s fastest reacting suspension technology. And with up to 45% faster damping response than the third generation, we kinda believe that claim. 

According to Cadillac, these are the most dramatic changes yet to the MagneRide system yet, and will elevate the driving performance and road-going comfort of the 2021 Cadillac CT4-V, CT5-V, CT5 Sport, and Escalade. “With MagneRide 4.0, the world’s fastest reacting suspension system is now even faster,” said Thomas Schinderle, Cadillac vehicle performance engineer. “When paired with our sedans’ award-winning rear-wheel-drive architecture, the result is two of the most responsive sport sedans on the market, with reflexes that elevate the already high threshold of the V-Series legacy.”

MagneRide is an active damping system that literally uses electromagnets and magnetorheological fluid to help vary the damping rate of the shock absorbers. Wheel accelerometers read the road up to 1,000 times a second, triggering adjustments in the magnetic charge in the fluid. This fluid then adjusts the shocks almost instantly, allowing the vehicle to better respond to different road surfaces and corners, maximizing the traction on the road at all times. 

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Every facet of the previous MagneRide system was improved to create version 4.0, with new wheel hub accelerometers, an inertial measurement unit that processes changes four times faster and is more precise, new temperature maps for the fluid, new flux control to provide more consistent and more accurate changes between rebound and compression, reduced damper friction for more pronounced differences between drive modes, and new software and hardware to help the vehicle remain more level when transitioning through corners. 

MagneRide 4.0 comes standard on the 2021 Cadillac CT4-V in rear-wheel drive and CT5-V and starts at $45,8901 and $48,7901, respectively. The 2021 CT5 Sport can get MagenRide 4.0 as part of an optional V Performance Package, plus suspension performance upgrades and a mechanical limited-slip diff. The 2021 Cadillac Escalade will have MagneRide 4.0 on the Sport and Platinum models as standard, which starts at $86,8901 and $101,2901, respectively. The Premium Luxury trim may get MagneRide 4.0 as part of an optional Performance Package. 

Source: https://www.motor1.com/news/449461/gm-debuts-new-magnetic-ride/?utm_source=RSS&utm_medium=referral&utm_campaign=RSS-category-technology

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BMW Gives Android Auto, Other Freebies To 750,000 Owners In OTA Update

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In 2012, Wired reported that Tesla would deliver the auto industry’s first over-the-air (OTA) update to more than 100 Model S sedans. Fast forward to 2020, and BMW has announced it’ll deliver a free OTA update to more than 750,000 cars in markets worldwide. BMW OS 7 and the Remote Software Upgrade tech allow the automaker to update existing features while introducing completely new ones, like adding wireless Android Auto for the first time.

Google’s in-car connectivity software joins Apple CarPlay that has already been available in BMW models, though there’s a lot more included in the update. BMW is updating its proprietary map software for an “entirely new navigation experience.” BMW says its cloud-based system can calculate routes faster by combining real-time info with forecast models. Even CarPlay gets some love with turn-by-turn directions and lane information that’s now viewable in the head-up display. Oh, and there’s no mention of an Android Auto subscription.

BMW’s other new features try to make the driving a bit less frustrating. BMW’s Connected Parking, which helps drivers find parking spots and shows the probability of a spot being open, can now consider the vehicle’s size when assisting. BMW’s eDrive Zones can automatically switch the vehicle to its pure electric driving mode through geofencing. So far, 90 European cities have established such zones. Even BMW’s Intelligent Personal Assistant is a bit smarter, distinguishing between whether the driver or passenger is speaking.

OTA updates for cars didn’t exist a decade ago. But today, BMW, Ford, GM, and others are offering it, or they will be offering it soon. It is just one example of how pure vehicles are changing, highlighting their rapid digitalization and increased connectivity, enabling a host of new and interesting features. Pair that with electric vehicles, and you have a rapidly changing automotive landscape. All you have to do is download it.

Source: https://www.motor1.com/news/449377/bmw-ota-update-750000-cars/?utm_source=RSS&utm_medium=referral&utm_campaign=RSS-category-technology

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VW Uses Engine Rev Hang To Cut Emissions

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It has been almost a year since Volkswagen introduced the eighth-generation Golf – the latest version of VW’s best-seller. While a lot can be said about the Golf’s design, one of the great things about it is that it still can be ordered with a 6-speed manual transmission. For enthusiasts and purists, that’s a huge thing, considering that only 12 percent of new models in the U.S. are offered with a stick shift.

But as with most modern cars, the latest VW Golf has an engine rev hang, which is most noticeable in cars equipped with a manual gearbox.

Douglas Skorupski, Volkswagen of America, Inc.’s powertrain strategy manager, has a good explanation for this, as reported by Autoweek. According to Skorupski, the engine rev hang cuts the Nitrous Oxide (NOx) emissions of cars.

“As you pull your foot off the throttle, what we are trying to prevent is a big hunk of air getting into the chamber without any fuel. If air gets in that way, when you do reapply throttle, it creates a lean condition (a higher than 14.7:1 air-to-fuel ratio), which generates nitrous oxides or NOx. By delaying the fuel cut-off in the cylinder, we get some fuel in there with the air to keep the mixture correct and avoid the lean condition and prevent the NOx from occurring,” Skorupski said in an explanation in Autoweek‘s report.

Engine rev hang isn’t actually limited to the VW Golf. Most modern cars are equipped with electronic throttle bodies, resulting in the catalytic converter’s better control of air/fuel ratio balance and improvement of throttle control. But the use of this technology also ushered in engine rev hang, especially felt in manual gearboxes since you’re in full autonomy.

While it can be intrusive for some, it’s good to know that engine rev hang has a positive environmental effect – no matter how marginal it sounds. 

Source: https://www.motor1.com/news/448273/vw-golf-manual-rev-hang/?utm_source=RSS&utm_medium=referral&utm_campaign=RSS-category-technology

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