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Nissan Motor Co., Ltd. NSANY has informed its dealers that it is set to reduce production of the Rogue and Frontier by up to 40,000 units in September and October. This decision aims to address inventory and oversupply issues, as dealers face challenges in boosting sales and profits, even though the Rogue remains Nissan's top-selling model.
Rogue sales have declined 4.5% in the first half of the year compared with the same period last year. Although Frontier sales are up 17.1%, both models still have supply levels higher than the industry average.
Per Automotive News, Nissan notified suppliers last month about the output cuts at its Smyrna, TN and Canton, MS, plants. Production of the Rogue has been scaled back from five days a week to four, a change set to continue until the end of October. Frontier production has also been reduced by a day and will last until March 31, 2025.
Nissan advised dealers in May to sell vehicles at a loss to reduce growing inventories, which reached a near 100-day supply. While this strategy has helped lower inventory levels closer to industry standards, it hasn't fully solved the problem, and dealer profitability has taken a hit.
Along the same lines, Honda Motor Co., Ltd. HMC temporarily suspended production at its three factories in Wuhan, operated with Dongfeng Motor Corp, due to high inventories. The halt began on Aug. 26, 2024, and lasted two weeks. In August, Honda's sales in China fell 44.3% year over year amid rising competition from EV makers. The automaker will also halt production later this year at a Dongfeng Honda factory and one plant of GAC Honda Automobile Co.
Zacks Rank & Key Picks
NSANY currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. DORM and Blue Bird Corporation BLBD, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
Zacks Investment Research
General Motors Company GM and EVgo Inc. EVGO, an EV charging network provider, are expanding their partnership by installing 400 fast charging stations in key locations across major U.S. cities. These stations will include advanced features like 350kW chargers, canopies, lighting, pull-through access and security cameras to meet the growing need for reliable EV charging infrastructure.
The flagship stations will be tactically placed in metropolitan areas in states like Arizona, California, Florida, Georgia, Michigan, New York and Texas. Each station will typically have up to 20 stalls, with some sites offering more to support the increasing number of EVs on the road.
Co-branded by EVgo and GM Energy, these stations will be located near amenities, such as shopping centers, restaurants, coffee shops and other services for drivers’ convenience while they charge their vehicles. The goal is to create a user-friendly and accessible charging experience.
The first flagship station is estimated to open in 2025. EVgo’s prefabrication method will be often deployed to speed up the construction time of the new stations and offer modularity for future expansion. In addition to these flagship stations, EVgo and GM are aiming to install 2,850 DC fast-charging stalls in total. Additional funding has been allocated to enhance the premium experience at these new sites.
By opening their 1,000th fast-charging stall in August 2023, the companies achieved a milestone. They plan to reach 2,000 stalls by the end of 2024. This achievement represents a major step toward their goal to deliver broad access to fast-charging infrastructure for EV drivers.
Zacks Rank & Key Picks
GM currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. DORM and Blue Bird Corporation BLBD, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
Zacks Investment Research
General Motors Company GM and Hyundai have reached an agreement to explore future collaboration in several strategic areas aimed at cutting costs and improving efficiency. They are considering co-development and production of passenger and commercial vehicles, including internal combustion engines, as well as clean energy solutions like electric and hydrogen technologies.
This nonbinding memorandum of understanding (MoU) comes as the auto industry is shifting focus toward capital efficiency after years of heavy spending on electric, autonomous and software-based vehicles that have yet to become profitable. The companies will also explore combined sourcing for materials, such as battery components, steel and other areas.
The agreement was signed by Euisun Chung, Hyundai's executive chair, and Mary Barra, GM's chair and CEO. Spokespersons from both companies declined to provide specific details on potential investments or savings. Per Barra, GM and Hyundai bring each of their unique strengths and skilled teams. The company aims to harness the combined scale and innovation of both companies to produce more competitive vehicles for customers and deliver them more quickly and efficiently.
The next step following the signing of the MoU is to assess opportunities and move toward binding agreements.
General Motors is the top-selling automaker in the United States. Its compelling portfolio with strong demand for its quality pickups and SUVs bodes well for delivery growth. The company’s hot-selling brands in America, namely Chevrolet, Buick, GMC and Cadillac, are boosting the top line. GM successfully increased its market share in the United States to 16.6% in the second quarter of 2024, up 1.2 percentage points sequentially. GM’s North American sales surpassed pre-pandemic levels for the first time in four years. Operating margins were also high due to the ongoing optimization of production processes.
Zacks Rank & Other Key Picks
GM currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the auto space are Dorman Products, Inc. DORM, Blue Bird Corporation BLBD and Douglas Dynamics, Inc. PLOW, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.
Zacks Investment Research
Allison Transmission Holdings, Inc. ALSN, a leading manufacturer of propulsion systems for commercial and defense vehicles, has announced a new partnership with Cummins Inc. CMI, a global leader in power technology. The collaboration will focus on integrating and certifying a Cummins B-Series engine with ALSN's eGen Flex electric hybrid propulsion system for the transit market. This system will comply with the Environmental Protection Agency's "Greenhouse Gas Emissions Standards for Heavy-Duty Vehicles – Phase 3" and deliver a low-emission propulsion solution starting in 2027.
Per Rohan Barua, vice president of North America Sales, Global Channel and Aftermarket at Allison Transmission, this initiative reinforces Allison's position in sustainable transportation with its expensive portfolio of propulsion solutions, which incorporate fully electric axles, fuel-efficient conventional transmissions compatible with alternative fuels, and the eGen Flex electric hybrid system for transit vehicles.
The eGen Flex system gives transit agencies an efficient, low-emission option without sacrificing performance or reliability. It can run up to 50% of a bus route in engine-off mode, aiding emission reduction, especially in urban areas. The system uses geofencing to activate electric-only mode in designated areas, eliminating engine emissions and noise during passenger loading and unloading and while operating in predefined dense pedestrian areas and zero-emission zones.
Allison’s focus on advanced technology and continued innovation in product development augur well. FracTran, TerraTran and 3414 Regional Haul Series, fully automatic transmission, along with the development of products catering to electrification and fuel-cell markets for commercial vehicles, are opening new growth opportunities for the firm.
Allison’s eGen Power portfolio, comprising 100S, 100D, 130S, 85S and 130D e-axles, demonstrates its ability to adapt to the changing dynamics of the auto industry. In particular, the eGen Flex and eGen Force portfolios are driving Allison’s prospects. Also, Allison Ventures has committed to invest $10 million in EnerTech Capital, a firm focused on emerging mobility technologies. This partnership grants Allison access to EnerTech's network of high-tech companies in electrification, connectivity, autonomy and digitization.
Zacks Rank & Key Picks
ALSN currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. DORM and Douglas Dynamics, Inc. PLOW, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.
Zacks Investment Research
Shares of Copart, Inc. CPRT, a provider of online vehicle auction and remarketing services to automotive resellers, have lost 10.3% in the past six months compared with the Zacks Auction and Valuation Services industry's decline of 10.8%. Shares of CPRT underperformed peers like ACV Auctions Inc. and OPENLANE, Inc. in the same time frame.
Six Months Price Comparison
High spending on storage-capacity expansion and rising operating costs amid increasing G&A expenditure have taken a toll on the company’s performance. Copart has been investing heavily in storage capacity expansion. In fiscal 2024, capex amounted to $511 million, nearly all of which was related to capacity expansion. Copart will continue to prioritize expansion efforts, which, although necessary and advantageous for the long term, are likely to clip cash flows.
Operating costs have been on the rise for several quarters amid increasing G&A expenditure. In the fourth quarter of fiscal 2024, G&A expense as a percentage of sales rose to 9.1% compared with 6.7% reported in the year-ago period. The G&A expense may continue to increase as the company continues to invest in sales, marketing and technology. Rising operating expenses would weigh on the company’s near-term margins.
On Sept. 4, 2024, Copart reported fourth-quarter fiscal 2024 (ended Jul 31, 2024) adjusted earnings per share of 33 cents, missing the Zacks Consensus Estimate of 37 cents.
Technical indicators show that CPRT has been trading below the 50-day simple moving average (SMA) since Sept. 5, 2024. When a stock trades below its moving average, it could indicate a downtrend or a period of weakness in the stock price.
CPRT Stock Trades Below 50-Day Average
On a further discouraging note, the company has seen its fiscal 2025 EPS estimates decline 6 cents over the past seven days.
Given the escalating costs, technical signals and downward estimate revisions for fiscal 2025, we think the stock is likely to underperform in the near term. So, it's best to avoid Copart now. CPRT currently carries a Zacks Rank #5 (Strong Sell).
Key Picks From Auto Space
If you wish to invest in the auto sector, consider buying some better-ranked stocks like Dorman Products, Inc. DORM, Blue Bird Corporation BLBD and Douglas Dynamics, Inc. PLOW, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for DORM’s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD’s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for PLOW’s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.
Zacks Investment Research
By Megumi Fujikawa
TOKYO--Honda Motor plans to continue suspending some production at its Chinese joint venture with Dongfeng Motor Group following its decision to reduce headcount in the world's largest car market as part of a broader strategy shift.
The Japanese automaker is set to resume production at two of Dongfeng Honda's three plants in China on Thursday after a suspension on Aug. 26 to reduce inventory, a Honda spokeswoman said.
Production at the other plant will remain halted until Sept. 22, as the company cut jobs by offering voluntary retirement packages in late August, the spokeswoman said.
Chinese media reported that the job cuts would affect about 2,000 workers. Honda declined to disclose the size of the reduction.
The moves came as sales of Honda cars, which mostly run on gasoline or hybrid engines, are struggling in China as consumers there shift toward electric vehicles.
In a statement on social media on Tuesday, Dongfeng Honda called the layoffs a strategic adjustment to ensure its sustainable operation and pivot to EVs.
The three Chinese factories have a combined annual capacity of 720,000 vehicles.
Shares in Honda ended 3.0% lower on Wednesday.
Write to Megumi Fujikawa at megumi.fujikawa@wsj.com
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