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Advance Receives 2022 NASCAR Marketing Achievement Award
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By shelitaauto
Source: Gasgoo
Image source: Scout
link hidden, please login to view Group’s Scout brand has received nearly $1.3 billion in incentives for its $2 billion plant in South Carolina. The state’s governor Henry McMaster signed the bill approving the incentives. South Carolina Commerce Secretary Harry Lightsey said Scout will also receive up to $180 million in tax credits based on hiring to promote job development. Vw recently revealed that Scout is expected to create 4,000 jobs in the region. Scout’s South Carolina plant will need workers in the body shop, paint shop and final assembly shop.
Scout’s new plant is expected to open by the end of 2026, a $2 billion, 1,600-acre facility that will focus on building electric trucks and durable SUV models.
Earlier this year, Scout CEO Scott Keogh said the company would launch its first all-electric SUV in the third quarter, with a starting price expected to be $40,000.
“I think the design is 85, 90, 95 percent done,” Keogh said. I call it a ‘big B-class SUV.’ We will also release a full-size pickup truck in the future. These are all models that we’re bringing to market, and when we’re ready for an official announcement, we’ll announce them.”
The Volkswagen Group is hoping the Scout brand will help it break through in the U.S. electric pickup market. The German automaker is aiming to increase its share of the U.S. auto market.
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By shelitaauto
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link hidden, please login to view Source: Gasgoo
As part of the EU’s 1.4 billion euro ($1.52 billion) state aid package, BMW is the only car manufacturer to receive EU funding for a hydrogen project.
Other companies that have received funding include tire maker Michelin Group and aircraft manufacturing and development company Airbus. The European Commission said on May 28 that the initial funding is expected to unlock an additional 3.3 billion euros in private investment.
The Hy2Move program is the fourth round of funding related to hydrogen energy and focuses on mobility. The hydrogen energy initiative has been declared one of the key projects of common European interest and is expected to play an important role in the EU’s 2050 carbon neutrality goal. Other important projects of common European interest include semiconductors and batteries for electric vehicles.
Details of BMW’s project and the amount of funding will be announced shortly after the scheme receives final approval and restrictions on publication of trade secrets are lifted, the commission said. BMW is one of the few companies to support hydrogen fuel cell technology and has launched a pilot fleet of hydrogen-powered X5 SUVs.
Image source: BMW
The iX5 features a hybrid battery/fuel cell drivetrain with a total output of 401 HP (295 kW). Two 700-bar carbon-fiber-reinforced plastic hydrogen storage tanks can hold about 6 kilograms of hydrogen and travel 504 kilometers (303 miles) in WLTP conditions. For now, BMW has yet to commit to mass production of the iX5.
Other automakers backing hydrogen include Toyota, Renault, Hyundai and Honda. Toyota makes the Mirai fuel cell sedan, and Renault says hydrogen can power the internal combustion engine in its Alpine range of sports cars.
The “Hy2Move” project will be co-funded by Estonia, France, Germany, Italy, the Netherlands, Slovakia and Spain.
A total of 11 companies plan to participate in 13 programs. The European Commission says it expects to create 3,300 jobs by 2031.
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By Counterman
link hidden, please login to viewannounced that Ken Bush, senior vice president, chief merchant, will retire from the company after nearly 20 years and be succeeded by Bruce Starnes, who has been named executive vice president, chief merchant, effective June 24, 2024. The 48-year-old Starnes will lead all aspects of merchandising strategy. He joins
link hidden, please login to view from the Target Corporation where he spent nearly 20 years in a variety of product management roles. According to the company, he most recently served as senior vice president, merchandising capabilities and operations. Previously, he served as president of Target India and vice president, digital solutions and partnerships. “We are very grateful for the many contributions Ken has made to our industry over the past 37 years. He has helped strengthen our merchandising operations and built a talented team within the merchandising organization, making it an optimum time to make a leadership transition. We wish him all the best in his upcoming, well-deserved retirement,” said Shane O’Kelly, Advance’s president and CEO. “I’m excited to welcome Bruce to the Advance family. As a seasoned and accomplished merchandising executive with more than 25 years of experience, Bruce brings a deep understanding of successful merchandising operations and vendor partnerships as well as a proven track record of results at one of the world’s leading retail organizations. I look forward to working closely with him to take our merchandising operations to the next level.”
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By Advance Auto Parts
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, today announced that Ken Bush, senior vice president, chief merchant, will retire from the company after nearly 20 years and be succeeded by Bruce Starnes, who has been named executive vice president, chief merchant, effective June 24, 2024.
Mr. Starnes, 48, who will lead all aspects of merchandising strategy, joins Advance from the Target Corporation where he spent nearly 20 years in a variety of product management roles of increasing responsibility. Most recently, he served as senior vice president, merchandising capabilities and operations, where he was responsible for the strategy, capability and execution of Target’s merchandising operations, including price and promotions, in-store presentation, sales plans, negotiations, partnerships and vendor experience. Previously, he served as president of Target India and vice president, digital solutions and partnerships.
“We are very grateful for the many contributions Ken has made to our industry over the past 37 years. He has helped strengthen our merchandising operations and built a talented team within the merchandising organization, making it an optimum time to make a leadership transition. We wish him all the best in his upcoming, well-deserved retirement,” said Shane O’Kelly, Advance’s president and CEO. “I’m excited to welcome Bruce to the Advance family. As a seasoned and accomplished merchandising executive with more than 25 years of experience, Bruce brings a deep understanding of successful merchandising operations and vendor partnerships as well as a proven track record of results at one of the world’s leading retail organizations. I look forward to working closely with him to take our merchandising operations to the next level.”
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By Advance Auto Parts
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 first quarter ended April 20, 2024.
“Our team continues to execute against our decisive actions, including commencing our supply chain consolidation and making meaningful progress toward the potential sale of Worldpac,” said Shane O’Kelly, president and chief executive officer. “While the industry experienced a slower start to 2024 compared with our expectations, the actions we began in the back half of last year will help us streamline our operations for the long term. Our leadership team and I continue to focus on improving the core fundamentals of our business while reducing costs, which is reflected in our year-over-year SG&A reduction. As previously announced, we are reinvesting a portion of the savings back into the foundation of our business, including frontline compensation and training. We also made progress on our other decisive actions, including beginning three of our DC to market hub conversions.
“We continue to work on improving our overall performance by removing complexities and distractions to increase our value proposition and deliver shareholder value. We recognize we still have significant work ahead of us, however the actions we're taking will put us on the path to delivering improved results. I want to thank all our team members for their continued commitment to serving our customers as we navigate through this pivotal year for Advance.”
First Quarter 2024 Results (1,2)
First quarter 2024 net sales totaled $3.4 billion, a 0.3% decrease compared with the first quarter of the prior year. Comparable store sales decreased 0.2%.
The company's gross profit decreased 2.2% to $1.4 billion. Gross profit margin of 42.0% decreased 82 basis points compared with the first quarter of the prior year. This was primarily driven by increased costs that were not fully covered by pricing actions. These were partially offset by supply chain productivity.
SG&A expenses were $1.3 billion, which improved to 39.4% of net sales compared with 39.9% in the first quarter of 2023. This was primarily driven by the cost control efforts initiated at the end of 2023, including reduced corporate expenditures from the decrease in headcount and significant reduction of marketing expenses as well as a net gain on asset sales. These were partially offset by the reinvestment in field wages and training as well as typical expense inflationary pressure.
The company's operating income was $86.0 million, or 2.5% of net sales, compared with 2.9% in the first quarter of 2023.
The company's effective tax rate was 33.2%, compared with 28.5% in the first quarter of 2023. The higher effective income tax rate was due to a discrete charge for share-based compensation. The company's diluted EPS was $0.67 compared with $0.81 in the first quarter of 2023.
Net cash provided by operating activities was $2.7 million through the first quarter of 2024 versus $382.5 million of cash used in operating activities in the same period of the prior year. Free cash flow through the first quarter of 2024 was an outflow of $46.3 million compared with an outflow of $472.5 million in the same period of the prior year.
Capital Allocation
On May 21, 2024, the company declared a regular cash dividend of $0.25 per share to be paid on July 26, 2024 to all common stockholders of record as of July 12, 2024.
__________________________________ (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 exclude sales fulfilled by distribution centers to independently owned Carquest locations.
(2) As reported in the company’s fourth quarter and full year 2023 earnings release, the company corrected non-material errors in certain previously reported financials. All comparisons are based on the corrected historical results as presented in the company’s prior earnings release dated February 29, 2024.
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