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Author Archives: Ken Zino
Penske Automotive Q1 2020 Results -46% at $0.64 per share
In the U.S., through February same-store new and used automotive retail unit sales increased 7.5% and declined 1.1% internationally. In March, the outbreak of COVID-19 began to impact Penske in all markets. Many U.S. and Germany dealerships were impacted by shelter-in-place orders while operations in Italy, Spain and the U.K. were closed. As a result, same-store new and used automotive retail unit sales for the month of March declined -40.2%. Continue reading
More than 20 Million Jobs Lost in April as ~15% Unemployed
Employment fell sharply in all major industry sectors. There were particularly heavy job losses in leisure and hospitality where the spread was initially ignored as Washington slept – until people, now former customers stopped traveling or died. This was out of self-preservation as the corpses mounted in non-living color on the news and in statistical counts. It was also the result of some Democratically-controlled states where shelter in place was imposed out of concern for the health of residents and not for the health of the increasingly infected Trump reelection campaign. Continue reading
Ford to Begin Phased Restart in North America 18 May
Ford initially refused a UAW request to shut down over to weekend of 16 March. Bowing to pressure from the UAW and with a belated portion of common sense and awareness of the COVID-19 pandemic, Ford Motor Company on 18 March said it would stop production at U.S., Canadian and Mexican manufacturing facilities after Thursday evening’s shifts through March 30 to thoroughly clean and sanitize the company’s plants. Continue reading
General Motors to Offer More Senior Unsecured Notes
“We expect the New 364-Day Revolving Facility to be unsecured and to provide available borrowing capacity of approximately $2 billion in U.S. Dollars only, and we have received commitments from lenders in excess of this amount.” Continue reading
How To Disinfect a Vehicle Without Damaging Its Interior
The CDC recommends wearing disposable gloves for cleaning and then disinfecting surfaces. If a surface appears dirty, it should be wiped down with soap and water prior to disinfection. For vehicle interiors, a soft or microfiber cloth dampened with soap and water can be used to wipe down hard surfaces. Continue reading
COVID! GM Q1 Earnings Drop -89% to $0.17 a Share
It’s going to be a long year of going backwards into the Great Depression v2.0 Continue reading
COVID Effects: BMW AG FY Earnings Guidance – Zero
The updated guidance does not, in particular, include, a longer and deeper recession in major markets, a more severe economic slow-down in China as a result of recessions in other parts of the world, significant market distortions due to an even stronger competitive environment and possible implications caused by a second wave of infections and associated containment measures. Continue reading
Consumer Feelings on Future Mobility Technologies Declines
The quarterly study claims to be “the pulse of market readiness and acceptance for self-driving and battery-electric vehicles, as seen through the eyes of consumers and industry experts.” Continue reading
Multi-Seasonal Self-Driving Data Issued by Ford
Leaving aside for the moment giant unresolved privacy issues and how companies can sell your personal information their benefit not yours, data is needed to help engineers and researchers create software that can teach self-driving vehicles how to analyze their environments. This software used to be called the driver. Continue reading
Alexandra Ford English to Join Rivian’s Board of Directors
The announcement comes at crucial point for Ford Motor as analysts are speculating that future of a challenged Ford – operational competence, liquidity, as well as quality and warranty issues – will require a merger with another global automaker, perhaps Volkswagen. (Bill Ford has been quoted – second hand – by insiders as saying “No.” Then after a pause “Hell No.”) Continue reading
US Q1 GDP Estimates – Negative Growth as Economy Retracts
Given Wilbur Ross’s previous statements the upcoming GDP estimates will be Trump re-election campaign documents, likely as disconnected from economic reality as Trump and his courtiers who stood by and watched the ongoing US COVID-19 disaster happen, claiming it would disappear by the beginning of April. Continue reading
Posted in economy, financial results, news analysis, results
Tagged auto industry commentary, autoinformed.com, Kenneth Zino, US Q1 GDP
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Penske Automotive to Hold Audio Annual Meeting
Stockholders will not be able to attend the Annual Meeting in person; however, stockholders will be afforded the same rights and opportunities to participate as they would at an in-person meeting. Only stockholders of record at the close of business on March 17, 2020 are entitled to vote at, or attend, the Annual Meeting. Penske Automotive did not immediately respond to whether this means no media access. Continue reading
Global Unions Want COVID-19 Dubbed Occupational Disease
The global union movement says workers need official recognition of COVID-19 as an occupational disease. Such recognition would ensure the right to worker representation and occupational safety and health (OSH) rights and the application of agreed measures to reduce risk. These rights include the right to refuse to work under unsafe working conditions. This also ensures employers are responsible and liable and that negligent employers are subject to the application of penalties. Continue reading
BMW Welt in Munich to Reopen on 4 May
Customers can therefore again take delivery of their new BMW in person at BMW Welt. In addition, a limited number of visitors can get personal advice on new vehicles in the BMW Welt showrooms or visit the BMW Welt Lifestyle & Accessory Shop to purchase from a wide range of BMW and MINI branded products. Continue reading
Posted in environment, marketing, milestones
Tagged auto industry commentary, autoinformed.com, BMW Welt Munich, Kenneth Zino
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COVID Journal – Our Correspondents on Politics, Policy and Insights in these Medieval Times of a 21st Century Plague
Well, we are isolating in place. I have seen all of Fleabag and the Crown, and The Medici, among others. Hoarding here is more contagious than Corona virus. King Trump, as always, is trying to bluff his way out of the crisis he abetted by dismissing the threat and then – even now – refusing to act while self-praising his not quiet, not genius approach and attacking media for using his own words/babble against him. Continue reading →