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Category Archives: economy
Half of Pandemic Layoffs Will Result in Permanent Job Loss
The authors say that even if the crisis is resolved quickly, many pandemic-induced shifts in consumer demand and business will linger. Therefore, they conclude that the reallocation of labor is likely to persist and estimate that 42% of recent pandemic-induced layoffs will result in permanent job loss. Continue reading
VW: Three-Month Warranty Extension On New, Used Vehicles
Volkswagen and Volkswagen Credit (VCI) also announced an extension of customer payment relief options put in place because of the ongoing COVID-19 pandemic. Continue reading
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
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
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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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
Daimler Q1 2020 Net Profit Down -92% at €168m from €2149
Daimler says it responded to the “temporary drop in demand” caused by the Covid pandemic by proactively taking production stoppages in March and April. The net liquidity of the industrial business decreased to €9.3 billion at the end of first quarter, compared to €11.0 billion at year-end 2019. The decrease is particularly due to the negative free cash flow of the industrial business. Continue reading
Infiniti: 0% Financing, 90-Day Deferred Payments
Effective immediately, Infiniti Financial Services is offering well-qualified buyers zero percent APR financing for up to 72 months on any 2020 Infiniti model, and will defer payments for 90 days. This offer is available through June 30, 2020. Continue reading
Posted in economy, marketing, prices
Tagged auto industry commentary, autoinformed.com, cdc, infiniti, Kenneth Zino, Trump COVID-19 Denials
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FCA Restarts Production at Sevel Italy?
In the coming days, training on safety standards will be made available via e-learning, standard internal communications channels and by sector managers with the support of specialized medical personnel. Continue reading
March EU Commercial Vehicle Registrations -47.3%
Every vehicle segment was deeply affected by the fallout of the COVID-19 outbreak. All 27 EU markets recorded substantial declines last month. The strongest drops were posted by Italy (-66.1%), Spain (-64.4%) and France (-63.1%). Continue reading
Posted in economy, sales
Tagged acea, auto industry commentary, autoinformed.com, COVID-19 denials, eu commercial vehicle sales, Kenneth Zino
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Finally, Census Bureau Survey on Businesses
The survey, conducted by email, is intended to provide weekly data on the impact of the COVID-19 plague on the nation’s businesses. Results are displayed as data visualizations. The Census Bureau defines small businesses as single business locations with one to 499 employees and at least $1,000 in annual revenue. Continue reading →