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Category Archives: economy
Groupe PSA Q1 2020 Revenue -15% at €15.2 Billion
PSA says the outlook is currently difficult to assess and will depend on the scale, duration, and geographic extent of the Covid-19 crisis, as well as the measures taken by the countries concerned. Continue reading
March Global Light Vehicle Sales Plunge. Prelude to Rest of the 2020 Year or the Trend for Years After?
Almost all major vehicles markets suffered steep year-over-year declines in March. The beginning of a downward spiral of unknown duration, according to consultancy LMC with 2020 dropping to 71 million units compared to, gulp, 90 million in 2019 Continue reading
Business, Politics, States Can Work Together in Germany
Porsche, DB Schenker and Lufthansa Cargo are helping Baden-Württemberg and the Free State of Saxony with the coronavirus crisis. The automaker put together a task force with six employees from the Procurement department and is organizing supply chains of urgently needed protective equipment on behalf of German state governments. Continue reading
After Worst Collapse Since the 1930s, The Recovery is?
For many of the consumer-facing service sectors, a U- or even L-shaped recovery seems more likely, given the expected reluctance of people to engage in activities that put them in contact with groups of other people (travel, entertainment, etc.). Continue reading
2020 Commercial Vehicle Production Forecast down -22%
Global commercial vehicle production (GVW 4-8) volumes in 2020 compared to 2019 are forecast to be down -22% or more than 650,000 units to 2.6 million units because of the COVID-19 pandemic, according to the most recent analysis from IHS Markit (NYSE: INFO). Continue reading
US Used Vehicle Wholesales Virtually Stopped in March
“The outlook is based on macro-economic expectations, specifically that the country will experience significant job losses through the second quarter. Currently, our forecast has prices falling by 1.7% on a full-year basis versus 2019,” Paris said. Continue reading
TravelCenters of America Lays Off More than 3000
Most were involved in the restaurants at the truck stops. All furloughed employees currently enrolled in TA’s benefits programs will continue to be eligible for health care coverage based on their plan. Continue reading
Ford Motor Q1 Prelim Results Hint at COVID-19 Illiquidity
Ford’s Q1 vehicle wholesales were down 21% from a year ago, largely as a result of lower production and demand related to the coronavirus. Ford currently expects to report revenue of about $34 billion and first-quarter adjusted losses before interest and taxes of about negative -$0.6 billion, which excludes about $0.3 billion of special-item charges. The company has not yet calculated its tax rate for the first quarter and is not able to provide its preliminary net loss or loss per share. As of 9 April, the company had about $30 billion in cash on its balance sheet, including $15.4 billion of proceeds from borrowings last month against two existing credit lines. Continue reading
Trade to Plunge as COVID-19 Upends Global Economy
The response of political leadership can also have a big impact in the outcome. But WTO economists believe the decline will likely exceed the trade slump brought on by the global financial crisis of 2008‑09. Estimates of the expected recovery in 2021 are equally uncertain, with outcomes depending largely on the duration of the outbreak and the effectiveness of the policy responses. Continue reading
Unions, FCA Sign Agreement on Workplace Health and Safety
The guidelines established focused on “rigorous implementation of government directives aimed at combating the spread of the Covid-19 virus and application of best practices implemented by the Group at its sites around the world.” This presumably applies to the United States where the ‘Do Nothing’ Trump Administration claims that this is a job for the states, not National leadership. Continue reading
Porsche “Gives” Employees A Voluntary Bonus
Porsche* is combining an optional bonus to its employees with an appeal for donations to support the “Porsche aid” program. The bonus of €9,000 Euro will be paid out to the Porsche workforce for the 2019 financial year; €700 will … Continue reading
Corona Crisis – March UK New Car Registrations Fall -44.4%
The performance represented a steeper fall than during the 2009 financial crisis and the worst March since the late nineties when the market changed to the bi-annual plate change system. With lock-downs taking place in many European countries earlier than the UK, even more dramatic falls have been reported elsewhere, with Italy down -85%, France -72% and Spain down -69% in March. Continue reading
IMSA: Chevrolet Detroit Grand Prix Canceled for 2020
The International Motor Sports Association (IMSA) received official notification today from the organizers of the Chevrolet Detroit Grand Prix that this year’s event, scheduled from May 29-30, has been canceled for 2020. Continue reading
NASCAR Finish Line Tweaked with E-Racing as COVID Thrives
In February when NASCAR was still in deep denial about the gravity of the Corona crisis, it and Penn Interactive announced a new multi-year partnership that led to the creation of a brand new, free-to-play, mobile game dubbed NASCAR Finish Line. Continue reading
Daimler Confirms 2020 Group Sales and Revenue Will Decline
“The effect of the COVID-19 pandemic on customer demand, supply chains and vehicle production cannot be assessed with the usual degree of detail and certainty, making the re-evaluation of the forecast for the fiscal year 2020 complex.” Continue reading →