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Category Archives: economy
Honda Sets Records for Auto Production in China
The Trump Administration denied there was problem. In fact, President said that Covid would go away by April. And even now is falsely maintaining that its response could not have been better as unemployment is approaching Great Depression levels and more than 100,000 people have died… Continue reading
Nissan Posts -¥671.2 Billion Loss for Fiscal Year 2019
During fiscal year 2019, consolidated net revenue declined to ¥9.8789 trillion yen, resulting in an operating loss of ¥40.5 billion yen and a net loss1 of -¥ 671.2 billion. This includes costs associated with restructuring and impairments of ¥603.0 billion as Nissan tried to improve operational and efficiency improvements. Free cash flow for the automotive business was, gulp, negative -¥641.0 billion. Continue reading
Graveyard Whistling? UK Auto Calls to Re-Open Showrooms
The move at first glance appears to a bad one given the scope of the COVID-19 crisis in the UK and the ineptness of the response from 10 Downing street. Coronavirus Cases are currently listed at 254,195, with 36,393 Deaths. These numbers are most assuredly understated given the complications and perhaps political interference in the reporting system – a global problem Continue reading
US COVID-19 Crisis = Struggles with Healthcare, Housing, Food
The results might be skewed positive to current Republican Wishful thinking, rather than stark reality since the Trump Administration perverted the Bureau as part of a failed ploy on Republican Repression of Voters by dictating unprecedented questions on the Census designed to discourage less affluent people from participating. Continue reading
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
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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Unions Protest Nissan Closure of Catalan Factories
The unions claim that in Europe there is a firm commitment to a New Green Deal, with a direct injection of one hundred billion euros and a private contribution of 250,000 million more. An important part will go to sustainable mobility. They feel that Nissan is missing an opportunity to get support for a shift towards electric vehicles, smart driving, and shared mobility. Continue reading →