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Category Archives: financial results
Ford Changes Supply Chain and Product Development Execs
It’s the latest example of the intricate routes automakers are negotiating in the transition to electric vehicles that is accelerating in the face of the dire effects of global warming, some of it caused by the transportation industries’ ongoing use of fossil fuels and what was in effect denial of the negative consequences of the exclusive use of fossil fuels. Ford’s challenge is to profitably maintain a line of both EVs from Ford Model e and so-called Ford Blue internal combustion vehicles that at some point – perhaps near at hand – are doomed. Continue reading
Ford Motor Q3 Earnings to Take $1B Cost Hit
While some of the problems are of Ford’s own creation, completing affected vehicles will shift some revenue and earnings to Q4. Now Ford says that 40,000 to 45,000 vehicles – comprised largely of high-margin trucks and SUVs – will be completed and sold to dealers during Q4. In the slight of hand of automaker accounting practices, revenue is booked when a vehicle is shipped to the dealer, not sold to the end user. Continue reading
Toyota Motor FY Q1 Profit Drop Spooks Market
Aside from the well-known semiconductor problems, Covid lockdowns in Shanghai and other parts of Asia, as well as flooding in South Africa hurt the results. Toyota shares fell -3.45% after it released its earnings report, which showed a 42% year-over-year drop in operating profit, but recovered slightly to close down -2.99%. The Nikkei average share closed up 0.69% at ¥27,932.20 and even topped the ¥28,000 mark. Continue reading
Posted in economy, financial results
Tagged auto industry commentary, autoinformed.com, Ken Zino, tmc, Toyota Motor Corp.
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Renault Group: Sales Drop, Revenues Even, Margins, Profits Up
“These first half results are a proof of this: despite all the headwinds related to the stop of the activity in Russia, the semiconductor crisis and cost inflation, the Group continues to improve its operating performance and is beginning to benefit from the success of new launches,” Renault Group said. Continue reading
Stellantis: Record First Half 2022 at €8.0 Billion Net Profit
Stellantis N.V. (NYSE / MTA / Euronext Paris: STLA), the mega merger of FCA and Peugeot, posted record profitability during the first half or 2020 because of increasing sales of low emission vehicles (LEV), which include battery electric (BEV), plug-in hybrid (PHEV) and fuel cell electric vehicles. Stellantis said it ranked second in the EU30 market for BEV and LEV sales) and third in the U.S. market for LEV sales. Stellantis’ global BEV sales were up nearly 50% y-o-y to 136k units in H1. The Company now offers 20 BEVs, with an additional 28 BEVs to be launched through 2024. Continue reading
Ford Motor Posts Good Earnings But Weak Net Income
However, Ford’s net income was $667 million, a margin of 1.7%, which included a mark-to-market loss of, gulp, $2.4 billion on Ford’s stake in Rivian. Ford is also in the process of slashing costs under its latest restructuring plan, but refused to comment on pending job cuts, which are being reported as around 8000, only to confirm that there are too many people employed at Ford. Continue reading
Posted in financial results, news analysis
Tagged auto industry commentary, autoinformed.com, ford earnings, Jim Farley, Ken Zino
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Hot, Fast Company: Penske Automotive Increases Dividend 6%
Penske Automotive Group, Inc. (NYSE: PAG) – an international transportation services company, a significant force among premier auto and commercial truck retailers, and a successful racing organization – today announced that its Board of Directors has increased the dividend by $0.03 per share. Continue reading
US International Trade Deficit Decreased in May 2022
The May decrease in the goods and services deficit reflected a decrease in the goods deficit of $2.9 billion to $105.0 billion and a decrease in the services surplus of $1.7 billion to $19.4 billion. The average goods and services deficit decreased $0.9 billion to $93.3 billion for the three months ending in May. Continue reading
Automaker Profits Post-Covid Hiding Supplier Weakness
The continued trend delivers a “complex backdrop for an industry committing $526 billion through 2026,” AlixPartners’ analysis finds, to fund the shift to battery-electric vehicles (BEVs). The transition, now taking place amid a weakening economic outlook, could cost automakers and suppliers $70 billion if not effectively managed, the analysis finds. There are several implications for consumers here – not all of them benign. Continue reading
Mercedes-Benz to Increase Focus as a Luxury Car Company
Mercedes-Benz will change its product portfolio, allocating more than 75% of its investments to develop products for the most profitable market segments. As part of this strategy designed to please the capital markets, Mercedes-Benz aims to increase sales share of its Top-End vehicles by around 60% by 2026 compared to 2019. Like many auto companies it intends to achieve “higher quality growth and a further significant increase in profitability and resilience, striving for an operating margin target of approximately 14% by mid of the decade in favorable market conditions.” Continue reading
Nissan Posts First Annual Profit in Three Years.
“It is clear that our industry and therefore our performance was impacted by intensifying headwinds in the last fiscal year,” said chief operating officer Ashwani Gupta, warning that conditions remain uncertain to an unprecedented degree. Continue reading
Posted in financial results
Tagged Ashwani Gupta, auto industry commentary, autoinformed.com, Ken Zino, Nissan Motor
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Ford India Shelves EV Manufacturing Export Plans
In an official response as Ford’s Annual Meeting was underway in the US, Ford India’s spokesperson confirmed and said, “After careful review, we have decided to no longer pursue EV manufacturing for exports from any Indian plant.” At the Annual Meeting Bill Ford and Jim Farley fielded tough questions about its EV strategy, splitting the company into two arms and ongoing supply chain and perennial guilty problems. Ford shares are down ~40% this year. (AutoInformed: Ford Motor Blues – Q1 Loss of $3.1 Billion; Ford Motor Structure Threatens Viability. Vast Reorg Coming) Continue reading
Renault Group Q3 – 20% Increase in Revenue at €9.8B
The Group’s orders in Europe remains at an historic level – the same in volume compared to the end of June. Renault Group also confirmed its 2022 financial outlook*, which will probably meet with analyst skepticism given the ongoing economic crisis in Europe and the negative global effects of Putin’s war against Ukraine. Balancing this is a renegotiation of the Alliance with Nissan, which could bring Renault ~$3.3 billion if it cuts it stake to 15% from 43%. Continue reading →