Category Archives: financial results

Groupe Renault Q3 Revenues -8% at  €10,374m, Sales -6%

Posted on 23 October 2020 by Ken Zino

“This third quarter highlights the change in our commercial policy, which now focuses on profitability rather than volumes.” Our EV performance, our E-TECH hybrid models which have been very well received…” claimed Luca de Meo, CEO of Renault. Group revenues reached €10,374 million (-8.2%) in the quarter. Continue reading →

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Covid Causalities: US Trade Deficit Continues to Increase

Posted on 8 October 2020 by Ken Zino

Particularly worrisome for the Covid -Sick US economy were goods deficits with countries that effectively addressed the Covid-19 crisis with strong central government responses: In billions of dollars, with China ($26.4), European Union ($15.7), Mexico ($12.5), Germany ($4.6), Japan ($4.3), Italy ($2.6), France ($2.2), South Korea ($2.2), and Canada ($1.2). Continue reading →

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New Mercedes-Benz Strategy Aimed to Help Higher Profits

Posted on 6 October 2020 by Ken Zino

This follows the Q2 Daimler disaster. The COVID pandemic or the Grim Reaper saw a decline in demand for cars, vans, trucks and buses. Group total sales decreased by -34% to 541,800 cars and commercial vehicles (Q2 2019: 821,700). Revenue slipped significantly by -29% to €30.2 billion (Q2 2019: €42.7 billion). EBIT was minus -€1,682 million (Q2 2019: minus -€1,558 million). Adjusted EBIT was -€708 million (Q2 2019: plus €2,447 million). Continue reading →

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Porsche – First Virtual Annual Meeting Declares Risky €676 Million in Dividends. No Earnings Forecast Yet

Posted on 2 October 2020 by Ken Zino

The shareholders approved the proposed distribution of a dividend of €2.210 per preference share and €2.204 per ordinary share for the fiscal year 2019. The total distribution comes to around €676 million euro. It’s a risky move given the ongoing Covid pandemic that has infected global economies. Continue reading →

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Global Auto Business Threatened by Covid Second Wave

Posted on 22 September 2020 by Ken Zino

While the past isn’t a 100% sure predictor of the future, “A second wave and stricter social controls pose a large risk to our central forecast” LMC notes in its latest analysis. LMC projects that 2020 global assembly plant use is expected to fall to the lowest level ever recorded – just 51%. The pandemic-caused shutdowns during March and April had a profound impact on both the volume and use of plants globally. Continue reading →

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Daimler Issues Its First Green Bond of €1 Billion

Posted on 8 September 2020 by Ken Zino

Daimler will allocate the net proceeds from the green financing instruments in accordance with the Framework to develop and produce zero-emission vehicles such as battery-electric (BEV) and fuel-cell electric vehicles (FCEV). Continue reading →

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Our Sinking US Economy Sinks $3.3 Trillion Further

Posted on 3 September 2020 by Ken Zino

It is now almost completely likely that the US  federal debt under the Trump Administration will exceed annual gross domestic product (GDP ) in 2021. The last time this happened  was at the close of World War II, when amassed debt exceeded in value the size of the economy. Continue reading →

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BorgWarner Cops SEC Plea for Materially Misstating Financial Statements Concerning Asbestos Litigation

Posted on 26 August 2020 by Ken Zino

According to the SEC’s order, BorgWarner did not conduct any substantive quantitative analysis to estimate these asbestos claims, despite possessing nearly 40 years of historical raw claims data. BorgWarner also admitted that its internal controls over financial reporting were ineffective. Continue reading →

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RumbleOn Posts Q2 Profit of $8.5m, 10.0% of Revenue

Posted on 14 August 2020 by Ken Zino

“The COVID-19 pandemic has brought headwinds and tailwinds to this industry,” said Marshall Chesrown, Chief Executive Officer. “Thus far in the third quarter we are experiencing the highest online activity, strongest demand and highest valuations we have seen in our history.” Continue reading →

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BMW Posts $786 Million Loss in Q2. Sales Off -25%

Posted on 6 August 2020 by Ken Zino

“At this point, we are cautiously optimistic about the second half of the year. The new BMW 2 Series Gran Coupé, 4 Series Coupé, the 5 Series, the 6 Series Gran Turismo and the iX3, along with plug-in hybrids like the X2, 3 Series Touring, and 5 Series will all create fresh momentum,” claimed Oliver Zipse, Chairman of the Board of Management of BMW AG. Continue reading →

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Carvana Q2 Results – Sales, Revenue Up by Double Digits

Posted on 6 August 2020 by Ken Zino

“It is still hard to say exactly how powerful the effects of all of this will be in the long run, but based on the data we see, we believe the long-term opportunity of the business is even larger than we previously thought… Continue reading →

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Ford Motor Q2- Sales Drop -53%. Debt Grows $10B

Posted on 31 July 2020 by Ken Zino

Analysts, a mysterious species to AutoInformed were surprised and delighted. AutoInformed noted an ongoing warranty cost disaster, which is a management failure not a Covid issue. It remains troubling as Ford is introducing increasingly complex vehicles. Continue reading →

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GM Loses $800 Million in Covid Q2. NA Sales Drop -62%

Posted on 29 July 2020 by Ken Zino

However, GM post-bankruptcy is in a stronger position  – financially and with a wiser, faster acting management team – than it was when Wall Street speculation sent global markets plummeting in 2008-2009. The deep recession that ensued was turned around by the Obama Administration, but the non-protected classes in lower income and racially harassed populations never recovered. Continue reading →

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Daimler Reports Ugly Q2 2020 Results as Sales Drop -34%

Posted on 23 July 2020 by Ken Zino

The Group’s total sales decreased by -34% to 541,800 passenger cars and commercial vehicles (Q2 2019: 821,700). Revenue slipped significantly by -29% to €30.2 billion (Q2 2019: €42.7 billion). EBIT was minus -€1,682 million (Q2 2019: minus -€1,558 million). Adjusted EBIT, reflecting the underlying business, was minus -€708 million (Q2 2019: plus €2,447 million). Continue reading →

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New FCA Italy Covid Credit Line €6.3 billion

Posted on 24 June 2020 by Ken Zino

FCA is Italy’s largest industrial group, directly employing 55,000 people at its 16 plants and 26 dedicated R&D sites. In addition, more than 200,000 further jobs in highly specialized Italian supplier businesses are linked to the successful continuity of the FCA’s operations. A further 120,000 jobs at 12,000 enterprises of all sizes in the distribution and services sectors also support the Italian automotive industry. Continue reading →

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