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Category Archives: financial results
GM Loses $800 Million in Covid Q2. NA Sales Drop -62%
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
Posted in financial results, news analysis, results
Tagged auto industry commentary, autoinformed, autoinformed.com, COVID-19, GM Q2 2020, Ken Zino
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Daimler Reports Ugly Q2 2020 Results as Sales Drop -34%
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
Posted in economy, financial results, results
Tagged auto industry commentary, autoinformed, autoinformed.com, COVID-19, Daimler Q2 results, Ken Zino
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New FCA Italy Covid Credit Line €6.3 billion
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
CarMax Q1 2021 – Net Sales Drop 40% to $3.2B
CarMax (NYSE:KMX), the nation’s largest retailer of used cars, today reported weak results for the first quarter ending May 31, 2020. Net sales and operating revenues declined 39.8% to $3.23 billion. Net earnings declined 98.1% to $5.0 million and net earnings per diluted share declined 98.1% to $0.03. Nonetheless CarMax stock is up ~12% year-to-date at ~$92/share, even though used car sales are projected to decline. It’s part of the mania on tech stocks that thinks the companies are invincible. Continue reading
Posted in financial results
Tagged auto industry commentary, autoinformed.com, CarMax, Ken Zino
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May US Budget Deficit, Gulp, $424 Billion
The federal budget deficit in May was $424 billion, about double the amount in the same month last year, the Congressional Budget Office estimates. That increase stems from the economic disruption caused by the 2020 corona virus pandemic and from … Continue reading
COVID-nomics – Plague Meets the Dreary Science
The UK consumer new car finance market reported new business volumes 97% lower in April 2020 compared with the same month in 2019, and a fall of 37% in the first four months of 2020. The percentage of private new car sales financed by FLA members was 94.5% in the twelve months to April 2020. Continue reading
Posted in economy, environment, financial results
Tagged auto industry commentary, autoinformed.com, COVID-19, Kenneth Zino, public health
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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
Renault, Nissan Motor, Mitsubishi Slice, Dice World by Brand
The member companies plan to build on existing Alliance “benefits” in areas such as joint purchasing by using their respective positions and geographic strengths to support their partners’ business development. The three companies of the Alliance will cover all vehicle segments and technologies globally, while increasing their respective competitiveness. By implementing the plan, Nissan aims to achieve a 5% operating profit margin and a sustainable global market share of 6% by the end of fiscal year 2023, including proportionate contributions from its 50% equity joint venture in China. 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
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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Ford Motor Q2- Sales Drop -53%. Debt Grows $10B
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 →