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Category Archives: financial results
Volkswagen Group Posts 2019 Profit Despite Diesel Charges
The earnings announcement on Friday came with an agreement to pay 830 million euro ($912 million) in damages to hundreds of thousands of customers whose diesel cars were outfitted with software that illegally falsified emissions readings. Continue reading
Wells Fargo to Pay $500 Million for Misleading Investors
Wells Fargo has agreed to pay $500 million to settle the charges, which will be returned to investors. The $500 million payment is part of a combined $3 billion settlement with the SEC and the Department of Justice. Continue reading
Daimler Facing Profit and Sales Declines Reorganizes
“This will have a negative impact on our earnings in 2020 and 2021. To remain successful in the future, we must therefore act now and significantly increase our financial strength.” Continue reading
Ford Motor Changes Top Exec Roles Again
The changes come as Ford is restructuring operations, investing in the product portfolio and reducing bureaucracy. Ford lost $1.7 billion (42 cents a share) during Q4 2019 compared to a loss of $100 million, or 3 cents a share, year-over-year. This included a previously disclosed $2.2 billion charge for underfunded pensions. Adjusted for one-time items, Ford said it gained 12 cents a share during the year, compared with 30 cents a share a year ago. Revenue fell 5% to $39.7 billion from $41.8 billion a year ago. Global sales, share, earnings, and profits all decreased. Continue reading
Posted in financial results, mobility company, people
Tagged auto industry commentary, autoinformed.com, Jim Farley, Jim Hackett, Kenneth Zino
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General Motors Posts Huge Q4 Strike Losses and a Weak 2019
U.S. market share declined year-over-year because of the UAW strike and discontinuation of some passenger cars. China market share declined y-o-y due to segment shifts, lower demand for outgoing models and the slower rate of adoption of new fuel-efficient technology. Continue reading
Posted in financial results
Tagged auto industry commentary, autoinformed.com, GM 2019 Earnings, Ken Zino
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Ford Posts Weak Q4 Earnings Losing $1.7 Billion
”Financially, the company’s 2019 performance was short of our original expectations, mostly because our operational execution, which we usually do very well, wasn’t nearly good enough,” said Chief Executive Jim Hackett in an understatement. Revenue fell 5% to $39.7 billion from $41.8 billion a year ago. Global sales, share, earnings, and profits all decreased. Warranty costs reached $5 billion in 2019, up $1.5 billion in recent years — and fixing vehicle launch problems that have also cost an estimated $1 billion. Continue reading
Posted in financial results
Tagged auto industry commentary, autoinformed.com, Kenneth Zino, Q4 Ford 2020
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Ford Motor Declares $0.15 Dividend for Q1 2020
Ford Motor reported on Monday that US vehicle sales declined during 2019 to 2.4 million or a drop of -3%. The middling performance in a strong market came as Tesla’s market valuation reached twice that of Ford Motor due to increasing sales. Continue reading
Volkswagen Debuts 34 New Models Worldwide in 2020
Next year the ID.31 goes on sale in the summer, followed by the ID.Next2, VW’s first electric SUV. Vehicles and the VW group are to achieve a carbon-neutral balance by 2050. CO2 emissions from production are to be halved by 2025. Ambitious and subject to the whims of bureaucrats in Brussels, Beijing and Washington. Continue reading
Mobility Roll of the Die – FCA and PSA Merger
AutoInformed readers likely realized that such mergers are difficult and the road looking backward is littered with abandoned or failed promises of synergies from such ventures. (see AutoInformed : FCA + PSA = Massive Job Losses,and FCA-PSA Merger – Surviving Platforms and Powertrains) Continue reading
Capital Punishment Day for Auto Workers at Daimler
Personnel costs will drop by the end of 2022 as Mercedes-Benz Cars plans to save more than €1 billion in personnel costs. Jobs will be cut in both management and “indirect areas.” Continue reading
Nissan Motor Net Income Dives -73.5% to 65.4 Billion Yen
First half net income1 decreased by, gulp, 73.5% to 65.4 billion yen. Continue reading
General Motors Q3 Earnings Hit Hard – $1.3B – by UAW Strike
GM said it would not be able to makeup lost production and revenue losses this year. About two weeks of vehicle production was lost. GM predicts the 2019 calendar-year impact of the strike to be approximately -$2.00 per diluted-share. Continue reading
Posted in financial results
Tagged auto industry commentary, autoinformed.com, automotive blog, gm results, Kenneth Zino
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CAR – Estimated Costs of the UAW-GM Strike are Low
CAR estimates the U.S. employment multiplier for UAW-GM jobs is 11.5.This means that when UAW-GM workers are at work producing vehicles, engines, transmissions, stampings, parts, and components, every UAW-GM job supports 10.5 other jobs in the U.S. economy, with 3.2 of those jobs in the production-focused U.S. supplier sector.
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Ford Motor Company Q4 Dividend Declared at 15 Cents
The Board of Directors of Ford Motor Company today declared a fourth quarter regular dividend of $0.15 per share on the company’s outstanding Class B and common stock. It is currently trading at ~$9.50 (7% yield), with a 52-week range of $7.41 – $10.56. Continue reading
US Trade Deficit Continues at $45 Billion a Month
The drop in imports portends shortages, which could harm both consumer and business spending. The coronavirus epidemic has upset businesses and production in China, with an extension of the Lunar Year holidays cutting output in an effort by the Chinese government to constrain its spread. This likely will be repeated in the US economy as the epidemic spreads here. It’s too soon to see the potential negative effects on the auto industry, but disruptions are likely given China, South Korea and Mexican trade in automotive goods. Continue reading →