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Category Archives: financial results
Daimler Q1 2020 Net Profit Down -92% at €168m from €2149
Daimler says it responded to the “temporary drop in demand” caused by the Covid pandemic by proactively taking production stoppages in March and April. The net liquidity of the industrial business decreased to €9.3 billion at the end of first quarter, compared to €11.0 billion at year-end 2019. The decrease is particularly due to the negative free cash flow of the industrial business. Continue reading
Ford Motor Posts -$2 Billion Q1 Loss
“We’ve taken decisive actions to lower our costs and capital expenditures and been opportunistic in strengthening our balance sheet and optimizing our financial flexibility,” claimed Tim Stone, Ford’s CFO.
Daimler Confirms 2020 Group Sales and Revenue Will Decline
“The effect of the COVID-19 pandemic on customer demand, supply chains and vehicle production cannot be assessed with the usual degree of detail and certainty, making the re-evaluation of the forecast for the fiscal year 2020 complex.” Continue reading
Groupe PSA Q1 2020 Revenue -15% at €15.2 Billion
PSA says the outlook is currently difficult to assess and will depend on the scale, duration, and geographic extent of the Covid-19 crisis, as well as the measures taken by the countries concerned. Continue reading
March Global Light Vehicle Sales Plunge. Prelude to Rest of the 2020 Year or the Trend for Years After?
Almost all major vehicles markets suffered steep year-over-year declines in March. The beginning of a downward spiral of unknown duration, according to consultancy LMC with 2020 dropping to 71 million units compared to, gulp, 90 million in 2019 Continue reading
Ford Motor Q1 Prelim Results Hint at COVID-19 Illiquidity
Ford’s Q1 vehicle wholesales were down 21% from a year ago, largely as a result of lower production and demand related to the coronavirus. Ford currently expects to report revenue of about $34 billion and first-quarter adjusted losses before interest and taxes of about negative -$0.6 billion, which excludes about $0.3 billion of special-item charges. The company has not yet calculated its tax rate for the first quarter and is not able to provide its preliminary net loss or loss per share. As of 9 April, the company had about $30 billion in cash on its balance sheet, including $15.4 billion of proceeds from borrowings last month against two existing credit lines. Continue reading
Trade to Plunge as COVID-19 Upends Global Economy
The response of political leadership can also have a big impact in the outcome. But WTO economists believe the decline will likely exceed the trade slump brought on by the global financial crisis of 2008‑09. Estimates of the expected recovery in 2021 are equally uncertain, with outcomes depending largely on the duration of the outbreak and the effectiveness of the policy responses. Continue reading
Porsche “Gives” Employees A Voluntary Bonus
Porsche* is combining an optional bonus to its employees with an appeal for donations to support the “Porsche aid” program. The bonus of €9,000 Euro will be paid out to the Porsche workforce for the 2019 financial year; €700 will … Continue reading
RumbleOn Posts 2019 Loss. Cancels Guidance
Executive summary from AutoInformed: RumbleOn has ambitious plans with more than $840 million in revenue in 2019, but what is arguably a national brand is facing the ongoing contraction (collapse?) of the U.S. economy. Continue reading
LMC Automotive Now Projects Double the Decline of the Great Recession in Light Vehicle Sales During 2020
LMC currently is forecasting 2020 global Light Vehicle sales to fall below 77 million units, a decline of nearly 14 million units or -15% from the 2019 level. For comparison, global Light Vehicle sales fell 6 million units from 2007-2009 to 64 million units, a two-year decline of 8.7%, or 4.5% CAGR. Continue reading
General Motors Draws Down Credit Lines in COVID-19 Fight
This increases GM’s cash position and preserves financial flexibility in light of current uncertainty in global markets resulting from the COVID-19 pandemic. The funds will supplement the company’s cash position of approximately $15 billion to $16 billion expected at the end of March. Continue reading
Ford Motor Maxes Out Lines of Credit
The cash from these borrowings will be used to offset the temporary working capital impacts of the coronavirus-related production shut downs and to preserve Ford’s financial flexibility. Continue reading
Volkswagen Group Closes 2019 Books
The spread of coronavirus is currently impacting the global economy. It is uncertain how severely or for how long this will also affect the Volkswagen Group. Currently, it is almost impossible to make a reliable forecast. Continue reading
Posted in financial results, sales
Tagged auto industry commentary, autoinformed.com, Kenneth Zino, porsche, Scania, seat, skoda, volkswagen group
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SEC Sets Guidelines for Virtual Annual Shareholder Meetings
Affected parties can announce in filings made with the SEC the changes in the meeting date or location or the use of “virtual” meetings without incurring the cost of additional physical mailing of proxy materials. Continue reading
Penske Automotive to Hold Audio Annual Meeting
Stockholders will not be able to attend the Annual Meeting in person; however, stockholders will be afforded the same rights and opportunities to participate as they would at an in-person meeting. Only stockholders of record at the close of business on March 17, 2020 are entitled to vote at, or attend, the Annual Meeting. Penske Automotive did not immediately respond to whether this means no media access. Continue reading →