Category Archives: financial results

GM to Provide Financial Support to Fired Union Workers

GM’s November announcement impacts 2,600 hourly workers and approximately 340 salaried or contract workers at the Oshawa Assembly Plant once a crown jewel in the GM collection for its productivity, flexibility and quality. GM Canada will continue to discuss its announcements regarding Oshawa Assembly with Unifor, the union it has a no close contract with in force until the end of 2019. Continue reading

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No Deal Brexit to Cost UK Auto Sector £9 Billion Per Year

It’s not only angry Trump voters who are self-destructive, the UK under the Brexit fiasco is about to lose £9 Billion a year due to a conservative Republican-like temper tantrum that will materially hurt middle class workers, as well as society as a whole. Continue reading

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Making the Budget Deficit Great Again. November at $203 billion. Interest for Debt up $5 Billion

Not that it matters according to traditional Republican double-speak, such gigantic deficits are only a problem if they occur when the Democrats are in power. When Republicans cut taxes for the wealthiest and run up huge deficits it’s – don’t laugh – good for the economy. Worse, the federal budget deficit was $303 billion for the first two months of fiscal year 2019, says CBO. Continue reading

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Ghosn, Kelly and Nissan Motor Corp. Indicted for Violating The Japan Financial Instruments and Exchange Act

Thus – as predicted – this case, besides from revealing the rift between Nissan and its European partner Renault that saved it from bankruptcy, has cast a cold beam of light on Japanese corporate governance – or is that non-governance? – practices. Continue reading

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Auto Loans – Payments Higher, Subprime Lending Lower

Some look to vehicle affordability trends – or lack thereof – as a driving force behind consumer choices. The monthly payments for new and used vehicles again reached record highs in Q3 – $530 and $381, respectively – and the gap between new and used monthly payments continues to widen, reaching $149. The difference between leasing and buying on roughly the top Ten sellers is about $100 a month less for leasing. The average loan is now 72 months, but consumers on average change vehicle every 34-36 months. Continue reading

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Restructuring Storm Building as Ford Announces Senior Retirements in Treasury, Product Development, Manufacturing

A couple of the exits are noteworthy for signaling that major disruptive actions are about to occur. For example – was Kent responsible for the addled brained idea that Ford would cut its dividend that Ford Family members depend on? Nevertheless, the pressure remains for Ford to cut costs and start once again, yet again on a restructuring plan. to increase shareholder value. Continue reading

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General Motors Revises 2015 Strategy to Slash Costs and Streamline Engineering as Market and Competition Toughen

General Motors (NYSE: GM) said this morning that it will accelerate its business plan, building on the strategy it laid out in 2015 that has resulted in lack-luster returns for shareholders. GM is acknowledging what most automakers hold private: the marketplace is moving faster than automakers. Continue reading

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Nissan Board Deletes Carlos Ghosn as Chairman and Director

The board of directors for Nissan Motor Co. met today at the company’s global headquarters in Yokohama, Japan. The board endorsed the long-standing and profitable Alliance partnership with Renault saying, “it remains unchanged” and that “the mission is to minimize the potential impact and confusion on the day-to-day cooperation among the Alliance partners.” Continue reading

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Carlos Ghosn Given Temporary Reprieve by Renault Board

It was the latest twist on an ongoing saga that involves alleged tax evasion by Ghosn. It also raised, yet again, the embarrassing issue that foreign executives demand and receive far greater compensation than their Japanese equivalents. Continue reading

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Johnson Controls to Sell Power Solutions for $13.2 Billion

Johnson appears to be selling a profitable business unit with a bright future in order to bolster other businesses. Continue reading

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Magna International Posts Record Q3 Earnings

However, sales were slightly lower than we had anticipated, mainly due to lower than expected light vehicle production. Adjusted EBIT was below the comparable quarter in 2017 and was less than what Magna expected. After considering the impact of lower than anticipated volumes, the Power & Vision, Seating Systems and Complete Vehicles segments performed substantially in line with Magna expectations. Body Exteriors & Structures segment reported results below expectations, as a result of higher than anticipated launch costs and under-performance at certain facilities, largely offset by a favorable customer pricing resolution. Continue reading

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October Western European Passenger Car Sales Drop -7.3%

Given the persistence of falling sales in several key markets linked to WLTP-related disruptions, LMC now sees 2018 full-year growth of a mere 0.8%, a little lower than previously. In addition, with the prospects for economic growth now looking slightly weaker in some key markets, LMC have reduced the 2019 West European sales forecast in volume terms with YoY growth seen at, gulp. 0.9%. Continue reading

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Toyota 6 Month Financial Results – $11.29 Billion Net Income

Once again Toyota proved its operating prowess, which consistently place it in the running for the largest and mot profitable automaker in the world as it transforms itself into a mobility company to be reckoned with. Continue reading

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Ford Motor Q3 Net, EPS, EBIT – All Down as Ford Stumbles

Once again top Ford executives claimed they had a multi-year plan to fix things, but the same pledge has been going on since Ford 2000. Ford also said that because of the higher costs and uncertainty impacting the entire sector, coupled with unexpected deterioration this year in the Europe, Middle East and Africa, and China businesses, current company forecasts show that it will not reach its previously announced 8% EBIT margin or high teens ROIC targets by 2020. Another job-destroying reorganization in process. Continue reading

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GM Q3 Profits Ambush Analysts – Income $2.5 Billion EBIT

GM reported $2.5 billion in profits today at $1.75 per share, way beyond hapless analyst projections of $1.25 per-share earnings. Continue reading

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