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Category Archives: financial results
A123 Files Bankruptcy. Johnson Controls to Purchase its Auto Assets
A123 Systems (Nasdaq: AONE), a developer and manufacturer of nanophosphate lithium iron batteries and systems, today filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. A123 ran out cash as demand for EVs and its batteries remains weak to almost non-existent. As part of a proposed reorganization Johnson Controls (NYSE: JCI) will supply $72.5 million in “debtor in possession” financing to support A123’s continued operations as JCI purchases parts of A123. Continue reading
Posted in auto news, electric vehicles, financial results, news analysis, results
Tagged a123, auto informed, autoinformed.com, automotive news, doe loans, EVs, fisker, Ken Zino, taxpayer subsidies
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Ally Financial Declares Dividends on Preferred Stock
The Ally Financial board of directors has declared a quarterly dividend on outstanding preferred stock effective 15 November 2012. A payment of approximately $134 million, or $1.125 per share, will go to the U.S. Treasury, which has invested $17.2 billion in keeping Ally, formerly GMAC, in business as a bank holding company. Continue reading
Posted in auto news, economy, financial results, news analysis, results
Tagged ally, auto bailout, auto informed, autoinformed.com, automotive news, gmac, Ken Zino
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Ford Motor and General Motors Declare Stock Dividends
The Boards of Directors of Ford Motor (NYSE: F) and General Motors Company (NYSE: GM) have declared quarterly stock dividends, as the U.S. auto industry continues its slow financial recovery because of increasing auto sales. Continue reading
Auto Loan Delinquency Rate Declines by 35%
Mirroring a trend in many consumer lending categories, auto loan delinquency rates have declined significantly in July year-over-year. Equifax’s latest monthly National Consumer Credit Trends Report released today says that auto loan 60-day plus delinquency rates declined 35% in dollars.CNW Research also has good news for automakers and their stockholders. Its latest Loan-to-Value Ratio data shows a rise, especially for sub-prime borrowers. Banks are once again chasing auto loans because of low repossession rates and a minimum of late-payers. In the heyday of sub-prime lending, those with the lowest acceptable FICO score (credit rating in industry jargon) had LV ratios in the near-100% range. Continue reading
World Record Claimed for Pebble Beach Auto Auction
The official auctioneer of the Pebble Beach Concours d’Elegance sold more than $113.7 million at the Pebble Beach Auctions on August 18 and 19. Twenty-four collector cars sold in excess of $1 million each, led by the von Krieger Special Roadster, a 1936 Mercedes-Benz 540 K, which sold for $11,770,000 on Sunday night, a claimed double world record for a Mercedes-Benz and a pre-war car at auction. Continue reading
GM Bids on Ally’s International Auto Lending Business
The GM bid carries some potential risks for U.S. taxpayers, which still own a large part of the company. If GM buys the international Ally businesses, it could expand lending overseas, but not without potentially hurting liquidity. GM Financial’s consolidated assets could more than double, and it could incur substantial amounts of indebtedness, including secured debt. GM Financial’s ratio of adjusted assets to adjusted equity could more than double as well. It all depends on how much GM acquires, and then its ability to successfully run the new operations while integrating them into the larger company. Continue reading
Posted in auto news, economy, financial results, news analysis
Tagged ally, auto informed, autoinformed.com, automotive news, gm financial, Ken Zino
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Treasury To Sell More AIG Stock. Taxpayers Still Owed $24 Billion and Hold 53% from Controversial Bailout of Reckless Company
Today, the U.S. Department of the Treasury announced that it expects to receive an additional $750 million from its public offering of American International Group (AIG) common stock. The Wall Street underwriters have exercised their so-called over-allotment option to purchase another 24.6 million additional shares of AIG common stock at the public offering price of $30.50 per share. Continue reading
Toyota Posts Strong Results in Q1 of the Japanese Fiscal Year
Toyota Motor Corporation today said that Q1 results for the Japanese fiscal year produced a profit of ¥90.3 billion yen ($3.71 billion). Toyota posted vehicle sales for the first quarter of 2.27 million cars and trucks, an increase of 1.04 million compared to the same period last fiscal year. The largest Japanese auto company also raised its full year sales forecast some 180,000 vehicles, to 9.76 million cars this year, a better than 20% increase from 7.95 million cars in 2011. If current trends hold, Toyota will become the world’s largest automaker with more than 10 million vehicles sold blowing by a slumping General Motors when the books are closed for the 2012 calendar year. Year to date Toyota is ahead of GM by more than 300,000 units. Continue reading
Posted in auto news, financial results, results
Tagged auto informed, autoinformed.com, automotive news, Ken Zino, results, toyota
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GM Q2 Profits Drop to $1.5 Billion From $2.5 Billion as Its European Losses Grow. Revenue and Cash on Hand also Decreased.
General Motors Company (NYSE: GM) today said Q2 income was $1.5 billion, or $0.90 per share of common on revenue $37.6 billion. The disappointing results compared to Q2 2011 where GM’s net income attributable to common stockholders was $2.5 billion, or $1.54 per fully diluted share. GM said the decrease was due almost entirely to the strengthening of the U.S. dollar versus other major currencies. Earnings before interest and tax (EBIT) adjusted was $2.1 billion, compared with $3.0 billion in the second quarter of 2011.
“Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade,” said GM chairman and CEO Dan Akerson. The CEO also alluded to ongoing management changes and reorganizations, saying “we will not hesitate to act to make the business stronger” by replacing people who don’t deliver results, with no apparent awareness that U.S. taxpayers who still hold a large stake in the company could apply that dictum to him. Continue reading
Posted in auto news, financial results, news analysis, results
Tagged auto informed, autoinformed.com, automotive news, gm results, Ken Zino, results
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Honda Posts $1.7 Billion Profit in Japanese Fiscal Q1
Despite the strong recovery, the results did not meet analysts’ expectations because of rising marketing costs and the strong yen. Nevertheless, Honda is sticking to its global sales forecast of 4.3 million vehicles in the Japanese fiscal year to March 2013, an increase of 38.4% from FY 2012. North America is forecast to sell almost 40% of the total, which means a lot is riding on the success of the new Accord due this fall. Continue reading
Posted in auto news, financial results, news analysis, results
Tagged auto informed, autoinformed.com, automotive news, honda, Ken Zino, q1 results, results
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Chrysler Group Posts Q2 2012 Net Profit of $436 million. Modifed Profit $755 million
Actual net income or profit was $436 million, an $806 million improvement from the $370 million net loss in the Q2 last year that included a $551 million charge for repayment of Chrysler’s Canadian and U.S. taxpayer subsidized loans. The loans allowed a bankruptcy restructuring in 2009 that ultimately saved thousands upon thousands of jobs at Chrysler and its suppliers. Combined with taxpayer money pumped into General Motors, Ford and Nissan, under various stimulus actions, the bailouts or subsidized loans saved the U.S. auto industry. Continue reading
Ford Motor Q2 Profit Plummets $1.4 Billion as Europe, South American and Asia Continue to Hurt Earnings and Shareholders
Ford Motor Company [NYSE: F] posted its 12th consecutive quarterly pre-tax operating profit this week based almost entirely on North American results. Weak to frankly disastrous performances in Ford’s global operations saw Q2 income drop to $1 billion, or 26 cents per share, a decrease of $1.4 billion from Q2 2011. Continue reading
PSA Peugeot Citroën to Reorganize, Close Aulnay Plant
Philippe Varin, Chairman of the PSA Peugeot Citroën Managing Board has told the works council that the loss-making French automaker will close the Citroën C3Aulnay plant in 2014, and trim production at Rennes, which makes the Peugeot 508 and Citroën C5 and C6. More than 4,400 jobs are affected. Work in other plants could absorb 1,500 of the displaced workers in the local Paris area. The company will also pursue voluntary separations of its corporate workforce. Continue reading
Posted in auto news, economy, financial results, manufacturing, news analysis
Tagged auto informed, autoinformed.com, automotive news, eu, GM, Ken Zino, PSA, psa peugeot citroen
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Ford Motor Company Declares $0.05 Q3 Dividend
The move comes as Ford shares are trading just above $9 a share, down from a 52 week high of $13.44. On an annualized basis, this represents a return of about 2%, which makes Ford look like a relative bargain in a market awash in Federal Reserve printed dollars and, as a result, record low interest rates for speculators and borrowers. Continue reading
Posted in auto news, economy, financial results, news analysis, results
Tagged auto informed, autoinformed.com, automotive news, ford class b, ford dividend, Ken Zino
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Ford Europe Sales Plummet in June
Ford Europe sales in June dropped 16.1% to 100,400 units, with a declining market share of 7%, as the Eurozone crisis continues unabated. In a statement, Ford said that it would not match “heavy competitive discounting” by its already loss making European operations. Continue reading →