The worst is yet to come…
The Department of Commerce’s Bureau of Economic Analysis (BEA) advanced estimate for gross domestic product (GDP) for the first quarter of 2020, says that real gross domestic product contracted at an annual rate of -4.8%. Current‑dollar GDP decreased -3.5% or -gulp – $191.2 billion, in the first quarter to a level of $21.54 trillion.
Continue reading
It’s unlike Penske to exclude the press?
Penske Automotive Group (NYSE:PAG) today announced its 2020 Annual Meeting of Stockholders due to the continued public health concerns regarding COVID-19, including the restrictions on in-person gatherings in Michigan, that the 2020 Annual Meeting will be conducted by remote communication.
As previously announced, the 2020 Annual Meeting will be held on Wednesday, 13 May 2020 at 8:00 a.m., EDT. 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 17 March 2020 are entitled to vote at or attend the Annual Meeting. Penske Automotive confirm that this means no media access. How this doesn’t violation SEC regulation FD is unclear.
Continue reading
With a third of the population around the world currently living under various forms of lockdown to slow the spread of COVID-19, millions of workers, including those in health and social care, emergency services, agriculture, food and retail, transport, education, infrastructure and construction work and other public services, continue to work hard to keep society functioning.
The global union movement says workers need official recognition of COVID-19 as an occupational disease. Such recognition would ensure the right to worker representation and occupational safety and health (OSH) rights and the application of agreed measures to reduce risk. These rights include the right to refuse to work under unsafe working conditions. This also ensures employers are responsible and liable and that negligent employers are subject to the application of penalties.
Continue reading
If you open it, will they come?
BMW says that since the Bavarian State Government has now eased its regulations and measures to curb the spread of the coronavirus that BMW Welt will be reopening its vehicle collection service, sales rooms and showrooms from May 4.
Customers can therefore again take delivery of their new BMW in person at BMW Welt. In addition, a limited number of visitors can get personal advice on new vehicles in the BMW Welt showrooms or visit the BMW Welt Lifestyle & Accessory Shop to purchase from a wide range of BMW and MINI branded products.
Continue reading
The question is Demand, not Supply at this point.
On Monday 4 May, Porsche is restarting production on a site- and task-specific basis. All the required measures have been taken in advance to guarantee the safety for employees and so that production can be increased in stages up to full capacity.
Porsche initially stopped production in its two factories on 21 March 2020 for a period of two weeks. Due to bottlenecks in global supply chains, the factories have remained closed for a total of six weeks because orderly production was not possible.
Continue reading
The effects of the pandemic and the decrease in sales led to a significant earnings drop.
Daimler AG (ticker symbol: DAI) today reported its results for the first quarter ended March 31, 2020. Group net profit was €168 million (Q1 2019: €2,149 million). Total unit sales decreased by -17% to 644,300 passenger cars and commercial vehicles (Q1 2019: 773,800) due to the global spread of the corona virus. Revenue slipped slightly by 6% to €37.2 billion (Q1 2019: €39.7 billion). First-quarter EBIT was €617 million (Q1 2019: €2,798 million). Adjusted EBIT, reflecting the underlying business, was €719 million (Q1 2019: €2,310 million). AutoInformed: Daimler Confirms 2020 Group Sales and Revenue Will Decline
Continue reading
Click to Enlarge.
While Ford shut down its plants around the globe in March, cash use has remained high because production supplier payables are about 45 days. The company’s cash outflow – it is claimed – will be substantially lower after early May as Ford pays down those payables. (UAW Pressure: Ford Further Postpones NA Production Restart, Ford Motor Maxes Out Lines of Credit) Continue reading
“MKZ Concept’s shape is a vision of simplicity completed with just a few strokes.”
Ford Motor Company is issuing a recall for replacement handlamps that were sold directly to customers or installed on 2013-16 Lincoln MKZ vehicles. Due to a back-order of replacement headlamp assemblies in North America, some dealers began ordering and installing headlamp assemblies designed for the Korea and China markets, which were similar in design to North America units and appeared to function properly.
However, the dealers were “unaware” that the units did not comply with U.S. Federal Motor Vehicle Safety Standards, including for headlamp beam patterns, illuminated side markers, horizontal adjustments and U.S. Department of Transportation markings. Ford did not say where the headlamps were made or who made them.
Continue reading
Somebody should tell King Trump about feelings for victims, not grievances by him to change the subject from the complete failure of he and his Courtiers to take effective action against the King’s Covid plague.
Toyota Motor Corporation and Toyota Group companies are now in full-scale production of medical face shields in Japan, with Toyota expanding its production capacity from 500 to 600 units per week to 40,000 units per month (~2,000 units per day) from 27 April. Toyota plans to further expand in-house production to approximately 70,000 pieces per month or 3,600 per day.
Based on a Toyota policy to be “mindful of the feelings of those in the midst of this pandemic, reach conclusions more swiftly, make prompt decisions, and take immediate action faster than ever focusing on safety and security as the highest priorities, Toyota and Toyota Group companies will do what they can to help efforts on the front-lines of treatment and in limiting the further spread of COVID-19, which has become society’s biggest priority.” The Trump Administration in its almost daily sessions – of grievance, propaganda, confront the press, mock American institutions and law – expresses no such emotions about the plague victims in the US and hi policy failures.
Continue reading
The Germans have dismissed Asian automakers before…
China FAW Group Co., Ltd. (FAW) and Toyota Motor Corporation (Toyota) said today in Japan that they will restructure their management “with the aim of achieving sustainable growth in China.” AutoInformed thinks this really is a giant step toward eliminating Germany luxury car makers as the brands of choice in the Chinese market with a Chinese brand designing and building electric, sports and luxury cars. AutoInformed notes that the chase is from behind; We also note that the Germans for years dismissed what became a global luxury powerhouse – a Toyota division called Lexus.
Continue reading
The 2020 QX80 is offered in three models – the QX80 Luxe, QX80 Luxe 4wd and the QX80 Limited 4wd.
Infiniti is the latest automaker to take steps to mitigate the sales drop from absent new vehicle buyers during the COVID-19 crisis. Today it announced that it hopes is “one of the strongest purchase offers by any luxury automaker.”
Effective immediately, Infiniti Financial Services is offering well-qualified buyers zero percent APR financing for up to 72 months on any 2020 Infiniti model, and will defer payments for 90 days. This offer is available through June 30, 2020.
Continue reading
Not sure there is enough chrome for Chinese tastes.
Bentley Motors has announced that its 40-dealer retail network in China is now fully open, as the country gradually returns to work following the COVID-19 outbreak. Simultaneously, the luxury British marque is starting customer deliveries of the all-new Flying Spur, its luxury Grand Touring sedan, in the country. (Grand Touring? Bentley Mulliner Bacalar to Debut at Geneva, Bentley Bentayga Hybrid Has 24-Mile Electric Range)
Retailers have also implemented a flexible, online-sales approach to minimize impact during this period. Moreover, Bentley retailers have adopted a number of social-distancing methods to prevent spread of the virus while simultaneously enhancing the quality services.
Continue reading
Measures include sanitizing more than 300,000 square-meters of workshop floor, installation of 130 dispensers of hand sanitizer, posting of prevention information on 15 large billboards.
In a press release festooned with assurances, FCA said today that the Sevel plant in Atessa, Italy is opened. The joint venture with PSA Group is one of the leading producers of commercial vehicles for the international market with more than 6,000 employees. At the same time, limited activities also recommenced at the plants in Cassino, Pomigliano, Termoli and Mirafiori in connection with components supply for the Sevel plant.
Possible Covid-19 mitigating measures are being tested. This is a real-time experiment with little or no control groups or data on auto plant anti-C0vid measures that actually work. Continue reading
It will still be breathtaking, so to speak, post Covid.
Officials of the Pebble Beach Concours d’Elegance have decided to cancel the Show which was scheduled for 16 August 2020. The car selection process for the 70th Pebble Beach Concours was recently completed, and entrants were notified of their acceptance earlier this month. The acceptance letters stressed that these cars were invited to appear at the 70th celebration — even if it was delayed. With the cancellation of this year’s event, the 70th Pebble Beach Concours will now take place on Sunday, August 15, 2021.
Continue reading
Alexandra Ford English to Join Rivian’s Board of Directors
Rivian R1S.
Rivian and Ford Motor Company last Friday announced that Alexandra Ford English – Executive Ford Chairman Bill Ford’s daughter – will join Rivian’s board of directors effective immediately. English is director of Corporate Strategy for Ford Motor Company, responsible for the company’s enterprise strategy, connectivity, and digital network strategy – a highly risky “bet the company” business plan. (Ford Motor Posts -$2 Billion Q1 Loss, Rivian Gets $500 Million for New Ford Battery Electric Vehicle)
The announcement comes at crucial point for Ford Motor as analysts are speculating that future of a challenged Ford – operational competence, liquidity, as well as quality and warranty issues – will require a merger with another global automaker, perhaps Volkswagen. (Bill Ford has been quoted – second hand – by insiders as saying “No.” Then after a pause “Hell No.”) Continue reading →