Analysts from J.D. Power Valuation Services say that U.S. wholesale volumes of used vehicles ground to a virtual halt in March due to Stay-at-Home Orders; and are down -12.3% through March year-to-date.
“Our current outlook calls for used prices to fall by 7% through June 2020 before we see any recovering,” said David Paris, executive analyst at J.D. Power Valuation Services.
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During the first three months of 2020, Porsche sold 53,125 vehicles to customers worldwide. Compared to the year before, deliveries were down by 5% due to the effects of the coronavirus pandemic. The Cayenne was the most popular model with 18,417 deliveries. It was followed by the Macan with 15,547 vehicles. The current Porsche 911 delivered 8,482 times. This represents an increase of 16% compared with the same period in the previous year. The Taycan, the first all-electric Porsche sports car, which has been on the market since the end of 2019, was delivered 1,391 times to customers in the first quarter. Continue reading
Ventec Life Systems members show clinical staff at Franciscan Health Hospital how to operate VOCSN critical care ventilators Friday 17 April 2020 in Olympia Fields, IL.
The first VOCSN V+Pro critical care ventilators produced by General Motors and Ventec Life Systems in Kokomo, Indiana are being delivered by UPS to Franciscan Health Olympia Fields in Olympia Fields, Illinois, and Weiss Memorial Hospital in Chicago at the direction of the Federal Emergency Management Agency.
The shipments, of course, are putting important tools in the hands of front-line medical professionals treating patients seriously ill with COVID-19 as the US desperately tries to catch up with the plague made worse by 0ngoing denials and obfuscations among national and local political “leaders. ”
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Covid Grim Reaper at work. Defy shelter in place rules to make the death count larger. (Click to Enlarge.)
During March 2020, the EU passenger car market recorded a dramatic drop (-55.1%) in registrations of new vehicles as a result of the COVID-19 outbreak, says ACEA, the trade organization for makers.
With containment / lock-down measures taking hold in most markets from around the middle of the month, the vast majority of European dealerships were closed during the second half of March. Consequently, demand across the region fell by more than half last month, dropping from 1,264,569 units registered in March 2019 to 567,308 units.
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The recession is deepening as American workers are pushed to the margins.
TravelCenters of America has sidelined approximately 2,900 field employees, as well as ~122 corporate employees. Most were involved in the restaurants at the truck stops. All furloughed employees currently enrolled in TA’s benefits programs will continue to be eligible for health care coverage based on their plan. Impacted employees are eligible to apply for enhanced unemployment benefits under the CARES Act as the Trump depression deepens.
Currently, all TA, Petro Stopping Centers and TA Express travel centers remain open, providing essential services to drivers across the nation with fuel, showers, restrooms, quick-serve restaurants, and convenience stores. It says that employees continue to take precautionary measures consistent with the recommendations of the Centers for Disease Control and Prevention to minimize the spread of coronavirus, including social distancing and enhanced cleaning protocols. Although given the right-wing backlash against common sense public health measures, compliance is by no means assured.
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Not Exactly Amazon Prime, yet. But China will dictate EV sales, service and design standards a the largest EV market in the world.
Groupe Renault unveiled its latest strategy for the Chinese Market in a suburb of Paris, building on two stakes: Electric Vehicles (EV) and Light Commercial Vehicles (LCV). In a way it is more than just an alteration to doing business in the world’s largest vehicle market. It is also a tacit acknowledgement of the success of Chinese industrial policy that dictates local partners, who control the hiring of the workforce. (Groupe Renault Changes Execs – outsider Luca de Meo as CEO, Clotilde Delbos Deputy CEO. Ghosn Shakeout is Ongoing as Thierry Bolloré, CEO Renault SA, is Fired by the Board of Directors. FCA Balks at French Government In-Laws. Renault Marriage Off) Continue reading
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Motorsport Network for automotive and racing fans and Ferrari SpA today announced a partnership to create a new channel on the Motorsport.tv platform. The Ferrari channel claims to be “a treasure trove for all fans of the Prancing Horse providing a wide range of racing activities.”
Race and sporting coverage include Competizioni GT, F1 Clienti, XX Programs and Ferrari Challenge (Europe, North America, Asia Pacific and UK) as well as video content on the road car range. There is also a focus on Ferrari’s participation in WEC, Le Mans 24 hours and Blancpain GT series.
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Clark Merrefield writes in Journalist’s Resource on 7 April 2020: In a new National Bureau of Economic Research working paper, researchers surveyed nearly 900 Italian residents to explore what happens when expectations are shattered about how long social distancing measures, like self-isolation, would last. Participants were less willing to do more self-isolating when told that social distancing time frames would run much longer or shorter than they anticipated.
Flattening the Curve – Insights from the 1918 Influenza Epidemic – Source National Geographic via Michigan Medicine – aired 15 April 2020 by MI Governor Gretchen Whitmer.
“In a context where individual compliance has collective benefits, but full enforcement is costly and controversial, communication and persuasion have a fundamental role,” the authors write.
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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.
In an unusual move, Ford Motor Company today provided some preliminary Q1 2020 and other balance sheet data, as it considers possible additional financing actions while the coronavirus pandemic stalls commerce around the world. (Ford Stops Production in India, South Africa, Thailand and Vietnam, Ford Britain Shuts Dagenham and Bridgend Engine Plants, UAW Pressure: Ford Further Postpones NA Production Restart, Ford Stops North American Production)
The implication is that Ford is facing the COVID-19 pandemic that is likely causing a Greater Depression than its namesake with more unknowns than can yet be imagined. Will the Dearborn-based automaker have to once again return to the credit markets to forestall bankruptcy an issue that many major conglomerates are now facing? Actual Q1 results are due 28 April after the markets close. There may or may not be more answers then*.
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FCA is recalling 2020 Jeep Gladiator and Jeep Cherokee, 2019-2020 Ram 1500 Pickup, Ram 2500 Pickup, Ram 3500 Pickup, Chrysler Pacifica, Dodge Durango, Jeep Grand Cherokee, Jeep Wrangler, and Jeep Renegade and 2019 Dodge Challenger vehicles equipped with 8.4″ or 12″ radio displays.
If the rear-view image is displayed after the backing event has ended, a driver may be distracted by repeatedly and/or continuously shifting attention in attempt(s) to cancel the image which can cause a vehicle crash without warning.
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Continuum’s Lenox-branded 2.5 Quart Whistling Stainless Steel Tea Kettle with a three-layered bottom are expelling hot water through the top.
Continuum has received 14 reports of tea kettles expelling hot water through the top, says the US Consumer Product Safety Commission. There are four reports of burn injuries, some of them severe.
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Volkswagen says that during 2019 roughly 6.2 million vehicles were built worldwide with a “VW” on their grilles. Those two letters, of course, have been melded together for decades and have come to represent one of the most recognizable automotive brands on Earth.
So, why update an icon? Well, post Dieselgate the consultants have, apparently, swept in and are – in their own words – conducting “one of the largest rebranding campaigns in the world.” The upshot? Volkswagen has debuted a new logo, now rolling out to the U.S. market.
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In response to the challenges brought on by the coronavirus pandemic, General Motors is helping communities across the country, investing $2.65 million in 40 non-profits and supporting employee volunteer and donation efforts.
Included in these efforts is a $1 million grant to the DonorsChoose Keep Kids Learning plan, which provides $1,000 credits to 1,000 teachers in high-need school districts to help send basic resources like books, pencils, notebooks, food and cleaning supplies to students’ homes.
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World trade is expected to fall by between 13% and 32% in 2020 as the COVID-19 pandemic disrupts normal economic activity and life around the world, according to the World Trade Organization. WTO said today that the wide range of possibilities for the predicted decline is explained by the unprecedented nature of this health crisis and the uncertainty around its precise economic impact.
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 (Chart above). 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.
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Most Say Trump Too Slow in Coronavirus Response
The upcoming election will be a referendum about Trump’s Leadership Qualities.
President Donald Trump’s handling of the coronavirus outbreak – especially his response to initial reports of cases overseas – is widely criticized by Americans, with nearly two-thirds of adults saying he was too slow to take major steps to address the threat, according to Pew Research.
The American community also strikes a decidedly cautious note on easing strict limits on public activity. About twice as many Americans say their greater concern is that state governments will lift restrictions on public activity too quickly as say that governments will not do this quickly enough.
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