Tag Archives: results

November U.S. Auto Sales Up – 11.3 Million Retail SAAR?

New-vehicle retail sales in November are increasing at a rate that could mean deliveries of 791,900 cars and light trucks, which represents a seasonally adjusted annualized rate (SAAR) of 11.3 million units. Continue reading

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EU Car Sales Down Again in October. Four Year Trend Ongoing

The ongoing economic decline of Europe is causing problems for the Detroit Three. Sales in Germany, the largest EU market, remained stable (+0.6%), while results in Italy (-5.5%) and Spain (-6.7%) were negative, leading to an overall 1.8% decline in new registrations. From January to October, Germany was the only major market to post significant growth (+9.8%). France saw its demand slightly increase by 0.4%, while the UK (-4.5%), Italy (-10.8%) and Spain (-19.7%) all declined. Continue reading

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GM Q3 Earnings of $1.7 Billion, Most from North America

Virtually all of the Q3 earnings came from North America – $2.2 billion, where Japanese competitors were largely out of the market during the period because of the Japan earthquake, which allowed GM to increase prices. GM Europe lost money; GM South America broke even; and International Operations – home of the booming China market – made $400 million. Continue reading

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GM Moves Canadian Healthcare off Balance Sheet to Trust

This means that GM Canada is free from any obligations associated with the cost of providing retiree healthcare benefits for eligible CAW represented retirees, surviving spouses and dependents. In exchange, GM Canada will transfer C$0.8 billion in cash and issue C$1.1 billion of notes to the HCT.

In its Q2 earnings GM had obligations of $4.7 billion in debt, $5.5 billion in preferred stock (U.S. government owns 26.5% of GM), $10.8 billion in unfunded pensions, and $10 billion in other post-retirement employee benefits. It’s not clear how GM is going to fund these. It looks like issuing more common stock is not feasible given current share price of ~$24, far below the IPO price of $33 and its high of $39.48. GM will report Q3 earnings tomorrow. Continue reading

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Toyota Loses ¥33 Billion in First Half FY 2012. Scraps Forecast

In North America – Toyota’s second largest market – vehicle sales totaled 689,000 thousand units, a decrease of 352,000 units compared to the same period last fiscal year. Operating income decreased by ¥84.4 billion to ¥61.5 billion, including ¥15.6 billion of valuation gains/losses on interest rate swaps. Operating income, excluding the impact of valuation gains/losses on interest rate swaps, decreased by ¥109.8 billion to ¥45.9 billion. Continue reading

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U.S. Unemployment Epidemic Continues at 9% in October

This means that coupled with underemployed and those discouraged from looking for work, more than 25 million people are not contributing what they could and want to add to the economic prosperity of local, state and national communities. Continue reading

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Mixed U.S. October Sales Results for Japanese Three. Toyota Sales Down 8%. Honda Sales +3%. Nissan October Sales +18%

Acura, Honda’s luxury label, posted sales of 11,115, an increase of 4.8% versus October 2010, with year-to-date sales of 100,261, compared to Infiniti’s 79,000. This means that natural disaster battered Lexus with ytd sales of 153,739 of cars and light trucks – virtually all of which are made in Japan – easily retains the Japanese luxury vehicle sales crown, but it will displaced from luxury sales leadership for the first time in more than a decade by BMW and Mercedes-Benz. Continue reading

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Ford Motor Company October Sales up 6% from Trucks, SUVs

Ford is now emphasizing truck sales and adding crossover sales with them. This is because Ford Motor Company car and retail sales are down in October compared to last year, hurt by bad results at Lincoln (-11% at 6,100 units), and the absence of 7,500 units from now defunct Mercury. With the strength of trucks, though, overall Ford Motor sales of 1,771,801 units is up 10.9%. Fleet sales are 33% of the total, which based on early numbers, appears to be leading the industry, ahead of GM’s 23% of October sales. Continue reading

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Chrysler Group October Sales Up 27%. Comeback Continues

Chrysler Group today reported U.S. sales of 114,512, a 27% increase compared with sales in October 2010. It was the Number Three Detroit automaker’s best October since 2007. This wasn’t good enough to defend its recent Number Three U.S. sales position, as Toyota’s return to the market with better inventories moved it back into the Number Three spot by 20,000 units. Continue reading

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Japan Production Still Not Completely Restored JAMA Says

U.S. automakers have been benefiting from Japan’s absence from the market. Earlier this week Ford Motor reported that it had increased U.S. revenue by $700,000 dollars in Q3 because it raised prices or trimmed incentives. Continue reading

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Chrysler Group Reports Q3 Net Income of $212 Million

Chrysler results stand in contrast to Ford Motor, which yesterday reported third quarter 2011 net income of $1.6 billion, or 41 cents per share, a decrease of $38 million, or 2 cents per share, versus third quarter 2010 on revenue of $33.1 billion, an increase of $4.1 billion from Q3 2010. Ford Q3 2011 pre-tax operating profit was $1.9 billion, or 46 cents per share, with an operating margin of 4.8%. Chrysler remains the smallest and weakest of the Detroit Three with limited international operations. Still, Chrysler is clearly on the mend. Continue reading

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Ford Q3 Income, Profits Down as Volume Increases. No Dividend Yet, But Sooner Rather than Later Promised

Ford continues to struggle globally by posting losses in moribund European economies, and – surprisingly – the growth markets of Asia Pacific and Africa. North America, where Japanese competitors have been out of the market since the March earthquake and tsunami disrupted production, and South America reported pre-tax profits for the third quarter. Continue reading

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EU Car Sales Still trending Down for Fourth Straight Year

During the first nine months of 2011, 10,121,423 new cars were registered in the region, or 1.1% less than in the same period a year ago. Fiat, the owner of Chrysler, Ford and General Motors are all struggling to keep their European operations viable as all are losing market share. Continue reading

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Nissan Up, Toyota and Honda Down in U.S. September Sales

Year-to-date Honda remains in the Number Two spot at 859,797 compared to Nissan’s 774,079. Honda’s strong sales of light trucks at 45,723 surpassed its car sales for the month (43,809) and a building supply of newly revised Civic models bodes well for Honda hanging on to Number Two for the 2011 year. Continue reading

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Ford Motor Company September Sales Up 9% – Weakest Sales Performance among the Detroit Three

Ford Motor September sales totaled 175,199, up 9% versus last year, significantly trailing gains made by General Motors and Chrysler during the month. As with the other two members of the Detroit Three, Ford’s increase was largely the result of sales of pickup trucks and sport utility vehicles. Continue reading

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