Category Archives: economy

GM Reports Q2 US Sales at -34% Year-over-Year

“While the industry experienced significant declines due to the outbreak of COVID-19, full-size pickup truck sales performed exceptionally well, and overall sales showed signs of recovery, especially deliveries to retail customers,” GM claimed. Continue reading

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Ford, Wayne State University and ACCESS Coalition Expand Mobile COVID-19 Testing

Since launching in April, the mobile testing operation has added four Ford Transits – each fully equipped for mobile COVID-19 testing – as clinical test vehicles to conduct and support testing for symptomatic and asymptomatic individuals. Continue reading

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Global Vehicle Sales Improve but COVID Wave 2 Lurks

This now looks like a long shot to AutoInformed with the US leading the way in spreading new infections and fatalities from the maskless and clueless Trump misadministration.  In the US, a repetition of the ‘cash for clunkers’ scheme could potentially lift sales, “but this has yet to be fully debated or agreed,” says LMC. Continue reading

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New FCA Italy Covid Credit Line €6.3 billion

FCA is Italy’s largest industrial group, directly employing 55,000 people at its 16 plants and 26 dedicated R&D sites. In addition, more than 200,000 further jobs in highly specialized Italian supplier businesses are linked to the successful continuity of the FCA’s operations. A further 120,000 jobs at 12,000 enterprises of all sizes in the distribution and services sectors also support the Italian automotive industry. Continue reading

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Pennsylvania Sues Carlisle to Stop Swap Meet

Carlisle Events appears to be in a tenuous legal position since it asked for a waiver on June 9, 2020, according to the suit. Then never filed a response to inquiries about how guidelines would be followed. Continue reading

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Fed – May Retail Sales Far Below Earlier Levels

The extent of the downturn and the pace of recovery remain extraordinarily uncertain and will depend in large part on our success in containing the virus. We all want to get back to normal, but a full recovery is unlikely to occur until people are confident that it is safe to reengage in a broad range of activities,” Powell warned today after a meeting of the board of governors. Continue reading

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COVID-19 Ups Auto Use, Mass Transit Drops

An unintended but not surprising effect of the COVID-19 plague see the use of mass transit plummeting as driving use remains resilient, consultancy LMC reports this morning, “As US states and European countries come out of lockdown, a pronounced preference … Continue reading

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Penske Automotive – May Business Improving

“Since the COVID-19 pandemic began impacting operations in the second half of March, we took actions to reduce costs and preserve our liquidity position.  Based on these actions, I expect further improvements to our operating results in June and into the second half of the year as the economy continues to recover,” said Penske Automotive Group CEO Roger Penske. Continue reading

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May US Budget Deficit, Gulp, $424 Billion

The federal budget deficit in May was $424 billion, about double the amount in the same month last year, the Congressional Budget Office estimates. That increase stems from the economic disruption caused by the 2020 corona virus pandemic and from … Continue reading

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COVID-nomics – Plague Meets the Dreary Science

The UK consumer new car finance market reported new business volumes 97% lower in April 2020 compared with the same month in 2019, and a fall of 37% in the first four months of 2020.  The percentage of private new car sales financed by FLA members was 94.5% in the twelve months to April 2020. Continue reading

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US International Trade Deficit Soars in April to $50 Billion

The US  international trade deficit in goods and services increased to $49.4 billion in April from $42.3 billion in, as exports and imports saw their largest monthly declines in history. It is the latest indicator that economy is struggling during the COVID-19 crisis according to Commerce Department data. The bad news increases if you consider the unemployment crisis. Continue reading

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Auto Assembly Plant Restarts  – Yes, Maybe and Unknown

FCA, GM, and Volkswagen announced planned to restart production at four plants during the week of 31 May 2020. Continue reading

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Unions Protest Nissan Closure of Catalan Factories

The unions claim that in Europe there is a firm commitment to a New Green Deal, with a direct injection of one hundred billion euros and a private contribution of 250,000 million more. An important part will go to sustainable mobility. They feel that Nissan is missing an opportunity to get support for a shift towards electric vehicles, smart driving, and shared mobility. Continue reading

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Honda Sets Records for Auto Production in China

The Trump Administration denied there was problem. In fact, President said that Covid would go away by April. And even now is falsely maintaining that its response could not have been better as unemployment is approaching Great Depression levels and more than 100,000 people have died… Continue reading

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Nissan Posts -¥671.2 Billion Loss for Fiscal Year 2019

During fiscal year 2019, consolidated net revenue declined to ¥9.8789 trillion yen, resulting in an operating loss of ¥40.5 billion yen and a net loss1 of -¥ 671.2 billion. This includes costs associated with restructuring and impairments of ¥603.0 billion as Nissan tried to improve operational and efficiency improvements. Free cash flow for the automotive business was, gulp, negative -¥641.0 billion. Continue reading

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