Category Archives: financial results

Global Auto Business Threatened by Covid Second Wave

While the past isn’t a 100% sure predictor of the future, “A second wave and stricter social controls pose a large risk to our central forecast” LMC notes in its latest analysis. LMC projects that 2020 global assembly plant use is expected to fall to the lowest level ever recorded – just 51%. The pandemic-caused shutdowns during March and April had a profound impact on both the volume and use of plants globally. Continue reading

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Daimler Issues Its First Green Bond of €1 Billion

Daimler will allocate the net proceeds from the green financing instruments in accordance with the Framework to develop and produce zero-emission vehicles such as battery-electric (BEV) and fuel-cell electric vehicles (FCEV). Continue reading

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Our Sinking US Economy Sinks $3.3 Trillion Further

It is now almost completely likely that the US  federal debt under the Trump Administration will exceed annual gross domestic product (GDP ) in 2021. The last time this happened  was at the close of World War II, when amassed debt exceeded in value the size of the economy. Continue reading

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BorgWarner Cops SEC Plea for Materially Misstating Financial Statements Concerning Asbestos Litigation

According to the SEC’s order, BorgWarner did not conduct any substantive quantitative analysis to estimate these asbestos claims, despite possessing nearly 40 years of historical raw claims data. BorgWarner also admitted that its internal controls over financial reporting were ineffective. Continue reading

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RumbleOn Posts Q2 Profit of $8.5m, 10.0% of Revenue

“The COVID-19 pandemic has brought headwinds and tailwinds to this industry,” said Marshall Chesrown, Chief Executive Officer. “Thus far in the third quarter we are experiencing the highest online activity, strongest demand and highest valuations we have seen in our history.” Continue reading

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BMW Posts $786 Million Loss in Q2. Sales Off -25%

“At this point, we are cautiously optimistic about the second half of the year. The new BMW 2 Series Gran Coupé, 4 Series Coupé, the 5 Series, the 6 Series Gran Turismo and the iX3, along with plug-in hybrids like the X2, 3 Series Touring, and 5 Series will all create fresh momentum,” claimed Oliver Zipse, Chairman of the Board of Management of BMW AG. Continue reading

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Carvana Q2 Results – Sales, Revenue Up by Double Digits

“It is still hard to say exactly how powerful the effects of all of this will be in the long run, but based on the data we see, we believe the long-term opportunity of the business is even larger than we previously thought… Continue reading

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Ford Motor Q2- Sales Drop -53%. Debt Grows $10B

Analysts, a mysterious species to AutoInformed were surprised and delight. AutoInformed noted an ongoing warranty cost disaster, which is a management failure not a Covid issue. It remains troubling as Ford is introducing increasingly complex vehicles. Continue reading

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GM Loses $800 Million in Covid Q2. NA Sales Drop -62%

However, GM post-bankruptcy is in a stronger position  – financially and with a wiser, faster acting management team – than it was when Wall Street speculation sent global markets plummeting in 2008-2009. The deep recession that ensued was turned around by the Obama Administration, but the non-protected classes in lower income and racially harassed populations never recovered. Continue reading

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Daimler Reports Ugly Q2 2020 Results as Sales Drop -34%

The Group’s total sales decreased by -34% to 541,800 passenger cars and commercial vehicles (Q2 2019: 821,700). Revenue slipped significantly by -29% to €30.2 billion (Q2 2019: €42.7 billion). EBIT was minus -€1,682 million (Q2 2019: minus -€1,558 million). Adjusted EBIT, reflecting the underlying business, was minus -€708 million (Q2 2019: plus €2,447 million). 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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CarMax Q1 2021 – Net Sales Drop 40% to $3.2B

CarMax (NYSE:KMX), the nation’s largest retailer of used cars, today reported weak results for the first quarter ending May 31, 2020. Net sales and operating revenues declined 39.8% to $3.23 billion. Net earnings declined 98.1% to $5.0 million and net earnings per diluted share declined 98.1% to $0.03. Nonetheless CarMax stock is up ~12% year-to-date at ~$92/share, even though used car sales are projected to decline. It’s part of the mania on tech stocks that thinks the companies are invincible. 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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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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