Category Archives: financial results

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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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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Renault, Nissan Motor, Mitsubishi Slice, Dice World by Brand

The member companies plan to build on existing Alliance “benefits” in areas such as joint purchasing by using their respective positions and geographic strengths to support their partners’ business development. The three companies of the Alliance will cover all vehicle segments and technologies globally, while increasing their respective competitiveness. By implementing the plan, Nissan aims to achieve a 5% operating profit margin and a sustainable global market share of 6% by the end of fiscal year 2023, including proportionate contributions from its 50% equity joint venture in China. Continue reading

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Penske Automotive Q1 2020 Results -46% at $0.64 per share

In the U.S., through February same-store new and used automotive retail unit sales increased 7.5% and declined 1.1% internationally. In March, the outbreak of COVID-19 began to impact Penske in all markets. Many U.S. and Germany dealerships were impacted by shelter-in-place orders while operations in Italy, Spain and the U.K. were closed. As a result, same-store new and used automotive retail unit sales for the month of March declined -40.2%. Continue reading

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General Motors to Offer More Senior Unsecured Notes

“We expect the New 364-Day Revolving Facility to be unsecured and to provide available borrowing capacity of approximately $2 billion in U.S. Dollars only, and we have received commitments from lenders in excess of this amount.” Continue reading

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COVID! GM Q1 Earnings Drop -89% to $0.17 a Share

It’s going to be a long year of going backwards into the Great Depression v2.0 Continue reading

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COVID Effects: BMW AG FY Earnings Guidance – Zero

The updated guidance does not, in particular, include, a longer and deeper recession in major markets, a more severe economic slow-down in China as a result of recessions in other parts of the world, significant market distortions due to an even stronger competitive environment and possible implications caused by a second wave of infections and associated containment measures. Continue reading

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US Q1 GDP Estimates – Negative Growth as Economy Retracts

Given Wilbur Ross’s previous statements the upcoming GDP estimates will be Trump re-election campaign documents, likely as disconnected from economic reality as Trump and his courtiers who stood by and watched the ongoing US COVID-19 disaster happen, claiming it would disappear by the beginning of April. Continue reading

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Penske Automotive to Hold Audio Annual Meeting

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 March 17, 2020 are entitled to vote at, or attend, the Annual Meeting. Penske Automotive did not immediately respond to whether this means no media access. Continue reading

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Daimler Q1 2020 Net Profit Down -92% at €168m from €2149  

Daimler says it responded to the “temporary drop in demand” caused by the Covid pandemic by proactively taking production stoppages in March and April. The net liquidity of the industrial business decreased to €9.3 billion at the end of first quarter, compared to €11.0 billion at year-end 2019. The decrease is particularly due to the negative free cash flow of the industrial business. Continue reading

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Ford Motor Posts -$2 Billion Q1 Loss

“We’ve taken decisive actions to lower our costs and capital expenditures and been opportunistic in strengthening our balance sheet and optimizing our financial flexibility,” claimed Tim Stone, Ford’s CFO.

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