U.S. vehicle sales in the second quarter for General Motors, Toyota Motor and Fiat Chrysler plunged by more than 30% as the coronavirus caused consumers to stay at home, and dealerships and factories to shutter. The hefty declines are in-line with what Wall Street expected. Hyundai Motor and Porsche also reported significant drops in sales between April and June compared to a year earlier. The automakers were among the first to report second-quarter sales on Wednesday.
BERLIN (Reuters) – German automotive supplier Continental (CONG.DE) must save hundreds of millions of euros in costs and will probably have to lay off workers due to a slump in demand caused by the coronavirus pandemic, WirtschaftsWoche cited the CEO as saying. “This will be very painful, but we have no other choice,” CEO Elmar Degenhart told staff in an internal video, according to accounts from company insiders reported by the business news weekly.
SAN FRANCISCO (Reuters) – U.S. Federal Reserve policymakers on Wednesday will publish their first economic projections since the coronavirus pandemic set off a recession in February, estimates expected to signal a collapse in output this year and near-zero interest rates for the next few years.
SAVING JOBS WHILE REDUCING EMISSIONS
Brussels, 26th of May 2020. – For many decades, the European automotive sector has been one of the key pillars of the economic and social welfare of Europe. Indirectly, the sector provides employment to 13,8 million workers. The European assembly plants still produce 1 in every 4 cars worldwide. The sector is highly innovative and accounts for 20% of industrial research funding in Europe. Europe’s automotive sector has become a global leader with a strong export orientation. It is a stronghold of European industry and a driver for jobs and economic growth across Europe. As a result of the substantial economic interlinkages with other sectors along the value chain, its importance for employment and growth for the whole economy is clear.
KOBE, Japan — Sumitomo Rubber Industries Ltd.’s operating profit for the quarter ended March 31 fell 54.1% to $25.3 million on 9.7% lower sales as the company dealt with the global economic impact of the COVID-19 pandemic.
TOKYO—In reporting its first quarter financial results, Bridgestone noted that it expects demand for OE and replacement tires to be “substantially lower” than indicated in its February forecasts.
Tokyo – Bridgestone Corp. results have been significantly impacted by the outbreak of Covid-19 pandemic, which led to global production suspensions and low demand.
Adjusted operating profit from the three months to end of March fell 39% to just under Yen50 billion (€430 million), on 11% lower sales of Yen752 billion.
Lower volumes had a negative impact of Yen29 billion on profitability while, price mix and raw material effects helped partially offset the costs.
“Tire manufacturers continue to face unprecedented challenges as a result of COVID-19,” USTMA CEO Anne Forristall Luke said in a letter to leaders of the U.S. Senate and House of Representatives.
Toyota chief executive and Japan Automobile Manufacturers Association (JAMA) chairman Akio Toyoda has a three-point plan to keep his country’s automotive industry working during the COVID-10 pandemic and prepared for a full return to production. At a call-to-action press conference, he told Japanese auto industry groups there are three keys thing they can do now.
New-car sales in western Europe fell by 53 percent to 774,280 in March, as governments imposed restrictions on movement and commerce to try to slow the spread of the coronavirus outbreak. Registrations in the first quarter dropped by 27 percent to 2.76 million compared with the same period in 2019, when 3.79 million were recorded, according to figures from analysts LMC Automotive.