Archives for April 2020

• Wall Street sidesteps Musk lockdown rant as Tesla numbers improve – Reuters: Wall Street sidesteps Musk lockdown rant as Tesla numbers improve
• VW extends new vehicle warranties due to COVID-19 – Just-Auto: Volkswagen Passenger Cars is extending warranty for new vehicles by three months due to dealer closures caused by the COVID-19 pandemic.
• VW’s Diesel Woes Mount as EU Court Adviser Attacks Defeat Device – Bloomberg: VW”s Diesel Woes Mount as EU Court Adviser Attacks Defeat Device
• Clash of tech titans: Zuckerberg praises coronavirus lockdowns; Musk sees ‘fascism’ – Reuters: Silicon Valley billionaires Elon Musk and Mark Zuckerberg offered dueling views on lockdown measures designed to slow the spread of the coronavirus on Wednesday, with Facebook’s Zuckerberg endorsing the measures while Tesla’s Musk condemned them as anti-democratic.
• Tesla’s Elon Musk calling coronavirus lockdowns ‘fascist’ overshadows profitable quarter – Reuters: Tesla Inc’s outspoken CEO Elon Musk on Wednesday called sweeping U.S. stay-at-home restrictions to curtail the coronavirus outbreak “fascist” as the electric carmaker posted its third quarterly profit in a row.
• Kia Warns of Tough Road Ahead in Europe Without Government Aid – Bloomberg: Kia Warns of Tough Road Ahead in Europe Without Government Aid

• Mercedes-Benz reopened an Alabama auto plant. Here’s how it happened – CNBC: Daimler, which owns Mercedes-Benz, says it took “robust and best practice safety measures” to ensure that the reopening of the plant was safe for its 4,200 workers.
• Tech Mahindra Q4 Results: Profit Falls More Than Expected, Margin Narrows Sharply – Bloomberg: On Thursday, Tech Mahindra shares rose 3.26 percent to Rs 545.95 apiece on the NSE while the benchmark Nifty 50 gained 3.21 percent to end the day …
• EC approves EUR5bn French State aid for Renault – Just-Auto: European Commission (EC) authorities have approved a French aid measure consisting of a EUR5bn (US$5.4bn) loan guarantee to Renault to mitigate the economic impact of the coronavirus outbreak.
• BRIEF-India’s Tech Mahindra Reports Lower Profit In March-Quarter – Reuters: Tech Mahindra Ltd: * MARCH-QUARTER CONSOL NET PROFIT 8.04 BILLION RUPEES VERSUS 11.33 BILLION RUPEES YEAR …
• Renault appoints Joji Tagawa as director – Just-Auto: Renault has appointed Joji Tagawa as a director proposed by Nissan.
• Rolls-Royce to be first car firm to resume UK production – Autocar: Rolls-Royce production to restart at Goodwood British marque to open Goodwood facility on Mond…
• Tesla Jumps, Though Surprise Profit Can’t Settle Analyst Debate – Bloomberg: Tesla Jumps, Though Surprise Profit Can”t Settle Analyst Debate
• Toyota Tsusho in review of investment plans amid pandemic – Reuters: Toyota Tsusho in review of investment plans amid pandemic
• Nissan in Thailand extends temporary production suspension – Just-Auto: Nissan in Thailand extends temporary production suspension | Automotive Industry News
• Restart of production at Audi in Ingolstadt – Just-Auto: Restart of production at Audi in Ingolstadt | Automotive Industry News
• Nio to establish new joint venture with Hefei investors – Just-Auto: Cash strapped electric carmaker Nio reportedly finalised an agreement with a consortium of investors led by Hefei Construction Investment Holding Company to establish a CNY29.3bn (US$4.13bn) joint venture in Hefei, in China’s Anhui province.
• Mazda production and sales results for March 2020 and for April 2019 through March 2020 – Just-Auto: Mazda production and sales results for March 2020 and for April 2019 through March 2020
• 2021 Mercedes S-Class seen testing with less disguise – Autocar: Hybrid-only seventh-gen S-Class takes evolutionary design step, according to latest spyshots, wit…
• Fiat Chrysler’s dealers, mechanic workshops to reopen on Monday – Reuters: Fiat Chrysler’s dealers, mechanic workshops to reopen on Monday
• Exclusive: Nissan shakes off virus woes in China sales with rebound in April – Reuters: Nissan Motor Co’s vehicle sales in China this month almost recovered to the prior year’s level after a coronavirus-related 45% plunge in March, two sources with knowledge of the Japanese automaker’s preliminary data said.
• Czech PSA/Toyota car maker TPCA extending shutdown until May 18 – news agency CTK – Reuters: Czech PSA/Toyota car maker TPCA extending shutdown until May 18 – news agency CTK
• Coronavirus latest: Honda resumes maintenance services in Malaysia – Nikkei:
• Toyota among companies to free up patents to fight coronavirus – Nikkei:
• 2020 a ‘Wild-Card Year’ for Tesla, Analyst Munster Says – Bloomberg: 2020 a ‘Wild-Card Year’ for Tesla, Analyst Munster Says

• Corona what? Tesla retail investors appear unfazed by virus impact – Reuters: When Tesla Inc reports first-quarter results after the bell on Wednesday, many individual shareholders will not be looking for details on the subject that drives most conversations: the effect of the novel coronavirus pandemic.
• Tesla Weighs Price Cuts in China to Qualify for New Subsidies – Bloomberg: Tesla Weighs Price Cuts in China to Qualify for New Subsidies
• Ford, GM and FCA under gun to restart, rebound before cash dries up – Freep: Ford, GM and FCA under gun to restart, rebound before cash dries up
• Volkswagen sees second-quarter operating loss over coronavirus impact – Reuters: Volkswagen sees second-quarter operating loss over coronavirus impact
• Here’s how Tesla and SpaceX worked with and paid each other in the past year – CNBC: Among other ways the companies work together, and pay each other, a new filing reveals that SpaceX bought $600,000 worth of Tesla car parts in the first quarter of 2020 alone.
• Renault may cut sub-contractors to save up to 200 million – Reuters: Renault (RENA.PA) is considering cutting the number of sub-contractors it uses to develop car models in its engineering division …

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• 1 automaker has had more COVID-19 deaths than the others. Experts say why – Freep: More FCA workers have died of coronavirus than Ford or General Motors. It could be because the company has more plants in metro Detroit.
• Ford investors keen for details on when automaker will restart U.S. operations – Reuters: Investors already know how the coronavirus outbreak has hurt Ford Motor Co’s bottom line, so when the automaker releases first-quarter results on Tuesday they will focus on how and when Ford plans to restart North American operations.
• Tesla’s Musk nears $750 million options payday ahead of results – Reuters: Tesla Inc Chief Executive Elon Musk is on the cusp of a roughly $750 million payday as the electric carmaker’s stock recovers from a slump caused by the coronavirus, which led the company to close its factories and furlough workers.
• Nissan Warns of Lower Profits, Delays Earnings Report to May 28 – Bloomberg: Nissan Warns of Lower Profits, Delays Earnings Report to May 28
• Tesla cancels plans to bring workers back to US car plant this week – CNBC: After asking workers back to its U.S. car plant this week, Tesla cancelled its plans and California authorities extended health orders which limit the car maker to “minimum basic operations” there.
• Ford’s swift pivot to PPE showcases the automaker’s competitive edge in design – Fortune: Ford”s swift pivot to PPE showcases the automaker”s competitive edge in design Fortune
• Porsche 911 gains manual gearbox option for 2020 – Autocar: Long-awaited seven-speed unit reaches the European market as a no-cost option

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• GM suspends dividend, share buybacks as coronavirus hits sales – Reuters: GM suspends dividend, share buybacks as coronavirus hits sales
• Nissan to slash Japan production by 70% in May, 43% in June – documents – Reuters: Japan’s Nissan Motor Co Ltd will slash its domestic auto production plans by 70% in May and 43% in June, documents seen by Reuters show, as the impact of the coronavirus shakes the troubled automaker.
• Mitsubishi forecasts JPY26bn net loss as sales plunge – Just-Auto: Mitsubishi forecasts JPY26bn net loss as sales plunge
• U.S. firm, FAW to build sports cars under Chairman Mao’s favoured brand Hongqi – Reuters: A little-known U.S.-based engineering and design firm said it plans to invest 10 billion yuan ($1.41 billion) to make sports cars with China’s FAW Group under the brand of choice of late revolutionary leader Chairman Mao Zedong, Hongqi.
• VW Revs Up World’s Largest Car Factory Amid EU Political Risk – Bloomberg: VW Revs Up World”s Largest Car Factory Amid EU Political Risk
• SGL Carbon receives BMW battery enclosure contract – Just-Auto: SGL Carbon has been nominated by BMW to produce a cover component for battery enclosures in series.

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• Breakingviews – Tesla gets board street cred it sorely needs – Reuters: Tesla gets board street cred it sorely needs
• Daimler Trucks affiliate FUSO supports customers with extended vehicle warranty in current situation – Just-Auto: Daimler Trucks affiliate FUSO supports customers with extended vehicle warranty in current situation
• Great Wall swings to first-quarter net loss due to virus after 13.6% profit drop in 2019 – Reuters: Great Wall swings to first-quarter net loss due to virus after 13.6% profit drop in 2019
• Hyundai, Kia announce further production cuts in Korea, Brazil – Just-Auto: Hyundai Motor Group (HMG) this week said it would suspend production at a number of domestic and overseas vehicle assembly plants to help manage inventory as global demand continued to plunge due to the COVID19 pandemic.
• JLR plans Europe production restart in May – Just-Auto: Tata-owned Jaguar Land Rover (JLR) plans to gradually resume production from 18th May, starting with manufacturing plants in Solihull in the UK as well as in Slovakia and Austria.

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• Toyota Japan production cut further – Just-Auto: Amid some good restart news, automaker production cuts keep on coming.
• Renault and Hyundai warn of coronavirus hit after profits fall – Nikkei: Renault and Hyundai warn of coronavirus hit after profits fall
• LEVC: Black cab maker halts supplier payments – Autocar: Coventry-based taxi and van maker invokes ‘force majeure’ clause on supplier contracts amid shutd…
• Daimler’s earnings plunge as coronavirus hammers sales – Reuters: German car and truck maker Daimler reported a plunge of nearly 70% in first-quarter operating profit on Thursday due to the coronavirus pandemic and warned that the cash flow it uses to pay dividends would fall this year.
• BYD and Hino sign CV EV alliance – Just-Auto: BYD and Hino Motors have signed an alliance agreement covering commercial battery electric vehicle (BEV) development.
• China’s BYD, Toyota’s Hino partner in electric commercial vehicles – Reuters: China’s BYD, Toyota’s Hino partner in electric commercial vehicles
• Japanese governor pledges support for Toyota suppliers as production dips – Reuters: As Toyota prepares to nearly halve production at Japanese factories, a regional governor said on Thursday he would offer 400 billion yen ($3.72 billion) in emergency loans for small and mid-size companies including Toyota’s suppliers.

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• Bank of America downgrades Tesla, citing too high valuation after stock’s recent massive run – CNBC: Bank of America downgrades Tesla, citing too high valuation after stock’s recent massive run CNBC
• Fate of Ford F-150, Super Duty trucks depends on plant shredded by tornado – Freep: Automakers count on the supplier for an essential part used in the bestselling Ram 1500, Toyota Tundra, Ford F-150 and other vehicles.
• STMicro Sees Declining Demand for Automotive Chips Next Quarter – Bloomberg: STMicroelectronics NV, the chipmaker that supplies Apple Inc. and Tesla Inc., said that declining demand for semiconductors for automobiles will …
• No takers: Hyundai cars sit in U.S. ports as virus keeps buyers away – Reuters: As Detroit’s automakers shut production in March due to the coronavirus pandemic, South Korea’s Hyundai Motor cranked up its factories back home to ship cars to the United States, a move that is proving costly for the world’s fifth-largest auto group.
• Carlos Tavares to reduce 2020 compensation – Just-Auto: PSA chairman, Carlos Tavares has informed the board he intends to reduce his long-term compensation 2020, by 50,000 shares, equivalent to 35% of his fixed compensation and 38% through the LTI 2020 plan.

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