Vehicle technology company BorgWarner (NYSE: BWA) certainly had an eventful first quarter: end-market declines, tariff impacts, supplier bankruptcies, and the announcement of restructuring plans that will impair earnings growth in the near term.BorgWarner’s North American revenue was flat year over year, compared with a 2.5% market decline.Thinking further ahead, management outlined a plan to reduce annual structural costs by some $40 million to $50 million over the next couple of years, but this will result in “restructuring expenses in the $80 million to $100 million range through the end of 2020,” according to Lissalde on the earnings call.
Author: World_Newz Mon
Malaysia’s Proton to get $455 million financing from China Construction Bank
Malaysia’s national carmaker Proton has secured 1.88 billion ringgit ($455.10 million) in banking facilities from China Construction Bank to fund expansion around the region, it said in a statement late Friday.In August, Zhejiang Geely Holding Group Co Ltd which owns 49.9 percent of Proton, had agreed to extend its existing partnership with the carmaker to upgrade its line-up of cars and help expand Proton’s presence in China and other international markets.Proton signed a licensing and technical assistance agreement with Alhaj to build a manufacturing plant in Karachi with an initial investment of $30 million, to assemble and distribute Proton cars for the Pakistani market.
Ford Says Justice Department Has Opened Criminal Inquiry Into Emissions Issues
The Justice Department has opened a criminal investigation into Ford Motor’s emissions-certification process, the company said on Friday.
DOJ opens criminal probe into Ford’s emissions process
The Justice Department has launched a criminal investigation into whether Ford violated the U.S. emissions certification process, the latest in a string of carmakers attempting to skirt pollution tests.This would be different than the emissions violations committed by Volkswagen.Fiat Chrysler agreed to pay $800 million in fines and compensation to owners of diesel trucks and jeeps to settle allegations that it installed software on vehicles to cheat emission tests.
Continental Delays Powertrain IPO to 2020 as Profits Drop 17 Percent
Continental AG will push back the spin-off of its powertrain division until next year, the company said on Friday, when it reported a 17 percent drop in first-quarter operating profit, hit by a downturn in car demand and higher investments.The delay marks the second time a high-profile listing has been delayed in Germany this year, after Volkswagen in March postponed listing its truck division until market conditions improve.
Carmaker BYD to build NEV base in east China
NANJING, April 26 (Xinhua) — Leading Chinese new energy vehicle (NEV) maker BYD will set up an industrial base for passenger vehicles and key components in the city of Changzhou, east China's Jiangsu Province.
The strategic cooperation agreement on the project was signed between BYD and the municipal government of Changzhou Thursday, according to the local government.
With a total investment of 10 billion yuan (about 1.5 billion U.S. dollars), the base is designed to produce 400,000 NEVs each year with an annual output worth of 50 billion yuan.
The company also plans to establish a research and development center in the city in the future.
BYD Chairman Wang Chuanfu said this project will make the company's passenger car network complete in China along with its existing bases in Shenzhen, Xi'an and Changsha, which will benefit Changzhou with the addition of new job opportunities.
GM Adding 400 Jobs to Corvette Plant Girding for New Model
General Motors Co. is adding 400 workers, some of whom will transfer from plants that are at risk of shutting down, to its Chevrolet Corvette factory in Kentucky that’s preparing to produce the next-generation sports car.
Hyundai Motor Returns to Earnings Growth on Rising SUV Sales
Hyundai Motor Co. increased its operating profit for the first time in six quarters, helped by strong demand for new sport utility vehicles such as the Palisade and decreasing incentive spending in the U.S.
Russia plans serial production of Aurus open-top cars
/Update/
GORKI, April 24. /TASS/. Russia plans to start serial production of domestic Aurus open-top cars in 2020-2021, Minister of Industry Denis Manturov said on Wednesday.
“As far as the commercial use [of Aurus convertibles – TASS] is concerned, we meant subsequent implementation of all the required certification procedures to launch the serial production along with development of the vehicle design for the parade [on the Victory Day – TASS], assuming the end of 2020 – 2021,” the Minister said.
“Use of drop-top cars for government officials is definitely not contemplated,” he added.
Aurus open-top vehicles took place in the drill before the military parade on the Victory Day, TASS reported earlier.
Aurus is a Russian brand of cars for senior officials. The car was designed as part of the Cortege project, implemented by NAMI (Central Scientific Research Automobile and Automotive Engines Institute) in Moscow, Russia, since 2013.
Initially the goal was to design a limousine for ..
Belgium’s Umicore warns on lower earnings growth in 2020
Belgian materials and technology group Umicore said growth in revenue and earnings in 2020 will be lower than previous indications due to delays in the electric vehicle and energy storage markets.The company, one of the world’s largest cobalt refiners, expects earnings before interest and tax (EBIT) for 2019 to be 475-525 million euros ($534- $590 million) due to tough market conditions.