Category: Newswire

As Q1 profit drops 98.5%, Nissan to cut 12,500 jobs

Japanese car maker Nissan Motor Co. said it is axing 12,500 jobs and warned a quick turnaround in its performance was not imminent after reporting its quarterly profit was nearly wiped out.2 automaker even as it tries to recover from a financial misconduct scandal surrounding ousted Chairman Carlos Ghosn.Nissan’s operating profit in the April-June quarter compared with the ¥109.14 billion made in the year-ago period and missed the ¥39.52 billion average of eight analyst estimates compiled by Refinitiv. More sourcesNissan to slash 9% of workforce as Q1 profit nearly wiped out (Reuters: Jul 25, 2019 at 8:16 AM)

Nissan axes 12,500 jobs as profits collapse

Nissan will axe 12,500 jobs worldwide by 2022 in a larger than expected cull after revealing that profits were almost wiped out in the most recent quarter.The redundancies come as the Japanese car company, which employs 139,000 people worldwide, suffers from sluggish sales and ballooning costs while it deals with the fallout from the scandal surrounding ousted chairman Carlos Ghosn.Profits at Japan’s second-biggest car maker plunged 98.5pc to 1.6bn yen (£11.9m), far worse than the 66pc decline predicted by analysts, as it continues to struggle in North America.

GM’s Cruise autonomous car company postpones self-driving taxi launch

General Motors-controlled Cruise is delaying the rollout of a commercial self-driving taxi service that it previously said would start in 2019.The autonomous tech firm has mainly been testing vehicles on public streets in San Francisco, where it also shuttles employees in Chevrolet Bolt electric cars outfitted with cameras, Lidar and radar systems that are manufactured under the Cruise brand name.Cruise is in a race against several self-driving efforts, including Ford and VW-run Argo AI’s ride-hailing and delivery service scheduled for 2021, and Waymo.

Tesla expects the Model Y to be more profitable than the Model 3

Tesla expects its upcoming Model Y SUV to be more profitable than its Model 3 sedan, the electric-car maker said on Wednesday in its second-quarter earnings letter.Like Tesla’s Model X SUV, the Model Y will be able to seat seven people.Tesla reported a larger-than-expected loss for the second quarter, losing $US1.12 per share (versus an expected loss of $US0.31 per share) on revenue of $US6.35 billion (versus an expected $US6.45 billion).

BorgWarner Reports Second Quarter 2019 U.S. GAAP Net Earnings Of $0.83 Per Diluted Share, Or $1.00 Per Diluted Share Excluding Non-Comparable Items

AUBURN HILLS, Mich., July 25, 2019 /PRNewswire/ — BorgWarner Inc. (NYSE: BWA) today reported second quarter results. Second Quarter Highlights: U.S. GAAP net sales of $2,551 million, down 5.3% compared with second quarter 2018. Excluding the impact of foreign currencies and the net…

China steps up investments in automotive industry

CHINA has long been a key market for global automotive manufacturers.The single biggest investment in the category is Geely’s stake in Daimler, which it bought for US$9 billion in February 2018, gaining about 9.7 per cent of the company and making it the single biggest shareholder in the German luxury-car company.The purchase by BAIC makes it the third-largest shareholder of Daimler and represents the biggest strategic investment by a Chinese government entity into a global carmaker.

Cycle & Carriage Singapore enters car leasing business, forms fleet partnership with Gojek

AUTOMOTIVE group Cycle & Carriage Singapore on Thursday said it has entered the car leasing business through the formation of a new unit wholly owned by parent company Jardine Cycle & Carriage (Jardine C&C).The new unit, Cycle & Carriage Leasing, will provide various leasing options from daily rentals to long-term car rentals of up to three years, and will also be available to private hire drivers.Cycle & Carriage Leasing’s fleet will consist mainly of brands represented by Cycle & Carriage Singapore – namely Kia Cerato, Kia Stonic, Kia Niro Hybrid as well as Mitsubishi Attrage.