General Motors Co. suspended its dividend and the share-buyback program activist investors fought for over the last half decade as the largest U.S. automaker seeks to preserve cash in the midst of the pandemic shutting down much of the global car industry.
Category: Newswire
New Datsun redi-GO teased, launch soon
Nissan is all set to introduce the new Datsun redi-GO in India.Before the 2020 Datsun redi-GO is launched, the automobile manufacturer has released a couple of teaser images of the entry-level hatchback giving us a hint of its rather ‘bold’ exterior.The new Datsun redi-GO price might hover in the range.
Renault Samsung to suspend plant for 11 days on virus impact
Renault Samsung Motors Corp., the South Korean unit of Renault S.A., said Monday it will suspend its sole plant for 11 days, as the coronavirus outbreak has affected production and sales.The carmaker stopped the Busan plant for four days in February due to lack of parts from its Chinese suppliers as the COVID-19 outbreak hit supply chains.This month, the company’s 1,700-member union voted to accept a wage freeze and cash bonuses of 8.88 million won (US$7,320) per person for 2019.
China self-driving truck startup Inceptio raises US$100m from investors including GLP: sources
China’s Inceptio Technology, a startup developing self-driving trucks, has raised US$100 million in its latest funding round from logistics firm GLP, its key strategic investor G7 and other investors, two sources familiar with the matter told Reuters.The company, which aims to operate a freight network with autonomous driving trucks in China from 2022, has partnerships with Dongfeng Automobile Co, Sinotruk Hong Kong and Foton.The two-year-old firm is developing autonomous driving software and an in-car computing system while the truckmakers are responsible for the vehicles’ platforms.
Alcantara Re-Opens Umbria Plant In Italy
“Our decision to close the plant in March was based on a need to guarantee the safety of our employees,” said Alcantara Chairman and CEO Andrea Boragno. The facility has since undergone a deep-sanitization process and returning employees are being provided with masks, gloves and goggles as they enter the plant. Boragno added “It is… Continue reading Alcantara Re-Opens Umbria Plant In Italy
With New Partners, CATL Strengthens Commitment to Commercial Vehicle Electrification in Europe
NINGDE, China, April 27, 2020 /PRNewswire/ — Reacting to the growing trend towards e-mobility, Contemporary Amperex Technology Co. Limited (CATL) (300750.SZ), the global leading EV battery manufacturer, is expanding partnerships with VDL Bus & Coach B.V. and Quantron AG to optimize local product solutions and services for commercial vehicle electrification in Europe. The new partnerships… Continue reading With New Partners, CATL Strengthens Commitment to Commercial Vehicle Electrification in Europe
Great Wall Motor posts profit decline in 2019
SHIJIAZHUANG, April 26 (Xinhua) — Chinese carmaker Great Wall Motor said its net profit fell 13.6 percent year on year in 2019 as the world's largest auto market slowed.
The leading sport utility vehicle (SUV) and pickup maker said in its annual report that it made a net profit of 4.5 billion yuan (about 635 million U.S. dollars) last year when its total operating revenue dropped 3 percent year on year to 96.2 billion yuan.
The carmaker sold 1.06 million vehicles, an annual increase of 1.4 percent, in 2019 when auto sales in the whole country fell 8.2 percent to 25.77 million units.
In the first quarter of 2020, Great Wall Motor reported a net loss of 650 million yuan, compared to a net profit of 773 million yuan a year ago, according to a separate quarterly report.
Meanwhile, its first-quarter total operating revenue fell 45.1 percent year on year to 12.4 billion yuan, mainly as vehicle sales declined amid the COVID-19 epidemic.
Japan’s Mitsubishi Motors predicts losses over pandemic
Japanese automaker Mitsubishi Motors Corp. says it expects to move into the red during the current fiscal year as sales plunge because of the coronavirus pandemic
Automakers plan to restart factories in early May. UAW says not so fast
Olkswagen, Toyota, Hyundai and Fiat Chrysler are preparing to restart production at factories in the US that have been shut down due to the coronavirus pandemic come early May.The union represents factory workers at US-based automakers, GM, Ford and Fiat Chrysler (FCAU).The UAW is still in talks with GM, Ford and Fiat Chrysler over the safest way to reopen factories.
Audi Hungaria, union reps reach agreement on jobs
The management of German carmaker Audiʼs Hungarian unit has reached an agreement with union representatives on converting “a certain part” of benefits to additional leave in the interest of mitigating the impact of a shutdown because of the pandemic and preserving jobs, Audi Hungaria communications director Mónika Czechmeister told state news wire MTI.In these challenging times, bbj.hu is committed to providing you with up-to-date and accurate information.Breaking news and other stories will be added throughout the day Monday-through-Friday. More sourcesAudi Hungaria, union reps reach agreement preserving jobs (Budapest Business Journal: Apr 24, 2020 at 12:00 PM)