Lear taking decisive actions in response to coronavirus pandemic, including: – Instituting additional employee safety measures – Drawing down $1.0 billion on revolving credit facility – Temporarily suspending share repurchases and quarterly dividend – Withdrawing full year 2020 outlook – Undertaking operational actions to reduce costs and preserve liquidity SOUTHFIELD, Mich., March 26, 2020 /PRNewswire/… Continue reading Lear Provides Business Update Regarding COVID-19 and Withdraws Full Year 2020 Guidance
Tag: Financial Results
Press: ZF 2019 financial results: New orders and high investments ready ZF to face a difficult market environment
“At present, we are witnessing how the markets are collapsing overnight,” said ZF CEO Wolf-Henning Scheider on Thursday in Friedrichshafen. “At ZF, we have reacted quickly and decisively to the spread of the coronavirus and have prioritized the health and interests of our employees in line with those of the company in the best way… Continue reading Press: ZF 2019 financial results: New orders and high investments ready ZF to face a difficult market environment
GM salaried workforce must defer pay due to coronavirus impact
CLOSE Filings for unemployment benefits hit a record 3.3 million last week, the Labor Department said showing the coronavirus’s damage to the economy. USA TODAY General Motors CEO Mary Barra will take home one-third less in compensation for at least six months. GM’s 69,000 other salaried workers will defer 20% of their cash compensation for six… Continue reading GM salaried workforce must defer pay due to coronavirus impact
Ford warns employees of pay freeze for executives, other possible cuts
CLOSE Filings for unemployment benefits hit a record 3.3 million last week, the Labor Department said showing the coronavirus’s damage to the economy. USA TODAY Ford CEO Jim Hackett notified all employees in writing Thursday morning that the company would freeze executive pay and stall employee merit raises as part of a push to strengthen Ford’s financials and prevent… Continue reading Ford warns employees of pay freeze for executives, other possible cuts
GM cuts paychecks of salaried workforce, executives
Detroit — The spreading coronavirus crisis is pushing General Motors Co. to cut its salaried workforce’s pay by 20% for potentially up to six months, a company spokesman said Thursday, but the automaker would pay back the reductions with interest later this year or early 2021. GM’s cost-cutting action follows Ford Motor Co.’s move to defer portions of salaries for 300 top… Continue reading GM cuts paychecks of salaried workforce, executives
@VW Group: Volkswagen brand offers dealers extensive liquidity support
Together with Volkswagen Bank, the Volkswagen Passenger Cars brand has created a comprehensive package of measures to strengthen the liquidity of its dealers. In addition to offering extended payment deadlines, temporary increases in credit lines and improved interest conditions, bonuses and incentives are to be brought forward and audits are to be suspended. The objective… Continue reading @VW Group: Volkswagen brand offers dealers extensive liquidity support
Tata Motors faces ratings downgrade by Moody’s
MUMBAI (NewsRise) — Moody’s Investors Service placed Tata Motors‘ rating under review for a downgrade, as the raging coronavirus pandemic threatens to further weaken the Indian automaker’s already fragile credit profile. The rapid spread of the pandemic, alongside deteriorating global economic outlook and falling oil prices, are creating a “severe and extensive credit shock across… Continue reading Tata Motors faces ratings downgrade by Moody’s
CarMD Announces Early Test Results from Repair Shops Using PRO SCAN Vehicle Inspection Solution Find 80% of Cars and Trucks Need Repairs
IRVINE, Calif., March 25, 2020 /PRNewswire/ — CarMD.com Corporation, a leading provider of automotive diagnostic information and business solutions, today announced the test results from the first year of repair shop use of its CarMD PRO SCAN inspection solution. Of the more than 5,000 vehicles scanned by automotive repair shops that were early adopters and pilot… Continue reading CarMD Announces Early Test Results from Repair Shops Using PRO SCAN Vehicle Inspection Solution Find 80% of Cars and Trucks Need Repairs
Broken partnership: mobility service Gett claims high compensation from VW
Volkswagen and Gett Matthias Müller (left), then Chairman of the Board of Management of Volkswagen AG, and Shahar Waiser, founder and head of the travel agent Gett, will announce a comprehensive cooperation in Berlin in summer 2016. (Photo: dpa) Düsseldorf It should be a large and comprehensive collaboration. Quit almost four years ago Volkswagen and… Continue reading Broken partnership: mobility service Gett claims high compensation from VW
@GM: General Motors Fortifies Balance Sheet in Response to COVID-19 DETROIT – General Motors (NYSE:GM) announced today that it intends to drawdown appro…
Terms & Conditions LEGAL NOTICES PLEASE READ THESE TERMS CAREFULLY BEFORE USING THIS SITE THIS WEB SITE (THE “SITE”) IS PROVIDED BY GM FOR INFORMATIONAL PURPOSES ONLY. BY USING THE SITE, OR BY DOWNLOADING MATERIALS FROM THIS SITE, YOU AGREE TO ABIDE AND BE BOUND BY THE TERMS AND CONDITIONS CONTAINED BELOW AND ELSEWHERE WITHIN… Continue reading @GM: General Motors Fortifies Balance Sheet in Response to COVID-19 DETROIT – General Motors (NYSE:GM) announced today that it intends to drawdown appro…