GUANGZHOU — BYD, China’s leading manufacturer of electric vehicles, recently received 1.34 billion yuan ($191 million) in government subsidies as it grapples with a reduction in incentives and the prospect of a further downturn in sales. The subsidies, which apply to vehicles sold in 2017, will be used in part to improve cash flow and pay down debt,… Continue reading China’s BYD collects $190m in subsidies for electric cars
Tag: Financial Results
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Nikola Corporation, a Global Leader in Zero-Emissions Transportation Solutions, to Be Listed on NASDAQ Through a Merger With VectoIQ
PHOENIX, March 3, 2020 /PRNewswire/ — Nikola to use proceeds to accelerate its portfolio of battery-electric (BEV) and hydrogen fuel-cell electric vehicles (FCEV) targeting zero emissions globally Nikola will build out a hydrogen station infrastructure to support its FCEV vehicles Nikola has more than 14,000 pre-orders representing more than $10 billion in potential revenue and… Continue reading Nikola Corporation, a Global Leader in Zero-Emissions Transportation Solutions, to Be Listed on NASDAQ Through a Merger With VectoIQ
Vertu Motors completes £4m Vantage Kia and Honda acquisitions
Vertu Motors completed the £4 million acquisition of the Kia Bradford and Honda Bradford business from the Vantage Motor Group. Coming less than three months after Vantage was acquired in a management buy-out, the transaction will bring Vertu’s number of outlets in Yorkshire to 18. Robert Forrester, chief executive of Vertu Motors plc, said: “I… Continue reading Vertu Motors completes £4m Vantage Kia and Honda acquisitions
Grammer expects decrease in revenues and weaker earnings in the first quarter 2020
03/03/2020
Grammer expects decrease in revenues and weaker earnings in the first quarter 2020
-Effects of coronavirus have an adverse impact on revenues and earnings in the first quarter
-Decline in global vehicle production in both segments leads to reduced revenues and earnings in 2020
-First measures of the efficiency enhancement program implemented
-Reduced dividend proposal to strengthen equity
Amberg, March 03, 2020 – The decrease in demand in the automotive sector and an ongoing difficult economic climate in the commercial vehicle sector are having a visible effect on automotive supplier Grammer at the beginning of 2020. As a result of the coronavirus outbreak, customers in China were forced to stop production for several weeks from the end of January on. Due to these factors, the company is now predicting a significant decrease in revenues for the first quarter compared to the previous year (Q1/2019: EUR 534 million). Based on the preliminary figures for the months of January and February 2020, Grammer assumes earnings before interest and taxes (EBIT) (prior year: EUR 24 million) and operating EBIT (prior year: EUR 23 million) for the first quarter to be very significantly lower than in the same period of the last year.
From today’s perspective, it is difficult to predict the full extent of the negative effects of the coronavirus outbreak on global supply chains as well as markets and whether automobile and commercial vehicle demand will stabilize in the second half of the year. For this reason, Grammer is forecasting a decline in sales and earnings for the full year. The outlook for 2020 will be published on March 30 at the Company's Annual Press Conference.
As a result of the significant decline in the worldwide markets since mid-2019, the company does no longer maintain its original revenues and earnings forecast for the coming years.
“The weakening of the market environment affected Grammer later than many other suppliers. Additionally the simultaneous decline in both, the premium automobile segment and the commercial vehicle markets, is now also impacting our core business,” said Thorsten Seehars, CEO of Grammer AG. “We have implemented the first measures from the efficiency enhancement program which we initiated at the end of last year to position the company for these challenges.”
In order to give the company greater financial flexibility in implementing further measures, the Executive Board resolved yesterday to propose to the Annual General Meeting a dividend of EUR 0.11 per share for the financial year 2019.
The company will publish its annual report for the financial year 2019 on 30 March, 2020, the interim management statements for Q1/2020 on 29 April 2020.
About Grammer AG
Located in Amberg, Germany, Grammer AG specializes in the development and production of components and systems for automotive interiors as well as suspended driver and passenger seats for onroad and offroad vehicles.
In the Automotive Division, Grammer supplies headrests, armrests, center console systems, high-quality interior components, operating systems and innovative thermo-plastic solutions to premium automakers and automotive system suppliers. The Commercial Vehicles Division comprises seats for the truck and offroad seat segments (tractors, construction machinery, and forklifts) as well as train and bus seats. With over 15,500 employees, Grammer operates in 20 countries around the world. Grammer shares are listed in the Prime Standard and traded on the Frankfurt and Munich stock exchanges via the electronic trading system Xetra.
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@Hyundai: February 2020 Business Results
HYUNDAI MOTOR COMPANY (HMC) Corporate Disclosure to Korea Exchange Disclosure Title : February 2020 Sales Results 1. Sales Results: *Monthly sales Category (units) February 2020 January 2020 MoM % Change February 2019 YoY % Change Sales Unit Domestic 39,290 47,591 -17.4 53,406 -26.4 Overseas 235,754 267,234 -11.8 262,414 -10.2 Total 275,044 314,825… Continue reading @Hyundai: February 2020 Business Results
Disclosure of inside information in accordance with Art. 17 MAR Grammer AG (WKN 589540, ISIN DE0005895403)
Disclosure of inside information in accordance with Art. 17 MARGrammer AG (WKN 589540, ISIN DE0005895403) -Earnings for Q1/2020 expected to be very significantly below previous year-Executive Board’s proposal for the appropriation of profit of EUR 0.11 per share Amberg, March 2nd, 2020 – Based on the preliminary figures for the months of January and February… Continue reading Disclosure of inside information in accordance with Art. 17 MAR Grammer AG (WKN 589540, ISIN DE0005895403)