Tag: Aston Martin

Renault cuts 2019 targets after H1 profit and revenue decline

A 6.4% H1 2019 decline in revenues and 11.8% dip in operating profit during the first half of the year have prompted Renault to cut its sales targets for the full year. The French car manufacturer’s total revenues in the period to June 30 slipped to €28.1 billion as its operation profit declined to €1.5bn.… Continue reading Renault cuts 2019 targets after H1 profit and revenue decline

French carmaker Renault cuts 2019 revenue outlook

FILE PHOTO: The logo of French car manufacturer Renault is seen at a dealership of the company in Bordeaux, France, June 12, 2019. REUTERS/Regis Duvignau/File Photo PARIS (Reuters) – French carmaker Renault (RENA.PA) on Friday cut its 2019 revenue outlook, on the back of falling demand and tough conditions within the automotive industry. Renault said… Continue reading French carmaker Renault cuts 2019 revenue outlook

Thursday Morning Auto News, Jul 25, 2019

‘Not a lot to like’ – Analysts pan Tesla as the shares are slammed on poor results – CNBC: “We continue to believe Tesla is fundamentally overvalued but strategically undervalued,” Morgan Stanley said. “Overall, we doubt this quarter will …
Tesla Tech Chief’s Exit Is Latest High-Profile Departure – Wall Street Journal: In January, Tesla surprised investors when it announced during another earnings … Mr. Straubel outlasted Martin Eberhard, another founder of Tesla.
Tata Motors posts wider quarterly loss on weak JLR sales – Nikkei:
Diesel Chevy Silverado 1500 pickup blows past Ford F-150, Ram in mpg – Freep: “Any consumer looking for a fuel-efficient, powerful option can find one in the diesel option of America’s favorite vehicle, the pickup truck,” Diesel …
Eight Months After Ghosn’s Exit, Nissan Remains Stuck in a Rut – Bloomberg: A weaker Nissan means less clout for the carmaker in its alliance with … Saddled by aging car models such as the Juke and Murano, Nissan sold 6% …

Four automakers, California strike compromise on vehicle emissions – Reuters: Ford Motor Co, BMW AG, Volkswagen AG (VOWG_p.DE) and Honda Motor Co said on Thursday they have reached a …
Stocks making the biggest moves premarket: 3M, Comcast, Raytheon, Southwest, Tesla & more – CNBC: Names on the move ahead of the open.
Jaguar Land Rover posts £395 million loss due to falling sales – Autocar: Jaguar Land Rover recorded a £395 million loss in the last three months, due to declining sales and the impact of a planned Brexit shutdown – but …
VW Q2 operating profit rises 30% as utility vehicle push pays off – Automotive News: VW expects vehicle deliveries in 2019 to exceed last year’s figure and for revenues in the passenger cars and commercial vehicles divisions to grow at least 5 percent.
ABB cautions on China as robotics sales flag – Reuters: ABB Ltd (ABBN. … Demand for cars in Europe is 3.1% down in the year to date while Mercedes maker Daimler this week also …
DiDi, Toyota to set up JV for smart fleet management – Xinhuanet: The two parties announced collaboration on the e-Palette, a self-driving modular store in January 2018, and have piloted vehicle-related services for …
Tata Motors first-quarter loss nearly doubles – Reuters: Tata Motors Ltd reported a bigger quarterly loss on Thursday, as a slump in demand for cars continued at home, while plant shutdowns and delays resulting from issues arising due to Britain’s planned exit from the European Union also hurt earnings.
Earnings tumble at automakers, but VW defies the gloom – Reuters: More evidence has emerged of tough times for the auto sector following weak numbers at Ford, Nissan and Tesla. But Volkswagen is defying the …
Alphabet’s Sales Under Microscope After Last Quarter’s Debacle – Bloomberg: … year and updates on progress in hardware and Other Bets, which includes its self-driving car unit Waymo, according to UBS analyst Eric Sheridan.
The Little Hybrid That Could, and Still Can – New York Times: When Honda introduced the first hybrid vehicle in America, the 2000 Insight, there was technological wonder, but few would call …
Aston Martin Bear Says It Needs to Raise a Billion Pounds to Catch Up With Ferrari – Bloomberg: The only analyst with a sell rating on Aston Martin Lagonda shares says the luxury carmaker will need to raise at least a billion pounds ($1.25 billion) in *fresh* …
Aston Martin fails to sell Vanquish’s tooling, design drawings – Automotive News: Aston Martin has written off 19 million pounds ($24 million) after the sale of the tooling and design drawings of the automaker’s Vanquish …
China exports gasoline to Mexico, Nigeria amid overflowing output – Reuters: … confidence as the trade war continues, reflected also in slumping car sales, said … Gasoline demand growth is also sliding as Chinese automobile sales, … (GRAPHIC: China’s auto sales in 12 months decline – tmsnrt.rs/2MlLS4b).
India’s auto parts makers warn of 1 million job cuts if slowdown continues – Reuters: India’s auto parts industry could be forced to slash a fifth of its 5 million or so workforce if the slowdown in vehicle sales …
Nissan will cut 12500 jobs as Q1 profit nearly wiped out – Automotive News: Nissan said it is axing 12,500 jobs after reporting its quarterly profit was nearly wiped out, hurt by an aging product lineup and a slide in …
Volkswagen to boost SUV sales to 40% of total by 2020 – Reuters: Volkswagen expects the proportion of sports utility vehicle sales to rise to 40% by 2020, from 25% last year, Chief Financial Officer Frank Witter said on …
Nissan to cut 12,500 jobs, more than double initial plan – Nikkei:
Nissan Earnings Sees 99% Profit Plunge – Bloomberg: Nissan reports a 99% plunge in first-fiscal quarter operating profit. Bloomberg’s Dani Burger reports on “Bloomberg Markets: European Open.” (Source: …
Nissan to Cut 12500 Jobs as It Struggles After Ghosn’s Arrest – Wall Street Journal: Nissan Chief Executive Hiroto Saikawa is cutting costs as he seeks to … On Thursday, Nissan said it planned to cut global production capacity by 10% …
Nissan to cut 12,500 jobs as first-quarter profit nearly wiped out – Reuters: Nissan Motor Co said on Thursday it would slash 12,500 jobs globally by 2022 and cut output to rein in costs as it suffers from sluggish sales and rising costs and tries to recover from a scandal surrounding ousted Chairman Carlos Ghosn.
Volkswagen Has ‘Strong Foundation,’ CFO Says – Bloomberg: Volkswagen AG Chief Financial Officer Frank Witter talks about the automaker’s financial results and business outlook. Volkswagen’s second-quarter operating …
Toyota Invests $600 Million in Chinese Ride-Hailing Giant Didi – Bloomberg: Their partnership builds on an alliance Didi started last year with a coterie of carmakers including China FAW Group, Dongfeng Motor Group and …
Nissan’s Ignoring the Rot at Home – Washington Post: If you’re looking for a metaphor for how politics has swamped decision-making at Nissan Motor Co., look no further than reported plans to restructure …
Volkswagen first-half operating profit up 10% on higher Volkswagen, Porsche sales – Reuters: Volkswagen Group (VOWG_p.DE) on Thursday said its first half operating profit rose 10.3% to 9 billion euros ($10.02 billion), …
Toyota says to invest $600 million in China’s Didi, new joint venture – Reuters: Toyota Motor Corp said on Thursday it will invest $600 million ( £481 million ) in Didi Chuxing and a new joint venture, as part of an agreement to expand …
As Tesla losses continue, Musk points to global growth – Automotive News: Tesla CEO Elon Musk, after reporting a surprisingly large loss in the second quarter, pointed toward an eventual, if delayed, return to profitability and …
Tesla Breaks Records But Doesn’t Break Even – Bloomberg: Just before the Q&A portion of Wednesday evening’s second-quarter call, CEO Elon Musk announced that JB Straubel, the company’s veteran chief …
SpaceX stops test of Starship prototype rocket during surprise livestream – CNBC: SpaceX was attempting to fly its “Starship” prototype rocket in its first short flight of more than a few feet off the ground on Wednesday.
Space jam? Companies risk clutter, conflict in race for the skies – Reuters: Aerospace companies such as Musk’s SpaceX and Bezos’ Blue Origin are aiming to become the first private firm to launch a human into space.

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Nissan to cut 12,500 jobs as crisis deepens after profit wipe out

YOKOHAMA (Reuters) – Nissan Motor Co (7201.T) unveiled its biggest restructuring plan in a decade, axing nearly a tenth of its workforce and flagging possible plant closures to rein in costs that ballooned when Carlos Ghosn was CEO. Nissan CEO Hiroto Saikawa attends a news conference to release first quarter earnings at the company headquarters… Continue reading Nissan to cut 12,500 jobs as crisis deepens after profit wipe out

Nissan confirms 12,500 global job cuts

Nissan’s Sunderland car manufacturing plant appears to have avoided a new round of job cuts as the Japanese car brand announced that it plans to shed 12,500 employees worldwide. The job losses, which will be implemented over the course of the next three years, will see around one-in-10 of the manufacturer’s workforce dispensed with following… Continue reading Nissan confirms 12,500 global job cuts

Wednesday Morning Auto News, Jul 24, 2019

Gloomy day for Daimler, Nissan, but PSA roars – Reuters: Daimler and Aston Martin struggle, Nissan plans yet more job cuts – but Peugeot owner PSA is one automaker to defy gloom in the sector. Francis Maguire …
GM’s Driverless-Car Unit Cruise Delays Robot-Taxi Service – Wall Street Journal: General Motors’ driverless-car business, Cruise, will delay the roll out of an autonomous ride-hailing *service* scheduled for late this year, underscoring the …
Porsche tops J.D. Power study of most appealing new vehicles – Automotive News: Ram was the most improved brand and ranked highest in the mass-market segment while Ford Motor Co.’s brands received five model-level awards in the annual study of new-vehicle appeal.
European car giants Peugeot SA and Daimler show signs of fighting back amid global auto slowdown – Barrons: Peugeot maker PSA defied the global auto slowdown with a 10.6% profit rise in the first half of the year, while Mercedes owner Daimler’s stock rose on a more …
German carmaker BMW considers China as very strong driver of technology – Xinhua | English.news.cn – Xinhuanet: China is a very strong driver of technology, a spokesperson of German carmaker BMW told Xinhua on Wednesday. “We strongly …
PSA seeks European company legal status following Opel/Vauxhall takeover – Automotive News: Automaker says move will reflect group’s European scope following the takeover of Opel/Vauxhall.

Man jailed for 15 years for driverless car bomb plot – Guardian: A man who plotted a terrorist attack involving the use of a bomb inside a remotely controlled vehicle has been jailed for 15 years. Counter-terrorism …
Uber Drivers Lose Suit Over ‘Racist’ UK Environmental Fee – Bloomberg: It’s the latest stage of a long-running battle between those working for the ride-hailing firm and traditional cabbies, which has spilled from the city’s …
Brexit auto industry fears heightened with Boris Johnson becoming UK prime minister – Automotive News: Britain’s incoming prime minister has shown little sign that he takes the car industry seriously, having once said he knows about how to run an automaker than …
Why the UK auto industry will not welcome a Boris Johnson gov’t – Automotive News: … radio interview that he knew more about how to run an automaker than Jaguar Land Rover CEO Ralf Speth, who had just warned about job losses.
Daimler’s Q2 loss triggers more cost-cutting, product review – Automotive News: Daimler is battling slower demand in China and the U.S., along with huge costs to develop electric cars and regulatory scrutiny over its diesel emissions.
NHTSA says it is reviewing complaints of faulty Ford transmissions – Freep: Congressional leaders urged the review after a Free Press investigation found Ford sold the vehicles knowing their transmissions were faulty.
Nissan Braces for More Pain as Weak Profits Force Restructuring – Bloomberg: Nissan Motor Co. confirmed reports of a 90% drop in quarterly operating profit and a broader restructuring a day before posting results, underscoring the …
Tesla`s Ability to Make Money Is Under Spotlight as Results Loom – Bloomberg: Tesla Inc. sold a record number of cars during the second quarter. But did the company make enough money while doing so?
Breakingviews – If only James Bond could rescue Aston Martin – Reuters: If only James Bond could rescue Aston Martin Reuters(Reuters Breakingviews) – If only James Bond could come to the rescue of Aston Martin. The British maker of 007’s legendary sports car is struggling. With the …
German Car-Parts Maker Put Up for Sale Amid Spat Between Owners – Bloomberg: German auto parts maker Weber Automotive GmbH has been put up for sale as part of insolvency proceedings that started this month, according to a …
Uber Freight launches in Germany, taking on local competition – Reuters: U.S. ride-hailing company Uber is launching a freight platform in Germany, taking on local technology startups in a race to grab a share of Europe’s $500 billion trucking market.
Daimler CEO says there are no plans to pursue a merger or spin-off – Reuters: Daimler has no plans to spin off its trucks division or to pursue a merger with BMW as a way to raise the company’s share price, Chief Executive Ola Kaellenius said on Wednesday.
Toyota’s Thailand unit retains domestic car sales forecasts – Reuters: (Corrects date in dateline). BANGKOK, July 24 (Reuters) -. * Thailand’s total domestic cars sales for 2019 are still projected at 1 million units, down 3.8% from …
Aston Martin Plunges After Cutting Vehicle Sales Forecast on Challenging Outlook – Bloomberg: Aston Martin Lagonda cut its full-year sales forecast by as much as 14% after weakness in key markets intensified, joining a range of carmakers to warn of a …
Aston Martin cuts 2019 forecasts on UK, Europe weakness – Reuters: IndiaLuxury carmaker Aston Martin on Wednesday lowered several of its forecasts for this year, saying it had been hit by macro-economic uncertainty and weakness …
Nissan to Report 90% Plunge in Profit, Report Says – Bloomberg: Nissan Motor Co. will report a drop of about 90% in its fiscal first quarter … global alliance between Nissan, Renault SA and Mitsubishi Motors Corp.
Carmaker PSA defies gloom in auto sector with record profits – FT: French carmaker PSA posted record profits for the first half of 2019, bucking the gloom across the sector, as cost controls and the rollout of new models …
PSA Group profit jumps on pricing, Opel synergies – Reuters: French carmaker PSA Group delivered a sharp increase in first-half profit, as new models and the integration of Opel-Vauxhall more than made up for weaker emerging-market sales.
Nissan shares edge up on reports it will cut 10000 jobs – FT: … come as Hiroto Saikawa, Nissan’s chief executive, has struggled to stem the fallout from the arrest and ousting of its former chairman Carlos Ghosn.
Peugeot Maker Improves Profit Margins on More Costly Models – Bloomberg: Peugeot maker PSA Group’s profit margin widened to a record in the first half of the year through the sale of more expensive models, although the French …
Daimler Q2 hammered by Takata, diesel charges – Reuters: Luxury carmaker Daimler said it would intensify cost cuts after legal risks for diesel-related issues and the cost of replacing Takata airbags triggered a 1.56 …
Augmented Reality Is Now in Your Phone, Eyeglasses and Car – Washington Post: If you dodged real-world trash cans to chase virtual monsters during the Pokemon Go craze, you experienced augmented reality. Sixty years after …
US Truck Driver Shortage Is On Course to Double in a Decade – Bloomberg: Women make up less than 7% of drivers, and the industry is pushing to entice more with technology that makes trucks easier to drive and more …
Japan’s Nissan to double global job cuts to over 10,000 – source – Reuters: Nissan Motor Co Ltd plans to expand job cuts to over 10,000 to help turn around its business, a person with direct knowledge of the matter said on Wednesday, showing the tough road ahead for an automaker grappling with management upheaval.
Lyft makes self-driving research public to speed development – The Detroit News: It”s the largest such trove of data made available to researchers and rivals, Lyft said
Uber, Lyft Rides May Be Taxed Under San Francisco Measure – Bloomberg: Uber, Lyft Rides May Be Taxed Under San Francisco Measure. By … Ride-hailing customers may be forced to pay a new tax in the city where the …
Corrected: Nissan plans to cut over 10,000 jobs globally – Kyodo – Reuters: Nissan Motor Co Ltd is planning to cut more than 10,000 jobs globally as part of efforts to turn around its business, Kyodo News reported on Tuesday, citing company sources.
In win for Ford, Fed Circuit won’t extend ‘functionality’ defense to patent law – Reuters: The doctrine of aesthetic functionality, which limits the trademarking of the functional features of a product, does not extend to design patent law, a federal …
Harley-Davidson gets EU approval for plan to dodge $100 million tariff hit – Latimes: Harley-Davidson Inc.’s highly contentious plan to dodge tariffs by shifting some production overseas has been green-lighted just as the iconic …

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Aston Martin shares plunge after slump in sales across Europe

Aston Martin Manufacturer hit by a 22% fall in sales to UK car dealers in the second quarter Aston Martin signalled job cuts could be ahead, saying it will ‘take immediate actions to improve efficiency and reduce our fixed cost base’. Photograph: Dominic Fraser/Aston Martin Aston Martin’s share price plunged more than 20% after the… Continue reading Aston Martin shares plunge after slump in sales across Europe