Global vehicle sales could fall year-over-year by more than 20% in 2020, according to a new study, and not return to pre-COVID-19 levels until 2023 — another gloomy sign that contributed to the Dow Jones Industrial Average plunging nearly 1,900 points Thursday to its lowest since March. The Dow fell 6.9%, the S&P 500 dropped 5.9% and the tech-heavy Nasdaq… Continue reading Auto industry recovery from COVID-19 could take years, signaling slow climb back
Tag: Tier 1 Suppliers
Hyundai Mobis Co., Ltd. — Moody’s confirms Hyundai Motor, Kia and Hyundai Mobis’ Baa1 ratings; outlook negative
Moody’s Investors Service has confirmed the Baa1 issuer ratings of Hyundai Motor Company (HMC), Kia Motors Corporation (Kia) and Hyundai Mobis Co., Ltd., as well as the Baa1 senior unsecured rating of Kia. The outlooks on all ratings have changed to negative from ratings under review. Go to Source
HELLA GmbH & Co. KGaA — Moody’s confirms Hella’s Baa1/P-2 ratings, outlook negative
Rating Action: Moody’s confirms Hella’s Baa1/P-2 ratings, outlook negative. Global Credit Research- 11 Jun 2020. Frankfurt am Main, June 11, 2020– Moody’s Investors Service, has today confirmed the long … Go to Source
Parts maker Visteon expects global auto output to plunge up to 25%
By Sanjana Shivdas June 11 (Reuters) – Major auto parts supplier Visteon Corp on Thursday forecast global production volumes for the auto industry to fall between 20% and 25% this year and warned it would be a couple of years before they returned to 2019 levels. The U.S. auto industry has been struggling to recover… Continue reading Parts maker Visteon expects global auto output to plunge up to 25%
Autoliv ASP, Inc. — Moody’s confirms Autoliv’s P-2 rating, outlook stable
Moody’s Investors Service, (“Moody’s”) has today confirmed Prime-2 (P-2) short-term rating of the commercial paper programme of Autoliv, Inc. (Autoliv, or the company). The outlook on the rating changed to stable from ratings under review. Go to Source
Lear Adds Production to Pine Grove, PA Facility to Make 500,000 Protective Face Masks per Week
SOUTHFIELD, Mich., June 11, 2020 /PRNewswire/ — Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today announced that it has added new equipment to its operations in Pine Grove, Pa., to make up to 500,000 protective face masks per week. The Pine Grove facility is among 10 Lear plants on three… Continue reading Lear Adds Production to Pine Grove, PA Facility to Make 500,000 Protective Face Masks per Week
Goodyear Joins Turo to Provide Timely Cleaning Service for it’s Car-Sharing CommunityJun 8, 2020AKRON, Ohio, June 8, 2020 – The Goodyear Tire & Rubber…
AKRON, Ohio, June 8, 2020 – The Goodyear Tire & Rubber Company, through its innovative fleet servicing platform, AndGo by Goodyear, is providing on-demand and on-location professional vehicle services for Turo, the leading peer-to-peer car-sharing marketplace. The AndGo by Goodyear offer for Turo hosts is currently available in Southern California, with more markets coming soon.… Continue reading Goodyear Joins Turo to Provide Timely Cleaning Service for it’s Car-Sharing CommunityJun 8, 2020AKRON, Ohio, June 8, 2020 – The Goodyear Tire & Rubber…
Continental CEO warns staff of possible forced layoffs, report says – Automotive News Europe
BERLIN — Continental must save hundreds of millions of euros in costs and will probably have to lay off workers due to a slump in demand caused by the coronavirus pandemic, WirtschaftsWoche cited the CEO as saying. “This will be very painful, but we have no other choice,” CEO Elmar Degenhart told staff in an… Continue reading Continental CEO warns staff of possible forced layoffs, report says – Automotive News Europe
@GM: Meet Louise Zhang, Cruise’s New VP of Product Safety
In the United States alone, nearly 40,000 Americans die in car crashes every year. But the tragedy of that figure is what the majority of those crashes have in common: human error. At Cruise, we are working to challenge this status quo. Our vision is to develop an all-electric, self-driving, purpose-built transportation service that is safer… Continue reading @GM: Meet Louise Zhang, Cruise’s New VP of Product Safety
@Toyota: Pandemic? Tornado? Toyota Lends a Hand to a Key Supplier
Mother Nature severely damaged the plant that’s the sole source of the Tundra’s transfer case. So, Toyota Purchasing — without hesitation — reached out to help its supplier recover. BorgWarner is the sole supplier of the transfer case at the heart of the Toyota Tundra’s four-wheel drivetrain. Simply put, Toyota can’t make its popular full-size… Continue reading @Toyota: Pandemic? Tornado? Toyota Lends a Hand to a Key Supplier