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: Tier 1 Suppliers
Yanfeng Global Auto Interior Sys Co., Ltd — Moody’s places ratings of four Chinese and Korean automotive parts suppliers under review for downgrade
Moody’s Investors Service has today placed the ratings of four Chinese and Korean Automotive parts suppliers under review for downgrade. The four companies are Hyundai Mobis Co., Ltd., Johnson Electric Holdings Limited, Nexteer Automotive Group Limited, and Yanfeng Global Automotive Interior Systems Co., Ltd. A full list of the affected ratings can be found at… Continue reading Yanfeng Global Auto Interior Sys Co., Ltd — Moody’s places ratings of four Chinese and Korean automotive parts suppliers under review for downgrade
Ineos Automotive reveals its Defender-like Grenadier SUV in greater detail – Forma car News
Ineos Automotive has revealed some of the principal specs of its upcoming Grenadier SUV, which openly takes after the Land Rover Defender classics. Four years ago, just as the first-gen Defender went out of production, Ineos CEO Jim Ratcliffe contacted Jaguar Land Rover asking to buy the production rights. Facing refusal, he decided to design… Continue reading Ineos Automotive reveals its Defender-like Grenadier SUV in greater detail – Forma car News
Toyota seeks $9.2 billion credit line from Sumitomo Mitsui, MUFG Bank: Kyodo
FILE PHOTO: A man walks past a Toyota logo at the Tokyo Motor Show, in Tokyo, Japan October 24, 2019. REUTERS/Edgar Su TOKYO (Reuters) – Toyota Motor Corp (7203.T) has sought a credit line totaling 1 trillion yen ($9.23 billion) from Sumitomo Mitsui Banking Corp and MUFG Bank as fund-raising costs rise on the back… Continue reading Toyota seeks $9.2 billion credit line from Sumitomo Mitsui, MUFG Bank: Kyodo
MAGNA PROVIDES UPDATE ON CURRENT COVID-19 ACTIONS AND WITHDRAWS OUTLOOK
AURORA, Ontario, March 26, 2020 (GLOBE NEWSWIRE) — Magna International Inc. (TSX: MG; NYSE: MGA) today provided an update on a number of actions related to the COVID-19 pandemic.Magna has established internal task forces to assess, monitor and deal with the potential impact of COVID-19 on our business and share information across the company. We… Continue reading MAGNA PROVIDES UPDATE ON CURRENT COVID-19 ACTIONS AND WITHDRAWS OUTLOOK
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
BorgWarner Inc. — Moody’s places BorgWarner’s Baa1 senior unsecured rating under review for downgrade, commercial paper rating unaffected
Moody’s Investors Service, (“Moody’s”) placed the Baa1 senior unsecured ratings of BorgWarner, Inc. (“BorgWarner”) under review for downgrade. BorgWarner’s P-2 commercial paper rating is unaffected at P-2. Go to Source
Auto suppliers fear financial ruin as GM, Ford and FCA grind to a halt
CLOSE Following Michigan Governor Gretchen Whitmer’s “stay home” order to try and slow the spread of the coronavirus, Detroit streets were eerily empty. Detroit Free Press About 4:30 p.m. last Wednesday the employees at auto supplier Dana Inc. in Warren received an unsettling text message from management. The text, obtained by the Free Press read, “We are well… Continue reading Auto suppliers fear financial ruin as GM, Ford and FCA grind to a halt
Automobili Pininfarina CEO Michael Perschke calls it a day
Michael Perschke, CEO of Automobili Pininfarina, which is owned by India’s Mahindra Group, has called it a day at the pure electric luxury car brand. Earlier today, Automobili Pininfarina Chairman and Mahindra & Mahindra Managing Director, Dr. Pawan Goenka, confirmed Perschke’s departure. With immediate effect, Per Svantesson has been appointed to the role of Managing Director and… Continue reading Automobili Pininfarina CEO Michael Perschke calls it a day
@Groupe PSA: Donation of 100,00 masks to local hospitals
Texte While ensuring the safety and the security of its employees which remains its top priority, the Faurecia Group today announces the donation of 100,000 surgical masks to the Civil Hospitals of Colmar. The Group has decided to focus its support on Eastern France, one of the most affected regions to date where Faurecia operates… Continue reading @Groupe PSA: Donation of 100,00 masks to local hospitals