The association attributes this growth in daily rates to the increase in demand from people renting vehicles for longer periods (instead of buying them) and the growing number of rentals for drivers of transportation companies. Photo via GoodFreePhotos. ABLA, the Brazilian car rental association, has conducted a census on Brazil’s car rental industry and found… Continue reading Brazilian Car Rental Industry Sees Growth in Daily Rental Rates
Tag: FCA
Cummins Provides Business Update and Withdraws Full Year Guidance
COLUMBUS, Ind.–(BUSINESS WIRE)–Cummins Inc. (NYSE: CMI) provided a business update in light of recent changes in customer demand and a weaker outlook for the global economy. Today, the Company suspended production at its Midrange Engine Plant in Walesboro, IN, for two weeks in response to the decision by its customer Fiat Chrysler Automobiles to shutdown… Continue reading Cummins Provides Business Update and Withdraws Full Year Guidance
Rivian shuts down all facilities over COVID-19 pandemic concerns
Rivian, the buzzy electric vehicle startup that is backed by Amazon and Ford, is shutting down all of its facilities due to the spread of COVID-19, the disease caused by coronavirus. Rivian employs more than 2,000 workers across several locations, including its headquarters in Plymouth, Mich., a factory in Normal, Ill. as well as operations… Continue reading Rivian shuts down all facilities over COVID-19 pandemic concerns
Press Releases – Coronavirus: EU auto industry faces unprecedented crisis
Brussels, 20 March 2020 – The effect of the coronavirus on society and the global economy is unprecedented, with grave consequences for the automobile industry. Indeed, most of the members of the European Automobile Manufacturers’ Association (ACEA) have already announced temporary closures of plants due to collapsing demand, supply shortages, and government measures, and are… Continue reading Press Releases – Coronavirus: EU auto industry faces unprecedented crisis
Tesla shuts down California and New York factories, keeps Nevada open during coronavirus crisis
Tesla will suspend most operations at its Fremont, Calif., and Buffalo, N.Y, factories at the end of the workday on Monday to bring itself in line with local measures to prevent the spread of the coronavirus, the company has confirmed in a press release.The automaker will continue vehicle deliveries and service as possible, and both its charging network and battery factory in Sparks, Nev., will remain open, as the local sheriff has deemed the facility an “essential” business.Ford, General Motors, Chrysler, Honda and Nissan have temporarily suspended operations at all of their U.S. factories.
Ford suspends dividend, draws down $15.4 billion from two credit lines to bolster reserves – Washington Post
Comparing the current situation to the 2008-2009 financial crisis, Chief Executive Jim Hackett said Ford was putting in place safeguards to protect its business. Ford has come under fire from some analysts on Wall Street for moving too slowly to cut costs and restructure its business. At the end of last year, it had booked… Continue reading Ford suspends dividend, draws down $15.4 billion from two credit lines to bolster reserves – Washington Post
Ford is re-running its financial crisis playbook as it borrows $15.4 billion to avert the coronavirus crisis
On Thursday, Ford announced that it would tap $US15.4 billion in credit lines.The level of borrowing is reminiscent of the carmaker’s actions prior to the financial crisis, when it effectively mortgaged all its assets to borrow $US24 billion, averting the bankruptcies that General Motors an Chrysler endured.The program expands on measures previously announced by Ford Credit.
Tesla is shutting down its factory due to coronavirus, but it has enough cash to stay in business for a while (TSLA)
Tesla said that it would suspend production at its Fremont, California, factory beginning March 23. The company said that “continued operations” had caused challenges for employees and suppliers. The San Francisco Bay Area is under a shelter-in-place order among a worsening coronavirus outbreak in the US. In shutting down its plant, Tesla joins the Detroit… Continue reading Tesla is shutting down its factory due to coronavirus, but it has enough cash to stay in business for a while (TSLA)
Coronavirus, the hypothesis that FCA can “convert” to the construction of respirators takes shape
What if instead of FCA cars (together with Ferrari) he converted to the construction of respirators? It is the hypothesis that is taking shape in these hours and that would see the Lingotto group engage personally with some of its factories to collaborate with the Bolognese Siare Engineering, the only Italian company capable of producing… Continue reading Coronavirus, the hypothesis that FCA can “convert” to the construction of respirators takes shape
Ford pulls down $15.4 billion in credit as virus hits
FILE PHOTO: Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay (Reuters) – Ford Motor Co (F.N) said on Thursday it was drawing down $15.4 billion from two existing credit lines and suspending dividend payments as it bolsters its reserves to ride out damage to… Continue reading Ford pulls down $15.4 billion in credit as virus hits