Financial: Latest news and analysis articles
Volkswagen Group pushed expected liabilities from the diesel scandal into the 2015 accounts, so that it can make a new start with a new boss...
Nissan Motor confirmed this week that it has signed an agreement to acquire a 34% stake in Mitsubishi Motors, in a deal worth JPY247bn (US$2...
News that Geely-owned Volvo Cars had made first quarter earnings gains thanks to strong sales of its recently launched, and high margin, XC9...
A highlight for me in the last week was a go in what Nissan UK bills its third generation Leaf - the 2016 update with an optional longer ran...
European Automotive Supplier body, CLEPA, continues to power its members' interests in Brussels as well as act as the Continent's arm in negotiations with its Japanese equivalent in JAPIA and American counterparts, OESA. Simon Warburton talked to CLEPA CEO, Jean-Marc Gales at last week's Paris motor show.
Newly-appointed managing director of Scandinavian supplier body, FKG, Fredrik Sidahl, was 25 years with Volvo before working for Saab. In the first of two interviews, he talked to Simon Warburton in his Gothenburg office about the collapse of the iconic Swedish brand and gave some frank views on the government's attempts to save it.
'Special items' totalling EUR2.2bn on Volkswagen AG's first half 2016 books, due to costs associated with the diesel emissions scandal, would have a "negative effect" on fully year group results for Porsche SE, the Stuttgart-based sports car and luxury SUV maker said, adding its full year, group profit after tax forecast nonetheless remained unchanged.
Johnson Controls (JCI) announced third fiscal quarter revenues of US$9.5bn (down from $9.6bn a year ago) and operating profit of $383m, including several non-recurring items. Earnings per share were $0.59.
General Motors has substantially beaten expectations with second quarter 2016 results including record earnings per share (EPS) of US$1.86 (up 44% year on year and ahead of forecast by $0.35) on revenue up 11.1% to $42.4bn ($3.47bn better than expected) and net income up 157% to $2.9bn. GM Europe finally moved back into profit for the first time in five years.
Daimler has posted record figures for unit sales and EBIT adjusted for special items in the second quarter of 2016.
Volkswagen Group says it has set aside another EUR2.2bn in the first six months of the year in relation to costs arising from its ‘dieselgate’ emissions scandal.
Supplier Trelleborg has described the second quarter of 2016 as "particularly eventful" after finalising the acquisition of CGS, announced at the end of 2015, during the period and consolidating it into its financial statements from June. The integration of CGS takes Trelleborg’s expected annual sales to about SEK30bn (US$3.475bn).
The Volvo Group said it had reached a settlement with the European Commission putting an end to a long-running EU antitrust investigation.
General Motors will not have to face some recall-related claims from vehicle owners following a recent court ruling in the United States.
Truckmaker Volvo Group boosted second quarter operating margin to 7.8% from 7.1% a year ago as sales fell 7% to SEK78.9bn (US$9.21bn). Operating income increased to SEK6.1bn from SEK6bn.
Canada's Magna International said it had received notice of an unsolicited 'mini-tender' by TRC Capital Corporation to purchase up to 2,500,000 shares (0.63%) at CDN$41.85 (US$32.33) per share, a discount of 13.9% on the 14 July closing price on the Toronto exchange of CDN$48.63.
Volkswagen managers may face calls to return their bonuses if the company is fined by German prosecutors over the profits it made from selling 11m cars fitted with illicit engine software.
Creditors of Kumho Tire are preparing to sell their respective stakes in South Korea’s second largest tyre manufacturer, according to local reports.
Autoliv has refinanced its existing US$1.1bn multi-currency revolving credit facility agreement with a group of 14 banks. The facility has a five-year maturity, with extension options for up to two more years. The facility agreement is for general corporate purposes and replaces the existing $1.1bn syndicated facility, which matures in April 2018.
Hella, supplier of lighting technology and electronic products for the automotive industry, continued to successfully deliver growth based on preliminary figures for fiscal year 2015/2016.
The European Commission has now approved the sale of Faurecia Automotive Exteriors to Plastic Omnium, subject to a commitment from Plastic Omnium to divest all of the bumper business in France and a site in Spain as well as the front end module business in Germany.
Volkswagen will pay an additional US$86m in penalties to California over its emissions scandal, on top of a settlement of $14.7 billion the automaker reached with US officials earlier, state attorney general Kamala Harris said.
Porsche aims to keep its profit margin running at a double-digit percentage of sales in the coming years, benefiting from more efficient production while boosting spending on its first all-electric car, chief executive Oliver Blume has said.
German prosecutors are demanding Volkswagen face a fine based on the level of the profits the carmaker made from selling 11m vehicles equipped with manipulated engine software, newspaper Sueddeutsche Zeitung said.
The yen's surge following the UK referendum’s EU exit result is hitting the earnings outlook for Japanese automakers.
The Renault-Nissan Alliance generated EUR4.3bn (US$4.8bn) in synergies in 2015, one year ahead of schedule and an increase of 13% from 2014. Purchasing, engineering and manufacturing were the main contributors.
We’re well into Q1 results season and there are one or two interesting straws in the wind.
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