It’s been a busy week for Q3 financial results and I am pleased to say that they were generally pretty positive. Cash positions look healthy after a bounce back in vehicle sales following the pandemic-induced lockdowns earlier in the year. Companies benefited in particular from higher sales of high-margin products in China and North America. Here’s a selection:
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PSA Q3 auto revenue up 1% to EUR12bn
Ford reports Q3 net income of $2.4bn (and comment)
Visteon Q3 net sales up 3% to US$747m
China boost returns VW to profitability in Q3
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By GlobalDataAptiv posts Q3 net income up 15% to US$283m
Hyundai reports Q3 net loss after recall/quality provisions
Demand rebound lifts Daimler Q3 profit and outlook
Tata-owned JLR swings to quarterly profit
There were also a number of interesting strategic tie-ups this week. Daimler and Waymo said they would partner up on autonomous freight trucks.
Daimler and Waymo partner on autonomous trucks
In HCVs, Volvo AB and Isuzu
And in China, BMW said it will be working with Alibaba on its digital strategy
And get ready for speculation on who wants a big stake in LG Chem‘s automotive powertrain battery business…
LG Chem shareholders approve battery spin-off
Daimler wants a slice of Aston Martin in return for sharing technology that hard pushed Aston can’t really afford to do on its own.
Mercedes and Aston Martin deepen cooperation
Yes folks, electrification is where it’s increasingly at. The auto industry is fast-a-changin’.
Electrified car sales overtake diesels in Europe (heath warning, electrified includes mild-hybrids)
Reading this made me a tad uneasy. Let us hope everything works as it should:
Tesla readies ‘Full Self Driving’ for limited rollout, safety advocates ring alarm bells
We’re not quite out of the pandemic though, are we? Every now and then there’s a stark reminder of the global scale of lost sales this year.
ASEAN vehicle markets down 24% in Q3
In case you hadn’t noticed, SAIC is targeting Europe with NEVs. It’s going to be very interesting to see how the transition to electrified vehicles plays out in Europe’s market and how it looks by 2025.
SAIC targets 100k NEV sales in Europe by 2025
If ICEs and their components are your bag, it’s perhaps never too early to look at diversifying.
Mahle expands in air-con with Keihin buy
Finally, a reminder that in this business there really is no substitute for having good product. People can talk about clever brand and marketing strategies, but in the end it comes down to having the right product at the right price point. Could it possibly be that Opel/Vauxhall has something of a hit on its hands with the new Corsa?
Why the Corsa is beating Ford and Volkswagen
Have a good weekend.
Dave Leggett,
Editor, just-auto
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