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Saturday, Feb 1512:05 AM
Saturday, Feb 1512:05 AM| 83 Comments
- In one of the most closely watched union votes in the U.S. in decades, workers at the Volkswagen (VLKAY, VLKAF) plant in Chattanooga, Tenn., voted against joining the United Auto Workers union.
- A win would have marked the first time the UAW had been able to organize a foreign-owned auto plant in the U.S., as well as a turnaround in sentiment in the traditionally anti-union South.
- The UAW’s loss likely will hurt plans to organize other auto plants in the South; two other German-owned plants, Mercedes-Benz (DDAIF) in Alabama and BMW (BAMXY, BAMXF) in South Carolina, as well as a Nissan (NSANY, NSANF) plant in Mississippi, have been among its top targets.
- The UAW enjoyed some unusual help - the cooperation of Volkswagen management and the aid of Germany's IG Metall union - yet it still lost; "If the union can't win [in Chattanooga], it can't win anywhere."
Wednesday, Feb 124:31 AM
Wednesday, Feb 124:31 AM| 1 Comment
- The major auto makers have found themselves in a bit of a dilemma.
- They've been offering discounts in order to clear an increasing amount of unsold inventory in the U.S., which in January reached the highest level since August 2009.
- However, the industry wants to avoid getting sucked into the kind of price wars that have caused so much trouble in the past.
- Production cuts are not on the agenda at the moment.
- Relevant tickers: TM, RNSDF, VLKAF, GM, DDAIF, BAMXF, FIATY, HMC, PEUGF, F
Thursday, Jan 163:48 AM
Thursday, Jan 163:48 AM| 2 Comments
- European car sales dropped for the sixth year in a row in 2013, slipping 1.7% to 11.9M vehicles, the European Automobile Manufacturers' Association says. That's the worst performance since ACEA began tracking the data in 2003.
- However, the moderate recovery in sales that began in H2 accelerated in December, with new-car registrations climbing 13% to 906,294 vehicles.
- Despite the pick-up, industry executives remain cautious. "The European car market is starting the year in its best condition for two or three years," said Yann Delabrière, the CEO of components supplier Faurecia. "But it is too early to say we have a clear vision of the turnaround." (PR)
- Relevant tickers: TM, RNSDF, VLKAF, GM, DDAIF, BAMXF, FIATY, HMC, PEUGF, F
Wednesday, Nov 202013, 3:46 PM
Wednesday, Nov 202013, 3:46 PM| Comment!
- BMW (BAMXY -1.2%) has had orders for nearly 10K of its i3 electric cars, global sales chief Ian Robertson said at the LA Auto Show. First deliveries were made in Germany last week, and the vehicle will go on sale in America during Q2 of 2014.
- The i8 plug-in hybrid sports model, which will be introduced in mid-2014, has already sold out for its first year of availability.
- Previous: BMW's new i-brand launches
Tuesday, Nov 192013, 2:49 AM
Tuesday, Nov 192013, 2:49 AM| 1 Comment
- European car sales rose for a second month in a row in October, climbing 4.6% on year to 1.04M registrations after a 5.5% gain in September.
- However, registrations fell 3.1% in January-October, strengthening the likelihood that the market will fall for a sixth consecutive year in 2013.
- The Spanish car market jumped 34.4%, while most other markets grew moderately, although Italy fell 5.6%.
- Toyota (TM) +16.5%, Renault (RNSDF) +14%, Volkswagen (VLKAF) +5.7%, General Motors (GM) +6.2%, Daimler's (DDAIF) Mercedes-Benz +8.5%, and BMW (BAMXF) +0.3%.
- However, Fiat (FIATY) -7.3%, Honda (HMC) -6.4%, Peugeot (PEUGF) -0.7% and Ford (F) -0.2%. (PR)
Wednesday, Oct 162013, 3:50 AM
Wednesday, Oct 162013, 3:50 AM| 1 Comment
- European new-car sales increased at the fastest rate in over two years in September, climbing 5.5% on year to 1.19M vehicles after dropping 4.9% in August.
- In January-September, sales fell 3.9% to 9.34M cars.
- Last month's figures were boosted by the end of the eurozone recession, price cutting, and a Spanish government-incentive scheme that helped demand jump 29%.
- "Car sales in the EU are showing signs of improvement, indicating that the worst is behind us," says Ernst & Young's Peter Fuss. "The sales, however, continue to be artificially boosted by huge discounts and self-registrations by dealers.
- Registrations in the U.K. rose 12% and 3.4% in France, but dropped 1.2% in Germany and 2.9% in Italy.
- GM's (GM) sales +5.4%, Ford (F) +5%. (PR)
- Related tickers: PEUGF.PK, HMC, FIATY.PK, TM, VLKAF.PK, BAMXF.PK, DDAIF.PK, RNSDF.PK.
Tuesday, Oct 12013, 9:29 AM
Monday, Sep 302013, 9:07 AM
Monday, Sep 302013, 9:07 AM| Comment!
- BMW's (BAMXY.PK) China venture, BMW Brilliance Automotive, is recalling 75.8K 5 Series vehicles to fix faulty socket adapters for tail lights. 2 months ago, the company recalled 143K 5 Series models due to problems with the electric power steering system.
- Hyundai (HYMLF.PK) is recalling 65K Hyundai and Kia cars due to problems with the brake pedals. And Kia's separate China JV is recalling 41K vehicles for the same reason. Previously, Hyundai and Kia recalled 660K cars in South Korea to repair a faulty brake switch.
Tuesday, Sep 172013, 4:30 AM
Tuesday, Sep 172013, 4:30 AM| 1 Comment
- European car sales dropped 4.9% on year in August to 686,957 units after rising 4.9% in July as new registrations fell in France, Italy and Germany last month. However, the U.K. again continued to enjoy growth, with volumes increasing 10%.
- In January-August, European sales dropped 5.2%.
- Peugeot (PEUGF.PK) had a particularly bad August as sales slumped 18%, with Honda (HMC) -19.6%, Fiat (FIATY.PK) -4.9%, Toyota (TM) -4%, Volkswagen (VLKAF.PK) -11%, Audi -6.4% and Ford (F) -0.9%,
- BMW (BAMXF.PK) +9.9%, Daimler (DDAIF.PK) +5.5%, Renault (RNSDF.PK) +5.8% and GM (GM) +0.7%.
- The data comes after car executives had expressed hope at the Frankfurt Motor Show that the European car market was stabilizing. (PR)
Tuesday, Sep 102013, 4:24 AM
Tuesday, Sep 102013, 4:24 AM| 6 Comments
- The auto market in Europe is stabilizing after five years of steep declines, car executives have said, but they expect the recovery to be long and slow due to high unemployment and soft bank lending in the region.
- Europe should "see the end of the tunnel next year," said Renault (RNSDF.PK) chief Carlos Ghosn, who was speaking at the Frankfurt Motor Show.
- Meanwhile, Volkswagen (VLKAF.PK) aims to increase car sales to 9.5M this year from 9.3M in 2012, helping to boost shares 2.1% in Frankfurt. Brand sales dropped 1% in August to 461,600 cars, giving a year-to-date figure of 3.84M. That up 3.1% from last year.
- Auto Tickers: F, GM, TM, HMC, CARZ, FIATY.PK, PEUGF.PK, BAMXF.PK, DDAIF.PK HYMLF.PK, NSANF.PK
Tuesday, Jun 182013, 3:06 AMThe EU new-car market showed no signs of bottoming out in May as registrations dropped 5.9% to 1.04M units, the lowest level for the month since 1993. The fall followed a 1.7% gain in April. In January-May, registrations slid 6.8% to 5.07M vehicles. GM (GM) was among those to suffer the most in May with an 11.3% decline. Toyota registrations dropped 4.9% but those of Ford fell just 0.3%. (PR) |Tuesday, Jun 182013, 3:06 AM| 1 Comment
Wednesday, Jan 162013, 5:06 AMEuropean new-car registrations slumped 16.3% Y/Y to 799,407 vehicles in December, the sharpest decline since October 2010, as high unemployment and an unwillingness by banks to finance consumer purchases took their toll. For 2012, EU sales -8.2% to 12.05M, the steepest annual drop since 1993. GM (GM) and Ford (F) sales in Europe cratered 27% each in December, although Korean brands Hyundai and Kia, with their affordable cars and long warranties, climbed 10.5% and 6.8% respectively. |Wednesday, Jan 162013, 5:06 AM| 6 Comments
Tuesday, Oct 162012, 4:45 AMRBS (RBS) will be given permission this week to leave the Asset Protection Scheme, a state-backed insurance program covering the bank's old "toxic assets," the FT reports. Exiting the scheme, which has cost RBS £2.5B in premiums, is seen as a first step towards the government selling its 82% stake in the bank. Meanwhile, RBS has suspended Jezri Mohideen, its head of rates trading in Europe and Asia Pacific, over the Libor scandal. Mohideen is the most senior employee to be put on leave so far. |Tuesday, Oct 162012, 4:45 AM| Comment!
Tuesday, Oct 162012, 4:32 AM
Friday, Feb 242012, 10:44 AMFed up with banks not interested in making loans, European companies are turning more to bond issuance, and - drum roll - overhauling finance units to take advantage of the candy handed out by the ECB. BMW (BAMXY.PK), Daimler (DDAIY.PK), and Siemens (SI) are among the firms that may participate in next week's LTRO. |Friday, Feb 242012, 10:44 AM| Comment!