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Category: Automotive

Retail News Asia is committed to providing both local and global retailers with the latest Auto and Car news throughout the Asian market. This on a daily base.

  • Peugeot Maker PSA Says Demand To Fall Sharply, Keeps Margin Goal

    Peugeot Maker PSA Says Demand To Fall Sharply, Keeps Margin Goal

    French automaker PSA on Tuesday warned of sharp falls in demand for the sector this year after posting a 15.6% drop in first-quarter sales but maintained its mid-term operating margin goal.

    The maker of Peugeot, Citroen, DS, Opel and Vauxhall is working through a merger with Italy’s Fiat Chrysler but like its peers has been forced to shutter plants due to the coronavirus outbreak.

    The group said revenue for the January-March quarter stood at 15.2 billion euros ($16.47 billion).

    It maintained its target for an average adjusted operating target of over 4.5% for its automotive division over the 2019 to 2021 period.

    “Having secured liquidity and drastically cut costs, the group is now fully focused on preparing for the rebound in a chaotic economic environment,” Financial Chief Philippe de Rovira said in a statement.

    Little relief for Europe’s carmakers Monday as BMW says sales have plunged and Peugeot-owner PSA says it’s raising new funds to help it see out the crisis.

    PSA said it now expects the auto sector to fall by 25% in Europe and Latin America this year, by 20% in Russia, and by 10% in China.

    Like French rival Renault, PSA has been in talks with unions to try and work out a schedule to reopen its factories in France with new sanitary protocols.

    Its British brand Vauxhall is looking at temperature checks and shift rescheduling to plan the reopening of its two UK factories.

    France and many other European countries are still under strict lockdowns, though China is now emerging from confinement.

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  • Porsche Sales Drop By 5 Per Cent In Q1 2020 Due To The Coronavirus Pandemic

    Porsche Sales Drop By 5 Per Cent In Q1 2020 Due To The Coronavirus Pandemic

    German performance carmaker Porsche AG announced its sales for the first quarter of 2020 and the manufacturer sold 53,125 cars between January and March this year. Sales for the automaker were down by five percent when compared to the same period a year ago. Porsche attributed the drop in numbers due to the Coronavirus pandemic that’s put the world under lockdown since March this year. That being said, the Porsche Cayenne SUV continues to be the most popular offering in the brand’s stable with 18,417 deliveries during Q1 2020. The Porsche Macan SUV stands second with 15,547 deliveries during the same period, while the iconic Porsche 911 remains a popular choice as well with 8482 units delivered in the last three months.

    Interestingly, Porsche’s popular offerings witnessed a sales growth of  16 percent year-on-year even as overall sales have seen a marginal slump. The company also delivered its all-new Taycan electric sports car in Q1 2020 with 1391 units handed over to customers.

    Speaking on the drop in volumes, Detlev von Platen, Member of the Executive Board for Sales and Marketing at Porsche AG, said, “We are not alone in clearly feeling the effects of the coronavirus pandemic on our deliveries. But our focus now is on standing together with our business partners worldwide. Working together, we are in a position to react quickly and appropriately to further developments. After this challenging first quarter, we are now actively preparing to restart production. Our top priority will always be the health of our employees, the employees of our retail partners and, of course, the health of our customers. We are confident that the outlook is positive, not least because we see a clear recovery in the Chinese market; almost all of our Porsche Centers there have already reopened.”

    The strongest markets for Porsche AG remained in China and the USA. The company delivered 14,098 units to customers in China in the first quarter, making it the brand’s largest market. However, the country saw a drop of 17 percent in year-on-year sales. The automaker sold 11,994 units in the US, making it the second-largest market for the brand, while it saw the biggest decline in volumed with a drop of 20 percent. The company’s home market, Germany saw the manufacturer retail 5214 cars between January and March 2020, witnessing a drop of six percent. Meanwhile, 16,787 cars were delivered across Europe with sales jumping a healthy 20 percent as compared to last year. The only market for Porsche to see positive growth in the last quarter. 22,031 units were sold in Asia-Pacific, Africa, and the Middle East, with a decline of eight percent, when compared to the same period during the previous year.

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  • Volkswagen Group Sales Down 23% In Jan-March

    Volkswagen Group Sales Down 23% In Jan-March

    Volkswagen Group on Friday said sales of its cars dropped by 23% on the year to 2 million cars in the January to March period.

    In March alone, deliveries were down 37.6% overall at 623,000 vehicles, the figures showed, reflecting the coronavirus crisis which triggered plant closures and falls in sales as consumers were tied up at home in lockdown measures across the world.

    German carmakers to resume production as lockdowns ease

    German carmakers including Volkswagen and Mercedes-Benz will restart production at some German factories next week. It’s part of a partial reopening of business and shops over the next few weeks.

    More specifically, March sales were down 44.6% year-on-year in western Europe, down 23.1% in central and eastern Europe, down 42% in North America, and down 35% in China, the company said.

    Experts believe that declines in April sales could be steeper as the full impact of the lockdowns works its way through the system.

    Volkswagen on Thursday withdrew its outlook for 2020 due to the uncertainty related to the virus outbreak which caused operating profit to drop 81% in the first quarter.

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  • Ford Issues $8 Billion Debt Securities After Coronavirus Causes $2 Billion Loss

    Ford Issues $8 Billion Debt Securities After Coronavirus Causes $2 Billion Loss

    Ford Motor Co on Friday raised $8 billion from corporate debt investors to shore up its cash reserves as the coronavirus outbreak pummeled vehicle sales and production, resulting in an estimated loss of about $2 billion for the first quarter.

    The Dearborn, a Michigan-based company, which lost its investment-grade status in March, raised new funds with a three-part debt offering, according to a regulatory filing.

    Investors said Ford benefited from the U.S. Federal Reserve’s move last week to backstop debt offerings by companies that lost investment-grade credit ratings after the COVID-19 crisis accelerated in the United States, International Financing Review reported on Friday.

    “Today’s deal is a good sign of the growing confidence around the improving market backdrop with respect to liquidity as well as more promising views around the economic outlook,” said Dan Mead, head of the investment-grade syndicate at Bank of America Securities, which was one of the lead banks on the Ford deal.

    Ford Motor Co announced on Monday that it expects about a $600 million pre-tax loss for the first quarter of 2020.

    In an environment where interest rates on cash savings are close to zero, Ford will pay investors an interest of between 8.50% and 9.625% on the new debt securities.

    There was around $40 billion worth of demand from investors across the three debt packages, according to a person familiar with the matter.

    Ford had earlier drawn down over $15 billion from revolving credit lines to ride out the pandemic, which forced the shutdown of its North American and European factories during the past month.

    Separately, General Motors Co disclosed in a regulatory filing that it had entered into a 364-day revolving credit agreement of $1.95 billion. The automaker said it has allocated the credit line for exclusive use by its financial services business.

    Ford on Friday said it had to put up additional guarantees for earlier loans – not the notes sold Friday – because it has not maintained an investment-grade status. It has suspended its dividend for the quarter.

    Stanching the cash drain and restarting profitable operations in Europe and North America will be critical for Ford in the months ahead. The company told investors ahead of Friday’s bond deal that absent new funding and a restart of production, it had cash to last to the end of the third quarter.

    Now, Ford has more breathing room financially, and federal and state officials this week said they expect coronavirus lockdowns to begin easing, possibly allowing auto plants to begin building vehicles again early next month.

    Still, the company has taken a body blow from the pandemic at a time when it was already wrestling with a difficult restructuring effort begun more than two years ago. Ford’s vehicle sales to dealers fell 21% in the first quarter, compared with a year earlier.

    Only Ford’s joint ventures in China, where the pandemic has been receding, are currently producing vehicles, and dealers there have resumed work.

    Separately, Ford warned that its production of high-priced versions of pickups and sport utility vehicles could be hurt due to the damage caused by a tornado earlier this week at parts supplier BorgWarner’s South Carolina factory.

    BorgWarner’s facility makes transfer cases for some of Ford’s most profitable vehicles, such as four-wheel-drive large F-series pickups and large sport utility vehicles.

  • BMW Motorrad India Sales Grow By 71 Per Cent In Q1 2020

    BMW Motorrad India Sales Grow By 71 Per Cent In Q1 2020

    BMW Motorrad India has shared its sales report for the first quarter of 2020, and the manufacturer managed to sell 1024 motorcycles between January and March this year. The German motorcycle maker registered a 71.5 percent hike in sales in Q1 2020, as compared to the same period in 2019 wherein it sold 597 units. Driving the sales momentum for the brand were its entry-level motorcycles, the BMW G 310 twins – G 310 R and the G 310 GS – that contributed to over 80 percent to the total sales or a little over 800 units in three months.

    Speaking on the sales growth, Rudratej Singh, President and CEO, BMW Group India said, “BMW Motorrad India has posted robust growth in Q1 2020, a result of the extremely strong brand we have built among motorcycling enthusiasts in India. BMW Motorrad has brought its most aspirational and desirable global products to Indian customers and developed a truly close-knit riding community that attracts riders who use motorcycling as a means to explore life. The BMW 310 and the GS range are particularly popular among the Indian riders. Though our riding events are on hold to ensure social distancing, we are engaging with fellow riders digitally and through social media. We are closely monitoring the market situation and its impact on future demand.”

    The new generation BMW S 1000 RR has found a large audience in India, according to the company

    While the G 310 twins have been hugely popular for BMW Motorrad, the company has also been actively pushing the 310 motorcycles with huge discounts at the dealer level. The discounts range between ₹ 65,000-75,000. The company is yet to announce BS6 compliant versions of the motorcycles.

    The other main contributors for BMW Motorrad continue to be the  R 1250 GS/GSA, F 750/850 GS as well as the 850 GSA, and the BMW S 1000 RR.

  • Michelin, Enviro Working On New Recycling Technique To Transform Old Tyres Into Raw Materials

    Michelin, Enviro Working On New Recycling Technique To Transform Old Tyres Into Raw Materials

    Michelin has announced entering a new partnership with Swedish start-up Enviro, to introduce a new technology to recycle end-of-life tires. Under the new partnership, the companies will work towards industrializing an innovative pyrolysis technology on a large scale to recycle old tires and convert them into raw materials. Currently, recycling is a major issue with tires, and each year, about 1 billion tires reach the end of their life and are discarded as waste. But this new recycling technology will bring them back into the equation.

    The process involves a new technique developed by Enviro that modifies the chemical composition and physical phase of the pneumatic material (tires) during the pyrolysis process while ensuring minimal energy consumption. Simply put, this technology will allow the companies to extract high-quality raw materials such as – recovered carbon black, pyrolysis oil, steel or gas from old tires. These raw materials can then be re-incorporated into various other production circuits in different industrial sectors.

    The new partnership will see both the companies bring in their expertise from different fields to deploy Enviro’s pyrolysis technology on a larger scale and build a factory to industrialize the technology. Michelin will use its industrial know-how in terms of research and development and production for the construction of the new plant, while Enviro will bring its patented pyrolysis technology, which will produce high-quality products. The location of the plant will be confirmed at a later date.

    Michelin currently holds 20 percent stake of Enviro’s capital, amounting to 32.5 million SEK or ₹ 247.4 crore, as per the current exchange rate, making it the largest shareholder in the company. There is also a joint Supply Agreement between Michelin and Enviro. Michelin says that this partnership reiterates the company’s long-term commitment to recycling and sustainable mobility.

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  • Mercedes-Benz India Sells 2386 Units In Q1 2020

    Mercedes-Benz India Sells 2386 Units In Q1 2020

    Mercedes-Benz India announced that it managed to sell 2386 units in the January-March 2020 period. The company clocked these sales numbers even as it continues to face strong market challenges including the current lockdown due to COVID-19 pandemic.

    The company already kick-started with its new car launches in January 2020 with the GLE and then we saw it showcase its upcoming product line-up at the Auto Expo 2020 in February. Martin Schwenk, Managing Director & CEO, Mercedes-Benz India commented, “We started 2020 on a high note and our existing, as well as newly launched products, continued to draw customer traction till the time sales came to a complete stop, due to the current COVID-19 pandemic situation. At Mercedes-Benz, we are doing our best to support all our stakeholders through varied initiatives and measures, so that all of us can emerge stronger than ever before, especially during this period of crisis.”

    The company was the first carmaker in the country to make the transition to BS6 last year with the launch of the S-Class and now the company has made the complete transition to BS6 products. Though the GLC facelift, GLC Coupe and the GLE continue to rake in sales for the company, it’s the A-Class Limousine which was showcased at the Auto Expo in February that’s getting most of the attention. The company has said that it is ‘overwhelmingly popular and has already received a number of pre-bookings received for the car.

    However, given the current lockdown due to the coronavirus pandemic, Mercedes-Benz India’s focus is on strengthening its online presence. Therefore, the company is collaborating closely with its retail partners to jointly address this challenging situation and to offer them advice and support in order to best serve Mercedes-Benz customers. Customers can now book their cars online and also receive delivery of their cars at their doorstep.

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  • China Car Sales Post First Weekly Rise Since Virus Outbreak

    China Car Sales Post First Weekly Rise Since Virus Outbreak

    China’s retail sales of passenger cars in the week of April 7-12 rose 14% from a year earlier, marking the first weekly rise reported since the coronavirus outbreak, data from the China Passenger Car Association (CPCA) showed.

    Coronavirus to push China’s Q1 GDP into the first decline on record.

    The coronavirus crisis likely knocked China’s economy into its first decline since at least 1992 in the first quarter, raising the pressure on authorities to do more to restore growth as mounting job losses threaten social stability.

    Sales for the first 12 days of the month were down 12% the CPCA data showed

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  • Tesla Shares Extend Rally After China Registration Surge And Nod From Goldman

    Tesla Shares Extend Rally After China Registration Surge And Nod From Goldman

    Tesla’s stock extended its recent rally on Wednesday following a surge in China car registrations and after Goldman Sachs initiated coverage of the electric car maker with a “buy” recommendation.

    Shares of the Silicon Valley automaker rose nearly 2%, bringing their gain this week to 26% as traders look beyond the short-term impact of the coronavirus pandemic, which has forced Tesla to close its California factory, furlough workers and cut salaries.

    Tesla’s China car registrations jumped 450% in March, month on month, data from auto consultancy LMC Automotive showed. Overall auto sales in China plunged 43.4% in March, as a coronavirus pandemic continued to depress demand.

    In a note late on Tuesday, Goldman Sachs analyst Mark Delaney started coverage of Tesla with a $864 price target, compared to its latest price of $723.

    Tesla told employees on Tuesday the company will furlough all non-essential workers and implement salary cuts as part of a continued shutdown of the company’s U.S. production facilities.

    “We believe that the combination of Tesla’s product leadership (including its over-the-air updates to continue to improve vehicle performance), brand/early-mover advantage, vertical integration, and the long development cycles in autos (new cars can take 2-4 years to develop) will help Tesla to maintain a strong market position,” Delaney wrote.

    Wall Street has long been divided over Tesla and its chief executive, Elon Musk. Supporters expect Tesla to become a dominant global carmaker, with a fleet of driverless taxis, while many skeptics doubt Tesla can become sustainably profitable.

    Goldman Sachs’ previous Tesla analyst, David Tamberrino, had a “sell” rating and a $158 price target as of last June, the lowest on the street at that time.

    Previously, in 2016, Goldman Sachs attracted attention when it upgraded Tesla to “buy” just hours before the carmaker announced a $2 billion stock offer with Goldman Sachs and Morgan Stanley acting as joint lead bookrunners.

    Tesla’s stock has doubled from its March low and remains down 20% from its record high close in February, before fears about the impact of the coronavirus on the global economy triggered a deep stock market sell-off.

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  • General Motors Begins Production Of Ventilators For U.S. Government

    General Motors Begins Production Of Ventilators For U.S. Government

    General Motors said on Tuesday it had started producing ventilators in the volume needed to treat severely ill coronavirus patients and would deliver the first batch of the medical equipment to the U.S. government this month.

    The U.S. Department of Health and Human Services (HHS) has awarded nine contracts totaling nearly $2.6 billion to produce 137,000 ventilators by the end of 2020 for the U.S. Strategic National Stockpile, including a contract to GM worth $489.4 million for 30,000 ventilators by the end of August after President Donald Trump invoked the Defense Production Act.

    Other contracts announced by HHS in recent days include a $646.7 million contract to Dutch health technology company Philips and others to General Electric Co, Hill-Rom Holdings Inc, Medtronic Plc , ResMed Inc, Vyaire Medical Inc, Hamilton Medical AG and Zoll Medical Corp.

    The United States awarded General Motors a $489 million contract Wednesday to produce ventilators to treat severely sick coronavirus patients.

    Hamilton is receiving a $552 million contract for 14,115 ventilators, while Vyaire is receiving a $407.9 million contract for 22,000 ventilators produced by June 29 and Zoll is receiving a $350.1 million contract for 18,900 ventilators, HHS said on Monday.

    HHS Secretary Alex Azar said in a statement the contracts “will mean we have more capacity to respond to the pandemic as it evolves.”

    GM, which is working with ventilator firm Ventec Life Systems to produce the medical equipment, said it would ship more than 600 ventilators in April.

    It added that it expected to fill nearly half the order by the end of June and the full order by the end of August. The ventilators will be produced at a plant in Kokomo, Indiana.

    White House adviser Peter Navarro said that “as these lifesaving ventilators roll off GM’s assembly line as fast as tanks once did in an earlier World War, they will be rapidly deployed.”

    GM’s shares closed flat. The stock has fallen more than 37% this year, as coronavirus-related lockdowns weigh on automobile sales.

  • Toyota Plans Limited Operations In France

    Toyota Plans Limited Operations In France

    Toyota Motor  on Monday said it plans to restart limited production at vehicle plants in France and Poland from April 22 after closing them due to the

    Automakers make a push to reopen plants. Global automakers reeling from the COVID-19 pandemic are accelerating efforts to restart factories from Wuhan to Maranello to Michigan, using safety protocols developed for China and U.S. ventilator production operations launched in recent weeks. Cia

    Most other plants in Europe, North America, Latin America, and Asia will remain closed for now, it said in a news release

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  • Tesla’s China Car Registrations Surge In March As Shanghai Factory Back Up

    Tesla’s China Car Registrations Surge In March As Shanghai Factory Back Up

    U.S. electric vehicle maker Tesla Inc’s China car registrations jumped 450% in March, month on month, data from auto consultancy LMC Automotive showed.

    Tesla’s China registrations rose to 12,709 units in March from 2,314 in February.

    Overall auto sales in China plunged 43.4% in March, as a coronavirus pandemic continued to depress demand, industry data showed.

    Tesla told employees on Tuesday the company will furlough all non-essential workers and implement salary cuts as part of a continued shutdown of the company’s U.S. production facilities.

    Tesla, which started delivering cars from its Shanghai factory last year, said last week it has started China sales of two more Model 3 variants built at its Shanghai plant.

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  • Volkswagen To Aid U.S. Dealers Supporting Coronavirus Relief Efforts

    Volkswagen To Aid U.S. Dealers Supporting Coronavirus Relief Efforts

    Volkswagen AG said on Monday it would give financial assistance to its U.S. dealers who wish to use their loaner fleet to pick up and deliver essential supplies in areas affected by the COVID-19 pandemic.

    The loaner cars, typically offered to customers to drive while their vehicles are in a shop for repairs, can be called upon for delivering food to a local food bank, transporting masks and gowns, and dropping off necessary items to those who are unable to leave their home, the automaker said.

    Dieselgate’ made headlines around the world. For deliberately cheating the system, Volkswagen was made to pay a record $20 billion fine. But, as this investigation shows, they were far from the only culprits.

    Volkswagen said its dealers would not charge the group or person making such a request.

    “Only dealership employees will be permitted to drive vehicles. Volkswagen corporate will offer dealers a daily stipend per vehicle to cover fuel and lease costs,” the automaker said.

    Volkswagen’s network of more than 600 U.S. dealers maintains a loaner fleet of nearly 7,000 vehicles, although some dealerships could be closed or working with reduced personnel due to state and local guidelines.

  • Ford Expects Coronavirus Shutdown To Cause $600 Million Quarterly Loss

    Ford Expects Coronavirus Shutdown To Cause $600 Million Quarterly Loss

    Ford Motor said on Monday it expects to post a pre-tax loss of about $600 million for the first quarter as the coronavirus outbreak pummeled its sales and shuttered vehicle assembly plants, resulting in a 21% drop in vehicle sales to dealers versus the same quarter in 2019.

    The news sent Ford’s shares down more than 5% in morning trading.

    Only Ford’s joint ventures in China, where the COVID-19 pandemic has been receding, are currently producing vehicles. The automaker said it is working on a scenario for a phased restart of its manufacturing plants beginning in the second quarter.

    “However, we believe we have sufficient cash today to get us through at least the end of the third quarter with no incremental vehicle production and wholesales or financing actions,” Chief Financial Officer Tim Stone said in a statement.

    Global automakers reeling from the COVID-19 pandemic are accelerating efforts to restart factories from Wuhan to Maranello to Michigan, using safety protocols developed for China and U.S. ventilator production operations launched in recent weeks. Cia

    Asked whether Ford would apply for loans from the U.S. government or the Federal Reserve to sustain its operations for longer if needed, a spokesman for the automaker said that unlike during the Great Recession – when financing dried up – there is still plenty of liquidity in the capital markets.

    “We have a broad range of options” for obtaining additional financing if needed, the spokesman said.

    As of April 9, Ford said it had about $30 billion in cash on its balance sheet, including $15.4 billion it borrowed last month against two existing credit lines.

    Ford said any decisions on restarting its plants will be made “in cooperation with local unions, suppliers, dealers and other stakeholders.”

    In March, the company shuttered plants in North America and Europe due to the spreading pandemic.

    Earlier this month, the No. 2 U.S. automaker said its first-quarter U.S. sales had fallen 12.5% during the quarter. The U.S. market, with its highly profitable pickup truck and SUV segments, generates the overwhelming majority of Ford’s profits.

    Ford’s U.S. sales chief Mark LaNeve said on April 2 that Ford believes some level of government stimulus will be needed for American consumers once the COVID-19 pandemic recedes.

    Ford said it expects its first-quarter adjusted loss before interest and taxes to be about $600 million, compared with a profit of $2.4 billion a year ago.

    The company said it expects to report revenue of about $34 billion for the quarter.

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  • Passenger Vehicle Sales Down In March 2020

    Passenger Vehicle Sales Down In March 2020

    The entire nation is under lockdown since March 24 which has been taking a toll on businesses. With both sales and production being stopped, auto sales have taken serious hit recording a sales decline of 44.95 percent in March 2020 selling 10,50,367 units last month as compared to 19,08,097 units which were sold in the same month a year ago. Sales of passenger vehicles went down by 51 percent in March 2020 selling 143,861 units as compared to 2,91,861 units a year ago. Sales of passenger cars went down by 52.12 percent at 85,229 units as compared to 178,019 units while UV sales slumped by 44.67 percent at 51,569 units as compared to 93,206 units in the same month a year ago. However, it’s the Van segment that witnessed the steepest decline at 69.88 percent selling 6216 units as compared to 20,636 units in March 2019.

    Two-wheelers sales too went down by 39.83 percent at 866,849 units against 14,40,593 units sold in the same month last year while three-wheeler sales went down by 58.34 percent in the same month at 27,608 units as compared to 66,274 units sold last year. Sales of commercial vehicles took the worst hit dropping by 88.05 per cent at 13,027 units as compared to 109,022 units sold in March 2019.

    Speaking on the sales performance, Rajan Wadhera, President- SIAM said, “The month of March 2020 was one of the most challenging months for the Auto sector as the 21-day lockdown resulted in bringing the production and sales of vehicles to a standstill in the last week. As the revenues took a severe hit, the OEMs struggled on meeting fixed cost and working capital requirements. The industry was already reeling under severe de-growth and the pressure of disrupted supply chain, which was followed by a majority of the auto companies announcing a shutdown of their manufacturing units in the last week of March 2020, due to concerns over ensuring workplace safety & health of their employees. As per our estimates at SIAM, Auto industry is losing Rs 2,300 crore in production turnover for every day of closure.

    Owing to the prolonged slowdown that had gripped the industry for the last 15 months, sales in FY2020 also remained subdued recording a decline of 17.96 percent selling 2,15,48,494 units as compared to 2,62,66,179 units sold a year ago. The PV segment witnessed a decline of 17.82 percent at 27,75,679 units as compared to 33,77,389 units. In the same period, sales of two-wheelers went down by 17.76 percent at 1,74,17,616 units as compared to 2,11,79,847 units last year while three-wheelers sales declined by 9.19 per cent at 6,36,569 units as compared to 7,01,005 units. CV sales went down by 28.75 per cent at 7,17,688 units against 10,07,311 units. Sales of quadricycles in the same month went up by 50.24 percent at 942 units as compared to 627 units sold in FY2019.

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