They called the market correctly, but they did bet on the wrong horses. Bloomberg polled the usual assemblage of analysts regarding the final tally of July new car sales, and the analysts did not disappoint when it came to the overall market. On average, they nailed the July SAAR of 14.1 million. When it came to the Detroit 3, they were way too optimistic. And it just so happens that the chief car analyst of Germany’s largest bank is the winner of this month’s Grade the Analysts. (Read More…)
This makes Hugo Chavez happy: GM wants to more than double its production in the Caribbean worker’s paradise of Venezuela. At least that’s what Chavez told Reuters: (Read More…)
Toyota has decided to increase global production this year by about 300,000 units, The Nikkei [sub] reports, as usual for the Nikkei without quoting sources. If this is true, then it would bring global production numbers for Toyota and Lexus close to 9 million for the year. With Daihatsu and Hino, that number would be around 10 million. That is too high for GM to reach. (Read More…)
Fiat saved Chrysler. Now, Chrysler keeps Fiat alive. Fiat would be in deep trouble, would it not be for the huge profits generated at Chrysler. Fiat’s future is so cloudy that it can’t give guidance for the near future. Yesterday, Fiat reported a second quarter trading profit of 1 billion euros ($1.23 billion), “bolstered by soaring sales at its U.S. unit Chrysler,” says Reuters. Today, Fiat says it has no clue where it will stand by the end of the year. (Read More…)
Mitsubishi is still alive and well in Japan, for the rest of the world, it is hoping for a Mirage. Just to make sure, Mitsubishi built one. Produced in Thailand, the Mitsubishi Mirage is a global compact car. Today, it goes on sale in Japan. (Read More…)
And now, the hangover: July brings disappointing sales numbers for GM and Ford after June had surprised. GM is down 6 percent in July. Ford is down 4 percent. Even Chrysler Group reports down to earth results with July up only 13 percent after a truly ballistic series of months. In June, Edmunds Senior Analyst Jessica Caldwell politely voiced suspicions that the beautiful June numbers were the product of cosmetics: (Read More…)
When a common law couple finally stops living in sin and ties the knot, it usually is (in more ways than one) an anticlimactic event. And so it is today. Today, August 1, Porsche finally came home to Volkswagen. (Read More…)
While we are waiting for the U.S. July sales table to populate, let me entertain or bore you with all the numbers from Japan. This was made possible by the , the Japan Mini Vehicles Association finally publishing its outstanding table. Domo arigatou. (Read More…)
U.S. domestic sales of GM are down 6.4 percent, while sales of bitter rival Toyota are up 26.1 percent. Or more, depending on how you look at it. (Read More…)
And now, back to the usual blood and tears from Europe: July new cars sales dropped 7 percent in France and thudded 17 percent in Spain “as consumers cut back on costly goods in the face of economic uncertainty,” says Reuters. (Read More…)
It’s not all blood and tears in Europe. Actually, the bloodier Europe looks, and the more Marchionne & Co do cry, the bigger the smiles at European carmakers with heavy exposure to foreign markets. The Euro is way down, and a low Euro means heavy profits from abroad – if you have business abroad. BMW sure does, and it posted its second best quarterly earnings in company history. Profit before financial result (EBIT) amounted to € 2.27 billion in the April-June 2012 quarter. (Read More…)
Japanese new car sales jumped in July while the business is getting ready to enter negative territory during the rest of the year. (Read More…)
Two times, the UAW tried to unionize the Nissan plant in Smyrna, Tennessee. Twice, the Union received a black eye. The UAW is trying a third time, this time counting on the fact that “an estimated 70 percent of the workforce is black,” says Reuters in a feature story on the UAW’s last ditch effort to gain relevance in the South.
Says Reuters: (Read More…)
If this feels like the Manchester United and Ewanick day, so be it. If we’d pass up these morsels, we’d be accused of selective reporting. As a result of the torrent of leaks, we are now led to believe that the Manchester deal is what the Business Insider calls “one of the biggest marketing contractual screwups of all times.”
While bloggers and the MSM are gobbling up the red herrings served by the deep throats at GM, some people are connecting the dots. They even drew a map. If you are concerned about U.S. taxpayer’s money leaving for Old Blighty, you want to read on. Don’t do it on an empty stomach. Or maybe do. You will want to puke. (Read More…)
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