All articles tagged with #automaker
Stellantis, owner of brands like Jeep and Fiat, warned of significant one-off costs through the end of the year, causing its shares to drop about 5-6%, despite reporting a strong third quarter with a 13% revenue increase and reaffirmed its positive outlook amid strategic investments, including a $13 billion U.S. expansion.
General Motors laid off over 200 salaried employees, mainly at its Warren Technical Center, as part of a restructuring effort to boost profits amid challenging market conditions and policy changes, despite recent strong earnings and an optimistic profit forecast.
Porsche's stock (POAHY) dropped 8% after the automaker lowered its financial guidance, reflecting concerns about its future performance.
Warren Buffett’s Berkshire Hathaway has fully exited its 17-year investment in Chinese automaker BYD, which grew over 20-fold in value, selling its stake after a significant rise in BYD’s share price, marking the end of a notable long-term investment.
A major automaker has announced the elimination of 1,000 jobs as it struggles to sell electric vehicles (EVs) that are currently unprofitable. This move highlights the ongoing challenges faced by the automotive industry in transitioning to EVs amid financial pressures.
The question of whether there is an automaker that has never made a bad car is explored, with examples of both successful and less successful models from various companies. The article suggests considering automakers that consistently produce fine cars or those that have a limited production range, such as Morgan, known for its enduring quality and iconic models like the AeroMax and Aero 8. Readers are invited to share their thoughts on which automaker they believe has never made a bad car.
Fisker's talks with a "large automaker" for a potential investment have fallen through, leading to a halt in trading of Fisker stock (FSR) as an announcement is pending. The company has faced financial challenges, including missed interest payments and paused EV production, and rumors of potential partnerships with Nissan. Despite promising upcoming concepts, recent troubles have raised concerns about Fisker's ability to bring future vehicles to market.
Fisker's shares rise after a report suggests Nissan is considering a $400 million investment in the company, following Fisker's announcement of layoffs and production target misses. Fisker CEO Henrik Fisker discusses the company's pivot to a dealer model and ongoing negotiations with OEMs, expressing optimism about the future despite challenges.
Stellantis reported strong full-year results with increased revenue and global deliveries, leading to a stock surge following the announcement of a new share buyback plan and increased dividend. The company warned of a "turbulent" year ahead due to factors like the impact of the EV product mix, lower prices, and labor costs. Despite this, Stellantis remains resilient and projected a minimum commitment of double-digit adjusted operating income margin in 2024 and positive industrial cash flow. The automaker's measured approach to EVs, including leading PHEV sales in the US and a flexible EV game plan, is paying off, with CEO Carlos Tavares emphasizing the importance of profitability and competition from China.
Ford reported fourth quarter sales that exceeded expectations and projected a full-year profit outlook that surpassed estimates, despite anticipating more losses for its EV unit. The company's top-line revenue of $46.0 billion and adjusted EPS of $0.29 both surpassed estimates, with a full-year adjusted EBIT of $10.3 billion. Ford reinstated its 2023 profit outlook and projected a 2024 adjusted EBIT of $10 billion to $12 billion. The company also declared dividends and plans to improve capital efficiency. Ford's business units, including Ford Blue, Ford Model e, and Ford Pro, reported varying revenues and EBIT. The Model e unit recorded significant losses and is projected to incur wider losses in 2024. Ford also experienced declining EV sales in January, but overall auto sales climbed, particularly in the trucks business.
Toyota raises its full-year profit forecast by almost 9% to a record $30.3 billion, attributing the increase to strong sales of its hybrid vehicles. Despite concerns about demand, the automaker's focus on hybrid vehicles has proven profitable, contrasting with other companies' rapid pivot to electric vehicles. Toyota's stock is up nearly 4% in pre-market trading as a result.
Ford Motor reported a 4.3% increase in sales for January, driven by a 43% surge in hybrid vehicle sales, while all-electric vehicle sales declined by 11%. The spike in hybrid sales is part of Ford's strategy to focus on the technology, as demand for hybrids has increased more than electric vehicles. Despite the focus on hybrids, traditional cars and trucks still accounted for 90% of Ford's sales last month. The highly profitable F-Series pickups saw a 12% decline in sales. Ford's crosstown rival, General Motors, released results and 2024 guidance that exceeded Wall Street's expectations, leading to a notable increase in its stock.
General Motors Co. exceeded expectations with a net income of $10.1 billion in 2023, up from $9.9 billion in 2022, and revenue of $171.8 billion, with $2 billion in net income in the fourth quarter. The strong financial performance will result in profit-sharing bonuses for hourly employees, and GM expects adjusted earnings of $12-14 billion in 2024. The company faces pressure to expand its EV offerings and address safety concerns with its autonomous vehicle unit, Cruise LLC, while dealing with unexpected delays in EV production. GM's sales in the United States increased by 14% in 2023, marking its best performance since 2019, and the company is closely watching Ford Motor Co. and Stellantis NV's upcoming earnings reports.
Toyota remains the world's largest automaker by sales, selling a record 11.2 million vehicles in 2023, but faces challenges with scandals over certification irregularities and ongoing issues with exploding airbags. Volkswagen saw growth in all regions, particularly in Europe and North America, but faced a challenging environment in China's competitive auto market. Chinese electric automaker BYD experienced a slowdown in profits despite its rise as the world's biggest seller of electric vehicles, while legacy automakers like Volkswagen are racing to increase their sales of EVs.
Toyota remains the world's largest automaker after achieving record-breaking sales of 11,233,039 vehicles in 2023, surpassing Volkswagen Group. The Toyota and Lexus brands delivered 10,307,395 cars, with significant growth in sales outside of Japan, particularly in the United States. Meanwhile, other major automakers such as Hyundai/Kia/Genesis, General Motors, Stellantis, and Nissan also saw increases in their global sales for 2023.