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Automotive Sector

All articles tagged with #automotive sector

business2 years ago•1 min saved

Volkswagen's Shares Plummet Following Margin Downgrade and Forecast Cut

Volkswagen shares dropped over 3% to their lowest level since April 2020 after the German carmaker reduced its profit margin outlook for the year due to negative effects from raw materials hedges. The company now expects a return on sales of 7.0-7.3%, down from the previous forecast of 7.5-8.5%. Despite the downgrade, Volkswagen maintained its outlook for deliveries and sales, which some analysts see as a sign of confidence. The company reported a 12% increase in third-quarter sales and a 14% rise in operating profit.

via Reuters|

#automotive-sector #business #downgrade

technology2 years ago•1 min saved

"Qualcomm Secures Deal to Power BMW and Mercedes Displays and Voice Features"

Qualcomm has announced that it will supply chips for in-car infotainment systems to luxury automakers BMW and Mercedes. The company, known for its smartphone chips, is expanding its presence in the automotive sector and expects to generate $4 billion in revenue from this sector by 2026. Qualcomm's chips will power voice commands in BMW cars and will be used in the next version of Mercedes E class models. The company aims to find new areas for growth, with automotive being one of its focuses.

via Reuters|

#automotive-sector #bmw #chips

economy2 years ago•1 min saved

German Industrial Output Plummets, Recession Fears Intensify

German industrial production fell by 3.4% in March, more than expected, due to weak performance by the automotive sector, raising concerns of a recession in Europe's largest economy. The manufacture of motor vehicles and automotive parts fell by 6.5% on the previous month, while production in machinery and equipment fell by 3.4%. German industrial orders also fell by 10.7% in March, posting the largest month-on-month decline since 2020. Retail sales and exports also dropped sharply in March, increasing the odds of a downward revision to first-quarter gross domestic product.

via Reuters|

#automotive-sector #economy #germany

business2 years ago•14 min saved

Cleveland-Cliffs Beats Revenue Expectations Despite Q1 Losses

Cleveland-Cliffs, the largest flat-rolled steel producer in North America, reported Q1 2023 revenues of $5.3 billion, a GAAP net loss of $42 million, and adjusted EBITDA of $243 million. The company expects to benefit from higher sales volumes to the automotive sector and increased prices achieved in yearly renegotiations with car manufacturers. Steelmaking revenues of $5.1 billion included 36% of direct sales to the automotive market. The company has lowered its full-year 2023 capital expenditures expectation to $675 to $725 million.

via Cleveland Cliffs|

#automotive-sector #business #cleveland-cliffs