Volkswagen posted a huge loss, as did Renault. Also someone has a silly idea about the GM name. That and more in Tomorrow’s turn by July 30, 2020.
1st gear: Volkswagen Group records a loss of $ 2.8 billion for the second quarter
That’s bad, but VW also said it saw some hopeful signs for the second half of 2020. VW is also in the midst of implementation. your most important new car in decades, while some of its other brands performed quite well under the circumstances. By BloombergThe company also said it expected 2020 to be profitable as a whole.
The Porsche brand proved to be relatively resilient in the first half, posting operating profit thanks to deliveries that declined only 15 percent.
Audi suffered an operating loss after sales plummeted. The premium car division embarked on a deep restructuring last year to revive tight margins in what used to be the group’s biggest contributor to earnings. New boss Markus Duesmann pledged this month to take advantage of the virus-related depression to make the automaker more nimble.
While Volkswagen is aiming for more than double its market capitalization to 200 billion euros ($ 235 billion), it is currently worth less than 70 billion euros after its shares fell about a quarter from the start of the year.
The company is determined to increase its value by reducing complexity and consistently meeting financial goals, Witter told reporters during a call.
As a reminder, the Volkswagen Group includes Audi, Bentley, Bugatti, Porsche, Ducati, SEAT, Skoda and also Volkswagen itself.
2nd gear: Renault also reports massive loss
That would be $ 8.6 billion missing in the first half, according to bloomberg. That’s largely because Nissan is absolutely sinking since a time ago but especially so far this yearSince Renault owns 43 percent of Nissan. And the pandemic, of course.
“Although the situation is unprecedented, it is not final,” said new CEO Luca de Meo, who took office this month, he said in a statement Thursday. “I have every confidence in the group’s resilience.”
Renault’s vehicle sales fell by more than a third during the period, when showrooms and factories were closed for weeks due to the coronavirus pandemic. Adding to his pain are the growing losses at Nissan, the company in which he owns a 43 percent stake.
The Japanese automaker has decided give up paying a dividend, denying Renault a payment on which it has long relied to increase its profits.
Nissan’s performance reduced Renault’s net income by a total of 4.8 billion euros ($ 5.6 billion) in the first and second quarter.
G / O Media may receive a commission
The loss is a record for Renault, but as France is a shareholder, I doubt Renault will go anywhere soon.
3rd gear: sales continue to decline in Japan
They were down 21 percent in June, according to Reuters, compared to June last year.
The country’s top seven automakers, including Toyota Motor Corp (7203.T) and Nissan Motor Co Ltd (7201.T), sold 1.88 million vehicles combined last month, up from 2.39 million units a year earlier, according to Reuters calculations based on sales data published by the companies.
The decline in monthly sales has slowed from a 50% drop posted in April, and compared to a 38% drop in May.
Global production at these automakers last month fell 26.1% to 1.65 million units in the year, while there was a 62% drop in May.
Japan has been smarter about the pandemic than the US, which is a low bar, but the fact that car sales are still low shows that even in the best case scenario the economic recovery will be long and slow.
4th Gear: Panasonic says its batteries will be better
Panasonic supplies Tesla, which competes with any other automaker for the future of the business. Panasonic exclusively told Reuters that the energy density of your batteries will soon be 20 percent better, in addition to making a cobalt-free battery, all in five years or earlier.
This is the first time that Panasonic, a leading cellular provider for the world’s leading electric vehicle (EV) manufacturer Tesla, has outlined these goals, placing a marker in a highly competitive sector to stay ahead of the game.
Panasonic introduced the “2170” lithium-ion cells, with nickel-cobalt-aluminum cathode (NCA) chemistry, for Tesla Model 3 in 2017. The researchers say it already has the highest energy density above 700 watt-hours per liter.
With an even higher density, these cells could help increase the amount of EV that can run on a single charge, while paving the way for smaller batteries and more spacious car interiors.
This is the kind of incremental lead that could help Tesla stay on top of the EV game pack, but there are also extremely heavy hitters in the EV space, such as VW and GM. And I don’t mean that sarcastically! These are multinational corporations that shed billions of dollars, this will be fun to watch.
5th Gear: Should GM be called Ultium?
Bloomberg identify this analyst like “Adam Jones” but I’m pretty sure it’s actually Adam Jonas. In any case, this suggestion is one of the dumbest things I’ve come across in at least a few weeks.
Morgan Stanley analyst Adam Jones raised that challenge to GM CEO Mary Barra in a conference call on Wednesday after the automaker reported better-than-expected second-quarter earnings. Her suggestion for a new nickname: Ultium, the brand of GM Electric Car Batteries.
“The General Motors brand has done its job, but I wonder if I could be out of touch with some of the really interesting directions the business is taking,” he said. “Why not call the Ultium company, the entire company?”
[…]
The GM CEO diplomatically answered the call, did not rule out a rebrand at some point, but said the automaker is focused on sticking to its EV strategy. Barra has said that turning the huge number of cars on America’s roads into gasoline engine batteries will take decades.
I didn’t even know I had opinions on the GM name, but I suppose I did, since it could be argued that General Motors is the best name among automakers. It tells you what the company is about right away, all company names should be so simple and straightforward.
Reverse: USS Indianapolis
The USS Indianapolis was, of course, also the subject of one of the best monologues in the history of cinema.
Neutral: How are you?
On Sunday I had a moped accident and my phone broke in the process; My Fit’s alternator also died earlier that day, a true flag day for me. That said! The alternator is already fixed, I have an old iPhone working, I can move my limbs again without pain. You hurt yourself to remind yourself that you’re still alive, or something like that.
.
