|Day's range||0.8500 - 0.8500|
Nissan (NSANY) reports net loss of 671.2 billion yen in fiscal 2019, mainly due to the COVID-19 pandemic, which hurt the company's production, sales and other business activities in all regions.
The fortified alliance among Renault (RNLSY), Nissan (NSANY) and Mitsubishi focuses more on efficiency and competitiveness than on volumes.
What happened Shares of several global automakers were rising on Tuesday, as auto factories around the world continued to ramp up after shutting down in March amid the COVID-19 pandemic. Here's where things stood for these three companies' stocks as of 2:30 p.
Japanese automakers Toyota, Nissan and Honda said they are gradually restarting in Mexico as the nation's automotive industry reboots in line with a broader economic reopening, despite still-high numbers of new coronavirus cases. Mexican officials in mid-May said the automotive industry could exit the coronavirus lockdown before June 1 if approved safety measures were in place. Toyota Motor Corp and Nissan Motor Co Ltd told Reuters on Monday that they were preparing to gradually resume operations, and Honda Motor Co Ltd last Friday said it had begun a gradual return to operations.
Both Toyota (TM) and Honda (HMC) report dismal year-over-year results for fiscal fourth-quarter 2020, thanks to the coronavirus outbreak.
Toyota (TM) expects operating income to decline 79.5% year over year to 500 billion yen in fiscal 2021, which would mark the lowest profit in nine years.
Amid coronavirus-induced uncertainty and financial crisis, Honda (HMC) refrains from providing any dividend forecast and financial outlook for fiscal 2021.
Honda Motor (NYSE: HMC) said that its operating profit for the fiscal year ended March 31 was 634 billion yen ($5.9 billion), down 13% from the prior fiscal year, as the effects of the coronavirus pandemic hammered its results for the January-March quarter.
Image source: The Motley Fool. Honda Motor Co, Ltd (NYSE: HMC)Q4 2020 Earnings CallMay 12, 2020, 3:00 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Watanabe -- Corporate PublicationsThank you very much for joining today for the broadcast meeting for the FY '20 and Fourth Quarter Financial Results meeting for Honda Motor Co.
Honda Motor Co <7267.T> on Tuesday posted its lowest operating profit in four years and refrained from releasing an earnings outlook for the current year because of uncertainty about the longer-term impact of the coronavirus on global car demand. Honda and other global automakers have begun gradually to resume operations at their vehicle plants, but face weak demand as job losses and concern about a global economic downturn weigh on consumer spending. Carmakers are also trying to cope with supply chain disruptions and social distancing measures to contain the coronavirus that are expected to limit output in the coming months.
While General Motors (GM) and BorgWarner (BWA) top first-quarter 2020 earnings estimates, Genuine Parts (GPC) falls short amid coronavirus woes.
Honda Motor Co said on Tuesday it has delivered 10 modified Odyssey minivans to the city of Detroit to safely transport healthcare workers and people potentially infected with COVID-19 for testing in one of the U.S. cities that has been hardest hit by the coronavirus pandemic. The minivans have been retrofitted with a plastic barrier behind the front seating area and a modified ventilation system to maintain an air pressure differential between the front and rear seating areas to reduce the risk of coronavirus transmission. Detroit has been especially hard hit by the outbreak, reporting 9,394 cases to date and 1,097 deaths through Monday, or 26% of all COVID-19 fatalities in Michigan.
The American Honda business of Honda Motor (NYSE: HMC) just reported its April auto sales, and they were ugly. Car sales were down an average of 55%, with similar results in both its Honda and Acura brands. Truck sales saw an average decline of 53%, at a 52% rate for the Honda brand, and 58% with Acura.
The head of the United Auto Workers union on Thursday said it was "too soon and too risky" to reopen auto plants and Michigan's economy in early May, citing insufficient scientific data and coronavirus testing to assure workplaces are safe. The warning from UAW President Rory Gamble on Thursday afternoon came as General Motors Co <GM.N> , Ford Motor Co <F.N> and Toyota Motor Corp <7203.T> took new steps toward reopening North American vehicle manufacturing operations in an environment where consumer demand is uncertain and worker safety paramount.
Factory closures, furloughs, pay cuts, and dividend and buyback suspension in the wake of coronavirus crisis have crippled the auto industry. Discouragingly, the situation is not likely to improve in the near future.
Japanese automaker Honda Motor Co <7267.T> said Wednesday it will extend a shutdown of its Mexican plants through April 30 and plans to furlough most U.S. salaried workers for two weeks as a result of the coronavirus pandemic. Honda began its suspension of operations in North America on March 23 and previously extended its shutdown in Canada and the United States through May 1. The company said the majority of its "salaried and support associates at Honda operations in the U.S. will be furloughed for a two-week period."
Honda Motor Co <7267.T> said it has remodeled 50 of its minivans to transport COVID-19 patients to hospitals and quarantine facilities in Japan, sealing off the rear section of the vehicles to keep drivers safe from infection. The Japanese automaker has placed an airtight divide between the driver and the rear passenger areas of the vans and tweaked their air conditioning systems to enable fresh air to enter through the front near the base of the windshield wipers, pass through to the rear passenger area through vents and exit through the back. The company said that the one-way ventilation system installed in its Odyssey and Step WGN minivan models ensures that air from the rear section does not enter the driver’s space, reducing the risk of infection.
Toyota Motor Corp <7203.T> said Wednesday it plans to reopen its North American auto plants on May 4, extending its current shutdown by two additional weeks. The Japanese automaker cited the ongoing COVID-19 pandemic and decline in vehicle demand to extend the halt of production at all of its automobile and components plants in Canada, Mexico and the United States. Toyota will not furlough its direct employees, but has asked its hourly plant employees to take two days out of the 10 day extension as paid time off or they can go without pay if they don’t have accrued leave.
General Motors (GM) & Honda (HMC) to jointly develop two new electric vehicles for the latter, featuring the proprietary Ultium battery technology of the former.
The idea to go for pay cuts, layoffs and furloughs is to conserve cash as Tesla, Inc. (TSLA) and other car companies continue to bleed with halt in production and deliveries.