21.00 -0.08 (-0.38%)
Pre-market: 4:18AM EDT
|Bid||0.00 x 1000|
|Ask||30.26 x 800|
|Day's range||21.03 - 21.63|
|52-week range||19.38 - 29.44|
|Beta (5Y monthly)||1.14|
|PE ratio (TTM)||3.64|
|Forward dividend & yield||1.04 (4.94%)|
|Ex-dividend date||26 Dec 2019|
|1y target est||30.70|
GAC's joint ventures with Toyota Motor Corp and Honda Motor Co Ltd are aiming for a big boost in annual China sales to a million vehicles each by 2025, a recording of a GAC earnings call reviewed by Reuters showed. For its venture with Toyota, that would represent a jump of 47% from 2019 levels while for the venture with Honda that would be a 30% surge. The state-owned automaker will also aim to sell 1 million units annually under its own brand by 2025, Feng Xingya, GAC's general manager told investors and analysts on the call on Wednesday which was not open to media.
Tesla, Louis Vuitton and other companies are re-directing their resources for COVID-19 relief measures.
Toyota, Honda and Fiat Chrysler Automobiles will not reopen North American factories at the end of the month as planned, as the COVID-19 disease spreads and dampens demand for new cars, trucks and SUVs. FCA said Thursday that plants across the U.S. and Canada, as well as headquarters operations and construction projects, are intended to remain closed until April 14, dependent upon the various states' stay-in-place orders and the readiness of each facility to return to production. FCA's Mopar Parts Distribution centers, which have been deemed essential to keeping first responders and commercial vehicles on the road, will continue to operate with paid volunteers.
(Bloomberg) -- Toyota and Honda are extending the closure of their assembly plants in the U.S. and Canada, citing the risks from the coronavirus and slumping demand.The decisions come as showrooms are darkened from the spread of the outbreak and as more Americans have been thrown out of work because of the pandemic, increasing the likelihood of recession.Toyota Motor Corp., Japan’s largest automaker, said Thursday it will attempt to resume production on April 20 at all of its North American auto parts and vehicle factories, including facilities in Mexico, two weeks later than an initial target date of April 6.Honda Motor Co. said it aims to restart its engine, parts and vehicle plants in the U.S. and Canada on April 7, after previously saying it would do so by March 31.Moody’s Investors Service earlier Thursday cut the credit ratings of Toyota and Honda by one notch and Nissan Motor Co. by two notches, citing the impact on the companies’ creditworthiness from a deteriorating economic outlook globally.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Zacks Analyst Blog Highlights: General Motors, Ford, Honda Motor, Toyota Motor and Volkswagen AG
Automakers need to brace up for a prolonged period of weakness, with sales likely to face the heat at least till the first half of this year.
A coronavirus pandemic is having a big impact on the automotive manufacturing industry, the head of a Japanese lobby group said on Thursday, adding that its members will need to keep adjusting production, amid a projected slump in demand. "The truth is, it was shocking just how much the world could change in an instant," Akio Toyoda, who also leads Japan's biggest automaker, Toyota Motor Corp, told a news conference in Tokyo. "At this point, we can't foresee what's ahead for automakers," added Toyoda, the chairman of the Japan Automobile Manufacturers Association.
It is also suspending operations at transmission and engine plants in North America. Honda will continue full pay for all of its associates and it will utilize the break to continue deep cleaning of its production facilities and common areas. The Honda facilities temporarily closing include plants in Ohio, Indiana, Alabama, Canada and Mexico.
Honda Motor Co on Wednesday said that limited operations had resumed at its production site in Wuhan, the epicentre of China's coronavirus outbreak where some workers returned to their jobs after a month-long shut down of offices, schools and factories. Earlier in the day, government authorities in Wuhan, a major manufacturing centre in the country, lifted restrictions on a limited number of key industries in the city, allowing some people to return to work. Rival Nissan Motor Co , which also operates a vehicle manufacturing plant in Hubei province, plans to partially resume production at the site along with another plant in Zhengzhou, Henan province, sometime this week, a company spokeswoman in China told Reuters.
Honda (HMC) witnesses record February sales volume in the Honda and Acura divisions in the United States, the total unit sales being 120,006.
Automakers across the world face the possibility of extended supply chain disruptions as factories in China stutter back to life after closures due to the coronavirus outbreak. The car industry is especially exposed as Wuhan - the epicenter of the outbreak - is known as one of China's 'Detroits', accounting for nearly 10% of vehicles made in the country and home to hundreds of parts suppliers. Non-essential factories in Wuhan and other cities in Hubei province remain on lockdown at least until Wednesday.
Amid coronavirus, the China auto industry has taken a severe beating of late, with shutdown of factories, dealerships with less customer traffic, supply-chain disruption and annual motor show delay.
In a statement, Honda Cars Philippines Inc said its production plant south of the capital Manila will cease operations next month. "To meet Honda's customer needs in the Philippines for reasonably priced and good quality products, Honda considered efficient allocation and distribution of resources," the company said. Honda Philippines' manufacturing plant, which has 650 employees and associates, started operations in 1992.
Japanese automakers delayed on Friday the restart of plants in China near the epicentre of a coronavirus outbreak, complying with authorities' directives, but raising the risk of further supply disruptions that could hit global car production. Nissan Motor Co said it would keep its plants in Xianyang in the central province of Hubei, and Zhengzhou in the neighbouring province of Henan, shuttered after Monday, when it had planned to resume operations, but did not set a new date. Honda Motor Co said operations at its plants in Wuhan, Hubei's provincial capital in which the outbreak began, would remain suspended until March 11.
Honda Motor Co on Friday said it would push back plans to resume operations at its vehicle plant in Wuhan, the epicentre of the coronavirus outbreak in China, after government authorities asked firms to keep workers away through March 11. In a statement, the Japanese automaker said that it planned to restart operations at the plant on March 11, and would resume production sometime during that week. Some operations at other plants in China had resumed this week, Honda said.
While Toyota (TM) tops earnings estimates in third-quarter fiscal 2020, Honda (HMC) lags the same. Meanwhile, Tesla (TSLA) issues recall for most of the Model X SUVs built before mid-October 2016.
Honda Motor Co said on Tuesday it aims to restart vehicle and component production at most of its Chinese plants from Feb. 17, following the extended Lunar New Year holiday due to the coronavirus outbreak. The Japanese automaker said some of its workers have returned at five of its Chinese plants and it is taking steps to ensure the safety of employees in order for production to resume on Feb. 17 or later.
Concerns about widespread impact of coronavirus on Chinese and global economy overshadowed stronger-than-expected U.S. jobs report, dragging benchmarks into negative territory on Friday.