|Bid||22.04 x 1800|
|Ask||22.05 x 800|
|Day's range||21.67 - 22.13|
|52-week range||19.38 - 29.44|
|Beta (5Y monthly)||1.10|
|PE ratio (TTM)||3.81|
|Forward dividend & yield||1.04 (4.84%)|
|Ex-dividend date||26 Dec 2019|
|1y target est||30.70|
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.
Temperature checkpoints and posters telling workers to keep more than a metre apart at Japanese automaker Honda Motor Co's reopened plant in the Chinese city of Wuhan show how the coronavirus has created a new normal on the factory floor. The plant, a Honda joint venture with Dongfeng Motor Group was shut in late January when authorities ordered a lockdown in Wuhan in a bid to snuff out the coronavirus, which emerged there late last year. It reopened on March 11 to resume operations in stages and is now back to pre-virus production levels, Li Shiquan, assistant director of the joint venture's No. 2 final assembly plant, told reporters on Wednesday.
Honda Motor Co and Nissan Motor Co on Tuesday said they had furloughed thousands of workers at their U.S. operations as the coronavirus pandemic slashes demand for cars in the country. A spokesman for Honda, which employs about 18,400 workers at plants in Alabama, Indiana and Ohio, said the Japanese automaker would guarantee salaries through Sunday, having suspended operations on March 23. Nissan said it was temporarily laying off about 10,000 U.S. hourly workers effective April 6.
Many U.S. carmakers are now looking at resuming production in May after President Trump last week extended the guidelines aimed at containing the spread of the coronavirus till Apr 30.
Honda Motor Co on Tuesday said that it had furloughed workers at its U.S. plants which will be closed until May 1 as demand for cars in the country has plummeted due to the spread of the coronavirus. A spokesman for Honda, which employs about 18,400 workers at plants in Alabama, Indiana and Ohio, said the Japanese automaker would guarantee salaries through Sunday, having suspended operations on March 23. Automakers are facing a drop in sales in the United States, the world's second-largest car market, after some states barred car dealers from selling new cars while "stay at home" orders are in place.
Honda Motor Co and Fiat Chrysler Automobiles NV said on Monday they hope to restart U.S. and Canadian auto production in May amid the ongoing coronavirus pandemic. Fiat Chrysler said Monday it "intends to progressively restart its U.S. and Canadian manufacturing facilities beginning May 4." U.S. President Donald Trump last week extended the guidelines aimed at slowing the spread of the coronavirus to April 30.
Owing to weak consumer confidence and substantial increase in unemployment, car sales are likely to further decline in the coming months.
GM and Honda will jointly develop two new electric vehicles slated for 2024, the latest move by the two automakers to deepen their existing partnership. Under the plan, the automakers will focus on their respective areas of expertise. Honda will design the exterior and interiors of the new electric vehicles; GM will contribute its new electric vehicle architecture and Ultium batteries.
The new vehicles will use GM batteries and be assembled in GM plants in North America, the companies said. Honda plans to begin selling the vehicles in the United States and Canada in 2024. "We are in discussions with one another regarding the possibility of further extending our partnership," Rick Schostek, executive vice president of American Honda said in a statement.
Honda Motor Co <7267.T> said Thursday it will extend a shutdown of all U.S. and Canadian auto plant production through April 10 and at its plant in Celaya, central Mexico, until April 13, because of the ongoing coronavirus outbreak. Honda's plant in El Salto in the western Mexican state of Jalisco, will also suspend production operations between April 4 and April 13, Honda's Mexican unit said. Honda began its auto production halt on March 23.
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.