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Denso Corp., Japan’s biggest parts supplier, was among the first players in the country’s auto sector to preview the financial pain unleashed by the COVID-19 pandemic. In announcing its full fiscal year earnings at the end of April, Denso said net income tumbled 73 percent and operating profit plunged 81 percent. Revenues slid 3.9 percent.
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Cruise Origin driverless shuttle Cruise Cruise, General Motors‘ majority owned self-driving vehicle unit, said Thursday in an email to staff that it will be cutting about 8% of its workforce amid the coronavirus pandemic. The cuts are expected to primarily come from outside the company’s engineering operations, including recruiting and human resources, according to a
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Canadian supplier Linamar Corp. reported steep drops in first-quarter sales and net earnings as a result of the COVID-19 pandemic, the company said Wednesday evening. Linamar, based in Guelph, Ontario, said its first-quarter net earnings fell 40.7 percent to $55.7 million (all figures in U.S. dollars). Several global auto suppliers have reported quarterly earnings this
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Fiat Chrysler Automobiles and French rival PSA Group decided to scrap the 1.1 billion euro ($1.2 billion) dividends that each agreed to pay as part of their merger agreement, citing the negative impact of the global coronavirus pandemic. Fiat Chrysler and PSA had vowed to each distribute those dividends this year as part of their
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American Axle & Manufacturing Holdings Inc. was barely starting to emerge from the aftermath of the UAW strike at General Motors before COVID-19 devastated the global auto industry. Though far less destructive than the current financial crisis, the 40-day strike against American Axle’s largest customer cut its fourth-quarter revenue by about $186 million. After the
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Morgan Stanley auto analyst Adam Jonas told CNBC on Wednesday that Tesla CEO Elon Musk’s controversial behavior is actually welcomed by some investors.  Musk’s strategy has been “play to win” or “play to dominate,” Jonas said, along with “wanton disregard for traditional business communication norms.”  “While that can ruffle some feathers along the way, many
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There is only one Mustang that Ford had yet to recreate—the baddest of all, the Boss. That is, until now. Meet the 2012 Ford Mustang Boss 302, the best, most well-rounded Mustang ever. We take it to the track to see how it performs. READ THE STORY HERE: http://www.motortrend.com/roadtests/coupes/1102_2012_ford_mustang_boss_302_test/index.html Also find Motor Trend on: Tweets
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CNBC’s Jim Cramer said Tuesday that he sides with Elon Musk in the Tesla CEO’s fight with local officials over reopening the company’s auto manufacturing plant in Alameda County, California, south of San Francisco. “I think he’s dead right,” Cramer said, in reaction to Musk saying that Tesla restarted production at its Fremont factory on Monday,
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General Motors is following an orderly people-first process to re-opening its factories. The company is working with its union and local health officials. Earlier this week, GM told employees “significant planning is underway to safely restart production” of vehicles. The company issued this official statement: Based on conversations and collaboration with unions and government officials,
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