Auto & Truck Sales April 2008
From Bloomberg: U.S. auto sales probably dropped for the sixth straight month in April, the longest slide in seven years.
Estimated monthly declines: Chrysler 19%; Ford 14%; GM 17%; Toyota 7.5%; Nissan 3.5% and Honda 3%. Results later today.
BMW's revenue +11%, but net income dropped 17% because of lower values for used cars in the U.S. and bad debts in the sales-financing division.
CEO Norbert Reithofer: "The international financial crisis worsened and the climate for consumer spending became gloomier."
Daimler, said profit plunged 32% after a stake in former U.S. unit Chrysler dragged down earnings and North American truck sales declined 47% and revenue plunged 13%.
From the WSJ: Auto Parts Makers reported turnarounds; Visteon, TRW Automotive, Lear and Arvin Meritor.
Most U.S. parts makers, including Visteon, have spent the past few years closing plants in North America and moving production to low-cost countries.
Most have cut their North American work force. ArvinMeritor said it swung to a first-quarter profit thanks to
CEO Chip McClure's work at closing high-cost factories both in North America and around the world while opening plants in China.
Estimated monthly declines: Chrysler 19%; Ford 14%; GM 17%; Toyota 7.5%; Nissan 3.5% and Honda 3%. Results later today.
BMW's revenue +11%, but net income dropped 17% because of lower values for used cars in the U.S. and bad debts in the sales-financing division.
CEO Norbert Reithofer: "The international financial crisis worsened and the climate for consumer spending became gloomier."
Daimler, said profit plunged 32% after a stake in former U.S. unit Chrysler dragged down earnings and North American truck sales declined 47% and revenue plunged 13%.
From the WSJ: Auto Parts Makers reported turnarounds; Visteon, TRW Automotive, Lear and Arvin Meritor.
Most U.S. parts makers, including Visteon, have spent the past few years closing plants in North America and moving production to low-cost countries.
Most have cut their North American work force. ArvinMeritor said it swung to a first-quarter profit thanks to
CEO Chip McClure's work at closing high-cost factories both in North America and around the world while opening plants in China.
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