Tesla and Alameda County reached an agreement to restart the factory next week
County officials said that Tesla and California officials have reached an agreement on safety procedures at the Fremont factory, which will officially resume production as early as May 18. Alameda County said on Twitter that after negotiations with Tesla, the county agreed that Tesla could take measures to "prepare for the return to work as early as next week." Earlier, Tesla CEO Elon Musk said he would restart the factory despite the government's ban, and the move was also supported by the US president.
FCA and PSA cancel dividend distribution plan
On May 13, the FCA and PSA stated in a joint statement that in view of the impact of COVID-19, both parties decided not to pay ordinary dividends for 2019. Regarding the progress of the merger transaction, the board of directors of both parties stated that preparations for antitrust and other regulatory documents were "going smoothly" and that the merger transaction is expected to be completed by the end of the first quarter of next year.
FCA may issue 1 billion euro bonds
A person familiar with the matter revealed that the FCA may issue new bonds worth 750 million euros ($814 million) to 1 billion euros ($1.1 billion) by the end of the month to repay the first part of the credit received in March. Ultimately, the company plans to repay all 3.5 billion euros ($3.8 billion) of credit by issuing bonds. However, the company has not yet decided whether to issue US dollar or euro bonds.
Nissan plans to cut annual fixed costs by $2.8 billion
According to a report by Bloomberg on May 13, as part of the restructuring plan, Nissan plans to cut annual fixed costs by $2.8 billion . Bloomberg quoted people familiar with the matter as saying that Nissan may cut fixed costs such as marketing and research. However, the company’s board of directors has not reviewed these plans. Nissan has seen a sharp decline in profits for three consecutive years and will announce a restructuring plan on May 28 this year.
Aston Martin suffered severe losses in the first quarter
In the first quarter of this year, due to the impact of the COVID-19 epidemic, Aston Martin sales fell by nearly one-third, and the losses were relatively serious. The company's performance data showed that in the first quarter of this year, the pre-tax loss was 119 million pounds ($146 million), compared with a loss of 17 million pounds a year ago. The company also said it could no longer provide annual expectations and would continue to evaluate the possibility of financing and refinancing to enhance liquidity.
Maruti Suzuki's quarterly profit fell 28%
On May 13, Maruti Suzuki released its financial report saying that its profit in the first quarter of this year fell 28% year-on-year to Rs 12.92 billion; operating income fell 15% to Rs 18,198 billion; local quarterly sales fell 16% year-on-year to 360,428 vehicles. The company said there are many uncertainties at present, so many predict future profit performance.
Ford resumes engine production in the UK and Spain
On May 18, Ford will restart its two engine factories in the UK, which means that all Ford's production bases in Europe will be put into operation next week after the shutdown due to the novel coronavirus. Ford said anyone entering the factory will need to wear a mask provided by the company and undergo a temperature test. Work areas have been redesigned to ensure social distancing.
Toyota PSA joint venture factory was suspended until May 25
On May 13, TPCA, a Czech automobile factory jointly established by Toyota Motor and Peugeot Citroen, said that the suspension plan caused by the new coronavirus epidemic will be extended to at least May 25. Since the shutdown in March, the factory has extended the shutdown time several times and was originally planned to resume production on May 18.
Uber requires drivers and passengers around the world to wear masks
On May 13, Uber said that the company will require drivers, couriers and passengers around the world to wear masks. Starting May 18, the company will require passengers using its ride-hailing services in the United States, Canada, Mexico , Europe, and most Latin American and Asian countries to wear some form of masks and require passengers to sit in the back seat. The company will also reduce the standard number of passengers from four to three. Uber will release updates to its driver and passenger apps to inform users of these requirements.
Linamar quarterly profit exceeded expectations
On May 13, Canadian auto parts maker Linama said that due to the successful reduction of capital expenditure, its quarterly profit exceeded expectations and the company's capital liquidity has also been improved. The company said its capital asset spending fell 25% to CAD 90.7 million (about $64.34 million) in the first quarter of this year and saved cash by reducing costs. Linama said its European operations have recovered for a week and North American operations are expected to resume on May 18. Linama expects a double-digit drop in sales and profits in 2020 due to factory shutdowns and a decline in demand related to the pandemic.
Suppliers are increasingly worried about the recovery progress
A survey initiated by the European Association of Auto Parts Suppliers found that European suppliers are increasingly worried about the impact of COVID-19 on their business. More than 90% of the companies surveyed expect revenue to drop in 2020, while in a survey at the end of March, only 60% believed so. More than half of respondents said they expect pre-tax losses in 2020. The survey found that suppliers are also optimistic about the recovery. 75% of respondents said it would take more than a year to resume normal business, while in the March survey, the cycle was considered to be 6 to 12 months. Among them, one-third of respondents said it would take two to three years to recover.
Mexico restarts the automotive industry
According to a plan announced on May 13, Mexico will restart some auto factories starting from May 18. The plan relaxes prevention and control measures for the epidemic and paves the way for US auto giants that rely on Mexico to produce parts and components. Starting from May 18, the manufacturing of mining, construction and transportation equipment will be regarded as a necessary activity and companies must implement strict safety protection measures, the government said in a briefing.
Nearly 600,000 people in the clean energy industry in the United States have been unemployed due to the epidemic
According to data released by BW Research Partnership, the clean energy industry in the United States has lost 17% of its labor force, which is nearly 600,000 jobs. The reason is that the "stay-at-home order" has caused the production of components from solar panels to electric vehicles, and the slowdown in installation speed of homes and businesses. According to the latest forecast by BW Research, the industry will reduce 850,000 jobs by the end of June, accounting for about a quarter of all clean energy jobs.
German car incentive policy may be opposed by the public
A poll shows that the German public may oppose the new car incentive plan launched by the state. When asked whether they support taxation to fund new car consumption, 63% of respondents expressed opposition to this idea, and only 12% agreed; more than one in five respondents said they agreed with the plan if the incentives were only for lower-emission models such as electric vehicles.
China's three strong standards for electric vehicles were officially released
On May 12, the "three strong standards" organized by the Ministry of Industry and Information Technology were approved and released by the State Administration for Market Regulation and the National Standardization Management Committee and will be implemented from January 1, 2021. This standard adds a thermal diffusion test for the battery system, requiring that after the battery cell gets out of control, the battery system will not catch fire or explode within 5 minutes, and reserve safe escape time for the occupants.
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