Nissan Motor Co has raised $7.8 billion in financing from its creditors since April as it tries to shore up its cash position in the face of falling sales due to the coronavirus pandemic, its latest annual securities report shows. Japan's No. 2 automaker is struggling to recover profitability after posting its first annual loss in 11 years, suffering from falling sales, a tarnished image and a deteriorating cash position even before the virus outbreak sapped global demand for cars. Un
There's nothing Jean-Remi Galinon enjoys more than bouncing along cobbled streets and showing off Paris to foreign tourists, usually Americans, in his most iconic of French vintage cars. "They are in love with Paris ... (and) we're suffering the consequences (of the travel ban)." Tourism is part of the lifeblood of the city, one of the world's most visited, so for Galinon, Paris's springtime lockdown could hardly have been worse.
Fiat Chrysler (FCA) said the terms of its merger with France's PSA had not changed after an Italian newspaper report that it was looking to spin off assets to reduce a planned 5.5 billion euro ($6.2 billion) cash pay-out to its shareholders. FCA said on Friday that it was sticking to the deal agreed with PSA in December before the coronavirus crisis hit demand for cars. FCA and PSA plan to finalise their merger by the first quarter of next year.
Four months after the opening race was called off at the last minute, the Formula One season finally gets underway this weekend on another continent and in a different-looking world. There will be no fans on hand at the remote Spielberg track in Austria, with the coronavirus still creating uncertainty over how many races can actually be held — and where. Defending F1 champion Lewis Hamilton has been an outspoken supporter of the movement and will be competing in an all-black Mercedes car — ins
Just ahead of the Fourth of July weekend, Walmart announced a partnership with Tribeca Enterprises (most notably the purveyors of the film festival of the same name) that’s set to convert 160 store locations into makeshift drive-in movie theaters. The move is an extension of the existing Tribeca-led Drive-In program that has already announced events for a handful of cities, including Los Angeles, New York, Miami, Seattle and Arlington, Texas, with help from IMAX and AT&T. The Hollywood Reporter
"This quarter demonstrated the resilience of the U.S. consumer," said Jeff Kommor, head of U.S. sales at Fiat Chrysler Automobiles NV (FCA) , as the automaker reported a 39% slump in sales for the second quarter. Scott Fink, CEO of Fink Automotive Group, which has two Hyundai stores and single Chevrolet, Volkswagen and Mazda dealerships in the Tampa, Florida area, said his sales in June were "pretty good," but he was concerned about "hot-bed states like where I am."
U.S. automakers are scheduled to report June and second-quarter car and light truck sales on Wednesday. The second-quarter numbers reflect a peak for the U.S. auto industry's efforts to use consumer discounts, low interest loans and other incentives to prop up demand during the pandemic. Since March, U.S. automakers have rushed to prop up demand with rich incentives to keep sales moving.
Formula One teams will operate in bubbles within bubbles when the season starts behind closed doors in Austria next week after being stalled since March due to the COVID-19 pandemic. There will be no spectators, no sponsors or VIP guests wandering the paddock and limited social interaction even between team mates. Ferrari sporting director Laurent Mekies reckons the biggest challenge, for his mechanics at least, could be having to wear face masks at all times in the heat and tight confines of
Italy has approved a decree offering state guarantees for a 6.3-billion euro (£5.7 billion) loan to Fiat Chrysler's (FCA) Italian unit, a source said, paving the way for the largest crisis loan to a European carmaker. The source said Italy's audit court had signed off on the decree, in a final step of what had been a lengthy and contested process to get the loan approved. FCA's Italian division has tapped Rome's COVID-19 emergency financing schemes to secure a state-backed, three-yea
Ryota Kawamata hadn't driven for more than a decade, but as Japan's COVID-19 crisis worsened in May, his employer near Tokyo rented him a car so he wouldn't have to use public transport. "There are places where I can't go without a car," said Kawamata, who recently paid 30,000 yen ($280) for a five-hour refresher course to hone his driving skills. As Japan emerges from its coronavirus lockdown, restaurants and offices are practicing social distancing, but public transport doesn't require it.
Automakers are speeding up U.S. assembly lines to meet recovering demand, increasingly confident coronavirus safety protocols are working to prevent outbreaks in their plants but wary of the challenges workers face outside. Screening workers for COVID-19 using temperature scans and questionnaires, the automakers have detected some people who reported for work despite being sick. The risk of an infection picked up outside a plant spreading along assembly lines remains a prime concern, however.
General Motors Co's top executive struck an optimistic note on Monday about U.S. new vehicle demand despite the coronavirus pandemic, and the ability to sell electric vehicles at a profit, especially in China. "We're cautiously optimistic" about U.S. new vehicle demand, Chief Executive Officer Mary Barra said at a virtual press event hosted by the Automotive Press Association.