DJ DIE AUTO-WOCHE – these were the most important topics
Conti cuts sales forecast – tire replacement business weak
Weighed down by a weak replacement tire business worldwide, Continental is cutting its sales forecast for this year after an overall strong second quarter. The DAX Group now expects sales of around 41.5 to 44.5 billion euros in 2023. So far, 42 to 45 billion euros have been promised. The group confirmed the forecast of adjusted EBIT margin, according to which profit should increase to 5.5 to 6.5 percent from 5.0 percent last year. As known since mid-July, consolidated sales increased by 10 percent to EUR 10.4 billion in the second quarter. Conti increased its adjusted operating profit (EBIT) by almost five euros to a good 497 million euros. The proportional rate rose to 4.8 from 4.3 percent.
Vitesco achieves a significant increase in operating profit in the 2nd quarter
Vitesco significantly increased sales and adjusted operating profit in the second quarter. The bottom line, however, was the loss due to spoilage. The automaker confirmed its full-year forecast. In three months, Vitesco Technologies increased group sales by a good ten percent to 2.44 billion euros. Adjusted operating results (EBIT adjusted) rose to 76.3 million from 34.9 million euros, amounting to 3.1 percent after 1.6 percent in the same period last year.
Daimler Truck mourns the death of CFO Jochen Goetz
Daimler Truck CEO Jochen Goetz died suddenly and unexpectedly in a tragic accident on Saturday. The management board, management board and employees reacted with dismay and sadness to the news of the death of their chief financial officer, as the truck manufacturer announced. Goetz was 52 years old and had been a member of the Management Board of Daimler Truck Holding AG since July 2021 and had a financing and control role in this transaction.
Porsche Holding confirms the outlook after a decline in profits in the first half
Porsche Holding has confirmed expectations for 2023 after a decline in profits in the first half of the year. According to the Porsche and Piech family holding company, which owns most of Volkswagen’s ordinary shares, profit after tax in 2023 should be between 4.5 and 6.5 billion euros after 4.8 billion euros in the previous year. In the first six months, income after tax decreased to 2.4 billion from 3.8 billion euros the previous year.
Rivian reduces losses – increases production target
Introducing the electric car Rivian narrowed its losses more than expected in the second quarter and increased its production target. The company also lowered its spending target for this year. Net losses fell to $1.2 billion from $1.7 billion in the three months. According to Factset, consensus analysts expected a deficit of $1.5 billion. Adjusted loss per share is $1.08 versus the consensus estimate of $1.41. Sales rose to $1.1 billion from $364 million last year. Here, the market was expected to be 1 billion dollars.
Tesla-CFO Zachary Kirkhorn stepped back
Tesla is getting a new chief financial officer. As the American electric car maker announced, Chief Financial Officer Zachary Kirkhorn resigned last week after 13 years with the company. Kirkhorn will remain with the company through the end of the year to support the transition. Tesla appointed Vaibhav Taneja as its new CFO on August 4. Taneja previously served as Tesla’s Chief Accounting Officer.
Honda Motor can profit more than twice
A rebound in the auto business has given Honda Motor a sharp rise in net profit in the first fiscal quarter. But the motorcycle business was also booming. A Japanese group confirmed that view. In the period from April to June, net profit increased to 363 billion yen – equivalent to 2.3 billion euros – from 149 billion. Analysts expected 232 billion in concessions from Quick. Sales rose five percent to 4.6 trillion yen.
Mazda Motor confirms profit guidance after strong start to year
Japanese automaker Mazda benefited from higher prices and higher sales volume in the first quarter of the business year. Sales and profits rose sharply despite rising costs. Mazda Motor confirmed its earnings for the full year. Revenue rose 77 percent to 1.1 trillion yen in the April-June quarter. Operating profit was 30 billion yen after a loss of nearly 20 billion yen in the previous year. The bottom line is that Mazda earned 37.2 billion yen after 15 billion a year ago.
ANALYSIS/Japanese automakers lagging behind in China
Japanese automakers are reviewing their operations in China. The reason: local competition is beating them more and more. The next few years should determine whether Japanese automakers can survive in the world’s largest auto market. Like their Western counterparts, Japanese automakers have lost ground in China amid competition from local brands that dominate the fast-growing electric car market. Japanese automakers are now introducing timelines for new technology and electric vehicles in China, responding to what regulators see as a closing window.
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(END) Dow Jones Newswires
August 11, 2023 10:00 AM ET (2:00 PM GMT)
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