TomTom auto recovery drives earnings beat, lifts shares

(Reuters) – Shares in Dutch mapping and navigation company TomTom jumped as much as 6% on Wednesday after it reported quarterly results ahead of analysts’ forecasts, boosted by strong automotive sales in a recovering industry.

FILE PHOTO: TomTom mapping system is seen inside a vehicle in Eindhoven, Netherlands, November 21, 2019. REUTERS/Eva Plevier/File Photo

The location technology company, whose customers range from major car companies to leading global tech firms, saw sales in its automotive unit, which supplies maps and navigation software to automakers, grow 19% year-on-year while earnings fell across its other businesses in the third quarter.

TomTom’s finance chief, Taco Titulaer, predicted further growth for automotive in the fourth quarter, citing improved car production as the sector recovers from global lockdowns that shuttered showrooms and brought traffic to a halt.

Industry data showed new European car sales down just 18% in August compared to the previous year, after

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Forget EVs: These 3 Stocks Are a Better Way to Play the Auto Recovery

The auto industry has had a rough go of it over the past few years. After a mini-recession resulting from the U.S.-China trade war sent auto sales down 1.4% last year, the COVID-19 pandemic put a big dent in sales this year as people quarantined and couldn’t get to dealerships.

Yet as people continue to avoid public transportation or ride-hailing companies, Americans appear to be turning to owning their own cars again, either used or new. After April auto sales were basically cut in half from pre-COVID February levels, auto sales have experienced a bounceback and have nearly recovered back to pre-COVID levels as of August.

Nevertheless, many automakers still face significant challenges, especially as the world turns to electric vehicles at an accelerating pace. That’s why the best way to play a recovery in autos may not be the automakers themselves, but rather these high-tech suppliers.

A car viewed from directly above, with automated safety andbraking system animations around it.

Image source: Getty

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Does Q3 U.S. Auto Sales Signal Green Shoots of Recovery?

The coronavirus pandemic has left the U.S. auto industry mired in crisis. U.S. vehicle sales took a nasty hit during the first and second quarters of 2020 due to sagging showroom traffic and sluggish demand for cars amid coronavirus-led restrictions, along with uncertainty in economic environment.

However, with COVID restrictions easing and people getting used to a new normal, it seems that vehicle sales are gradually on the mend. At least, that is what third-quarter sales numbers of various auto biggies reflect. While sales of most firms declined year over year, the metric improved from the prior quarter. Importantly, the recovery gained traction especially in September, as sales rebounded from coronavirus-led lows and even grew year over year. Sales growth in September marked the first monthly rise since February. Let’s delve deeper to find out what all worked in favour of the U.S. auto sector during third-quarter 2020.

Factors at

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Ford U.S. auto sales continue recovery on pickup demand

(Reuters) – Ford Motor Co F.N on Friday continued to show signs of a recovery from the COVID-19 pandemic as demand for sports utility vehicles and pickup trucks helped boost third-quarter sales in the United States.

FILE PHOTO: Ford Ranger Raptor is seen during the media day of the 41st Bangkok International Motor Show after the Thai government eased measures to prevent the spread of the coronavirus disease (COVID-19) in Bangkok, Thailand July 14, 2020. REUTERS/Jorge Silva

The U.S. auto sector has climbed back quicker than other industries, but automakers had a hand in that with aggressive incentives like zero-for-84 months financing, payment deferrals and job assurance programs.

Ford posted a 5% fall in U.S. auto sales for the third quarter but said a continuing recovery from pandemic-induced lockdowns helped it record better sales compared with the second quarter.

The No.2 U.S. automaker, which announces its quarterly sales volumes a

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U.S. Auto Sales Show Signs of Recovery in Third Quarter

General Motors Co.’s


GM 2.38%

U.S. sales fell for the third quarter but showed signs of strengthening as the American auto industry continued to recover from the coronavirus-related lockdowns that brought business to a near standstill this spring.

The U.S. auto industry has bounced back faster than many had expected this summer, due in part to strong demand for trucks and sport-utility vehicles, an increase in urban consumers turning to car ownership and easier credit conditions that make car payments more affordable.

Analysts expected that the selling pace in September would be closer to what it was earlier this year, before the pandemic led to widespread business closures and travel restrictions in March.

GM said Thursday its third-quarter U.S. sales fell nearly 10% from the prior-year period, but the decrease was narrower than the 34% decline posted in the second quarter, when all its North American factories were temporarily idled

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U.S. auto sales stay on recovery path despite tight inventory

(Reuters) – Major U.S. automakers continued to show signs of a recovery from the COVID-19 pandemic on Thursday as better-than-expected demand for new vehicles despite tight inventories at dealers helped boost third-quarter sales.

Despite posting lower quarterly sales, automakers said the recovery has been robust helped by strong demand for high-profit sports utility vehicles and pickup trucks.

However, rising COVID-19 cases in the United States have increased the uncertainty over a speedy economic recovery.

The third quarter is usually when the industry starts building new models, and piling up inventory for the holiday season. That transition is way behind the normal schedule this year.

General Motors Co <GM.N> reported a 10% fall in auto sales for the third quarter but said sales have improved sequentially each month within the quarter. GM does not break down monthly sales numbers.

The No.1 U.S. automaker said it sold 665,192 vehicles in the quarter,

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Bajaj Auto: Investors must wait for volume recovery before taking exposure

The Bajaj Auto stock rose nearly 4 per cent in trade after the company announced a sharp growth in September dispatches to retailers. Led by highest ever export volumes, the company posted a 20 per cent y-o-y growth in two wheeler wholesale volumes for September.

While the numbers are not comparable to the figures reported last year due to the coronavirus (Covid-19) pandemic, the Street was surprised by the difference between the estimates and the reported numbers. Bajaj Auto reported a 16-24 per cent y-o-y growth for domestic sales and exports of two wheelers, while Nomura had …




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Technavio Research: Iron Castings Market- Roadmap for Recovery from COVID-19 | The Growth In Automobile Segment to Boost the Market Growth

Technavio has been monitoring the iron castings market and it is poised to grow by 40.28 mn MT during 2020-2024, progressing at a CAGR of over 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200930005414/en/

Technavio has announced its latest market research report titled Global Iron Castings Market 2020-2024 (Graphic: Business Wire)

Technavio has announced its latest market research report titled Global Iron Castings Market 2020-2024 (Graphic: Business Wire)

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts

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Iron Castings Market- Roadmap for Recovery from COVID-19 | The Growth In Automobile Segment to Boost the Market Growth

Technavio has been monitoring the iron castings market and it is poised to grow by 40.28 mn MT during 2020-2024, progressing at a CAGR of over 6% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200930005414/en/

Technavio has announced its latest market research report titled Global Iron Castings Market 2020-2024 (Graphic: Business Wire)

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19

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Germany’s pandemic recovery raises age-old questions about European economy | Business| Economy and finance news from a German perspective | DW

In 1947, two years after the end of World War II, the European economy was in severe trouble. “We are threatened with total economic and financial catastrophe,” said then French Economy Minister Andre Philip in April that year.

There were many problems but the biggest was Germany. Two years after the Nazis had been defeated, Germany’s recovery had in many ways already been remarkable but economically it remained a basket case and Europe realized it needed its engine back. In part, the Marshall Plan’s purpose was to restore the German economy to the heart of Europe.

By the start of the 1950s, the European economy was in miracle territory but Germany’s miracle burned brightest. The next two decades were among the most prosperous in history.

Here in 2020, the European economy also finds itself at a pivotal and potentially perilous historical moment. The pandemic is ongoing and the economic recovery

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