Mass. Voters Back 'Right to Repair'; Auto Dealers Keep Seats in House
Automotive News reports that while the outcome of the presidential election remained unclear as of Wednesday afternoon, the auto industry at least knows the results of a highly contested ballot question in Massachusetts that pitted independent repair shops and aftermarket parts retailers against most major automakers, with both sides spending millions to tilt voters in their favor. Voters in the state Tuesday overwhelmingly approved the ballot measure to update the existing "right to repair" law, with 75 percent voting in its favor, according to The Associated Press. In other election news, all five auto dealers running for reelection in the U.S. House of Representatives won their races, including: Mike Kelly (R-Pa.), Don Beyer (D-Va.), Vern Buchanan (R-Fla.), Roger Williams, (R-Texas), and Carol Miller (R-W.Va.). Read more here (Source: Automotive News).
General Motors Shares Jump After Truck Sales Deliver Big Earnings Beat in Third Quarter
General Motors reported third-quarter earnings before the bell on Thursday. Shares were up 7% to $37.65, reports CNBC. Here are the numbers: Adjusted EPS: $2.83, vs. $1.38 expected, based on average analysts’ estimates compiled by Refinitive Revenue: $35.48 billion, vs. $35.51 billion expected. Cox Automotive estimated the U.S. sales pace at 15.3 million in the third quarter, which should allow GM to outperform those projections. GM reported an adjusted pretax profit of $3 billion, or $1.72 earnings per share, in the third quarter of 2019. Revenue was $35.47 billion. Both Ford Motor and Fiat Chrysler beat Wall Street’s expectations on better-than-expected demand for trucks and SUVs in North America. Those are segments GM has substantial market shares of as well. Read more here (Source: CNBC).
Mitsubishi Reports Quarterly Operating Loss Due to Coronavirus Slump
According to Automotive News, Mitsubishi Motors Corp. on Wednesday reported a 29.3 billion yen ($279.1 million) operating loss in the quarter ended Sept. 30 compared with a 6.3 billion yen ($60 million) profit a year earlier as sales shrank amid the coronavirus pandemic. The automaker is cutting its workforce and production capacity, and closing unprofitable dealerships in a bid to slash fixed costs by a fifth within two years. "Our restructuring plan is progressing faster than we anticipated. We have cut costs faster than we initially planned," Takao Kato, Mitsubishi Motors' CEO, said in a telephone press briefing after the company released its results. While the recovery in the Southeast Asian market has been sluggish, the company is planning to bolster output capacity at factories in Japan and Thailand as demand is partially picking up, Kato said. Read more here (Source: Automotive News).
Kudlow Says Unclear if COVID-19 Aid Would Be Part of Government Funding Bill
White House economic adviser Larry Kudlow on Wednesday said the Trump administration planned to push ahead with its agenda this year even as the election results remained unknown, including a continuing resolution to fund the government and a possible COVID-19 stimulus bill, reports Reuters. Kudlow, in an interview on CNBC, said he would “be meeting with the president regarding an agenda. We have a lame-duck Congress, but we have a lot of work to do.” He added that he would also meet with U.S. Treasury Secretary Steve Mnuchin later on Wednesday, adding that it was unclear if the coronavirus relief would be tied to the funding measure. Read more here (Source: Reuters).
Cox, NAMAD Name Their Latest 'Rising Star'
Carlos Sandoval guides Bartow Ford’s philanthropic efforts supporting various causes, including Achievement Academy, Club Hispano de Lakeland, Central Florida Speech and Hearing, and Lakeland Volunteers in Medicine. Those efforts are one reason that Cox Automotive, in partnership with the National Association of Minority Automotive Dealers, or NAMAD, awarded its Rising Star Award to Sandoval, who is partner and fixed operations director at Bartow Ford in Bartow, Fla. This recognition emphasizes the importance of diversity in the automotive industry. Keisha Duck, who is Cox Automotive's vice president of talent, learning and culture, and NAMAD president Damon Lester virtually presented the award to Sandoval. Read more here (Source: Auto Remarketing).
Webinar: An Update on COVID-19's Impact on U.S. Auto Sales
Cox Automotive Senior Economist Charlie Chesbrough returns to AutoTalk on Thursday, November 12 at 2:00 p.m. EST for an update.
Topics to be reviewed include:
-
Economic forecast and impact as we close out the year
-
Consumer sentiment and buying behaviors
-
Stock market, interest rates, and employment
-
An outlook for vehicle sales
-
Current view of new and used retail sales and prices
Around the Web
2022 Subaru BRZ to Debut Nov. 18 [Autoblog]
Cars from 'Ford v. Ferrari' See Record Sales Despite $100K Pricetag [Detroit Free Press]
Why the Front Bench Seat Disappeared from Cars and May Make a Comeback in EVs [CNBC]
A Look Back at 7 Cars That Sean Connery Made Famous as 007 [Robb Report]
