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Passenger vehicle exports tumble 58 per cent in H1FY21 as COVID-19 disruptions take toll

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New Delhi: Passenger vehicle exports from India declined 57.52 per cent in April-September period of the current fiscal year as COVID-19 related disruptions hampered dispatches to various global markets. As per the latest data by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle exports in the first half of 2020-21 stood at 1,55,156 units as compared with 3,65,247 units in the year-ago period.

Passenger car exports during the period under review stood at 1,00,529 units, down 64.93 per cent from 2,86,618 units in April-September, 2019-20.

Similarly, utility vehicle shipments saw a drop of 29.67 per cent at 54,375 units from 77,309 units in the same period of 2019-20.

Van shipments also witnesssed a drop of 80.91 per cent at 252 units from 1,320 units in April-September last year.

“This can be largely attributed to the COVID-19 related disruptions globally, which has led to closure of plants and dealerships, supply chain disruptions, curfews in cities and interruptions in international trade,” SIAM Director General Rajesh Menon told .

However, with relaxation in lockdown norms globally, exports have improved in the recent past and the monthly shipments in second half of the current fiscal are expected to be higher than earlier months, he added.

During the second quarter (July-September), PV exports declined by 41.96 per cent to 1,11,555 units as compared with 1,92,193 units in the same period of 2019-20.

All the major PV exporters saw significant drop in their overseas shipments during the first six months of the current fiscal.

Hyundai Motor India exported 32,041 units, down 68.98 per cent from the same period last fiscal.

Maruti Suzuki India exported 31,549 units, down 40.02 per cent from the year-ago period.

Ford India shipped 26,089 units to overseas markets during the period under review, down 63.69 per cent from April-September last fiscal.

Kia Motors India shipped 16,606 units during the period, a whopping 3,425.69 per cent increase over April-September period of 2019-20.

General Motors India exported 16,630 units, down 58.52 per cent from the same period last year.

Similarly, Volkswagen India exported 15,492 units during the period under review, down 59.13 per cent from April-September 2019-20.


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Ford has nearly 190,000 reservations for upcoming Bronco SUV

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Ford Motor is approaching 190,000 reservations for its long-awaited Bronco SUV, which is expected to arrive in U.S. dealerships next spring.

The automaker added roughly 30,000-40,000 reservations for the vehicle during the third quarter, bringing total reservations to “nearly 190,000” vehicles, according to Ford CFO John Lawler. The company said it had more than 150,000 reservations in July.

“We continue to see strong demand for the Bronco,” he said during a media briefing Wednesday to discuss the company’s third-quarter earnings. “We continue to see interest, strong interest, around the Bronco.”

Those reservations are for two- and four-door Bronco models. They exclude a smaller, more domesticated vehicle called the Bronco Sport that’s built more like a car than a truck.

The 2021 Bronco two- and four-door models are expected to arrive in dealerships spring 2021.

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Ford unveiled the new Bronco and Bronco Sport on July 13 to great fanfare, also opening up reservations. The nameplate developed a strong fan base following the original two-door SUV being discontinued in 1996.

A limited “First Edition” Bronco model — starting at $60,800 — sold out quickly after the vehicle’s unveiling. The company doubled availability of the model to 7,000 units. All have been reserved, Ford said.

Ford is taking $100 refundable deposits as part of the reservation process.

The Bronco Sport is expected to begin arriving in dealerships by the end of this year, followed by the Bronco next spring.

The Bronco Sport will be produced at the automaker’s factory in Hermosillo Sonora, Mexico. The Bronco will be produced at a plant in Michigan.


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Ford (F) earnings Q3 2020

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Incoming Ford CEO Jim Farley (left) and Ford Executive Chairman Bill Ford Jr. pose with a 2021 F-150 during an event Sept. 17, 2020 at the company’s Michigan plant that produces the pickup.

Michael Wayland / CNBC

Ford Motor is expected to eek out a modest profit for the third quarter when it reports its earnings after the markets close Wednesday as the auto industry continues to recover from factory and showroom shutdowns earlier this year.

Here’s what Wall Street is expecting, based on average analysts’ estimates compiled by Refinitive.

  • Adjusted EPS: 19 cents
  • Automotive revenue: $33.51 billion

Former Ford CFO Tim Stone, who left the company earlier this month, told investors in July that the automaker expected earnings on an adjusted pretax basis of between $500 million and $1.5 billion during the third quarter. That would be down from $1.8 billion in the third quarter of 2019.

Stone said the decline reflects the economic impact of the coronavirus pandemic, lower profit from Ford Credit, and weaker global demand for new vehicles, parts and services.

Analysts and investors are watching to see if Ford will be able to outperform its previous projections as it did during the second quarter after consumer demand in the U.S. was stronger than anticipated, especially for trucks such as the Ford F-150.

Wall Street also is watching for any additional business changes by Ford CEO Jim Farley, who succeeded Jim Hackett effective Oct. 1, and any updates on the company paying off its increased debt due to the pandemic.

In July, Ford repaid $7.7 billion of an outstanding $15.4 billion on its revolving credit facilities, and also extended $4.8 billion of its three-year revolving credit lines.

Ford’s shares remain down by 17% so far this year, despite an almost 15% increase in the stock price in October.


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Tata Motors sees better second half even as it prepares for hard Brexit

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BENGALURU – India’s Tata Motors Ltd forecast a stronger second half on Tuesday as sales of its Jaguar Land Rover (JLR) vehicles improved in key markets even as it continued to grapple with the COVID-19 pandemic and uncertainties over a hard Brexit.

The global health crisis has hammered sales for automakers worldwide and compounded problems for the company’s luxury unit, which, like most companies, will have to face a wall of bureaucracy as Britain casts off from the European Union from Jan. 1.

Tata Motors said while it was prepared for any friction at the border, it hoped for clarity on Brexit to avoid supply chain disruptions and better manage its inventory.

“In the situation of a hard Brexit, we expect to see tariffs definitely come through but we also expect depreciation of the pound, and so the net impact needs to be seen,” Chief Financial Officer PB Balaji told reporters after Tata Motors posted a quarterly loss.

While the automaker may need to correct its inventory level to an extent, it does not have any immediate plans to move production, Balaji said.

Tata Motors posted a consolidated net loss of 3.14 billion rupees ($42.47 million) for the second quarter ended Sept. 30, as retail sales at JLR, which accounts for a major portion of its profit, fell 12%.

Total revenue from operations fell 18% to 535.3 billion rupees, the carmaker said in a filing with the exchange.

The company said it had saved 600 million pounds ($782 million) during the quarter at JLR under Project Charge and was on track to achieve the full-year target of 2.5 billion pounds.


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