FCA, Ford, PSA and Volkswagen Solid Results in 3Q20By Alejandro Enríquez | Thu, 10/29/2020 - 19:00
Following promising results in 3Q20, some automakers are even updating their forecasts for 2020 with profitable margins. Ford foresees a better scenario for 4Q20 and a full-year pretax profit. FCA, also reported a "nice turnaround." On the other side of the Atlantic, PSA group also reported revenue in 3Q20, while Volkswagen expects positive results by the end of 2020.
On a more local note, do not miss our interview with Claudia Márquez, CEO of Hyundai Motors de México, who explains the important role brand resilience and empathy play in the industry's recovery. The company is among Mexico's Top 10 auto brands in terms of sales.
The Queretaro Automotive Cluster and Queretaro State Government celebrated their annual automotive supplier conference online. More than 73 companies were looking for potential suppliers including: ACPS Automotive, Autoliv, Bosal, Bosch, Brose, BRP, DANA, DIEHL, TENNECO, HI-LEX, Hyundai KEFICO, Jetro, Kiekert, Prettl, Rassini, ThyssenKrupp, and Valeo.
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Queretaro Celebrates Automotive Supplier Conference
The Queretaro Automotive Cluster, alongside Queretaro's Ministry of Sustainable Development (SEDESU), conducted its annual automotive supplier conference online. "We are experiencing a virus that has forced us to change paradigms and rethink processes but that has made us more resilient toward change. Queretaro is making an effort to grow amid a challenging and changing environment," said Minister of Sustainable Development, Marco Antonio Del Prete during the opening speech.
Hyundai: Resilience and Empathy Are Key
Hyundai is one of Mexico’s Top 10 vehicle brands in terms of sales. CEO Claudia Márquez shares her views on the future of mobility and the vehicle sales cycle.
Continuing with our Talent series, we introduce Ximena Sánchez, HR Director of Mitsubishi Motors de México, who explains the opportunity the pandemic offers to rethink HR processes.
DiDi to Test On-Vehicle Cameras
The mobility giant started a pilot program in Guadalajara where cameras are installed in vehicles to strengthen security measures for customers. The project will start with 900 vehicles.
Ford's "Strong" 3Q20
The company reports a US$2.4 billion net income and a 6.4 percent net income margin. The automaker says these results are due to a combination of great operating execution, a focus on high-demand segments, profitable vehicles and the reversal of business effects caused by the pandemic.
FCA's Solid Results
The company reports US$1.4 billion net profit driven by a strong performance of Ram and Jeep in North America. FCA highlighted its leadership in LATAM reaching 8 percent of the market.
PSA on the Path to Growth
The group reports that total revenue in 3Q20 was €$15 billion (US$18.042 billion). Revenue from the automotive division accounted for 77.42 percent of the company’s total revenue in the period. Faurecia’s revenue was down 7.4 percent.
Volkswagen Group Returns to Profitability
The group reports that countermeasures implemented worldwide to cope with the effects of the pandemic "are showing results." The group sales revenue decreased by 16.7 percent to €$155.5 billion (US$186.6 billion). The automotive division reflected a normalization of working capital in 3Q20.