Data to 29 February confirmed the influence of COVID-19 had but to hit the European automotive market. A tally of 1,063,264 items was registered final month, compared to 1,143,852 in February 2019, a fall of 7% 12 months on year and the lowest number of February registrations since 2015 . MIA chief executive David Crawford stated distributors of recent vehicles and their franchised dealerships had rapidly responded to make sure all non-essential providers had been shut down. Hankook Tire & Technology announced the closure of its Tennessee plant between 30 March and 7 April to maintain inventory manageable in response to automobile plant closures throughout North America and Europe. Earlier this week the corporate said it was suspending production at its tyre plant in Hungary in the same period.
Lexus Has Developed 800 Volt Architecture For Evs
Daimler says it is making its machines, know-how, and educated specialists obtainable for the manufacturing of medical tools to fight the COVID-19 public well being disaster. Sales by India’s largest carmaker Maruti Suzuki India, which sells one in each two automobiles in the country, fell 16% within the final fiscal yr, hit by a slowing economic system and lean demand as nicely as the coronavirus outbreak. Autoliv said it was withdrawing its full year 2020 steering until the results of the COVID-19 pandemic could probably be better assessed. It also mentioned it was cancelling the dividend scheduled for 4 June, 2020 and suspending future dividends though the board would evaluation such suspension on a quarterly foundation. It was additionally drawing down US$600m of money from an existing credit line. Executives had been voluntarily reducing their base salaries by 20% for Q and non-employee board members reducing annual base retainer by 20% for Q2 2020.
