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Volkswagen first-half operating profit is expected to come in at around 11 billion euros ($13 billion), it said on Friday, even surpassing pre-pandemic levels on the back of strong demand in Europe and the United States.
Investors cheered a solid third quarter (Q3) at General Motors Co as the automaker’s performance and confidence tamped down growing fears of a global recession.
French car maker Renault said on Thursday revenues had grown by 30 per cent in the first quarter thanks to a rebound in sales and higher prices.
Musk's fortune rose by $6.07 billion on Friday, Bloomberg News said, following a 10.8% jump in the electric carmaker's stock. Tesla's shares have surged 500% over the past year as the company increased sales of its Model 3 sedan.
Passenger car retail sales in China, the world’s biggest auto market, fell 80% in February because of the coronavirus epidemic, one of the country’s industry associations said.
Carmaker Ford Motor jumped into the emergency push by major US manufacturers to produce thousands of ventilators and respirators needed to help combat the spread of the coronavirus under a partnership code-named ‘Project Apollo’.
German carmaker Volkswagen said it was joining other manufacturers around the world to explore using 3D printing to make hospital ventilators to combat the coronavirus.
Automobili Lamborghini is converting departments of its super sports car production plant in Italy’s Sant’Agata Bolognese in order to produce surgical masks and protective plexiglass shields.
Nissan Motor has requested a $4.6 billion commitment line from major lenders to cushion the impact of the coronavirus pandemic while it seeks to engineer a desperately needed turnaround, people with knowledge of the matter said.
Volkswagen (VW) said it was in talks to discuss a settlement with German vehicle owners who are suing the carmaker over excessive pollution caused by VW’s diesel cars.