Major automakers are due to report U.S. sales this week, giving investors a better grasp of the damage from coronavirus containment measures, which have shut both dealerships and factories across the country.
However, since most carmakers have switched from monthly to quarterly reporting, the full extent of the damage will not be revealed until the second quarter release because many stay-at-home notices were initiated in the middle of the month.
Ahead of the reports, market research firmcJ.D. Power forecast that monthly sales alone could plunge by as much as 40% compared to March last year. Drawing on lessons from the downturn in 2008, however, Goldman predicted that latent demand will drive a sharp sales rebound of 25% in 2021 and 13% in 2022.Analysts are also keeping an eye on the carmakers' sales-finance business, which Goldman estimated would generate about 25% of operating profits at Japan's three biggest automakers:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Major airlines urge U.S. Treasury to disburse assistance quicklyMajor U.S. airlines asked the U.S. Treasury to move quickly to release up to $58 billion in government grants and loans and recommended a formula to divide up the money.
Read more »
Here's a roundup of the major US coronavirus headlines you may have missed todayThe coronavirus could infect more than a million Americans and kill up to 100,000 people in the country, according to Dr. Anthony Fauci, a leading member of the US coronavirus taskforce
Read more »
Shell drops out of major U.S. LNG project, Energy Transfer delays decisionRoyal Dutch Shell Plc pulled out of a major U.S. liquefied natural gas (LNG) export plant under development following the recent crash in energy prices, quickly followed by its partner, Energy Transfer LP, delaying its final decision on whether to go ahead with the project to next year.
Read more »
Coronavirus drives U.S. March auto sales off a cliffU.S. new vehicle sales likely drove off a cliff in March as the coronavirus pandemic pounded consumer confidence and shuttered dealerships across much of the country, and sales are likely to take a further beating in April as social distancing guidelines remain in place.
Read more »
In policy shift, U.S. offers to lift Venezuela sanctions for power-sharing dealThe Trump administration on Tuesday offered to begin lifting Venezuela sanctions if the opposition and members of President Nicolas Maduro's Socialist Party form an interim government without him, marking a shift in a U.S. policy that has failed to end his grip on power.
Read more »