AutoBeta(AutoBeta.net)08/05 Report--

Under the continued impact of the COVID-19 epidemic, a number of international car companies announced quarterly losses in 2020, including Volkswagen, Nissan, General Motors, Daimler, Renault and more than a dozen others, with operating losses in the first half of the year or the first quarter of the fiscal year. A few days ago, a number of car companies announced financial results, BMW, Honda, Mitsubishi, Jaguar Cool Tiger and so on also fell into losses. The impact of stagnant global sales on the performance of car companies has expanded further.

BMW: loss of 1.9 billion yuan

According to BMW Group's second-quarter results, BMW posted a net loss of 230 million euros (1.9 billion yuan) in the second quarter, compared with a profit of 1.45 billion euros in the same period last year. It was BMW's first quarterly loss since 2009.

The BMW report also showed that the second-quarter pre-interest and tax loss totaled 666 million euros, well above the market estimate of 419.9 million euros, compared with a profit of 2.2 billion euros before interest and tax in the same period last year. Second-quarter income fell to 19.97 billion euros from 25.72 billion euros.

Factories and dealers closed due to the epidemic, sales fell sharply, resulting in operating losses. In the first half of this year, BMW Group sold 962572 new cars (including BMW, MINI and Rolls-Royce) worldwide, down 23% from a year earlier.

Despite a setback in the first half, BMW expects to make a profit this year. BMW expects its auto business to have an EBIT margin of 0% to 3% in 2020. Chipze, chairman of BMW Group, stressed that it will not affect the long-term strategic goals of BMW Group, and will invest more than 30 billion euros in research and development in the next five years.

Honda: loss of 5.3 billion yuan

Honda reported second-quarter financial results that far exceeded market expectations.

According to the report, Honda's revenue in the second quarter was 2.12 trillion yen, down 46.9% from a year earlier, mainly due to a decline in sales revenue from all business units, with an operating loss of 113.69 billion yen and a net loss of 80.87 billion yen (about 5.3 billion yuan).

Honda's global sales plunged 40 per cent in the second quarter, and the company expects sales to fall by 6 per cent this fiscal year (April 2020-March 2021).

Honda also expects revenue for the fiscal year to march 2021 to fall 14 per cent to 12.8 trillion yen and net profit to fall 64 per cent to 165 billion yen.

Jaguar Land Rover: loss of 3.77 billion yuan

Jaguar Land Rover reported second-quarter (April-June 2020) results showing operating income of 2.9 billion pounds and a profit loss of 413 million pounds (about 3.77 billion yuan) before interest and tax. Jaguar Land Rover delivered 74067 vehicles worldwide in the second quarter, down 42.24% from a year earlier.

In the face of the strong destructive force of the epidemic, a serious blow to the performance is inevitable, and a number of automakers have suffered operating losses. With the gradual recovery of global auto business in the second half of the year, automakers are still expected to reverse their declining performance.

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