The profits of General Motors Co. and Ford Motor Co. by the 2020s they showed innovations during the first quarter inflamed with the virus. General Motors reported a $0.8 billion loss and Ford reported a profit of $1.1 billion after a $2 billion loss in the first fiscal quarter. Detroit-based car manufacturer Fiat-Chrysler Automobiles NV reports its own quarterly effects on July 31.
The effects have been reversed since the last quarter, when General Motors was the only major U.S. automaker. That avoided wasting its net profit: the main Chevrolet and GMC logo recorded a net profit of $276 million in the first quarter of 2020, while Ford reported a net loss of $2 billion.
GM’s money flow fell to $9 billion, a loss of $11.6 billion year per year, and global sales fell to more than 24%. In a statement, Chevrolet’s parent company and GMC said it implemented competitive budget measures during the quarter, adding zero-based budgets, ad reductions, payment deferrals, and vacation. “We are used to making quick and strategic decisions to ensure our long-term good fortune to gain the benefits of all of our stakeholders,” said Mary Barra, GM’s CEO.
DHivya Suryadevara, GM’s leading monetary officer, said parts of the profit report demonstrated the company’s “resistance,” i.e. the company’s adjusted profit before taxes in North America of $0.1 billion “despite the loss of 8 weeks of 13 production.” GM attributed the main profits to better-than-expected Sales of Chevrolet and GMC trucks, and in a call with investors, Suryadevara said GM would be on track to pay $16 billion in loans until the end of the year if the recovery continues without further interruption. Training
Meanwhile, Ford Motors recorded a net source of revenue of $1.1 billion after a $2 billion loss in the last quarter, avoiding a time of net losses. The Dearborn, Michigan-based company gained a very extensive spice from Volkswagen, which ended its investment in Argo AI, which recorded an investment gain of $3.5 billion. Ford and VW plan to paint with Argo AI to deliver self-driving cars to the public market.
In a conference call with analysts, Ford CEO Jim Hackett said the effects were “much greater than we expected only three months ago.” Despite the strangely promising effects, Ford expects to lose cash each year.
Both GM and Ford took the opportunity to showcase some recent achievements. General Motors noted that it had broken ground on Ultium Cells LLC’s new battery cell manufacturing facility in Lordstown, Ohio as it moves towards electrifying its fleet of cars. Ford, meanwhile, touted its delivery of coronavirus-related products, including more than 18 million face shields, 33 million face masks, 32 thousand powered respirators in collaboration with 3M, and about 7,500 new ambulances.
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A webinar organized through IndustryWeek on September 8, through BCI Global
Date: Tuesday 8 September 2020 Time: 14:00 EDT (GMT -5, New York) Duration: 1 hour Event type: live webinar Cost: free
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The description
COVID-19 hastens the desire to redesign its (global) network of distribution and production operations. What are the post-COVID-19 needs of your consumers, as well as point C of your business? And how do you combine resilience with risk, shorter timeframes and profitability? How can we balance low prices (e.g. production in China/Asia) with the decline in the dangers of the source chain (i.e. production in the giant markets of North America and Europe)? Or between short e-commerce delivery times and higher but less vulnerable stock points?
To accompany you in your strategic reviews, this webinar will ask you the following questions:
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Speakers
René Buck, CEO, BCI Global
René Buck is president and ceo of BCI Global, a company he founded in April 1985. More than 35 years later, BCI Global is one of the world’s leading independent production footprint optimization consulting firms, location strategy/site selection and chain design. BCI Global provides independent, independent and tailored advice.
BCI Global has been identified through Forbes mag as one of the most productive control consulting companies in America. Last year, René was chosen as the most productive CEO of the control consulting industry through Business Worldwide mag. René is a requested speaker at meetings around the world.
René specializes in production footprint methods and implementation consulting for production plants, distribution centers, study centers and progression centers in all regions of the world. He has pleaded for a wide variety of foreign corporations in various sectors: high technology; commercial appliances and products; Automobile; Medical Technology; food and drink; FMCG; Chemicals (bio) pharma; fashion and clothing; Logistics. Under his leadership, BCI helps more than 1,000 consumers in 50 countries.
Patrick Haex, Managing Partner, BCI Global
Patrick Haex is Managing Partner and Chief Practice Officer of the Global Supply Chain at BCI. Its role is to lead BCI’s consulting and implementation team, as well as with clients in the origin chain commitments.
Prior to joining BCI 18 years ago, Patrick served as a chain of origin, operations and IT in production corporations in sectors.
Patrick is active in a wide variety of vertical industry sectors, adding FMCG/GIC, lifestyle/fashion, e-commerce, life sciences, industry, top generation and spare parts. Patrick has directed and implemented the responses of the source chain in geographical spaces around the world, adding Europe, the Middle East, Africa, Russia/CIS, Asia-Pacific and Latin America.
Patrick is an opinion leader in chain strategy, network design and chain transformation and is a member of the CSCMP network executive committee.
BCI Global is a leader in the creation of comprehensive strategies and production practices and source chain footprint, as well as in installing at international sites for new operations (adding incentive negotiations) in the Asia-Pacific region (adding China and India), the United States and Europe, the Middle East and Africa. For the past 35 years, we have worked for more than 1,000 customers, adding corporations such as Baxter Healthcare, Boston Scientific, Cisco, Columbia Sportswear, Danone, Donaldson, Emerson, Gentherm, IKEA, Johnson and Johnson, Medtronic, Microsoft, Mitutoyo, Mondelez, NCR, Nestlé, Novartis, Novocure, O’Neill, Philips, Pitney Bowes, Roche, Sandvik, Urban Outfitters and Yamaha.
Our committed professionals have the pleasure and experience of helping you realign your business footprint to adapt to geographic expansion and diversification, or to monetary effects (cost reduction, price addition) and degrees of service to your customers.
In Europe, BCI Global has offices in London, Frankfurt, Nimega and The Hague (both in the Netherlands); Atlanta, the Bay Area (Silicon Valley) and Los Angeles; AsiaPac in Shanghai and Singapore (for the whole region, India).
Technical details
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By submitting this form and your non-public information, you perceive and agree that the information provided herein will be processed, stored and used to provide you with the requested in accordance with Endeavor Business Media’s terms of use and privacy policy.
As part of our services, you agree to obtain magazines, electronic newsletters and other communications about Endeavor Business Media’s related offers, its brands, affiliates and/or third parties in accordance with Endeavour’s privacy policy. Contact us at [email protected] or by email at Endeavor Business Media, LLC, 331 54th Avenue N., Nashville, TN 37209.
You may opt out of receiving our communications at any time by sending an email to [email protected].