International mainstream carmaker Q2 / first half results: fall more, rise less, Toyota beat Volkswagen to be the biggest winner-Shanghai Metals Market

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International mainstream carmaker Q2 / first half results: fall more, rise less, Toyota beat Volkswagen to be the biggest winner

Translation 08:36:36AM Aug 12, 2019 Source:Geshi Automobile Network
The content below was translated by Tencent automatically for reference.

SMM News: in the first half of 2019, the global car market is still overcast, "down" the word at the head. Slowing economic growth, a trade war, increasingly draconian emission standards, and the fact that China, an important market for many car companies, is no longer growing at a high speed, have led to a sharp tightening of revenues and even fewer profit growth for many car companies. Of the 19 mainstream automakers in the world, 12 reported varying degrees of decline or loss, with Daimler, once one of the world's highest profit margins, having a net loss of $1.34 billion in the second quarter. Nissan's operating profit plunged 98.5 per cent in the second quarter.

At present, the slowdown in global car demand has affected the profits of international auto companies, and it has become common for car companies to have a hard time. Car companies have either issued a profit warning to lower their forecasts, or announced layoffs, or announced the closure of factories. At a time when the auto industry is in the doldrums, as carmakers invest heavily in new technologies such as electric, self-driving cars and ride-hailing services, huge investment spending makes it harder to make a profit.

The following is the income situation of the international mainstream automobile enterprises sorted out by Gaishi Automobile in the second quarter or the first half of this year for reference. It should be pointed out that the inventory is based on the latest financial statements of the major car enterprises, because some car enterprises are based on the financial year as the standard, so the market is the first fiscal quarter of 2020 (April-June) performance; and because the financial performance indicators used by each car company are different, it is difficult to unify, so what is extracted from the table is the performance indicators commonly used by most enterprises.

Volkswagen Group

In the second quarter of this year, despite a decline in overall car sales, Volkswagen's operating profit jumped 30 per cent in the second quarter to 5.13 billion euros ($5.71 billion), driven by higher profit margins for Volkswagen brands SUV and higher sales for Porsche and Skoda brands.

Volkswagen's operating profit, excluding special items, rose 10. 3 per cent to 9 billion euros ($10.07 billion) in the first half of the year, and its operating margin rose to 7.2 per cent from 6.8 per cent in the same period last year. Revenue rose 4.9 per cent from a year earlier to 125.2 billion euros ($140.2 billion), pre-tax profits rose 6.5 per cent year-on-year to 9.6 billion euros ($10.75 billion), and free cash flow in the automotive division reached 5.6 billion euros.

BMW Group

In the second quarter of this year, BMW Group set a new global sales record, selling 647504 vehicles, up 1.5% from a year earlier. Revenue rose 2.9 per cent to 25.715 billion euros ($28.8 billion, compared with 24.993 billion euros a year earlier). But due to upfront expenses on future travel, BMW's profit before interest and tax reached 2.201 billion euros ($2.46 billion), down 19.6 percent from 2.739 billion euros in the same period last year. Pre-tax profit also fell to 2.053 billion euros ($2.3 billion,-28.4 per cent) from 2.866 billion euros in the same period last year, with a pre-tax profit margin of 8 per cent. The group's net profit was 1.48 billion euros ($1.65 billion), down 28.7 per cent from a year earlier.

BMW Group revenue rose 1.1 per cent to 48.177 billion euros ($53.94 billion) in the first half of this year compared with the same period last year (47.658 billion euros), but was affected by the 1.4 billion euros provision for antitrust litigation in the European Union. BMW's profit before interest and tax fell 48.8 per cent to 2.79 billion euros ($3.12 billion) compared with the same period last year (5.446 billion euros). Pre-tax profit was 2.815 billion euros (6.005 billion euros in the same period last year), down 53.1 per cent from a year earlier, and pre-tax profit margins fell to 5.8 per cent from 12.6 per cent in the same period last year. The group's net profit reached 2.068 billion euros, down 52.5 per cent from a year earlier.

Daimler Group

In the second quarter, Daimler's revenue was 42.7 billion euros ($47.8 billion, up from 40.8 billion euros in the second quarter of 2018), up 5 per cent from a year earlier; adjusted income was slightly higher than the same period a year earlier, thanks to positive exchange rate changes. Second-quarter interest and tax profit (EBIT) was minus 1.6 billion euros ($1.8 billion), up from 2.6 billion euros in the second quarter of 2018. A net loss of 1.2 billion euros ($1.34 billion), a net profit of 1.8 billion euros in the second quarter of 2018 and a net loss attributable to shareholders of 1.3 billion euros (1.7 billion euros in the second quarter of 2018). As a result, earnings per share fell to minus 1.24 euros (positive 1.61 euros in the second quarter of 2018). In the first half of 2019, the free cash flow of enterprises was minus 3.3 billion euros (positive 1.8 billion euros in the first half of 2018), mainly due to higher working capital and continued high levels of investment in future products.

Volvo car

In the second quarter ended June 30, although Volvo's car revenue rose 1.8 per cent year-on-year to SEK 67.2 billion ($7 billion), its operating profit fell 38.1 per cent year-on-year to SEK 2.6 billion ($270 million), down more than in the first quarter. In the first half of this year, revenue reached a record 130.1 billion Swedish kronor ($13.55 billion), but operating profit fell to 5.5 billion kroner ($570 million) from 7.8 billion kroner a year earlier.

As a result, Volvo announced a 2 billion Swedish kronor ($214 million) cut in fixed costs. The company warned that tariff threats and pricing pressures caused by trade disputes between China and the US were undermining its profitability.

General Motors

GM's second-quarter net income was $36.1 billion, down 1.9% from a year earlier; net profit was $2.4 billion, up 1.6% from a year earlier; diluted earnings per share were $1.66, roughly the same as the same period last year; measures to improve cost efficiency through transformation have been effective, with cost savings of $1.1 billion.

Ford Motor

Ford's net income fell 86 per cent to $148 million in the second quarter as a result of the ongoing global restructuring and costly updates to high-volume multi-purpose vehicles, while global revenue was $38.9 billion, unchanged from a year earlier; overall profit margins fell 2.4 per cent to 0.4 per cent. But excluding one-off items, Ford's profit before interest and tax fell just 2 per cent from a year earlier to $1.65 billion. Of this total, pre-interest and tax profit in North America fell 3 per cent from a year earlier to $1.7 billion. In fact, Ford made almost all of its pre-interest and tax profit in the second quarter from the North American market, compared with a loss of $155 million in Greater China.

Fiat Chrysler (FCA)

Thanks to record results in North America and modest profits in Europe, FCA withstood a slowdown in the industry, with a net profit of 793 million euros ($880 million) in the second quarter. Revenue fell 3 per cent to 26.7 billion euros ($29.9 billion) as sales fell across the region from a year earlier. Adjusted interest and tax earnings totaled 1.52 billion euros ($1.7 billion), up from analysts' expectations of 1.43 billion euros.

Tesla

Tesla's second-quarter revenue was $6.35 billion, below Wall Street expectations; the net loss was $389 million, down from a net loss of $743 million in the same period last year; and the net loss attributable to shareholders was $408 million, or $2.31 per share. Although it is a significant improvement from the loss of $3.06 per share in the same period last year, it is still well below the analyst's forecast. Tesla shares fell 12 per cent in after-hours trading after the results.

Renault Group

Renault's first-half profits were also hit by weak demand for cars and plummeting profits at Nissan, an alliance partner. Net income fell more than 50 per cent to 970 million euros ($1.08 billion), revenue fell 6.4 per cent to 28.05 billion euros ($31.4 billion) from a year earlier, and operating profit reached 1.654 billion euros ($1.85 billion), down 13.6 per cent from the same period last year. Operating margin also fell to 5.9 per cent from 6.4 per cent a year earlier. This contrasts with its domestic rival PSA Group, with a record profit margin of 8.7 per cent in the first half of the year.

Peugeot Citroen Group (PSA)

In the first half of 2019, PSA Group achieved revenue of 38.34 billion euros ($42.9 billion), down 0.7% from the same period in 2018, of which revenue from the automotive division reached 30.378 billion euros, down 1.1% from the same period in 2018. The group's recurrent operating profit was 3.338 billion euros ($3.74 billion), up 106%. The recurrent operating margin reached 8.7%, an increase of 0.9 percentage points over the same period in 2018. Consolidated net profit reached 2.048 billion euros ($2.29 billion), up 335 million euros from the same period in 2018. Net profit attributable to the parent company was 1.832 billion euros ($2.05 billion), up 351 million euros from the same period in 2018.

Toyota

In the first quarter (April-June) of fiscal year 2020 (April 1, 2019-March 31, 2020), Toyota posted one of its best quarterly results in nearly four years: net revenue of 7.646 trillion yen ($7.187 billion), up 3.8% from a year earlier. Operating profit rose 8.7 per cent to 741.9 billion yen ($6.93 billion) from a year earlier. Pre-tax income was 841.7 billion yen ($7.91 billion).

Nissan car

Nissan's first quarter (April-June) operating profit was Y1.6 billion ($14.8 million), down 98.5 per cent from a year earlier; revenue fell 13 per cent to Y2.37 trillion ($21.97 billion) and operating profit margin was 0.1 per cent; net income tumbled 94.5 per cent to Y6.4 billion ($59.3 million). Nissan said its profitability was negatively affected by falling revenues and external factors such as raw material costs, exchange rate fluctuations and investment. To improve overall utilization, Nissan will cut its global capacity by 10 per cent by the end of fiscal 2022. To optimize production, the company will also cut about 12500 jobs.

Modern automobile

Hyundai's second-quarter net profit hit its highest level in nearly seven years as a result of the devaluation of the won and the launch of new models. Hyundai's operating income in the first half of the year was 50.95 trillion won ($40.76 billion), compared with 47.15 trillion won, up 8.1 per cent from a year earlier, and operating profit was 2.06 trillion won ($1.648 billion), up 26 per cent from 1.63 trillion won in the same period last year. Net profit, including minority stakes, reached 1.95 trillion won ($1.56 billion), compared with 1.54 trillion won in the same period last year, up 26.6 per cent from a year earlier.

Honda Motor

As the stronger yen weighed on overseas earnings and falling car sales in the US, Honda's operating profit for the first quarter of fiscal 2020 (April 1, 2019 to March 31, 2020) reached 252.4 billion yen ($2.36 billion), down 15.7 percent from 299.3 billion yen in the same period last year. Revenue fell 0.7 per cent to 3.996 trillion yen ($7.56 billion) from a year earlier. Pre-tax income also fell 19.1% from a year earlier to Y289.8 billion ($2.72 billion), and earnings per share fell Y39.83 to Y97.92 ($0.92) from a year earlier.

Mazda car

Mazda's operating profit fell 78.8 per cent in the first quarter of fiscal 2020 (April 1, 2019-June 30, 2019) as sales fell in both Chinese and US markets, while a stronger yen also reduced profits.

Specifically, Mazda's first-quarter operating profit was 6.952 billion yen ($64 million) (32.745 billion yen ($302.8 million) in the same period of the previous fiscal year), the worst level since the first quarter of fiscal 2012. Net sales reached 849 million yen ($8.065 million), down 2.7 per cent from 872 million yen in the same period last year.

Subaru car

Thanks to strong US sales of SUV such as Ascent and Forester, Subaru's global sales rose in the first quarter (April-June), resulting in a 48 per cent year-on-year increase in operating profit of Y92.2 billion ($870 million), higher than the average forecast of Y65.6 billion for eight Refinitiv analysts.

Mitsubishi Motor

Mitsubishi Motor's operating profit fell 86 per cent to Y3.9 billion ($36.2 million) in the first quarter as falling revenues, foreign exchange losses and rising R & D costs dented profitability, while operating margin shrank to 0.7 per cent from 5 per cent a year earlier. Net income fell 67 per cent to Y9.3 billion ($86.2 million), while revenue fell 4 per cent to Y536.2 billion ($4.97 billion).

Suzuki car

Suzuki said its operating profit fell 46.2 per cent in the first quarter (April-June) as it improved its vehicle testing system, leading to a drop in domestic production, coupled with falling demand for cars in India, its biggest single market.

Specifically, Suzuki's first-quarter net sales fell 80 billion yen (8.1 per cent) from the same period last year to 907.5 billion yen ($8.53 billion). Operating profit also fell to 62.7 billion yen ($592 million) from 116.5 billion yen a year earlier, below the average forecast of 69.09 billion yen for eight Refinitiv analysts. Net income attributable to parent shareholders fell 45.4 billion yen, or 52.8 per cent from a year earlier, to 40.5 billion yen.

Jaguar Land Rover

In the past quarter, Jaguar Land Rover sold about 128615 vehicles worldwide and had operating income of £5.07 billion ($6.1 billion), an improvement of £954 million on free cash flow compared with the same period last year. Jaguar Land Rover forecasts that it is expected to make a profit this year, with a profit margin of 3% to 4% before interest and tax for the full year.

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International mainstream carmaker Q2 / first half results: fall more, rise less, Toyota beat Volkswagen to be the biggest winner

Translation 08:36:36AM Aug 12, 2019 Source:Geshi Automobile Network
The content below was translated by Tencent automatically for reference.

SMM News: in the first half of 2019, the global car market is still overcast, "down" the word at the head. Slowing economic growth, a trade war, increasingly draconian emission standards, and the fact that China, an important market for many car companies, is no longer growing at a high speed, have led to a sharp tightening of revenues and even fewer profit growth for many car companies. Of the 19 mainstream automakers in the world, 12 reported varying degrees of decline or loss, with Daimler, once one of the world's highest profit margins, having a net loss of $1.34 billion in the second quarter. Nissan's operating profit plunged 98.5 per cent in the second quarter.

At present, the slowdown in global car demand has affected the profits of international auto companies, and it has become common for car companies to have a hard time. Car companies have either issued a profit warning to lower their forecasts, or announced layoffs, or announced the closure of factories. At a time when the auto industry is in the doldrums, as carmakers invest heavily in new technologies such as electric, self-driving cars and ride-hailing services, huge investment spending makes it harder to make a profit.

The following is the income situation of the international mainstream automobile enterprises sorted out by Gaishi Automobile in the second quarter or the first half of this year for reference. It should be pointed out that the inventory is based on the latest financial statements of the major car enterprises, because some car enterprises are based on the financial year as the standard, so the market is the first fiscal quarter of 2020 (April-June) performance; and because the financial performance indicators used by each car company are different, it is difficult to unify, so what is extracted from the table is the performance indicators commonly used by most enterprises.

Volkswagen Group

In the second quarter of this year, despite a decline in overall car sales, Volkswagen's operating profit jumped 30 per cent in the second quarter to 5.13 billion euros ($5.71 billion), driven by higher profit margins for Volkswagen brands SUV and higher sales for Porsche and Skoda brands.

Volkswagen's operating profit, excluding special items, rose 10. 3 per cent to 9 billion euros ($10.07 billion) in the first half of the year, and its operating margin rose to 7.2 per cent from 6.8 per cent in the same period last year. Revenue rose 4.9 per cent from a year earlier to 125.2 billion euros ($140.2 billion), pre-tax profits rose 6.5 per cent year-on-year to 9.6 billion euros ($10.75 billion), and free cash flow in the automotive division reached 5.6 billion euros.

BMW Group

In the second quarter of this year, BMW Group set a new global sales record, selling 647504 vehicles, up 1.5% from a year earlier. Revenue rose 2.9 per cent to 25.715 billion euros ($28.8 billion, compared with 24.993 billion euros a year earlier). But due to upfront expenses on future travel, BMW's profit before interest and tax reached 2.201 billion euros ($2.46 billion), down 19.6 percent from 2.739 billion euros in the same period last year. Pre-tax profit also fell to 2.053 billion euros ($2.3 billion,-28.4 per cent) from 2.866 billion euros in the same period last year, with a pre-tax profit margin of 8 per cent. The group's net profit was 1.48 billion euros ($1.65 billion), down 28.7 per cent from a year earlier.

BMW Group revenue rose 1.1 per cent to 48.177 billion euros ($53.94 billion) in the first half of this year compared with the same period last year (47.658 billion euros), but was affected by the 1.4 billion euros provision for antitrust litigation in the European Union. BMW's profit before interest and tax fell 48.8 per cent to 2.79 billion euros ($3.12 billion) compared with the same period last year (5.446 billion euros). Pre-tax profit was 2.815 billion euros (6.005 billion euros in the same period last year), down 53.1 per cent from a year earlier, and pre-tax profit margins fell to 5.8 per cent from 12.6 per cent in the same period last year. The group's net profit reached 2.068 billion euros, down 52.5 per cent from a year earlier.

Daimler Group

In the second quarter, Daimler's revenue was 42.7 billion euros ($47.8 billion, up from 40.8 billion euros in the second quarter of 2018), up 5 per cent from a year earlier; adjusted income was slightly higher than the same period a year earlier, thanks to positive exchange rate changes. Second-quarter interest and tax profit (EBIT) was minus 1.6 billion euros ($1.8 billion), up from 2.6 billion euros in the second quarter of 2018. A net loss of 1.2 billion euros ($1.34 billion), a net profit of 1.8 billion euros in the second quarter of 2018 and a net loss attributable to shareholders of 1.3 billion euros (1.7 billion euros in the second quarter of 2018). As a result, earnings per share fell to minus 1.24 euros (positive 1.61 euros in the second quarter of 2018). In the first half of 2019, the free cash flow of enterprises was minus 3.3 billion euros (positive 1.8 billion euros in the first half of 2018), mainly due to higher working capital and continued high levels of investment in future products.

Volvo car

In the second quarter ended June 30, although Volvo's car revenue rose 1.8 per cent year-on-year to SEK 67.2 billion ($7 billion), its operating profit fell 38.1 per cent year-on-year to SEK 2.6 billion ($270 million), down more than in the first quarter. In the first half of this year, revenue reached a record 130.1 billion Swedish kronor ($13.55 billion), but operating profit fell to 5.5 billion kroner ($570 million) from 7.8 billion kroner a year earlier.

As a result, Volvo announced a 2 billion Swedish kronor ($214 million) cut in fixed costs. The company warned that tariff threats and pricing pressures caused by trade disputes between China and the US were undermining its profitability.

General Motors

GM's second-quarter net income was $36.1 billion, down 1.9% from a year earlier; net profit was $2.4 billion, up 1.6% from a year earlier; diluted earnings per share were $1.66, roughly the same as the same period last year; measures to improve cost efficiency through transformation have been effective, with cost savings of $1.1 billion.

Ford Motor

Ford's net income fell 86 per cent to $148 million in the second quarter as a result of the ongoing global restructuring and costly updates to high-volume multi-purpose vehicles, while global revenue was $38.9 billion, unchanged from a year earlier; overall profit margins fell 2.4 per cent to 0.4 per cent. But excluding one-off items, Ford's profit before interest and tax fell just 2 per cent from a year earlier to $1.65 billion. Of this total, pre-interest and tax profit in North America fell 3 per cent from a year earlier to $1.7 billion. In fact, Ford made almost all of its pre-interest and tax profit in the second quarter from the North American market, compared with a loss of $155 million in Greater China.

Fiat Chrysler (FCA)

Thanks to record results in North America and modest profits in Europe, FCA withstood a slowdown in the industry, with a net profit of 793 million euros ($880 million) in the second quarter. Revenue fell 3 per cent to 26.7 billion euros ($29.9 billion) as sales fell across the region from a year earlier. Adjusted interest and tax earnings totaled 1.52 billion euros ($1.7 billion), up from analysts' expectations of 1.43 billion euros.

Tesla

Tesla's second-quarter revenue was $6.35 billion, below Wall Street expectations; the net loss was $389 million, down from a net loss of $743 million in the same period last year; and the net loss attributable to shareholders was $408 million, or $2.31 per share. Although it is a significant improvement from the loss of $3.06 per share in the same period last year, it is still well below the analyst's forecast. Tesla shares fell 12 per cent in after-hours trading after the results.

Renault Group

Renault's first-half profits were also hit by weak demand for cars and plummeting profits at Nissan, an alliance partner. Net income fell more than 50 per cent to 970 million euros ($1.08 billion), revenue fell 6.4 per cent to 28.05 billion euros ($31.4 billion) from a year earlier, and operating profit reached 1.654 billion euros ($1.85 billion), down 13.6 per cent from the same period last year. Operating margin also fell to 5.9 per cent from 6.4 per cent a year earlier. This contrasts with its domestic rival PSA Group, with a record profit margin of 8.7 per cent in the first half of the year.

Peugeot Citroen Group (PSA)

In the first half of 2019, PSA Group achieved revenue of 38.34 billion euros ($42.9 billion), down 0.7% from the same period in 2018, of which revenue from the automotive division reached 30.378 billion euros, down 1.1% from the same period in 2018. The group's recurrent operating profit was 3.338 billion euros ($3.74 billion), up 106%. The recurrent operating margin reached 8.7%, an increase of 0.9 percentage points over the same period in 2018. Consolidated net profit reached 2.048 billion euros ($2.29 billion), up 335 million euros from the same period in 2018. Net profit attributable to the parent company was 1.832 billion euros ($2.05 billion), up 351 million euros from the same period in 2018.

Toyota

In the first quarter (April-June) of fiscal year 2020 (April 1, 2019-March 31, 2020), Toyota posted one of its best quarterly results in nearly four years: net revenue of 7.646 trillion yen ($7.187 billion), up 3.8% from a year earlier. Operating profit rose 8.7 per cent to 741.9 billion yen ($6.93 billion) from a year earlier. Pre-tax income was 841.7 billion yen ($7.91 billion).

Nissan car

Nissan's first quarter (April-June) operating profit was Y1.6 billion ($14.8 million), down 98.5 per cent from a year earlier; revenue fell 13 per cent to Y2.37 trillion ($21.97 billion) and operating profit margin was 0.1 per cent; net income tumbled 94.5 per cent to Y6.4 billion ($59.3 million). Nissan said its profitability was negatively affected by falling revenues and external factors such as raw material costs, exchange rate fluctuations and investment. To improve overall utilization, Nissan will cut its global capacity by 10 per cent by the end of fiscal 2022. To optimize production, the company will also cut about 12500 jobs.

Modern automobile

Hyundai's second-quarter net profit hit its highest level in nearly seven years as a result of the devaluation of the won and the launch of new models. Hyundai's operating income in the first half of the year was 50.95 trillion won ($40.76 billion), compared with 47.15 trillion won, up 8.1 per cent from a year earlier, and operating profit was 2.06 trillion won ($1.648 billion), up 26 per cent from 1.63 trillion won in the same period last year. Net profit, including minority stakes, reached 1.95 trillion won ($1.56 billion), compared with 1.54 trillion won in the same period last year, up 26.6 per cent from a year earlier.

Honda Motor

As the stronger yen weighed on overseas earnings and falling car sales in the US, Honda's operating profit for the first quarter of fiscal 2020 (April 1, 2019 to March 31, 2020) reached 252.4 billion yen ($2.36 billion), down 15.7 percent from 299.3 billion yen in the same period last year. Revenue fell 0.7 per cent to 3.996 trillion yen ($7.56 billion) from a year earlier. Pre-tax income also fell 19.1% from a year earlier to Y289.8 billion ($2.72 billion), and earnings per share fell Y39.83 to Y97.92 ($0.92) from a year earlier.

Mazda car

Mazda's operating profit fell 78.8 per cent in the first quarter of fiscal 2020 (April 1, 2019-June 30, 2019) as sales fell in both Chinese and US markets, while a stronger yen also reduced profits.

Specifically, Mazda's first-quarter operating profit was 6.952 billion yen ($64 million) (32.745 billion yen ($302.8 million) in the same period of the previous fiscal year), the worst level since the first quarter of fiscal 2012. Net sales reached 849 million yen ($8.065 million), down 2.7 per cent from 872 million yen in the same period last year.

Subaru car

Thanks to strong US sales of SUV such as Ascent and Forester, Subaru's global sales rose in the first quarter (April-June), resulting in a 48 per cent year-on-year increase in operating profit of Y92.2 billion ($870 million), higher than the average forecast of Y65.6 billion for eight Refinitiv analysts.

Mitsubishi Motor

Mitsubishi Motor's operating profit fell 86 per cent to Y3.9 billion ($36.2 million) in the first quarter as falling revenues, foreign exchange losses and rising R & D costs dented profitability, while operating margin shrank to 0.7 per cent from 5 per cent a year earlier. Net income fell 67 per cent to Y9.3 billion ($86.2 million), while revenue fell 4 per cent to Y536.2 billion ($4.97 billion).

Suzuki car

Suzuki said its operating profit fell 46.2 per cent in the first quarter (April-June) as it improved its vehicle testing system, leading to a drop in domestic production, coupled with falling demand for cars in India, its biggest single market.

Specifically, Suzuki's first-quarter net sales fell 80 billion yen (8.1 per cent) from the same period last year to 907.5 billion yen ($8.53 billion). Operating profit also fell to 62.7 billion yen ($592 million) from 116.5 billion yen a year earlier, below the average forecast of 69.09 billion yen for eight Refinitiv analysts. Net income attributable to parent shareholders fell 45.4 billion yen, or 52.8 per cent from a year earlier, to 40.5 billion yen.

Jaguar Land Rover

In the past quarter, Jaguar Land Rover sold about 128615 vehicles worldwide and had operating income of £5.07 billion ($6.1 billion), an improvement of £954 million on free cash flow compared with the same period last year. Jaguar Land Rover forecasts that it is expected to make a profit this year, with a profit margin of 3% to 4% before interest and tax for the full year.

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