Trade News

DETROIT -- Jim Hackett's compensation in his second full year as CEO of Ford Motor Co. fell about 2 percent as the automaker failed to meet many financial targets.

Hackett, 64, earned $17.36 million in total compensation in 2019, according to the company's annual proxy statement, down from the $17.75 million he earned in 2018. He earned $16.7 million in 2017 after becoming CEO in May of that year.

His 2019 compensation included a $1.8 million base salary, unchanged from 2018; $13.2 million in stock awards, up nearly $500,000 from 2018; and $1.75 million in bonuses and incentives, down more than $800,000. Hackett's total compensation also includes $91,523 for personal use of aircraft, a perk Ford's CEO has long enjoyed.

Ford's top executives hit 54 percent of their business performance targets in 2019,including only 4 percent of company revenue targets and 28 percent of cash flow targets. The total number was helped by executives hitting 118 percent of th…

BEIJING -- General Motors' vehicle sales in China fell 43 percent in the first three months of 2020 compared with the same period last year, the company said on Friday, as the coronavirus pandemic reduced demand in the world's biggest auto market.

The pandemic has killed over 3,300 people in China, the world's second-biggest economy, and caused the government to lock down parts of the country to contain the spread. The travel restrictions contributed to a 79 percent drop in overall auto sales in February after a 19 percent drop in January.

GM, China's second-biggest foreign automaker, delivered 461,716 vehicles in the first quarter, the company said. The first quarter drop follows a second straight decline in annual sales in 2019.

GM has a joint venture in China with SAIC Motor Corp. which manufactures Buick, Chevrolet and Cadillac vehicles. It also has another venture, SGMW, with SAIC and Guangxi Automobile Group, that produces no-fr…

BEIJING -- General Motors' vehicle sales in China fell 43 percent in the first three months of 2020 compared with the same period last year as the coronavirus pandemic reduced demand in the world's biggest auto market.

The pandemic has killed over 3,300 people in China, the world's second-biggest economy, and caused the government to lock down parts of the country to contain the spread. The travel restrictions contributed to a 79 percent drop in overall auto sales in February after a 19 percent drop in January.

GM, China's second-biggest foreign automaker, delivered 461,716 vehicles in the first quarter, the company said Friday. The first quarter drop follows a second straight decline in annual sales in 2019.

GM has a joint venture in China with SAIC Motor Corp which manufactures Buick, Chevrolet and Cadillac vehicles. It also has another venture, SGMW, with SAIC and Guangxi Automobile Group, that produces no-frills minivans and has started to make highe…

Ford Motor extended the temporary suspension of vehicle and engine production at most of its European factories to May 4.

"Ford's production restart plans depend heavily on the pandemic situation in the weeks ahead, national restrictions in operation at the time, supplier constraints and the ability of our dealer network to operate," the company said in a statement on Friday.

Ford paused production at its plants in Europe last month, including sites in Cologne and Saarlouis in Germany, the Craiova facility in Romania and Valencia in Spain, along with engine plants in the UK.

Editor’s note: An earlier version of this story understated the pay cut for executive vice presidents.

AutoNation Inc. is laying off 7,000 workers, slashing executive pay and postponing capital spending after vehicle sales fell by half in late March because of the coronavirus pandemic. 

"Markets from which we derive approximately 95 percent of our total revenue are currently under extensive 'shelter in place' or 'stay at home' orders from federal, state and local governments, which significantly restrict our business operations, in particular our sales activities," the largest U.S. dealership group said in a regulatory filing. 

In addition to putting the 7,000 workers on unpaid leave, the retailer has:

Postponed more than $50 million of capital expenditures through the second quarter. Implemented a temporary 50 percent salary cut for Executive Chairman Mike Jackson and CEO Cheryl Miller. Executive vice presidents will get a 35 percent redu…

If the merger between PSA Group and Fiat Chrysler Automobiles to create the world’s fourth-largest automaker had a certain logic when it was announced last Oct. 31, the case for a tie-up is even stronger now, with the auto industry on the verge of recession from the coronavirus pandemic.

The idea is that increased economies of scale would reduce unit costs and better amortize huge investments in future technologies, ensuring profits for the merged entity in years to come. Now, such synergies are becoming a basic tool to survive a shock that many experts say will be deeper, if not longer, than the 2008-09 financial crisis.

One positive effect of the coronavirus crisis, if there is one, is that some future FCA products are being put on hold or delayed. This will not only preserve cash in the short term, but also offer the possibility after the merger of more quickly aligning two product cycles that were locked into a set cadence. The virus is zeroing the clock t…

MILAN -- Fiat aims to restart operations at three Italian sites as soon as the government lifts coronavirus restrictions on manufacturing, a union representative said.

Unions will monitor health precautions, said Gianluca Ficco, a representative of the UILM metal workers' union.

Despite Italy's lowest death toll from coronavirus in six days on Wednesday, Prime Minister Giuseppe Conte said a national lockdown in place since March 9, and due to expire on Friday, would be extended until at least April 13. The lockdown measures include a freeze on all non-essential economic activity, including car production.

Ficco said unions had started talks with the automaker to make sure all health and security requirements were met in factories, with a view to resuming operations after the lockdown.

"At the moment the date we are looking at is April 14," he said.

The sites are the Melfi operation in southern Italy that produces Jeep's Compass and new…

BEIJING — Organizers of the Beijing auto show, which was scheduled to be held in late April, said the event would be held between Sept. 26 and Oct. 5 due to the coronavirus pandemic.

Several other auto shows globally have been canceled or postponed due to the outbreak, including those in Detroit, Geneva, New York and Sao Paulo. The Beijing show was to be held April 21-30. Organizers had said in February that it would be postponed but no new date was given.

In light of the "serious challenges" from the coronavirus outbreak the show is being postponed "to effectively protect the health and safety of exhibitors and spectators," organizers said in a statement Friday.

The epicenter of the coronavirus outbreak was in Hubei province, China, where the city of Wuhan is home to many automotive factories. Plants there were closed for around two months starting in January after the area was placed on a near-total lockdown. The Chinese auto market is s…

General Motors on Thursday rolled out a series of safety measures for workers in Indiana who will make ventilators, outlining what could be a blueprint for opening U.S. auto plants in the coming weeks.

More than 1,000 GM workers will make the ventilators at GM's Kokomo, Ind., plant. The automaker aims to begin mass production by mid-April and to make 10,000 ventilators a month by summer.

The measures include checking workers' temperature as they arrive for work, and each work station will be placed at least 6 feet apart, GM said.

There will be a 30-minute interval between shifts so workers can clean work stations when they arrive and before they leave. Cleaning crews will sanitize common areas and "touch areas" such as door handles, at least three times per shift.

A spokeswoman for GM said the measures may form a blueprint for safety protocols at the rest of GM's plants once the automaker decides to restart production when the pandemic crisis rece…

Tesla Inc.’s first-quarter deliveries fell less than expected from record levels reached late last year.

Tesla handed over 88,400 vehicles worldwide in the first quarter, a record for the period, but down 21 percent from the last three months of 2019. But the total beat analysts’ average estimate for about 78,100.

In the first quarter of 2019, Telsa racked up sales of 63,000 worldwide when Model 3 deliveries were ramping up overseas.

“I’m shocked they did so well,” said Gene Munster, managing partner of venture capital firm Loup Ventures. “I don’t know how they did it. They had every excuse in the world to put out a bad number.”

Sequential slowdown

Tesla tried to salvage as much business as possible last month by introducing “touchless” deliveries at a time when authorities around the globe are urging would-be car buyers to shelter in place.

While Tesla managed to deliver more vehicles than the year-ago quarter, the improvement was s…

STOCKHOLM -- Sweden's Autoliv , the world's biggest airbag maker, withdrew its 2020 forecast due to the coronavirus crisis on Wednesday, suspended its dividend and said it had drawn the remaining $600 million from an existing credit line.

The pandemic has forced shutdowns at automakers across the world and Autoliv only two weeks ago announced a raft of cost cuts to cushion the blow from the disruption.

"Today we announce a number of additional actions taken by the company to continue to manage the effects brought on by the COVID-19 pandemic," CEO Mikael Bratt said in a statement.

"We will continue to evaluate the changing environment and are prepared to do what is necessary to get us through this humanitarian and economic crisis," he added.

Autoliv said it believed its position was robust in terms of both capital and liquidity. "But cancelling the dividend is in the best interests of the company to preserve cash and maintain flexibility given the …