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Dour Demand Sends Japan 2008 Auto Sales Down Dramatically
Major domestic sales declines from Toyota Motor Corp. (ADR: TM) and Nissan Motor Corp. (ADR: NSANY) led Japan to post its worst overall annual vehicle sales in nearly three decades.
Sales of cars, minicars, trucks and buses hit a 28-year low, falling 5%, or 5.08 million, from the 5.35 million sold in 2007, according to figures released by the Japan Automobile Dealers Association (JADA) and Japan Mini Vehicles Association, Bloomberg reported.
Worse, domestic auto sales in December totaled 183,549 vehicles – a 22% decline and the biggest drop on record – showing the sales crunch is a growing problem.
“We…
6Jan2009 | Money Morning | 0 comments | ContinuedGlobal Investing Roundups
South Korea Plans $10.8 billion Stimulus; KKR IPO Delayed Again; DryShips Posts 71% Profit Growth; Oil Slides Below $64; Manufacturing Hits 26-year Low; Viacom Profit Down 37%; Cars Sales Plummet;
- South Korea’s government announced plans for a 14 trillion won ($10.8 billion) economic stimulus aimed to create an extra 200,000 jobs, extend tax breaks for factory investments and increase infrastructure spending and development. Relief measures announced this year now total 33 trillion won, according to the finance ministry, Bloomberg reported.
- Initial public offering plans for buyout firm Kohlberg Kravis Roberts & Co. have again been delayed, this time because its Amsterdam-listed affiliate…
Global Investing Roundups
Citi Buys Back Securities; Jobless Claims Rise; Toyota Earnings Skid; Brazil Grows More Grain; Vale’s Record Earnings; Nestle’s Earnings Crunch
-Beleaguered banking giant Citigroup Inc. (C) will buy back more than $7 billion worth of illiquid auction rate securities under a settlement, the Office of the New York Attorney General said yesterday (Thursday). Citi will also have to pay two civil penalties of $50 million each: One to New York state and the second to the North American Securities Administrators Association. The settlement calls for Citi to buy back the securities by Nov. 5. The deal is aimed at relieving about 40,000…
8Aug2008 | Money Morning | Comments Off | ContinuedGM Announces Second Round of Cost Cuts in Six Weeks as U.S. Economy Continues to Slump
General Motors Corp. (GM) yesterday (Tuesday) announced a series of cost-saving measures aimed at fighting waning domestic sales fueled by a weak U.S. economy and the soaring cost of fuel.
“We are responding aggressively to the challenges of today’s U.S. auto market,†GM Chairman and Chief Executive Officer Rick Wagoner said in a General Motors company statement announcing the cuts.
“We will continue to take the steps necessary to align our business structure with the lower vehicle sales volumes and shifts in sales mix,†he added, “We remain committed to bringing to market great products that target changing consumer preferences for more fuel-efficient…
16Jul2008 | Money Morning | Comments Off | ContinuedJapan Makes Way for China Tourist Money
From my vantage point on my recent visit to both China and Japan, the signs are clear.
China is coming. And Japan knows it.
Major department stores like Takashimaya Co. Ltd., Sogo Co. Ltd. and Mitsukoshi Ltd. are gearing up. In places like Tokyo, Osaka and Kyoto, they’re seeing a new wave of power shoppers at their counters – the Chinese.
A few short years ago, this was unthinkable.
Yet, as my wife and I strolled through downtown Kyoto, we saw it too. Most major department stores have added Chinese signage to the usual Japanese and English placards.
We heard it, as well, from…
5Jun2008 | Money Morning | Comments Off | ContinuedGM Tries to Reverse Course, but Can it Catch Toyota?
It has taken three straight years of declining profit for General Motors Corp. (GM) to realize it is no longer on the cutting edge of the world’s automotive market.
To its credit, GM has shifted its turnaround into high gear, painstakingly reshaping what was once regarded as an American business icon. But even with the changes put in motion, it may be too late to catch rival Toyota Motor Corp. (ADR: TM).
General Motors announced yesterday (Tuesday) that it would cut jobs, costs, and possibly sell off its Hummer brand, all in an effort to reduce its exposure to sluggish truck…
4Jun2008 | Money Morning | Comments Off | ContinuedA Weak Dollar and Sluggish U.S. Economy Accelerate Toyota’s Retreat to Emerging Markets
A weak dollar and an even weaker U.S. economy have proved to be serious roadblocks for Toyota Motor Corp. (TM), which reported a 28% decline in net income for its fiscal fourth quarter.
The company said it expects its first annual profit drop in nine years to occur in fiscal year 2009, despite strong sales in developing markets.
High oil prices helped boost the sale of smaller more fuel-efficient cars in the United States, but overall region sales declined. Fourth-quarter sales of the Toyota Yaris were up 58% and Prius sales shot up 23%. Still, Toyota’s total North American sales fell…
9May2008 | Money Morning | Comments Off | Continued
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