Tuesday Ticker: June 30, 2020

Ford’s full-year forecast

Dean Stoneley, president and CEO of Ford Motor Co. Canada says new vehicle sales “fell off a cliff” for the company as a result of the COVID-19 crisis.

“Where we come out in the full year, we are still forecasting, but I suspect it will be somewhere in the area of 26 to 30 percent down,” Stoneley said during a late-May virtual discussion with the Oakville Chamber of Commerce chair Tim Caddigan. 

The Ford CEO says the good news is that the worst seems to be over, and the automaker’s Oakville site resumed production on May 25.

Merger moving forward

Carlos Tavares, PSA group CEO says he is confident the merger of PSA and Fiat Chrysler Automobiles would continue as planned and yield synergies of at least 3.7 billion euros (CAD$5.7 billion).

Tavares told PSA shareholders that “the timetable of the merge with FCA is being strictly respected” during an annual shareholders meeting on June 23.

He said he is confident the deal will be finalized during the first quarter of 2021, “at the latest.” 

While the merger has received the green light in the U.S., China, Japan and Russia, an antitrust investigation has been launched in European Union. Regulators say the merger could cause potential harm to competition in small vans in 14 EU countries, as well as Britain. 

Message from Magna

Magna International will be hosting its second quarter 2020 earnings conference call on Friday, August 7, 2020 at 8 a.m. EST.

Slide presentations, along with a video replay of the broadcast, will be available two hours after the call, until Aug. 14, 2020.

Click here for more information.

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