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GM reports 2Q loss, but there are signs of improvement

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DETROIT — Even though General Motors was able to reopen its U.S. factories for the last half of the second quarter, the company still lost $806 million in the three months between April and June.

The Detroit automaker had to close its plants from March 18 to May 18 due to the coronavirus, and production didn’t resume fast enough to stem the losses.

Like other automakers, GM counts revenue when vehicles are shipped from factories, so it had little money coming in for about seven weeks in April and May.

The company reported a loss of 50 cents per share excluding one-time items. That was better than Wall Street expected, with analysts polled by FactSet predicting a $1.77 per-share loss.

Revenue was cut in half to $16.78 billion, and that also beat estimates.

The Detroit automaker had to close its plants from March 18 to May 18 due to the coronavirus, but production didn’t resume fast enough to stem the losses. The company made $2.38 billion in the same quarter a year ago.

GM and other automakers count revenue when vehicles are shipped from its factories, so it had little money coming in for about seven weeks in April and May.

The company reported a loss of 50 cents per share excluding one-time items. That was better than Wall Street expected, with analysts polled by FactSet predicting a $1.77 per-share loss.

Revenue was cut by more than half to $16.78 billion, and that also beat estimates.

GM burned through more than $9 billion during the quarter including nearly $8 billion from operations and $1.1 billion in capital spending. It lost money before taxes in all of its business units including North America, where it lost $100 million.

The company raised borrowing on its revolving credit line to $16 billion to get through the pandemic crisis, pushing automotive debt to over $32 billion. It was $13 billion a year ago.

Chief Financial Officer Dhivya Suryadevara said that if annual U.S. sales continue at a rate of 14 million and production isn’t disrupted, GM should generate $7 billion to $9 billion in cash during the second half of the year, offsetting a large part of the first-half cash burn. The company should be able to repay its revolving credit line by year’s end, she said.

Sales in the U.S., GM’s most lucrative market, fell 34% for the quarter, even though executives said there is pent-up demand for vehicles, especially pickup trucks. GM has put many of its truck plants on three shifts as it tries to make up for lost production.

Suryadevara said the company nearly reached break-even pretax earnings in North America even in a challenging quarter.

“These results illustrate the resiliency and earnings power of the business as we make the critical investments necessary for our future,” Suryadevara said in a prepared statement.

GM said sales are showing signs of improvement, and in some areas, such as pickup trucks, have been constrained by low inventory levels as plants came back on line. “The company is working all avenues to increase U.S. dealer stocks and has restarted all U.S. truck and full-size SUV plants to three shifts, and nearly all other plants to pre-pandemic shift levels,” GM said.

U.S. sales tumbled 35% in April, but that improved to a decline of around 20% year over year in May and June, the company said.

The company reported strong sales of pickup trucks and new full-size SUVs such as the Chevrolet Tahoe and GMC Yukon. “They’re flying off the dealer lots,” Suryadevara said.

The whole auto industry was expected to struggle this quarter as the pandemic cut into sales. Electric vehicle company Tesla may wind up the lone exception because it managed to post a $104 million profit. But Japan’s struggling Nissan reported a $2.7 billion loss (285.6 billion yen) for the period.

GM’s shares rose nearly 4% in trading before Wednesday’s opening bell.

Source: https://www.autoblog.com/2020/07/29/general-motors-gm-quarterly-earnings-loss-coronavirus/

Automotive

How Car Tires Are Manufactured

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🚗 Cars are complex machines, each part made in highly specialized and specific ways, car tires included. Here is how car tires are manufactured.

🚕 Car tires are the part of your vehicle that keeps you moving forward. But have you ever wondered about how car tires are manufactured? Read ahead for a quick overview of the process.

❋ Design and Plan 👇

Designing the item you plan to manufacture is the first part of any industrial process. Car tires have been around for a long time now, and the manufacturing process is becoming increasingly digital. The design is usually created through engineering software, and the dimensions and curvature are handled with precision. After that, the tire-making machines receive this digitized format.

❋ Select Materials  👇

Most tires consist largely of rubber, both natural and synthetic. Oils, pigments, antioxidants, and other materials mix with the rubber to create each part of the tire. Tires must be crafted from quality, durable materials, including chemical agents, metallic cables, and fabric reinforcers.

❋ Melt and Mold 👇

Heat and friction work together to produce the final rubber composite that will mold the other parts of the tire. Tires are not one singular piece of rubber—they contain tread rubber, sidewall rubber, fabric-coated plies, and bead wires, among other components. A factory worker or automated apparatus then uses a tire-building machine in the shape of a collapsible drum to glue and set the tires. Finally, the tires cure over time, and subsequent heating and steaming help them fully coalesce

❋ Distribute Widely 👇

Quality control is important with tires—after all, tires must handle transporting drivers for thousands of miles on the road. After rigorous testing, the manufacturer packs the tires and distributes them to various sellers. These include tire stores all across the United States, from Trenton, New Jersey to Anderson, Indiana.

🟥 Knowing how car tires are manufactured can help you better select the parts for your vehicle. Because all cars are different and have specific needs, you should consult with a tire expert before choosing your next set of wheels.

👉↘ Source: Christina Duron is a freelance writer for multiple online publications where she can showcase her affinity for all things digital. She has focused her career around digital marketing and writes to explore topics that spark her interest.

 

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Feast your eyes on the all-new, all-electric GMC Hummer EV

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GMC has a new all-electric version of its classic Hummer oversized SUV. This thing is a beast, as you might expect, with an advertised 350-mile range and a 3-second zero to 60 mph time. It’s a bit ridiculous to be honest, which is kind of what the Hummer has always been about so that makes sense.

Alongside a teaser, GMC released a number of press photos of the 1,000 HP bruiser, so take a look below. It definitely looks like a Hummer – which may or may not be your cup of tea.

Source: https://techcrunch.com/2020/10/20/feast-your-eyes-on-the-all-new-all-electric-gmc-hummer-ev/

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Automotive

ALYI Highlights Next Steps

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Dallas, TX – October 20, 2020 – OTC PR WIRE – Alternet Systems, Inc. (OTC PINK: ALYI) today announced plans to publish a comprehensive progress update next week targeting a Wednesday, October 28th release date.

Management indicates a number of major endeavors underway in important stages of development to include RevoltTOKEN financing partner’s efforts to finalize ICO details, next steps after finalizing the multiparty milestone agreement announced last week, and a new design path development for the company’s long-term plans for future electric vehicles in Africa.

Management anticipates wrapping up details on the above-mentioned endeavors by next Wednesday and being ready to release a comprehensive update.

For more information and to stay up to date on ALYI’s latest developments, please visit www.alternetsystemsinc.com.

Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.

Alternet Systems, Inc. Contact:
Randell Torno
info@lithiumip.com
+1-800-713-0297

Source: https://otcprwire.com/alyi-highlights-next-steps/

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