German truck maker MAN to cut up to quarter of staff, Auto News, ET Auto

MAN TGX EVOLION
Gentleman TGX EVOLION

Frankfurt am Major: German truck and bus company Gentleman claimed Friday it will reduce up to a person in four of its workers as it seems to make an “comprehensive restructuring”, with the coronavirus pandemic battering the market.

The Munich-dependent enterprise claimed it would lay off as many as 9,five hundred employment in Germany and Austria as it seems to help you save one.8 billion euros ($two.one billion) on a yearly basis.

Two sites in Germany and a person web-site in Austria may possibly be closed.

Gentleman noted an functioning decline of 423 million euros ($five hundred

Read More Read More

Tata Motors Group global wholesales plunge in first quarter | Automotive Industry News

Unsurprisingly, presented world wide availability of Jaguar Land Rover designs and the COVID-19 pandemic, Tata Motors Group world wide wholesales in the initially quarter of fiscal year 2020/21, like JLR, fell sixty four% yr on yr to ninety one,594.

World wholesales of all Tata Motors’ industrial cars and the Tata Daewoo light-weight truck selection were being 89% lower at 11,598 models.  

World wholesales of all passenger cars in Q1 FY21 were being off forty nine% to seventy nine,996.  

World wholesales for Jaguar Land Rover were being 65,425 cars (like 16,513 by the Chery JV in China) but Tata did not

Read More Read More

Hertz could deplete cash this quarter, Moody’s says in downgrade

Hertz International Holdings Inc. could run out of dollars as shortly as this quarter because of to a precipitous drop in income and the collapsing employed-auto market place, Moody’s Traders Services warned as it downgraded the rental-auto corporation a few techniques even further into junk.

“The company’s dollars burn off could exhaust its dollars sources throughout the 2nd quarter,” Moody’s analysts wrote Friday. Hertz likely wants relief from loan companies, which could include asset-backed safety collectors who fund its rental-auto fleet, in accordance to Moody’s, which dropped its score to Caa3 from B3.

Hertz is seeking assistance from restructuring

Read More Read More