October 25, 2020

TomTom reports drop in earnings, automotive gains

Recasts with forecasts, adds details

Oct 14 (Reuters)Dutch mapping and navigation company TomTom TOM2.AS on Wednesday forecast a 25% drop in full-year sales, as it reported a better-than-feared fall in third-quarter earnings, although its automotive division surpassed expectations.

The Amsterdam-based company, whose customers range from major carmakers to leading global tech firms, said it now expects reported revenue of 530 million euros ($622.33 million) for the full-year, slightly below consensus estimates of 536 million.

The group said it saw growth in its automotive business, which provides maps and navigation software to carmakers.

“For Q4, we expect that automotive operational revenue continues to show strong sequential growth,” said finance chief Taco Titulaer, citing improved car production as the division beat expectations, growing sales 19% year-on-year.

European new car sales gradually picked up over the summer, after lockdowns shuttered showrooms and brought traffic to a halt. Industry data showed

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UPDATE 1-TomTom reports drop in earnings, automotive gains

(Recasts with forecasts, adds details)

Oct 14 (Reuters) – Dutch mapping and navigation company TomTom on Wednesday forecast a 25% drop in full-year sales, as it reported a better-than-feared fall in third-quarter earnings, although its automotive division surpassed expectations.

The Amsterdam-based company, whose customers range from major carmakers to leading global tech firms, said it now expects reported revenue of 530 million euros ($622.33 million) for the full-year, slightly below consensus estimates of 536 million.

The group said it saw growth in its automotive business, which provides maps and navigation software to carmakers.

“For Q4, we expect that automotive operational revenue continues to show strong sequential growth,” said finance chief Taco Titulaer, citing improved car production as the division beat expectations, growing sales 19% year-on-year.

European new car sales gradually picked up over the summer, after lockdowns shuttered showrooms and brought traffic to a halt. Industry data showed new registrations

Read More
car

Weakest September in two decades as UK new car sales drop more than 4%

A sales person at a Vauxhall car dealership in north London on June 4, 2020, the week when showrooms in England were allowed to reopen post COVID-19 lockdown. Photo: Justin Tallis AFP via Getty Images
A sales person at a Vauxhall car dealership in north London on June 4, 2020, the week when showrooms in England were allowed to reopen post COVID-19 lockdown. Photo: Justin Tallis AFP via Getty Images

New car registrations in the UK dropped by 4.4% in September, compared to the same month last year, as the coronavirus pandemic continues to hurt demand.

According to the latest data from the Society of Motor Manufacturers and Traders, last month’s 328,041 new registrations marked the weakest September in 20 years, and a nearly 16% drop on the 10-year average of 390,000 for the month.

September is traditionally one of the two best months in the year for sales, as it is when licence plates change.

“During a torrid year, the automotive industry has demonstrated incredible resilience, but this is not a recovery,” said SMMT chief executive Mike Hawes in a statement. “Despite the boost

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car

Fairfax County Car Tax Payments Encouraged Online, In Drop Boxes

FAIRFAX COUNTY, VA — The 2020 deadline for paying the personal property tax, also known as the car tax, is Monday, Oct. 5 for Fairfax County residents. With the expectation of lines for in-person payments from Oct. 1 to 5, the county government is encouraging other ways to pay.

Residents are encouraged to avoid paying the car tax in-person at the Fairfax County Government Center. In addition to the online payment option, there are drop boxes at the Fairfax County Government Center (separate from drop box for absentee ballots; see map) as well as drop box locations at libraries. For residents who typically pay with cash, money orders are recommended.

The following library drop box locations are open through Oct. 5:

  • Reston Regional Library: 11925 Bowman Towne Dr., Reston, VA 20190

  • George Mason Regional Library, 7001 Little River Turnpike, Annandale, VA 22003

  • Oakton Library, 1304 Lynnhaven Place, Oakton, VA 22124

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car

Ford Mustang Mach-E Electric Car Getting Major Price Drop Ahead Of Release

Ford announced on Wednesday that the Mustang Mach-E, an all-electric SUV, scheduled for release later in the year will be getting a major price cut. These cuts will range from $1,000 to $3,000 and are intended to make the more environmentally friendly vehicle more consumer-friendly as well.

“Exceptional value has always been a hallmark of the Mustang brand,” Emma Bergg, a spokeswoman for Ford, said in a statement. “In addition to its great all-electric driving range and performance, we’re adjusting Mustang Mach-E pricing to remain fully competitive in a segment that is seeing dynamic price changes.”

As of now, Mach-E models are set to range in price from $42,895 to $58,300. Electric car purchases are also eligible for a federal tax credit of up to $7,500 depending on battery capacity.

The cuts were first disclosed in a memo distributed to dealerships on Tuesday, calling into question the real rationale behind

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