Group 1 Automotive Inc. shares (gpi) rose 3.5% in premarket trade Tuesday, after the car retailer offered upbeat guidance for the third quarter, unveiled a $200 million share buyback program and said it will reinstate its quarterly cash dividend which was suspended during the pandemic. The Houston-based company said it expects third-quarter per-share earnings of $6.25 to $6.65 and adjusted EPS of $6.50 to $6.80. The current FactSet consensus is for EPS of $3.73. The adjusted number excludes a $3.3 million pretax expense that is equal to 15 cents a share, for redeeming all previously issued 5.00% bonds due June 2022. The company expects higher gross margins on new and used cars in the U.S. has offset lower sales volumes. “Group 1’s U.K. operations also contributed to the significant third quarter profit improvement with vehicle sales and service levels recovering from the extensive lockdowns that occurred over April
Tesla delivered 139,300 autos in the third quarter, topping analyst estimates, according to figures released Friday by the electric car company.
Deliveries, a proxy for car sales at Elon Musk’s high-flying company, marked an increase of 43 percent from the year-ago period following the production ramp-up of the Model 3 vehicle.
Tesla produced 128,044 of the Model 3, an increase of 60 percent from the year-ago level. Overall production was 145,036.
Ford also reported better-than-expected sales, saying it sold 551,796 vehicles in the third quarter, down 4.9 percent from the 2019 period and better than the 8.0 percent fall that had been projected by Cox Automotive.
Ford pointed to strong demand for its F-series pickup trucks and other larger vehicles.
Automakers have seen surprisingly strong demand for vehicles, fueled by low interest rates and a trend among wealthier consumers shifting funds from vacation and other discretionary items to autos.
(MENAFN – Daily News Egypt) Egypt’s total automotive sales in August 2020 saw a rise of 41.5% year-on-year (y-o-y) and 13.7% month-on-month (m-o-m), amounting to 20,800 units.
The latest figures reflect a strong recovery, with sales likely to be impacted by pent-up demand, in addition to favourable financing options for car purchases made available by banks.
Passenger car (PC) sales during the same period increased 48% y-o-y, and 27.8% m-o-m, amounting to 15,900 units.
GB Auto’s (AUTO) total market share, covering the Hyundai, Mazda, Geely, and Chery brands, stood at 18.5% in August 2020. This reflected a downturn from the 29.1% it recorded in August 2019, but an increase from the 14.9% in June 2020.
AUTO’s PC sales in August declined 6% y-o-y and 58% m-o-m, amounting to 2,900 units. The y-o-y decline was driven mainly by lower CBU sales (down 21%), while CKD sales increased 19%. The m-o-m decline