sales

BMW plunges to second-quarter EBIT loss as coronavirus pandemic hits car sales

FRANKFURT (Reuters) – BMW on Wednesday said it expected to post an operating profit for the full year despite coronavirus lockdowns pushing the carmaker to a second-quarter operating loss as deliveries of luxury cars fell by 25% during the period.

The Munich-based carmaker said it swung to a 666 million euro ($786 million) loss before interest and taxes in the quarter ending in June, down from a 2.2 billion euro operating profit in the year-earlier quarter.

The earnings before interest and taxes (EBIT) margin in the company’s automotive segment was pushed to a negative 10.4% in the quarter, slumping from 6.5% in the second quarter last year, as BMW ramped up expensive electric car technology investments.

Car sales have begun to recover in some markets, including in China, leading BMW to expect its core business to return a profit, but the rebound will not be enough to make up the

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Coronavirus is a car sales roller coaster with an uncertain end

With no handy playbook, no precedents for the toxic economic fallout from COVID-19, the only thing predictable about auto sales is now unpredictability. And with viral spikes forcing fresh public restrictions — including in California, the nation’s largest auto market — any automotive recovery seems likely to follow the same topsy-turvy course.

Analysts say the worst may be over. But they can’t be sure. The pandemic drove auto sales to a sickly, 30-year-low in April, as Americans bought just 633,000 cars — down 53% from April 2019, and worse than any sales month of the Great Recession in 2009. 

June brought a few rays of hope. But June’s annualized selling rate of 12.9 million units was still a stark reminder of the booming 17.2-million pace of the previous June. Second-quarter sales at General Motors, Ford and FiatChrysler fell 30% or more. Tesla’s mere 5% drop —and a stock

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Shoppers Eye 4th of July Car Sales as Pandemic Expedites Car-Buying Plans

Some consumers may celebrate the birth of the nation by buying a new car, as Fourth of July car deals and pandemic concerns provide an incentive to shop.

Automotive marketplace Cars.com surveyed consumers who have an interest in acquiring a new car to see if the COVID-19 outbreak was impacting their plans. The survey found that not only were most respondents expediting their timeline for getting another car in part because of the pandemic, but 44% said they were prepared to close the deal on a vehicle over the holiday weekend.

A myriad of reasons to buy

Respondents gave a host of reasons for why they were quickly moving forward with their car-buying plans.

More than half — 52% — said they want something new, or at least newer than the vehicle they already own. More than a third of respondents — 42% — said they believed the deals that

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These 15 car models saw the greatest growth in used sales since customers started buying again

2918 Nissan Rogue Sport.
2918 Nissan Rogue Sport.

Nissan

  • Car search engine and automotive research firm iSeeCars.com created a list of 15 vehicles that saw the greatest used car sale growth from May 2019 to May 2020.

  • The list also included the vehicles’ respective month-over-month growth in 2020 from April to May.

  • iSeeCars.com’s list — which is ranked by highest to lowest year-over-year growth — is topped by the Honda HR-V, which saw a 53.1% increase in used car sales from May 2019 to 2020.

  • However, the Mazda CX-5 saw the largest used car sale growth from April to May with a 108.9% spike.

  • On average, used cars saw a 12.5% decrease in sales from May 2019 to May 2020, but a 105.5% increase from April 2020 to May.

  • Visit Business Insider’s homepage for more stories.

Car search engine and automotive research firm iSeeCars.com created a list of 15 used vehicles that saw

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