- Shares buoyed on relief over Trump’s China response and easing of coronavirus lockdowns
- Gold and silver climb as US cities rocked by protests over killing of George Floyd
- UK and eurozone manufacturing declines ease while China’s factories return to growth in May
Times are tough for carmakers (and most other companies), although car showrooms are allowed to re-open in England from today. Experts are expecting a brief surge in sales after dealerships were closed for 10 weeks, but warn that this could fade quickly as a firm bounceback in consumer demand looks unlikely.
In France, new car sales plunged 50.3% in May from a year earlier, following an 89% slump in April and a 72% decline in March, new industry figures show. Some 96,310 cars were registered in May.
Sweden’s truckmaker Scania plans major job cuts and estimates it may have 5,000 more staff than it needs because of the coronavirus crisis, Reuters reports.
Scania is owned by Germany’s Traton, in which Volkswagen has an 89.7% stake. Scania’s chief executive Henrik Henriksson said today that up to 1,000 office jobs at its headquarters in Södertalje near Stockholm are under review. The Swedish truckmaker employs 51,000 people around the world.
Our assessment is that it will take long before market demand reaches pre-crisis levels and we therefore need to adapt the organisation to the new situation.
These will be company-wide measures and formal notices of redundancies are not excluded.