Latest news with #CommercialVehicles
Yahoo
01-08-2025
- Automotive
- Yahoo
Ford Otomotiv Sanayi AS (IST:FROTO) Q2 2025 Earnings Call Highlights: Strong Export Growth and ...
Revenue: TRY365 billion, a 12% improvement year-over-year. Export Revenue Growth: 19% increase compared to the previous year. Adjusted EBITDA: TRY30.5 billion, up 18% year-over-year. Net Profit: TRY13 billion for the first half of 2025. EBITDA Margin: 8.4%, improved from the previous year. Operating Margin: 5.5%, slightly lower than last year. Net Margin: 3.6%. Net Debt-to-EBITDA Ratio: Improved to 1.66% from 2.38% at the end of 2024. Cash Flow from Operating Activities: Generated almost TRY60 billion. Market Share in Domestic Market: 8% overall, 27.5% in commercial vehicles. Export Units: 306,000 units, an 18% increase in volume. Capacity Utilization: 75% overall, 71% in Turkiye, 85% in Romania. Production Share: 32% of total vehicle production in Turkiye, 45% in Romania. Cash Position: TRY57 billion as of the end of the first half. CapEx Guidance: Updated to 600-700 million from 750-850 million. Warning! GuruFocus has detected 8 Warning Signs with IST:FROTO. Release Date: July 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Ford Otomotiv Sanayi AS (IST:FROTO) achieved a significant export growth with an 18% increase in volume and 19% in revenue, driven by the ramp-up of their 1-tonne commercial vehicle lineup and new electrified versions of Puma and Courier. The company maintained a strong market position in Turkiye, representing 32% of total vehicle production and 84% of commercial vehicle production. Ford Otomotiv Sanayi AS (IST:FROTO) improved its net debt-over-EBITDA ratio to 1.66% from 2.38% at the end of 2024, indicating better financial health. The company achieved a 75% capacity utilization rate, with 71% in Turkiye and 85% in Romania, reflecting efficient production capabilities. Ford Otomotiv Sanayi AS (IST:FROTO) reported a 12% revenue improvement, reaching TRY365 billion, with a strong performance in export markets contributing to this growth. Negative Points The company experienced a 10% reduction in revenue in the domestic market due to changes in the sales mix. Ford Otomotiv Sanayi AS (IST:FROTO) faced a 23% decline in profit before tax, primarily due to net financial expenses and foreign exchange losses. The Passenger Car segment saw a 16% decline in sales, attributed to changes in special consumption tax exemption criteria and intense pricing competition. Truck sales remained soft due to a slow recovery in key sectors like construction and logistics, impacting demand. The company maintained a cautious margin outlook due to uncertainties in exchange rates, despite achieving an 8.4% EBITDA margin in the first half. Q & A Highlights Q: Can you explain the cautious stance on your margin outlook despite over-delivery in the second quarter? A: Sinan Ozer, Business Finance Leader: The cautious stance is primarily due to uncertainties in exchange rate estimations. In the first half, we benefited from foreign exchange gains on export receivables, but we did not anticipate similar gains in the second half. Therefore, we maintained our EBITDA guidance between 7% and 8%, despite achieving 8.4% in the first half. Q: How sustainable are the operational expense savings achieved this year? A: Sinan Ozer, Business Finance Leader: We have implemented a sharpened cost focus and new processes for cost control, including a dedicated cost attack team and zero-based budgeting. These measures are sustainable and not one-off, as we have better control over costs and expenses now that most launch periods are complete. Q: With the revised lower CapEx guidance, what are your expectations for free cash flow and net leverage by year-end? A: Sinan Ozer, Business Finance Leader: Improvements in free cash flow are driven by working capital and lower CapEx. We expect net leverage to remain below 2.5 by year-end, despite an anticipated increase in CapEx spending in the second half. Q: Could you elaborate on the product-related investments and funding sources for CapEx? A: Sinan Ozer, Business Finance Leader: Over 80% of CapEx is related to product actions, including ongoing commitments from earlier launch projects and future programs. Funding sources include potential Eurobond issuance, bank lending, or existing cash, depending on cash generation performance. Q: How has Ford Otosan managed to maintain its export volume targets despite a weak European commercial vehicle market? A: Sinan Ozer, Business Finance Leader: Confidence in our lineup and the Ford Pro service network has helped us achieve a record market share of 17.7% in the commercial vehicle segment. If the market returns to historical averages, we see opportunities rather than risks. Q: What are the developments in the truck business, and is there any indication of recovery? A: Sinan Ozer, Business Finance Leader: Despite challenges in the Turkish market due to high availability in Europe and low EUR rates, we expect local manufacturers to gain more space as construction and logistics industries improve. In export markets, we are expanding our presence in Western Europe, although high inflation and low exchange rates in Turkey have slowed our pace. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Herald
30-07-2025
- Automotive
- The Herald
VW to reveal updated Grand California camper at Caravan Salon
Volkswagen Commercial Vehicles will unveil the updated Grand California camper van at the Caravan Salon in Düsseldorf, running from August 29 to September 7. The latest version of the Grand California introduces several visual and functional upgrades aimed at improving on-board comfort. Available in two wheelbase options, the revised camper will enter series production in the second half of 2025. Refreshed interior with yacht-inspired finishes Inside, the Grand California gains a new 'Atami Bamboo' décor for the tabletop and kitchenette surfaces, complemented by updated PVC flooring that carries through the kitchen, dinette and load areas. A redesigned black kitchen tap contrasts with the lighter tones, lending a calm, lounge-like feel with hints of Mediterranean yacht design. A new exterior table-mounting option allows the dining table to be quickly attached to the outside of the kitchen unit — ideal for meals or drinks outdoors. Storage has also been improved, with added luggage nets in the upper cabinets of the 600 (6m, transverse bed) and 680 (6.8m, longitudinal bed) variants.
Associated Press
23-06-2025
- Automotive
- Associated Press
Business Awards UK Announces 2025 Commercial Vehicle Business Awards Results
DONCASTER, UNITED KINGDOM, June 23, 2025 / / -- Business Awards UK is pleased to announce the winners and finalists of the 2025 Commercial Vehicle Business Awards, recognising organisations and individuals demonstrating strong performance, customer commitment, and innovation across the commercial vehicle sector. This year's recipients reflect a wide range of achievements, from operational growth and service development to emerging leadership and business resilience. Business Awards UK 2025 Commercial Vehicle Business Awards Winners - Cotswold Vans – Best in Used Commercial Vehicle Sales - South Wales Auto Store – Customer Service Excellence Award - Big Fleet Minibus – Rising Star Award - Vans4u Aberdeen – Best in Van Sales - Hawkstone Commercials – Commercial Vehicle Business of the Year Business Awards UK 2025 Commercial Vehicle Business Awards Finalists - Cotswold Vans – Best in Van Sales - South Wales Auto Store – Commercial Vehicle Business of the Year - Sapoo – Rising Star Award - Hawkstone Commercials – Customer Service Excellence Award Recognising Sector Growth and Customer Focus This year's awards highlight a wide spectrum of business strengths, from long-standing industry experience to the rapid development of new ventures. Several of the winning businesses have expanded their operations, introduced new service offerings, or strengthened customer support systems, contributing to improved client outcomes and sustainable growth. In particular, attention to quality assurance, flexible financing solutions, and transparent sales processes have helped many of the recognised companies build customer trust and maintain competitive positioning. Some businesses are developing specialist supply capabilities or entering new market segments, while others are refining their focus on core services that meet the day-to-day needs of commercial clients. These awards acknowledge practical achievements that reflect effective leadership, operational discipline, and consistent service standards. Business Awards UK commends all winners and finalists for their contributions to a reliable and adaptable commercial vehicle sector, and for demonstrating the value of ongoing improvement in a changing market. Dan Marsh Business Awards UK +44 1302 985118 email us here Visit us on social media: LinkedIn Facebook YouTube Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Associated Press
16-05-2025
- Automotive
- Associated Press
Cenntro Announces First Quarter 2025 Financial Results
FREEHOLD, N.J.--(BUSINESS WIRE)--May 16, 2025-- Cenntro Inc. ( NASDAQ: CENN ) ('Cenntro' or 'the Company'), a pioneering innovator in electric commercial vehicles, with advanced, market-validated, and purpose-built vehicle and smart technology products, has reported its financial and operational results for the three months ended March 31, 2025. First Quarter 2025 Financial and Operational Highlights: Peter Wang, Chief Executive Officer, commented: 'The first quarter of 2025 was underscored by continued international vehicle sales momentum across our product line. During the quarter we sold a total of 129 Electric Commercial Vehicles, compared to 96 vehicles in the prior year period, a 34% improvement. In the first quarter of 2025, our facility in Ontario, CA, assembled and delivered 14 vehicles to customers on the North American west coast. 'For the iChassis, we sold 27 units in the first quarter of 2025, although these units are not inclusive of the number of vehicles sold because iChassis is not considered a complete vehicle. The iChassis 100 is a smart chassis platform designed and manufactured by Cenntro, serving as a foundational component for autonomous commercial vehicles. At present, we exclusively manufacture autonomous commercial vehicles for third-party contractors in China, and in the 2024 calendar year we delivered more than 900 autonomous driving delivery vehicles incorporating the iChassis 100 in China. With strong demand for the iChassis platform and autonomous vehicle manufacturing capabilities, we are expanding our footprint in China and abroad. 'Several significant orders delivered in the first quarter continued to demonstrate global demand for our purpose-built electric vehicles. In Spain, we received an order for 200 special edition Logistar® 450P electric passenger vans from vehicle provider QEV Technologies, with 34 delivered in the first calendar quarter of 2025, 13 confirmed to deliver in the second calendar quarter of 2025. The LS450P model is a special edition jointly developed by QEV and Cenntro and holding European Union M2 Type Approval. In Japan, we secured an order for 500 customized Metro MR vehicles exclusively for the Japanese market. We believe we are well positioned to capitalize on additional opportunities in this key market, as the Metro MR is uniquely tailored to the requirements of the Japanese market. 'Looking ahead, we are leveraging our innovative capabilities to drive long-term shareholder value through portfolio diversification and the development of new vehicle models that align with market demands. We are focused on expanding our geographic footprint for production, distribution, and service infrastructure, especially in the US market. We expect a significant increase in revenue in the US market as we ramp-up our Ontario facility and introduce additional new models. Globally, we are increasing vehicle delivery efficiency and penetrating new markets where our vehicles are uniquely suited, laying the foundation for new orders and additional market share. As we continue our mission to revolutionize urban mobility through innovative, sustainable electric vehicles, we look forward to providing additional updates and milestones in the months ahead,' concluded Mr. Wang. First Quarter 2025 Financial Results Net Revenue Net revenues for the three months ended March 31, 2025, were approximately $2.1 million, a decrease of approximately $0.2 million or 8.5% from approximately $2.3 million for the three months ended March 31, 2024. The decrease was primarily due to a decrease in spare-part sales, offset by an increase in vehicle sales and other sales. Gross Profit Gross profit for the three months ended March 31, 2025. was approximately $0.3 million, an increase of approximately $0.1 million from approximately $0.2 million for the three months ended March 31, 2024. The increase in gross profit was caused by an increase in the gross profit of spare-part sales and other sales of approximately $0.1 million and $0.1 million, respectively, offset by a decrease in the gross profit of vehicle sales of approximately $0.09 million. Operating Expenses Total operating expenses were approximately $6.5 million for the three months ended March 31, 2025, compared with $8.0 million in the three months ended March 31, 2024. Selling and marketing expenses for the three months ended March 31, 2025 were approximately $0.8 million, an increase of approximately $0.2 million or approximately 25.7% from approximately $0.6 million for the three months ended March 31, 2024. The increase in selling and marketing expenses in 2025 was primarily attributed to the increase in freight of approximately $0.4 million, offset by the decrease in salary and social insurance, marketing expense and service fees related to European market and distribution channel research of approximately $0.08 million, $0.05 million and $0.07 million, respectively. General and administrative expenses for the three months ended March 31, 2025 were approximately $4.9 million, a decrease of approximately $1.0 million or approximately 16.6% from approximately $5.9 million for the three months ended March 31, 2024. The decrease in general and administrative expenses in 2025 was primarily attributed to the decrease in legal and professional fee, salary and social insurance, ROU amortization, office expenses, ROU interest expense and share-based compensation of approximately $0.2 million, $0.1 million, $0.2 million, $0.2 million, $0.1 million and $0.1 million, respectively. Research and development expenses for the three months ended March 31, 2025 were approximately $0.8 million, a decrease of approximately $0.7 million or approximately 48.1% from approximately $1.5 million for the three months ended March 31, 2024. The decrease in research and development expenses in 2025 was primarily attributed to the decrease in design and development expenses, salary expense and others of approximately $0.2 million, $0.4 million and $0.1 million, respectively. Net Loss Net loss from continuing operations was approximately $5.4 million in the three months ended March 31, 2025, compared with net loss of $7.8 million in the three months ended March 31, 2024. Balance Sheet Cash and cash equivalents were approximately $8.5 million as of March 31, 2025, compared with $12.5 million as of December 31, 2024. Adjusted EBITDA Adjusted EBITDA from continuing operations was approximately ($4.0) million in the three months ended March 31, 2025, compared with Adjusted EBITDA of $(6.4) million in the three months ended March 31, 2024. We define Adjusted EBITDA as net income (or net loss) before net interest expense, income tax expense, depreciation and amortization as further adjusted to exclude the impact of stock-based compensation expense and other non-recurring expenses including expenses related to TME Acquisition, expenses related to one-off payment inherited from the original Naked Brand Group, impairment of goodwill, convertible bond issuance fee, loss on redemption of convertible promissory notes, loss on exercise of warrants, and change in fair value of convertible promissory notes and derivative liability. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. Management believes that investors' understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing our ongoing results of operations. US-GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA RECONCILIATION Represents a non-GAAP financial measure. About Cenntro Cenntro (NASDAQ: CENN) is a pioneering maker and provider of electric commercial vehicles ('ECVs'). Cenntro's purpose-built ECVs are designed to serve a variety of commercial applications inclusive of its line of class 1 to class 4 trucks. Cenntro is building a globalized supply-chain, as well as the manufacturing, distribution, and service capabilities for its innovative and reliable products. Cenntro continues to evolve its products capabilities through advanced battery, powertrain, and smart driving technologies. For more information, please visit Cenntro's website at: Forward-Looking Statements This communication contains 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as 'may,' 'believe,' 'anticipate,' 'could,' 'should,' 'intend,' 'plan,' 'will,' 'aim(s),' 'can,' 'would,' 'expect(s),' 'estimate(s),' 'project(s),' 'forecast(s),' 'positioned,' 'approximately,' 'potential,' 'goal,' 'strategy,' 'outlook' and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management's current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro's forward-looking statements, please see disclosures contained in Cenntro's public filings with the SEC, including the 'Risk Factors' in Cenntro's Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 1, 2025 and which may be viewed at View source version on CONTACT: Investor Relations Contact: Chris Tyson MZ North America [email protected] 949-491-8235Company Contact: [email protected] [email protected] KEYWORD: UNITED STATES NORTH AMERICA NEW JERSEY INDUSTRY KEYWORD: BATTERIES EV/ELECTRIC VEHICLES ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE TECHNOLOGY AUTOMOTIVE MANUFACTURING GENERAL AUTOMOTIVE MANUFACTURING SOURCE: Cenntro Inc. Copyright Business Wire 2025. PUB: 05/16/2025 08:31 AM/DISC: 05/16/2025 08:31 AM
