• Facebook
  • LinkedIn
  • Twitter

maltawinds.comLogo

The Economy's Voice

Menu

Skip to content
  • Home
  • About
  • Local News
  • International News
  • Opinion
  • Demia on Sundays
  • Demeter
  • Business
  • Satire on Sunday
  • A reform with a social conscience
  • UK to explore issuing its own digital currency amid bitcoin boom

Suzuki’s drop in sales almost completely wipes out its first quarter profit with COVID-19 concerns

Posted by Fabrizio Tabone on 3rd August 2020 in International News

Suzuki Motor Corporation confirmed on Monday that its operating profit for the first quarter was nearly all wiped out by the extreme fall in demand for cars in India due to COVID-19.

India, Suzuki’s biggest market, has suffered greatly due to the pandemic, being the country with the third highest number of infections, as of August 3 having 1,808,128 cases of the virus, with 581,277 still being active.

Suzuki is Japan’s fourth-biggest automaker, and posted an operating of 1.3 billion yen (€10.442 million), which was higher than the expected loss of 38 billion yen (€305.216 million) which was formulated by six analysts from Refinitiv.

Suzuki refused to provide forecasts for its full-year profit and dividends, claiming that there are numerous ongoing uncertainties as a result of the COVID-19 pandemic.

Global automakers have been one of the hardest-hit companies due to the pandemic, being forced to close plenty of vehicle factories throughout the year and keeping customers out of car dealerships due to lockdown measures, which have all led to drops in sales and production.

During the second quarter (April-June) Suzuki suffered from a 64% drop in global sales, which was mainly led by a massive 82% drop in sales in India, as the country continues to struggle with containing coronavirus as it gradually tries to reopen its economy.

India accounts for more than a half of Suzuki’s global vehicle sales, having a majority stake in Maruti Suzuki India Ltd.

An industry trade body claimed in July that sales volume in the country is expected to need three or four years in order to return to their peak levels, with India suffering more than it was expected to suffer because of the pandemic.

The automaker is primarily known for its highly popular Swift and Alto compact hatchbacks, as well as for its Baleno model.

Posted in International News | Tagged automakers, COVID-19, market, pandemic, profit, sales, Suzuki

About the Author

Fabrizio Tabone

Fabrizio Tabone

I am a 19-year-old University of Malta student that is currently studying for a Bachelor of Arts in Communications and English, with the aim of becoming a full-time journalist in the future.

Related Posts

Recovered Covid survivors may need just one shot of 2-dose vaccines→

Millions of pints poured as England reopens pubs after six months of strict lockdown→

Brazil asks women to delay pregnancy over new coronavirus variant fears→

Almost 1 in every 5 restaurants have closed down – Restaurateurs’ lives matter – ACE→

advertisement
  • Posts
  • Comments
  • Tag Cloud
  • A reform with a social conscience

    19th April 2021 / Vento
  • UK to explore issuing its own digital currency amid bitcoin boom

    19th April 2021 / Vento
  • Italy seeks domestic production of mRNA COVID-19 vaccines

    19th April 2021 / Vento
  • Cabinet rejects request for a presidential pardon by the Degiorgio brothers and Vincent Muscat

    19th April 2021 / Vento
  • Breakaway ‘Super League’ rocks the foundation of football’s top competitions

    19th April 2021 / Vento
  • Avatar
    Joseph Tabone on In his final days as POTUS, Trump…Trump will be voted out…
  • Avatar
    Joseph Tabone on Moviment Graffitti in strong opposition to outrageous…Why the objections? If the…
  • Avatar
    Joseph Gatt on The government is committed to supporting Malta’s…Both the Business Start (B…
  • Avatar
    Hindi Lyrics on Nurse death toll from COVID-19 hits the…I have been looking for…
  • Avatar
    Mehfooz Roy on US Presidential Elections: Biden leads polls in…You really think sleepy Joe…
aviation banking Bitcoin blockchain Boris Johnson BOV brexit business China COVID-19 cryptocurrency Donald Trump ECB economy Education environment EU euro area Europe European Commission European Parliament European Union Eurostat eurozone France Germany Government Infrastructure Malta investment Italy lockdown Malta maritime pandemic politics recovery restrictions Russia technology travel UK United States US vaccine WHO

News Calendar

August 2020
M T W T F S S
 12
3456789
10111213141516
17181920212223
24252627282930
31  
« Jul   Sep »
Footer logo
  • Facebook
  • LinkedIn
  • Twitter
 




 
 
 

Copyright © 2016 MaltaWinds.com

Menu

  • About
  • Home