Automakers lost $ 250 billion in revenue in the first half of the year

Automakers lost $ 250 billion in revenue in the first half of the year

August 29, 2020 0 By autotimesnews

Global automakers lost $ 250 billion in revenue in the first half of this year due to the coronavirus pandemic.

Toyota Motor Corp and Volkswagen AG, the world’s two largest automakers by sales volume, suffered the largest significant revenue losses in the first half of the year. Together, they lost 69.61 billion dollars compared to the same period last year.

Ford Motor, General Motors and Fiat Chrysler Automobiles NV collectively lost $ 69.29 in revenue in the first half of the year, with the largest losses being attributed to Ford.

French Renault SA lost $ 11.35 billion in revenue and posted a record net loss of $ 8.63 billion in the first half.

However, not all companies find themselves in this predicament. The publication writes that Tesla sales fell in the second quarter, but revenue growth in the first three months of the year helped offset the decline.

Thus, the electric car manufacturer increased its revenue in the first half of the year by more than $ 1 billion.

At the same time, Japanese Toyota lost 35.45 billion dollars in the first half of the year.