Auto-Loan Delinquencies Up
China Car Sales
Sales for the world's largest auto market continue to deteriorate, passenger vehicle sales in China fell again dropping 16.6% year-over-year to 1.54 million units, following a 12% decline in March and an 18.5% in February. In addition, April SUV sales fell 14.7% to 642,220 units.
Additionally, Bloomberg reported:
China April Passenger Vehicle Wholesales are -17.7% on year
China passenger vehicle sales to dealerships - including sedan, MPV, SUV and crossovers - were 1.58m units in April
Total vehicle sales in April fell 14.6% y/y to 1.98m units
Despite the market contracting, Volkswagen, Honda and Toyota all gained ground. Ford Motor Co. and General Motors Co.’s Wuling and Baojun brands both fell in April, according to LMC Automotive. Ford reported a 54% sales drop in China last year and said last week that it’s introducing more than 30 vehicles targeted specifically for Chinese consumers over the next three years to help it hone its focus on the market.
Nissan Motor Co. reported a 2.9% sales decline
Jaguar Land Rover posted a 46% drop
China’s Geely Automobile Holdings Ltd. had a 19% decrease
Great Wall Motor Co. reported a 2.5% gain
Bloomberg: Bayer Ordered To Pay $2 Billion In Roundup Damages
The first piece of bad news was that Bayer just lost the third trial in a row over claims its Roundup weed killer causes cancer. The jury found Roundup had been defectively designed, that the company failed to warn of the herbicide’s cancer risk and that the company acted negligently. The jurors agreed that Alva and Alberta Pilliod's use of Roundup over about 30 years for residential landscaping was a “substantial factor” in causing them to develop non-Hodgkin’s lymphoma. Monsanto Co., the maker of Roundup acquired by Bayer last June, is the named defendant in similar U.S. lawsuits filed by at least 13,400 plaintiffs.
Bloomberg: Business As Usual On Wall Street
Morgan Stanley investment bankers stand to reap millions of dollars in commissions for leading the Uber “hot” IPO. Yet wealthy clients are losing again, paid $48 per share currently trades at $38. Brokers pitched wealth management clients a chance to invest in Uber. Clients were charged 2% commission for the privilege. Morgan Stanley’s clients can’t do much more than wait and hope. The document prohibits selling Uber shares for 180 days from the offering.