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MarketWatch / March 24, 2020 General Motors said Tuesday it is planning to draw down about $16 billion from its revolving credit facilities, as it works to boost cash during the coronavirus pandemic. The company said the funds will supplement the company's cash position of about $15 billion to $16 billion expected at the end of March. "We are aggressively pursuing austerity measures to preserve cash and are taking necessary steps in this changing and uncertain environment to manage our liquidity, ensure the ongoing viability of our operations and protect our customers and stakeholders," CEO Mary Barra said. "Over the past several years, we have made necessary, strategic decisions and structural changes that have transformed the company and strengthened the business, better positioning us for downturns." GM Financial had $24 billion of liquidity at the end of 2019 and expects to end the first quarter with similar levels, said the statement. That should be sufficient to support at least six months of cash needs, including new originations, without access to capital markets. GM said it is withdrawing its guidance for 2020.

Ford partnering with GE, 3M to build ventilators, respirators, face shields Michael Martinez, Automotive News / March 22, 2020 DETROIT -- Ford Motor Co. plans to build respirators, ventilators and face shields in partnership with its UAW work force, manufacturing company 3M and GE Healthcare to aid medical workers as the coronavirus pandemic threatens to overwhelm their supply. The automaker on Tuesday said it will use fans from F-150 pickup seats, portable tool battery packs and 3D-printed parts to quickly assemble disposable air purifying respirators alongside 3M at its advanced manufacturing center near Detroit in Redford, Michigan. Ford's Powered Air-Purifying Respirator (PAPR) has a clear mask that fits over the face. Air is drawn in through a tube connected to a pump that filters the air. The PAPR will be made using parts from both Ford and 3M, including fans used in the Ford F-150's optional ventilated seats. Ford said it is exploring the possibility of producing the device at one of its Michigan factories. 3M will also make the respirators at its own factory. Ford said its partnerships were code-named “Project Apollo” after the Apollo 13 launch in 1970 when a lunar landing was aborted after an oxygen tank failed two days into the mission, forcing the astronauts to improvise a fix. "Working with 3M and GE, we have empowered our teams of engineers and designers to be scrappy and creative to quickly help scale up production of this vital equipment," Ford CEO Jim Hackett said. Ford said it initially would be able to make up to 1,000 respirators per month, helping 3M boost production of the respirators tenfold. In addition, Ford plans to produce up to 100,000 face shields per week, also in Michigan. Roughly 75,000 of these shields are expected to be finished this week, and more than 100,000 face shields per week will be produced at Ford subsidiary Troy Design and Manufacturing's facilities in Plymouth, Michigan. Ford also is partnering with GE Healthcare to expand production of a simplified version of GE's ventilator design. Ford said the ventilators could be produced at a Ford manufacturing site in addition to a GE location. "This is such a critical time for America and the world," says Executive Chairman Bill Ford. "It is a time for action and cooperation. "By coming together across multiple industries, we can make a real difference for people in need and for those on the front lines of this crisis. At Ford, we feel a deep obligation to step up and contribute in times of need, just as we always have through the 117-year history of our company." Ford joins General Motors and Tesla, which have also announced plans to build medical equipment in the U.S. Ford also is working on another initiative in the United Kingdom with a number of companies in Europe to produce additional ventilators, it said Tuesday. .

Liebherr Press Release / March 18, 2020 In fact, it is the most powerful 4-axle crane on the market. The boom is the longest in this crane class and has extremely high lifting capacities when fully raised. This increases flexibility and saves transport costs, as this crane can tackle jobs which would normally require a 5-axle crane together with all the logistics work that involves. For example, the crane is ideal for erecting radio masts or tower cranes and also features time-tested technology in the form of VarioBase® and VarioBallast®. .

Volvo Trucks Press Release / March 20, 2020 At EG Erikssons Åkeri, transport is a family business. For 65 years, mines and construction sites around Skellefteå, northeastern Sweden, have relied on three generations of Erikssons for their concrete deliveries. As one of Volvo Trucks’ selected field-test customers, the Swedish haulage company gets the job done with a welcome addition to their fleet – the new Volvo FMX. “The new Volvo FMX is a long-awaited model that will make a big difference, not least when it comes to the drivers’ work environment,” says Joakim Eriksson, co-owner at EG Erikssons Åkeri. .

Scania Group Press Release / March 16, 2020 Scania plans to stop operations at most of its European production units on Wednesday next week (25 March) due to component shortages and the major disruptions that have occurred in the supplier and logistics chain as a result of the spread of COVID-19 in Europe. “To ensure our customers’ vitally important transports for society, our service workshops and parts centres will continue their operations,” says Scania’s President and CEO Henrik Henriksson. At present, Scania expects to resume production within two weeks. Scania staff directly affected by the planned production shutdown are employees at the group’s plants in Sweden, the Netherlands and France. Scania is in close dialogue with the union representatives in order to jointly address the situation. “The management and employee representatives both highly appreciate the state support measures that are now being made available in the countries where our staff now temporarily will lack work,” says Henriksson. Scania’s industrial operations in Latin America, which account for about one-fifth of the company’s production volume, will still continue as planned. .

DAF Trucks Press Release / March 16, 2020 As part of a field test comprising four comparable vehicles, the first DAF CF Electric 6x2 refuse collection truck has entered operations with Dutch public waste disposal firm ROVA. The vehicle features a zero-emission VDL electric powertrain alongside a fully electric VDL refuse collection superstructure. The vehicle will be operated by ROVA in the Dutch city of Zwolle. Since the end of 2018, DAF CF Electric 4x2 tractor vehicles have been in operation for inner city distribution at leading Dutch and German transport companies and supermarket chains. While DAF has commenced limited sales of its CF Electric tractor in The Netherlands, Belgium and Germany, four fully electric 6x2 chassis are now entering a field test for refuse collection applications. The 3-axle vehicles provide high payload (GVW up to 28-tonnes) and – thanks to a steered trailing axle – excellent manoeuvrability; a huge advantage for waste collection vehicles operating in dense urban areas. Regular routes The VDL E-power driveline fitted to the DAF CF Electric 6x2 waste collection truck provides 210 kW of power and a torque of 2,000 Nm – like the CF Electric tractor. The driveline is powered by a battery pack with a (gross) energy content of 170 kWh; sufficient for covering regular garbage collection routes. Waste collection trucks typically return to the depot every few hours to unload, at which time a DAF CF Electric can recharge up to 80% battery capacity in only 30 minutes. “As good as a conventional truck” For ROVA, ease of use of the DAF CF Electric refuse collection truck is key, states Marco van Lente, General Director. “The DAF CF Electric is just as good and easy to operate as any conventionally powered truck and we truly believe it is important to participate from the start in the energy transition as natural resources are becoming increasingly rare. It is in our DNA to take care of the future of our planet and the use of low emission vehicles is part of our sustainability plan.” .

DAF Trucks Press Release / March 5, 2020 Leyland Trucks has produced its 10,000th ex-factory ‘PACCAR body’ built on a dedicated production line at its UK production plant – a significant milestone for the in-house bodywork program which includes the design, manufacture and installation of premium box, Aerobody and curtainsider bodies. The PACCAR body programme – a unique offering among truck manufacturers – is available on 4x2 rigid chassis across DAF LF and CF model series. Leading customers like Royal Mail have taken advantage of the factory bodywork programme since its introduction in 2007. The ex-factory programme includes box, Aerobody and curtainsider variants, with a myriad of options for length, height and width, tail-lifts and lighting, and much more, incorporating customer specific requirements that can extend to full vehicle finish including complete vehicle painting and livery application. UK-operator Hallam Express in Sheffield is the recipient of the 10,000th vehicle – a 12.0-tonne DAF LF 180 curtain sider. “We were very pleased with the ability to spec and acquire a complete bodied vehicle through our DAF dealer,” said David Simpson, Hallam Express’ Managing Director, “The ex-factory body solution ensures excellent quality and reduces lead-time substantially. It is a genuine one-stop-shop service.” The PACCAR body programme – a unique offering among truck manufacturers – is available on 4x2 rigid chassis across DAF LF and CF model series. Leading customers like Royal Mail have taken advantage of the factory bodywork programme since its introduction in 2007. The ex-factory programme includes box, Aerobody and curtainsider variants, with a myriad of options for length, height and width, tail-lifts and lighting, and much more, incorporating customer specific requirements that can extend to full vehicle finish including complete vehicle painting and livery application. UK-operator Hallam Express in Sheffield is the recipient of the 10,000th vehicle – a 12.0-tonne DAF LF 180 curtain sider. “We were very pleased with the ability to spec and acquire a complete bodied vehicle through our DAF dealer,” said David Simpson, Hallam Express’ Managing Director, “The ex-factory body solution ensures excellent quality and reduces lead-time substantially. It is a genuine one-stop-shop service.” .

Springfield News-Sun / March 2, 2020 Navistar will be building 162 trucks at its facility in Springfield for the United States Postal Service after more than 500 of those trucks from a previous order were built in Mexico. “Every truck matters to us even if it’s just one truck order. That is work for our members,” said Chris Blizard, the president of UAW Local 402. His union represents production workers and those with skilled trades at the Springfield plant. Approximately 150 of those trucks are a result of a new order from the postal service that is expected to enter production in May. The remaining 12 are leftover units from a previous order of 1,579 that were slated to be built in Springfield last year, Blizard said. However, production for at least 590 of the trucks from the previous order were shifted to Navistar’s plant in Escobedo, Mexico after a nationwide strike at General Motor’s last fall caused a part shortage at the Springfield plant. Navistar also builds trucks and vans for GM at its Springfield plant. Navistar’s Springfield operation temporarily ceased production as a result of the strike that started in September and lasted six weeks. However, postal service trucks were still being built in Mexico after the strike had ended and the Springfield plant had resumed a normal production schedule, Blizard said. The News-Sun previously reported that only 590 of those units slated for the postal service would be made in Mexico to ensure that Navistar could meet the postal service’s delivery deadline. Employees with the Navistar plant reached out to the office of U.S. Senator Sherrod Brown (D) due to concerns that those trucks were no longer being built in the area and that Springfield workers had sent decals for the Mexican facility to affix to the trucks. Brown said in a letter addressed to Navistar’s CEO Troy Clarke earlier this year that discussions with employees at the Springfield plant revealed that they believed “approximately half of the USPS tractor truck order has been assembled in Springfield; 30 percent has already been assembled in Mexico; and the remaining 20 percent is scheduled to be produced in Mexico.” The letter also mentioned that the postal service told Brown’s office that its contract with Navistar was for 1,579 tractor trucks and that “the balance before and after will be satisfied as planned from the Ohio facility.” Brown stated in his letter that after talking to both Navistar and USPS, it seemed that the former “could have returned production of the USPS trucks to Springfield after the GM strike but chose not to,” Brown said. Blizard told the News-Sun that it is unclear how many of those trucks were built in Mexico since Navistar has not released that information to him. However, he said a few of those units have been built in Springfield since the end of the strike. It is unclear if Navistar’s recent decision to have 162 postal service trucks assembled in Springfield is related to Brown’s letter. Representatives of Navistar did not respond to a request for comment from the News-Sun regarding the new order. In a letter sent to UAW Local 402 members earlier this week, Blizard thanked Brown and his staff for meeting with him over the past several months to discuss “USPS trucks being built in Mexico with US tax dollars.”

Iraq to receive 4x4 and 6x6 vehicles from Navistar Defense Shephard News / March 20, 2020 Navistar Defense has been awarded an $11.44 million FMS contract to supply Iraqi forces with an unspecified number of 4x4 and 6x6 transport trucks and recovery vehicles. Spare parts for these vehicles will also be included. Five bids were made for the FMS contract. According to the US DoD, the vehicles should be delivered by 28 February 2021. They will be assembled at locations in Ohio and Tennessee with the US Army Contracting Command ensuring the fulfillment of the contract requirements.

Dayton Business Journal / March 23, 2020 One of the Dayton region's largest manufacturers is part of a lucrative contract with the U.S. Army. Work will be handled locally. Navistar Defense, a Melrose Park, Illinois-based company that is a subsidiary of Navistar International Corp., won an $11.4 million deal for general transport trucks, recovery vehicles and spare parts. Work will be performed at the company's Springfield facility, as well as a location in Ooltewah, Tennessee. The foreign military sales deal will support the government of Iraq, according to the U.S. Department of Defense. Work is expected to be complete by Feb. 21, 2021. Navistar beat out four other companies for the contract, which was delivered by the U.S. Army Contracting Command in Michigan. The contract is significant as it will bring in a substantial amount of new work for the company's Springfield operation. It also helps strengthen Navistar's relationship with the military, and may lead to future deals. Navistar is the fourth-largest manufacturing company in the Dayton region. It has more than 2,100 local employees and 2.1 million square feet of manufacturing space, where it produces medium, heavy-duty and severe service trucks. Navistar also is one of the Dayton area's 20 largest employers.

DefPost / March 22, 2020 Saudi Arabia’s ERAF Industries and Navistar Defense, LLC announced the signing of a Memorandum of Understand (MoU) between the two companies. This important step demonstrates Navistar Defense’s commitment to the Kingdom of Saudi Arabia’s Vision 2030. ERAF Industries brings the necessary and required local manufacturing capabilities, technology and services to the Saudi Arabia defense industrial base. “The MoU contains a framework for cooperation satisfying obligations under the Kingdom’s Vision 2030 economic plan,” said ERAF Chairman, President & Chief Executive Officer Abdullah Alameel. “It establishes a mutually beneficial cooperation between the two companies to jointly approach the opportunities in the Kingdom by utilizing their synergy in strong technical, logistical, industrial capabilities and effective collaborative effort.” “Navistar Defense has a proud history of delivering and sustaining tactical mobility and logistical support vehicles for the U.S. military and its allies,” said Navistar Defense Chief Executive Officer Ted Wright. “The United States and the Kingdom of Saudi Arabia have a strong relationship established 75 years ago and we look forward to enabling the Royal Saudi military by addressing their vehicle requirements. Cooperation between Navistar Defense and ERAF is an important step in growing our presence in the Middle East, especially in Saudi Arabia and in supporting the Kingdom’s Vision 2030 plan.”

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Commercial Carrier Journal (CCJ) / March 23, 2020 Paccar has issued a recall that affects approximately 35,671 Peterbilt tractors from model year 2015-2020 equipped with a left-hand under hood jumper terminal, according to National Highway Traffic Safety Administration documents. Affected trucks include Peterbilt 365, 389, 567 and 579 models. In the affected trucks, the positive battery jumper terminal cable may be too long, allowing it to chafe against the left front suspension spring and result in an electrical short circuit, which increases the risk of the fire. Paccar will notify owners of affected trucks, and dealers will inspect the battery jumper terminal cables and replace them as necessary. Owners can contact Paccar customer service at 1-940-591-4220 with recall number 20PBA. NHTSA’s recall number is 20V-130. The company also issued a separate recall for approximately 233 model year 2016-2020 Peterbilt 320 and 520 models with dual foot valves and a liftable tag or tri-drive rear axles. The rear brake signal hose in these trucks may be missing a quick release valve, possibly causing a delay in their brake release timing. Paccar will notify owners, and dealers will check the trucks for a quick release valve, installing one if necessary. Owners can contact Paccar customer service at 1-940-591-4220 with recall number 20PBB. NHTSA’s recall number is 20V-132.

Navistar suspending truck production, DTNA ‘in task force mode’ Jason Cannon, Commercial Carrier Journal (CCJ) / March 23, 2020 Navistar International Corp. announced Monday it was suspending production at its truck assembly plant in Springfield, Ohio, for at least two weeks in response to supply chain disruptions caused by the COVID-19 coronavirus pandemic. Navistar joins Mack Trucks and Volvo Trucks North America who each Friday morning announced they were shutting down facilities in Macungie, Pennsylvania, Dublin, Virginia or Hagerstown, Maryland through this Friday. Daimler Trucks North America, in a letter widely distributed Friday, said all its manufacturing facilities in North America “are in task force mode to maintain the continuity of our operations. The supply chain continues to be relatively stable, allowing us to continue to deliver trucks on time. So far this month, our on time-delivery rate continues to be at a very high level. The environment is changing rapidly and we are adapting every day,” the company wrote. A DTNA employee tested positive for COVID-19 last week at its Detroit Powertrain campus in Michigan, but after closing to clean and disinfect the company expects to be back up and running today. The Department of Homeland Security has designated transportation equipment manufacturing part of the nation’s Critical Manufacturing Sector, “therefore, we have a duty and an obligation to support you at this crucial time,” DTNA wrote in its letter sent to customers, “while still protecting the health and safety of our collective workforce and acting in accordance with the law.” Kenworth Friday declined to comment on its production plans and Peterbilt has yet to respond to an inquiry seeking comment.

Ford credit rating cut by Fitch Bloomberg / March 23, 2020 Ford Motor Co. and its Ford Motor Credit Company was downgraded by Fitch Ratings as the coronavirus pandemic sends shock waves through supply chains, decreasing demand across the auto industry. Fitch downgraded Ford’s credit rating one notch to BBB- on Monday with a negative outlook. The company’s price target was lowered March 11 by Morgan Stanley analyst Adam Jonas who cited “demand shock” sparked by the virus. “The downgrade of Ford’s IDR to ‘BBB-’ with a Negative Outlook reflects Fitch’s significant concerns about the effect that the global coronavirus mitigation actions currently underway will have on the company’s near-term financial performance and credit profile,” the company said in its report. “Fitch currently believes the company has the financial flexibility to manage through an extended shutdown of its facilities, but concerns are increasing that a combination of an extended shutdown followed by weak demand in a global recessionary environment could further pressure the company’s credit profile.” Moody’s Investment Service downgraded Ford to the first rung of speculative grade last September, and the auto giant sits just one step above junk at S&P Global Ratings. The company was upgraded to investment grade from junk in 2012. CEO Jim Hackett is now under pressure to accelerate his $11 billion restructuring after a disastrous rollout of the redesigned Explorer led to dismal earnings and a disappointing profit forecast. While Hackett maintains the support of Executive Chairman Bill Ford, great-grandson of founder Henry Ford, he shook up his management team in February by installing Jim Farley as his new number two executive to speed up the company’s turnaround efforts.

Falling oil prices are a double-edged sword. While we all enjoy inexpensive gasoline and diesel fuel, financially sound energy companies are an essential part of a national's overall economy, and national security. As we speak, many in the U.S. are heading towards bankruptcy due to these low prices. Yes, they did need to overhaul their business models, shifting from purely "drill, drill, drill!" to generating adequate free cash flow.......and most have now accomplished that. But at these price levels, it's impossible for far too many to escape bankruptcy.

Ford to suspend production in India, South Africa, Thailand, Vietnam Reuters / March 23, 2020 Ford Motor Co. said on Monday it will temporarily halt vehicle and engine production at its factories in India, South Africa, Thailand and Vietnam in response to the growing impact of the coronavirus. In India, the suspension began on March 21 and will be followed by other markets, the company said, adding that the shutdowns will continue for several weeks. "We are continuing to act in real time and taking added safety measures by temporarily halting production at our manufacturing sites in the international markets," International Markets Group President Mark Ovenden said. Last week Ford, along with General Motors and Fiat Chrysler, said it would temporarily suspend production in North America due to coronavirus risks. It also suspended production at its plants in continental Europe. Ford last week also moved to hoard cash, drawing down $15.4 billion from two credit lines and suspending its dividend. It abandoned its 2020 financial forecast and said the cash would be used to deal with a squeeze on capital caused by shutdowns in production.

France 24 / March 20, 2020 Hydroxychloroquine has been used for around 70 years to treat malaria, rheumatic conditions and other ailments. Now its potential use in the fight against coronavirus has become a source of hope for many, following encouraging results from a clinical trial in France on Monday. But experts caution that there is still uncertainty about its effectiveness. A very old drug is coming back to the fore. The successful testing of hydroxychloroquine for use against the coronavirus in France’s second city Marseille on March 16 created high expectations amid this surging epidemic – especially in light of Donald Trump’s announcement on Thursday that the US Food and Drug Administration has approved its use for this purpose Didier Raoult, director of a university hospital institute in Marseille, explained that he had conducted a clinical trial in which he treated 25 Covid-19 patients with hydroxychloroquine. After six days, only 25% of patients who took this drug still had the virus in their body. By contrast, 90% of those who had not taken hydroxychloroquine continued to carry the Covid-19. In the wake of this announcement, French pharmaceutical giant Sanofi offered to donate millions of Plaquenil (a trade name for hydroxychloroquine) to continue the tests, while the French government’s spokesperson Sibeth Ndiaye hailed the “promising results” and promised to expand clinical trials for this treatment. It was a Chinese study published on March 9 that first put the spotlight on this anti-malaria drug in the context of the current pandemic. Researchers at the University of Beijing demonstrated its effectiveness in an in vitro trial – that is to say, an experiment on cells in a laboratory. This drug is regularly touted as a potential solution whenever a new virus appears. One “possibility is that chloroquine may alter the ability of the virus to bind to the outside of a host cell in the first place (which is an essential first step for entry) ”, noted Robin May, a professor of infectious disease at Birmingham University.

Last week's Senate Republican relief package would give US airlines $58 billion of taxpayer money. Mitch McConnell tried to distinguish it from the notorious bank bailouts of 2008. “We are not talking about a taxpayer-funded cushion for companies that made mistakes. We are talking about loans, which must be repaid, for American employers whom the government itself is temporarily crushing for the sake of public health.” But the airlines are big enough to get their own loans from banks at rock-bottom interest rates. Their planes and landing slots are more than adequate collateral. Why do airlines deserve to be bailed out? (And for that matter, why do the Indian's casino business deserve an $18 billion handout?) Over the last decade, US airlines spent 96 percent of their free cash flow, including billions in tax savings from the Trump tax cut, to buy back shares of their own stock. This boosted executive bonuses and pleased wealthy investors but did nothing to strengthen the airlines for the long term. Meanwhile, the four biggest carriers gained so much market power they jacked up prices on popular routes and slashed services (remember legroom and free bag checks?). United CEO Oscar Munoz on Friday had the audacity to warn that if Congress doesn’t bailout the airline by the end of March, United will start firing its employees. But even if bailed out, what are the odds United Airlines would keep paying all its workers if the pandemic forced it to stop flying? A government (aka. taxpayer) bailout of United Airlines would be for shareholders and executives, not workers.

Yes that was a factory option, high ground clearance 20-inch diameter fuel tanks, in lieu of 24-inch diameter tanks.