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BMW Q2 EPS drops 29% YOY; BP, Didi to build EV-charging hubs in China

TOP NEWS

* Bayerische Motoren Werke AG reported a 29% year over year drop in EPS for the second quarter, despite achieving its highest-ever sales during that period. The company also maintained its outlook for full year 2019. For the three months to June 30, BMW reported earnings per common stock of €2.21, below the €2.55 mean consensus estimate compiled by S&P Global Market Intelligence and down from €3.12 in the year-ago period.

* Chinese ride-hailing giant Didi Chuxing Technology Co. Ltd. will form a joint venture with British oil giant BP to develop electric-vehicle charging services in China, CNBC reported, citing a statement. Didi said it will also integrate its auto solutions platform, XAS, with BP's charging stations.

CARMAKERS

* Jaguar Land Rover Automotive PLC Chairman N Chandrasekaran said it will seek investments from partnerships, including in China, to keep the Tata Motors Ltd.-owned British carmaker afloat as Brexit tensions and declining sales continue to dent its profits, The Economic Times (India) reported.

* Ford Motor Co.'s Automotive President Joseph Hinrichs said a no-deal Brexit is becoming increasingly likely, Reuters reported. Ford, which reportedly has plans to shut down engine plants in the U.K., is gearing up to close five other plants in Europe, which would result in 12,000 job cuts.

* Fiat Chrysler Automobiles NV remains open to merger opportunities after a potential combination with France's Renault SA collapsed, though a deal is not vital to its future, FCA CEO Mike Manley said.

* Japanese carmaker Mazda Motor Corp. saw fiscal first-quarter earnings fall significantly below market expectations as net income plummeted 74.5% year over year to ¥5.24 billion due to falling sales in major markets, including the U.S., China and Japan. Mazda maintained its full-year guidance for 2020.

* Toyota Motor Corp. was hit with a lawsuit seeking class-action status in Australia over defective parts in some of its Hilux, Prado and Fortuner models, Reuters reported.

ELECTRIC AND AUTONOMOUS VEHICLES

* Chinese electric-vehicle maker NIO Inc. sold its Formula E team to Lisheng, a Shanghai-based car-racing company, Quartz reported, citing a statement. The Tesla Inc. rival said the move would help its long-term development but declined to elaborate on the deal and on its future plans.

* Indonesia plans to release more incentives, including include tax breaks and benefits for buyers, to accelerate the adoption of battery-powered cars in Indonesia and turning the country into a Southeast Asian production hub of such vehicles, Bloomberg News reported, citing a draft for the strategy.

* Japan's Panasonic Corp., the exclusive battery cell supplier to Tesla, posted a loss of ¥10 billion in its automotive business, larger than a year-before loss of ¥1.5 billion, despite a sales growth of 6% in the quarter ended June 30.

MOBILITY SERVICES

* Volkswagen AG will team up with software company has·to·be GmbH, which provides e-mobility systems, to work on e-mobility projects and on expanding charging infrastructure across Europe.

* Fiat Chrysler will team up with tech solutions company LexisNexis to introduce insurance policies, pay-as-you-go options, rental, car-sharing and other car services in Europe, as well as to develop a connected-car network for FCA's vehicles in the country.

* Didi Chuxing's Japanese arm launched its taxi-hailing app in 12 cities in the Aichi Prefecture, The Japan Times reported. DiDi Mobility Japan Corp., which operates in nine other areas in Japan, also plans to expand the service to 13 areas within fiscal 2019, the report added.

POLICY, REGULATIONS AND SAFETY

* Negotiation teams from the U.S. and China will meet in Washington, D.C., in early September to continue trade discussions after concluding "constructive" negotiations in Shanghai on July 31, according to a White House statement. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin held talks with Chinese Vice Premier Liu He to discuss forced technology transfer, intellectual property rights, services and non-tariff barriers just over a month after the two countries put a temporary halt to their trade dispute.

AUTO PARTS AND EQUIPMENT

* Engine production in the U.K. fell 9.5% in June to 206,644 due to lower vehicle demand, according to data from the Society of Motor Manufacturers and Traders. Commercial vehicle production dropped 57.2% year over year in June to 3,345 vehicles on poor domestic and overseas demand.

AUTOMOTIVE RETAIL

* Maruti Suzuki India Ltd.'s total vehicle sales in July plunged 33.5% year over year to 109,264 units, its largest drop in seven years. The Indian carmaker's domestic sales dropped 35.1% year over year to 100,006 vehicles, mainly driven by declining sales across all of the company's vehicle categories.

* South Korean carmaker Hyundai Motor Co. in July sold 352,468 vehicles worldwide, up 1.6% year over year. Domestic sales stayed flat at 60,286 automobiles sold, while overseas sales grew 2% year over year to 292,182 vehicles.

* Kia Motors Corp. sold 225,902 automobiles in July, down 2.7% year over year. The South Korean carmaker said domestic sales grew to 47,080 vehicles but overseas sales fell 3.4% to 178,822 vehicles.

COMMERCIAL VEHICLES

* Daimler AG said it received an order for 44 of its Euro IV chassis busses from Australia's Transit Sytems.

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The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng was down 0.76% to 27,565.70, and the Nikkei 225 rose 0.09% to 21,540.99.

In Europe, around midday, the FTSE 100 was up 0.10% to 7,594.24, and the Euronext 100 climbed 0.34% to 1,084.77.

On the macro front

The jobless claims report, the PMI Manufacturing index, the ISM Manufacturing index, the consumer spending report, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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