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Monthly Archives: October 2012
Ally Financial Repays $2.9 Billion of FDIC Debt
Ally Financial today announced it has repaid $2.9 billion in debt issued under the FDIC’s Temporary Liquidity Guarantee Program (TLGP). The bank holding company issued this debt on 30 October 2009 with a maturity date of 30 October 2012. The final Ally debt guaranteed under the TLGP will be repaid in December 2012 and totals $4.5 billion. Continue reading
Posted in auto news, economy, milestones, news analysis, results
Tagged ally financial results, auto informed, autoinformed.com, automotive news, fdic, Ken Zino, tarp
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Nissan Canada Head Retires, Prompting Changes in the Americas
Nissan today announced that Allen Childs will retire as president, Nissan Canada, following two decades with the company. He will be replaced by Christian Meunier, currently president, Nissan Brazil, who will become president of Nissan’s third largest market in the Americas. Continue reading
General Motors Posts Q3 Profit of $1.5 Billion, off -$200 Million. Ideologues Out in Full Force for Halloween and the Election
General Motors Co. (NYSE: GM) today announced third quarter net income of $1.5 billion, a drop of -$200 million from the same period in the prior year. This works out to $0.89 per share including special items, which reduced net income by $100 million and cut earnings per share by $0.04. In the third quarter a year ago, GM’s net income was $1.7 billion or $1.03 per share. The results represent a turnaround especially in view of Q1 of 2009 when GM lost almost -$10 per share.
In spite of wild claims – critics say deliberately false – from the repudiated Republican right about the auto bailout, GM is not going bankrupt. GM’s debt-to-equity ratio is only 25% of the overall auto industry average, and it now has more than $37 billion in liquidity. GM in the context of the current travails of the global auto industry is performing reasonably well. Continue reading
Fiat Group Doubles Q3 Profit to €286 Million. Revenue €951 Million
The Fiat Group in Turin today recorded a Q3 profit of €286 million or $371 million (2011 €112 m) as Chrysler earnings in North America offset losses in Europe. Without Chrysler, Fiat would have lost -€281 million in the quarter. Continue reading
Posted in auto news, financial results, news analysis, results
Tagged auto informed, autoinformed.com, automotive news, fiat Chrysler, fiat q3, Ken Zino, sergio marchionne
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NHTSA Forces BMW 7-Series Recall for Electronic Shifter Rollaways
BMW is recalling 2005-2008 7-Series vehicles equipped with the so-called Comfort Access option because the electronic key and shift by wire system can put the transmission in Neutral rather than Park. The recall, which affects more than 45,000 BMWs, came after NHTSA ungraded a preliminary inquiry to an engineering analysis last August. At that time NHTSA said that at least 14 accidents and five injuries had been reported with the start/stop “shift by wire” system in BMWs. Continue reading
Posted in auto news, recalls, safety
Tagged auto informed, autoinformed.com, automotive news, bmw recalls, bmw start/stop, Ken Zino, nhtsa
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Ford Motor Posts $1.6 Billion Profit in Q3. Europe Loses $468 Million
Ford Motor Company said today that Q3 profits were $1.6 billion based on revenues of $32.1 billion. Q3 pre-tax profit was $2.2 billion, or 40 cents per share, an increase of $200 million from Q3 2011. Ford Credit reported a pre-tax profit of $393 million, a decrease of $188 million from third quarter 2011. The positive results, as they have for years now, came almost entirely from North America, which achieved its highest quarterly profit, pre-tax $2.3 billion and operating margin 12%, since 2000 when the Ford Motor started reporting the region as a separate business unit. Continue reading
Posted in auto news, economy, financial results, news analysis, results
Tagged auto informed, autoinformed.com, automotive news, ford motor q3 2012, Ken Zino
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Chrysler Group Posts Q3 Profit of $381 Million
Chrysler Group today reported a Q3 profit of $381 million, an increase of an increase of 80% from Q3 a year ago, based on revenue of $15.5 billion, up 18% from $13.1 billion. For the first nine months of the year, Chrysler Group (1) posted net revenue of $48.6 billion, up 22% from the same period a year ago, as its recovery from bankruptcy continues. Cash at quarter-end was $11.9 billion compared with $9.5 billion a year ago and $12.1 billion on 30 June 2012. Cash flow for the quarter was a -$65 million compared with -$699 million a year ago. For the first nine months of 2012, Free Cash Flow was $2.5 billion. Continue reading
Posted in auto news, financial results
Tagged auto informed, autoinformed.com, automotive news, chrysler group q3, fiat Chrysler, Ken Zino
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Honda Motor Makes ¥82 Billion in Japanese Q2, Cuts Forecast 20%
Honda Motor Company’s net profit rose 36% to ¥82 billion or ~$1 billion in the Japanese fiscal year Q2 that ended 30 September the company said in Tokyo. An average ¥79:$1 was attained during the quarter. Honda sold 3.9 million motorcycles, 1 million automobiles, and 1.3 million power products during Q2. Promotional and startup costs for the new Accord, which just went on sale in the U.S., and a government prodded Chinese boycott of Japanese cars because of a territorial dispute over some islands, cut the results. Continue reading
Posted in auto news, financial results
Tagged auto informed, autoinformed.com, automotive news, honda motor q2 results, Ken Zino
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Japanese Top CR Reliability Survey Again. Ford, Lincoln Plummet
Toyota Motor Corporation’s three brands – Scion, Toyota, and Lexus took the highest places in the latest reliability survey released today at the Automotive Press Association in Detroit. The Toyota brands were followed by four other Japanese makes: Mazda, Subaru, Honda, and Acura, respectively. All of the models produced by the top seven Japanese brands had average or better reliability according to Consumer Reports, based on a survey of 800,000 owners who reported on 1.2 million vehicles up to ten years old. Of the 90 Japanese models reflected in the Consumer Reports brand comparison, 86 were average or better, with 35 earning the highest rating. Continue reading
GM and BMW Diagnostic Tool Counterfeiter Arrested in Virginia
The seller of Chinese-built counterfeit tools was indicted yesterday by a federal grand jury in the Eastern District of Virginia for alleged participating in a conspiracy to sell U.S. consumers more than $3 million worth of counterfeit General Motors (GM) and Bavarian Motor Works (BMW) automotive diagnostic tools, electronic keys and fobs. Continue reading
October U.S. Sales Forecast Sunny at more than 12 million SAAR
New-vehicle retail sales in October are forecast at 943,200 units, a 13% increase in volume compared with October 2011. This works out to a seasonally adjusted annualized rate or SAAR of 12 million new cars and light trucks. If true, October will be the second consecutive month above 12 million units, the first time since April and May 2008 before the Great Recession set in. Continue reading
Posted in auto news, economy, marketing, results, sales
Tagged auto informed, autoinformed.com, automotive news, j.d power, Ken Zino, october u.s. sales
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Daimler Posts Q3 Profit of €1.2 Million, a €155 Million Drop
The Eurozone crisis expanded into Germany in Q3 as Daimler AG (DAI) posted Group earnings of €1,921 million, off from Q3 in 2011at €1,968 million. Net profits for the period were €1,205 million (Q3 2011: €1,360 million), leading to declining earnings per share of €1.03 (Q3 2011: €1.21). Daimler sold 528,600 cars and commercial vehicles worldwide in Q3, surpassing the prior-year total by 1%. Revenue of €28.6 billion was 8% above the prior-year level. Adjusted for changes in currency exchange rates, the increase amounted to only 3%. As a result, of the weakened results and prospects for the future, Daimler said that it will not match 2011’s earnings. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars tried to be optimistic in a statement: “Considering the significantly more difficult market conditions, Daimler achieved good earnings in the third quarter.” The earnings release was sent out ahead of schedule because of the accidental issuing of an e-mail. Continue reading
Porsche Q3 Profit up 23% to €1.88 billion with +18% Margins
In spite of the ongoing Eurozone crisis – where regional unemployment could reach 25% this year, Porsche has benefited from the unequal distribution of wealth among the rich who like expensive automobiles, and from its ongoing internationalization. Continue reading
Posted in auto news
Tagged auto informed, autoinformed.com, automotive news, Ken Zino, Porsche q3
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Presidential Run Gets Uglier – Labor Ads “Romney a Traitor”
The United Auto Workers Union among other labor groups is applauding and promoting new advertisements that call presidential candidate Mitt Romney an economic traitor who desecrated teh American flag. The ads – both television and online were unveiled today by a front group called Workers’ Voice and Patriot Majority Continue reading
Posted in auto news, economy, fools 'n frauds, labor issues, marketing, news, news analysis, people
Tagged auto informed, autoinformed.com, automotive news, bain capital, china, Ken Zino, mitt romeny, outsourcing, sensate plant
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2014 Corvette Sticks with A Revised LT1 V8 Engine
When Chevrolet Corvette arrives late next year, most of the sports car will be all new, but not the 6.2L V8 engine. The latest Corvette LT1 engine, the first of the so-called Gen 5 family of Small Block engines, combines several advanced technologies, including direct injection for the first time, cylinder fuel shut off and continuously variable valve timing to support an advanced combustion system. Zero-to-60 mph times of less than four seconds are predicted for the base car. The new LT1 is the third engine in the Corvette’s history to be so-named, with previous versions introduced in 1970 (Gen 1) and 1992 (Gen 2). Continue reading
