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Category Archives: news analysis
Japanese Makes Take Top Three Spots in China Customer Satisfaction
The Japanese, led by Guangqi Honda, took the top three ratings in the 2012 China Customer Service Index. Honda – and its government-mandated local partner – was followed by Dongfeng Honda Automobile and GAC Toyota. Dongfeng took five out of the first ten spots in the latest quality survey. Continue reading
Posted in customer satisfaction, news analysis
Tagged auto informed, autoinformed.com, automotive news, china, csi, customer satisfaction, j.d power, Ken Zino
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GM Q2 Profits Drop to $1.5 Billion From $2.5 Billion as Its European Losses Grow. Revenue and Cash on Hand also Decreased.
General Motors Company (NYSE: GM) today said Q2 income was $1.5 billion, or $0.90 per share of common on revenue $37.6 billion. The disappointing results compared to Q2 2011 where GM’s net income attributable to common stockholders was $2.5 billion, or $1.54 per fully diluted share. GM said the decrease was due almost entirely to the strengthening of the U.S. dollar versus other major currencies. Earnings before interest and tax (EBIT) adjusted was $2.1 billion, compared with $3.0 billion in the second quarter of 2011.
“Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade,” said GM chairman and CEO Dan Akerson. The CEO also alluded to ongoing management changes and reorganizations, saying “we will not hesitate to act to make the business stronger” by replacing people who don’t deliver results, with no apparent awareness that U.S. taxpayers who still hold a large stake in the company could apply that dictum to him. Continue reading
Posted in auto news, financial results, news analysis, results
Tagged auto informed, autoinformed.com, automotive news, gm results, Ken Zino, results
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Honda Posts $1.7 Billion Profit in Japanese Fiscal Q1
Despite the strong recovery, the results did not meet analysts’ expectations because of rising marketing costs and the strong yen. Nevertheless, Honda is sticking to its global sales forecast of 4.3 million vehicles in the Japanese fiscal year to March 2013, an increase of 38.4% from FY 2012. North America is forecast to sell almost 40% of the total, which means a lot is riding on the success of the new Accord due this fall. Continue reading
Posted in auto news, financial results, news analysis, results
Tagged auto informed, autoinformed.com, automotive news, honda, Ken Zino, q1 results, results
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TRW Guilty of Price Fixing Seatbelts, Airbags, Steering Wheels
TRW Deutschland pled guilty to price fixing seatbelts, airbags and steering wheels sold to two German automobile manufacturers, and installed in cars sold in the United States yesterday. This is the second case filed over occupant safety systems sold to auto manufacturers as part of the department’s ongoing antitrust auto parts investigation. Continue reading
Posted in auto news, fools 'n frauds, litigation, news analysis, people
Tagged auto informed, autoinformed.com, automotive news, bid rigging, doj, Ken Zino, price fixing, trw price fixing
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Chrysler Group Posts Q2 2012 Net Profit of $436 million. Modifed Profit $755 million
Actual net income or profit was $436 million, an $806 million improvement from the $370 million net loss in the Q2 last year that included a $551 million charge for repayment of Chrysler’s Canadian and U.S. taxpayer subsidized loans. The loans allowed a bankruptcy restructuring in 2009 that ultimately saved thousands upon thousands of jobs at Chrysler and its suppliers. Combined with taxpayer money pumped into General Motors, Ford and Nissan, under various stimulus actions, the bailouts or subsidized loans saved the U.S. auto industry. Continue reading
Lexus Debuts New LS Flagship Sedan Tonight in San Francisco
The original Lexus full-size sedan – the 1990 model LS 400 – caught the Germans by surprise with its combination of high quality, silky smooth ride, and a price that undercut competing Mercedes-Benz and BMW sedans by $10,000 or more.
Initially dismissed by the Europeans, the success of Lexus ultimately forced improvements in quality and a lowering of prices by Audi, BMW, and Mercedes-Benz. The Japanese brand’s success has also prompted an expanding list of joint ventures with BMW. Continue reading
Posted in auto news, customer satisfaction, electric vehicles, marketing, new vehicle, news analysis
Tagged auto informed, autoinformed.com, automotive news, BMW, Ken Zino, lexus, ls 400, ls 460, luxury cars
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GM Marketing Head Ewanick Resigns as GM Lags in Sales Growth
In an unusual Sunday statement, General Motors tersely said yesterday that Global Chief Marketing Officer Joel Ewanick resigned, effective immediately. The resignation comes just days before GM will release Q2 financial results, which will be negatively impacted by product launch and marketing costs, as well as the ongoing struggles of Opel, which is mired in the Eurozone crisis. Continue reading
Posted in auto news, marketing, news analysis, people
Tagged alan batey, auto informed, autoinformed.com, automotive news, GM, gm sales, joel ewanick, Ken Zino
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Ford Motor Q2 Profit Plummets $1.4 Billion as Europe, South American and Asia Continue to Hurt Earnings and Shareholders
Ford Motor Company [NYSE: F] posted its 12th consecutive quarterly pre-tax operating profit this week based almost entirely on North American results. Weak to frankly disastrous performances in Ford’s global operations saw Q2 income drop to $1 billion, or 26 cents per share, a decrease of $1.4 billion from Q2 2011. Continue reading
Unintended Acceleration on 730,000 Ford Escape, Mazda Tribute SUVs under NHTSA Scrutiny in New Preliminary Investigation
The Center for Auto Safety had petitioned NHTSA last week to open defect investigations on the V6 Ford Escape and Mazda Tribute models equipped with cruise control. NHTSA opened its own investigation instead, in a move that was required given the seriousness of the allegations that were about to become public.
In a defensive bureaucratic move, NHTSA also denied a CAS request for potentially embarrassing public hearings about the safety agency’s, as well as Ford Motor’s and Mazda’s lack of corrective action thus far. To make matters more complicated and potentially more image damaging for all involved, it is possible that an earlier safety recall resulted in more unintended acceleration accidents on the models involved. Continue reading
Posted in auto news, litigation, news analysis, recalls, safety
Tagged auto informed, autoinformed.com, automotive news, cas, escape and tribute stuck gas pedals, ford unintended acceleration, Ken Zino, mazda unintended acceleration, nhtsa, odi, toyota unintended acceleration, unintended acceleration
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Honda Indiana Plant to Increase Capacity and Add Civic Hybrid
Honda announced at the Automotive Press Association in Detroit that it is investing $40 million to increase annual capacity by 50,000 units to 250,000 vehicles at its Indiana plant. The strong Japanese Yen continues to be a good development for autoworkers as all Japanese firms are shifting production out of Japan. Continue reading
Posted in auto news, economy, manufacturing, milestones, news analysis
Tagged auto informed, autoinformed.com, automotive news, hmin, honda, Honda manufacturing, Ken Zino
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EU Passenger Car and Commercial Vehicles Sales Down Again
Thus far the European auto industry has done little to reduce its capacity, which is now widely discordant with constantly falling demand. GM is planning to close its Opel Zafira plant in Bochum, Germany after the run-out of the current Zafira in 2015, but that is not enough to return Opel to profitability after decades of losses totaling hundreds of billions dollars. Opel employs 20,800 people across Germany and more than 40,000 across Europe. The head of GM Europe was ousted earlier this month over the continuing losses and the lack of progress. Continue reading
Posted in auto news, marketing, news, news analysis, results, sales
Tagged acea, auto informed, autoinformed.com, automotive news, eu, eurozone, ford Europe, Ken Zino, opel, PSA, results, vw group
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NHTSA Prompted Latest Lexus Recall after Web Complaints
The latest Lexus floor mat recall is the result of ongoing complaints filed by owners on the National Highway Traffic Safety Administration’s website. It took another NHTSA inquiry to Toyota back in May to prompt Toyota to action. With virtually instant feedback available at the world’s largest auto safety agency, automakers are increasingly under pressure to fix defects and institute recalls within five business days. NHTSA confirmed this summary in a statement that said in part, “NHTSA requested that Toyota conduct an immediate recall of model year 2010 Lexus RX 350 and RX 450 H vehicles for a serious safety issue involving potential pedal entrapment by the floor mat.” So NHTSA asked Toyota once again to conduct a recall. NHTSA is also requesting additional documentation from Toyota and is considering opening another investigation into whether Toyota met its obligation to notify the agency and conduct a recall in a timely manner.
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Ford India Expands Chennai Engine Plant
Ford India today announced it has completed the expansion of its Chennai engine plant, increasing annual engine production capacity 36% to 340,000. The additional capacity of 80,000 diesel engines helps meet increasing demand for diesel powertrains in India as well as export markets. The expansion, which Ford hopes will be ongoing, led to the hiring of 200 employees. Continue reading
Posted in auto news, manufacturing, milestones, news analysis
Tagged auto informed, autoinformed.com, automotive news, ford india, india, Ken Zino, maruti, Suzuki
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Ford Europe Sales Plummet in June
Ford Europe sales in June dropped 16.1% to 100,400 units, with a declining market share of 7%, as the Eurozone crisis continues unabated. In a statement, Ford said that it would not match “heavy competitive discounting” by its already loss making European operations. Continue reading →