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Category Archives: results
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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Toyota Recalls 780,000 RAV4 and Lexus HS 250h Models
Toyota Motor Sales is recalling 2006 to early 2011 model year RAV4 and 2010 model year Lexus HS 250h vehicles sold in the U.S. because the rear suspension can fail, leading to loss of control. In a statement notable for its lack of detail about accidents, injuries and fatalities, TMS said that about 760,000 Toyota RAV4 and 18,000 Lexus HS 250h models are involved in this latest quality problem Continue reading
Posted in auto news, quality, recalls, safety
Tagged auto informed, autoinformed.com, automotive news, Ken Zino, lexus, recalls, toyota
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Ford Motor U.S. July Sales Decline 4% in a Market that Grew 9%
Ford Motor Company’s July sales in the U.S. declined 4% as the Number Two automaker failed to keep pace with a recovering U.S. auto market. Sales executives attributed the weak performance to lower fleet sales, which were off -16% but still made up 27% of Ford’s 173,482 vehicle sales for the month. This could be viewed as progress of sorts since the fleet share declined from 31% a year earlier. Continue reading
Posted in auto news, results, sales
Tagged auto informed, autoinformed.com, automotive news, ford results, Ken Zino, results
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Chrysler Group Sales Up 13% in July, Best in Five Years
Chrysler Group today reported U.S. sales of 126,089 units, a 13% increase compared with sales in July 2011 (112,026 units), and the group’s best July sales since 2007. All of the brands contributed to the positive results, the 28th-consecutive month of year-over-year sales gains in the slowly recovering U.S. auto business. Until final results from all makers are available late today, it is unclear whether Chrysler is still outperforming the market. Continue reading
Posted in auto news, marketing, results, sales
Tagged auto informed, autoinformed.com, automotive news, chrysler sales, july sales, 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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More than 640,000 Ford Escape, Mazda Tribute SUVs Recalled for Unintended Acceleration after NHTSA Opens Defect Probe
Ford and Mazda are recalling Escape and Tribute SUVs from the 2001 up to the 2008 model year because a cruise control cable can stick and cause unintended acceleration. Since repair parts are not available, dealers will disconnect the cruise control as an interim measure for the safety defect.
The recall was forced when the National Highway Traffic Safety Administration two weeks ago opened an unintended acceleration investigation on 2001 through 2004 Ford Escape and Mazda Tribute SUVs after receiving 99 reports of unintended acceleration from owners. At least one fatality and nine injures are alleged in multiple accidents. Sixty-eight stuck throttle reports are from Ford Escape owners; thirty-one reports are from owners of Mazda Tributes. Continue reading
Posted in auto news, engineering, quality, recalls, safety
Tagged auto informed, autoinformed.com, automotive news, ford recalls, Ken Zino, mazda recalls, nhtsa, recalls, unintended acceleration
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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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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
First 118 MPGe Honda Fit EV Delivered in California
American Honda initially will lease Fit in some California and Oregon markets. Some East Coast locations will be added next year. The EV is lease-only with a price of $389 per month for three-years, which computes to a Manufacturer’s Suggested Retail Price (MSRP) of $36,625. Collision coverage, maintenance costs and roadside assistance service included in lease. Gasoline versions of the Fit sell in the $16,200 to $21,000 range. Continue reading
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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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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BP, Marathon, Exxon Mobil, Monsanto, BASF, and Other Hazardous Waste Polluters to Pay for Texas City Superfund Cleanup
The Department of Justice and the U.S. Environmental Protection Agency (EPA) announced have reached an agreement with more then three dozen companies and government agencies that will result in a $56.4 million cleanup of the “Malone Services Company” Superfund Site in Texas City, Texas. The former waste-disposal site is near the shore of Galveston Bay. The deal avoids costly and time-consuming litigation. Continue reading
Posted in auto news, environment, litigation, news, results
Tagged auto informed, autoinformed.com, automotive news, dot, epa, hazardous waste, Ken Zino, rcra, superfund, texas city
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BP to Pay $13 Million More in fines for Refinery Worker Deaths
BP Products North America will pay $13,027,000 in penalties and fix workplace violations that led to the deaths of 15 workers at its Texas City refinery in 2005. In September 2005, OSHA cited BP for a then-record $21 million – before the 2010 BP Deepwater Horizon disaster in the Gulf – because of the explosion at Texas City. Under the agreement, BP has fixed or will fix all existing violations by the end of 2012. Continue reading
Posted in auto news, litigation, manufacturing, news, results, safety
Tagged auto informed, autoinformed.com, automotive news, bp, bp explosions, deepwater horizon, Ken Zino, texas city
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