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Tag Archives: automotive news
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
Ford to Shut Genk as part of latest European Turnaround Plan
Ford Motor Company today announced it will close the Genk industrial complex as part of a trimming of its Europe manufacturing facilities under its latest European turnaround plan to return the cash hemorrhaging subsidiary to profitability. Continue reading
French Government Backs €7B in PSA Peugeot Citroën Debt
The French State will provide up to €7 billion in refinancing guarantees for new bond issues during the 2013-2015 period. It is the latest example of a taxpayer bailout of an ailing auto company facing increasingly limited credit options in the private capital markets, if they now exist at all. The subsidy is subject to EU approval by the Competition Commission in Brussels, and is vehemently opposed by the German state of Lower Saxony, the second largest owner of VW, the largest automaker in Europe by far. Continue reading
Honda Hybrid Sales Top 1 Million. 3M More to Catch Toyota
Honda Motor Company said today that worldwide sales of hybrid vehicles have now surpassed 1 million units. This milestone was reached at the end of September after the start of sales of the first generation Insight in Japan during November 1999. At the time, Insight fuel economy was rated at 35km/liter, then the world’s highest fuel efficiency among all mass-production gasoline-powered vehicles. Continue reading
NADA Chairman Says Automakers Use Unfair Business Practices
The new chairman of the National Automobile Dealers Association, Bill Underriner, said today that automakers need to stop intruding into dealerships. After noting the Tigers are back in the World Series at the Automotive Press Association in Detroit, he said there’s “good energy here. The auto industry is doing its part to lead the economic recovery. But we still have a long way to go – not just here but all around the country. Auto sales are up, but financial pressures are too…especially on dealerships.” Continue reading
Posted in auto news, marketing, news analysis, people, sales
Tagged apa, auto informed, autoinformed.com, automotive news, bill underriner, Ken Zino, nada, two-tier pricing
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Ally Financial Sells Its Canadian Auto Financing Business
Notably absent as buyers were Ford Credit and General Motors. Ally has other international operations in Europe and Latin America on the block, and GM has submitted a bid for the business. Ally expects to announce the buyer after the U.S. Presidential election next month. Continue reading
