DETROIT (Reuters) – General Motors Co’s (GM.N: Quote, Profile, Research) first-quarter profit tumbled 88 percent on Thursday due to the massive recall for defective ignition switches, and shares fell 1.3 percent after the company said expectations for the rest of the year must be trimmed.
While the company’s results topped expectations on strong pricing for its redesigned pickup trucks in North America, it did not raise its full-year outlook by a corresponding amount.
DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research) said on Thursday that first-quarter profit tumbled 88 percent after a massive recall due to defective ignition switches, but results still topped expectations on strong pricing for its redesigned pickup trucks in North America and improvement overseas.
The company said its core operating outlook remained on target for the year, relieving investors who bid up the stock by 3 percent.
DETROIT (Reuters) – General Motors Co said on Thursday that first-quarter profit tumbled 88 percent after a massive recall due to defective ignition switches, but results still topped expectations on strong pricing for its redesigned pickup trucks in North America.
The quarter included a previously disclosed charge of $1.3 billion for the recall, and Chief Financial Officer Chuck Stevens said it was too early to predict whether GM would take more charges. He also said it was still studying its options for the victims of the faulty switches. The faulty switches are linked to at least 13 deaths.
DETROIT (Reuters) – General Motors’ top engineering executive, a longtime colleague and key lieutenant of Chief Executive Mary Barra, is retiring in the automaker’s highest profile executive change since the massive recall of vehicles with defective ignition switches linked to at least 13 deaths.
John Calabrese has worked with Barra in various roles over the past 15 years and has been GM vice president of global engineering for the last three years.
DETROIT (Reuters) – General Motors Co said on Tuesday it is restructuring its engineering operations in a move meant to improve quality and safety of its vehicles as a result of the fallout from the defective ignition switch linked to at least 13 deaths.
The No. 1 U.S. automaker said global vehicle engineering is being split into two new organizations: global product integrity, and global vehicle components and subsystems.
DETROIT, April 21 (Reuters) – Ford Motor Co will soon
name Chief Operating Officer Mark Fields as successor to Chief
Executive Alan Mulally, a person familiar with the plans said on
Mulally, the 68-year-old executive credited with reviving
Ford’s fortunes since taking its helm in 2006, will step down
before the end of the year, said the person, who asked not to be
identified discussing the company’s plans. Fields, 53, was named
COO in December 2012 and has been seen as Mulally’s successor.
DETROIT, April 17 (Reuters) – AutoNation Inc, the
largest U.S. automobile dealer group, on Thursday posted a
stronger-than-expected first-quarter profit despite the severe
winter weather that slowed sales.
The company still expects the U.S. auto industry’s
new-vehicle sales this year to rise 3 to 5 percent, ending above
16 million, Chief Executive Mike Jackson said. Last year, the
industry sold 15.6 million new cars and light trucks.
WASHINGTON, April 2 (Reuters) – General Motors came under
withering attack for its decade-long failure to notify the
public about defective parts linked to fatal crashes, as a U.S.
Senate hearing opened on Wednesday with accusations that the
company fostered “a culture of cover-up.”
Rebutting some of GM CEO Mary Barra’s testimony to a House
panel on Tuesday that GM had recently cleaned up its act,
Democratic Senator Claire McCaskill, who chairs a Senate
subcommittee on consumer protection and product safety, told
Barra: “It might have been the Old GM that started sweeping this
defect under the rug 10 years ago. Even under the New GM banner,
the company waited nine months to take action after being
confronted with specific evidence of this egregious violation of
WASHINGTON (Reuters) – General Motors Co CEO Mary Barra on Tuesday called her company’s slow response to at least 13 deaths linked to faulty ignition switches “unacceptable,” but could not give U.S. lawmakers many answers as to what went wrong as she pointed to an ongoing internal investigation.
After taking an oath administered by House Energy and Commerce Oversight and Investigations Subcommittee Chairman Tim Murphy, Barra kicked off the contentious hearing by declaring, “I am deeply sorry” for the company’s failure to respond quickly to the safety problem and subsequent deaths.