DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) said on Friday it has split the critical China operations from its international unit, which will now be run by the former chief executive of Swedish automaker Volvo.
Tim Lee, who has led the international operations unit for almost four years, was named chairman of GM China and retains his position as global chief of manufacturing.
DETROIT (Reuters) – Auto sales to individual U.S. consumers beat expectations in July and major automakers reported low inventories for many hot-selling models, such as Ford Motor Co’s Fusion mid-size sedan, suggesting that sales would strengthen further this year.
Shares of General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) and Ford rose Thursday after analysts and executives disclosed their so-called retail sales, which are considerably more lucrative than fleet sales to rental car agencies, governments and companies.
DETROIT (Reuters) – General Motors Co, Ford Motor Co and Chrysler Group LLC all reported disappointing U.S. auto sales in July, hurt by low inventory of some popular car models, including Ford’s Fusion midsize sedan.
Looking at the results, RBC Capital Markets analyst Joe Spak said the annual sales rate for July would be around 15.4 million vehicles, below analysts’ average forecast of 15.8 million.
DETROIT (Reuters) – Long Island car dealer Gary Brown is enjoying the summer heat brought on by consumers’ increasing demand for new cars and trucks, and like the rest of the industry, expects sales in July will continue the trend.
“We’re still on fire,” the owner of Brown’s Jeep Chrysler in Patchogue, New York, said. “We’re going to be up over June and we’re going to beat last year by 10, 12 percent or so. There’s a lot of demand in the market place.”
DETROIT (Reuters) – Delphi Automotive Plc (DLPH.N: Quote, Profile, Research, Stock Buzz) on Wednesday posted a stronger-than-expected second-quarter profit, but the auto parts supplier offered a weaker-than-anticipated forecast for the current quarter.
Analysts said investors were disappointed that the outperformance in the second quarter was not fully incorporated in the company’s improved full-year forecast.
MILAN/DETROIT, July 30 (Reuters) – Fiat’s U.S. unit
Chrysler, which generates most of the group’s net profit, cut
its profit forecast as it struggled to fill orders due to parts
shortages, hitting the Italian automaker’s shares.
Chrysler’s booming U.S. sales have compensated for Fiat’s
losses in Europe, where demand hit a 20-year low in the first
half of the year.
DETROIT (Reuters) – The launch of Chrysler Group LLC’s new 2014 Jeep Cherokee is being delayed by a month to September to resolve calibration issues with the vehicle’s new nine-speed transmission.
Cherokee production started on June 24, a month later than planned, at Chrysler’s assembly facility in Toledo, Ohio. The automaker had planned to begin selling the 2014 Cherokee in August.
MILAN/DETROIT (Reuters) – Fiat’s (FIA.MI: Quote, Profile, Research, Stock Buzz) U.S. unit Chrysler, which generates most of the group’s net profit, lowered its outlook as it struggled to fill orders due to parts shortages, hitting the Italian automaker’s shares.
In recent quarters, Chrysler’s booming U.S. sales have compensated for Fiat’s losses in Europe, where demand hit 20-year lows in the first half of the year.