DETROIT (Reuters) – Engine and transmission problems caused quality in the U.S. auto industry to slip for the first time in 16 years in a vehicle dependability study of owners of 3-year-old cars and trucks, falling from last year’s record-high levels.
The industry’s 2011-model cars, introduced in 2010, the year after sector sales hit a 28-year low during the recession, saw a nearly 6 percent decline in quality to 133 problems per 100 vehicles from 126 last year, according to the J.D. Power U.S. vehicle dependability survey released on Wednesday. It was the first increase in the average number of problems since 1998.
DETROIT, Feb 11 (Reuters) – General Motors Co’s new
Chairman Theodore “Tim” Solso is not afraid to make edgy and
sometimes unpopular decisions, a trait that could come in handy
as the No. 1 U.S. automaker seeks to further reinvent itself
under new Chief Executive Mary Barra.
The plain-spoken native of the U.S. Pacific Northwest joined
the automaker’s board in 2012. In his former role as chairman
and CEO of diesel engine maker Cummins Inc, Solso
actively embraced tough new federal emissions regulations at a
time when some rivals resisted change. He also introduced
benefits for gay couples at a company based in a more
conservative region of Indiana.
DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research) reported a disappointing fourth-quarter profit on Thursday, hurt by weaker-than-expected results in Asia and South America that may prompt analysts to ratchet down their profit forecasts for 2014 for the No. 1 U.S. automaker.
The poor showing triggered an early drop in GM’s stock price by as much as 2.5 percent, before it recovered to gain 0.2 percent to $35.31 in afternoon trading.
Barclays:”Like a slightly used car w/ signif cosmetic damage but working powertrain, GM posted qtr that looks worse on outside than inside.”
Warren Buffett to FORTUNE re GM CEO: “I hope that Mary Barra turns out to be the Alfred Sloan of the 21st century. … She’s got the goods.”
DETROIT (Reuters) – General Motors Co posted a weaker-than-expected fourth-quarter profit on Thursday as results in North America, Asia and South America disappointed, sending shares down more than 3 percent in premarket trading.
GM Chief Financial Officer Chuck Stevens said the miss occurred because analysts did not fully account for restructuring relating to plans to close the Bochum, Germany plant later in the year, as well as a higher-than-expected tax rate.