Correspondent, Detroit
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Apr 30, 2015

GM to invest $5.4 bln in U.S. plants over next 3 years

DETROIT, April 30 (Reuters) – General Motors Co on
Thursday said it will spend $5.4 billion over the next three
years on its U.S. manufacturing plants to boost production and
vehicle quality.

“The common thread among our investments is the focus on
product improvements,” GM North American manufacturing chief
Cathy Clegg said in a statement.

Apr 29, 2015

GM likely to cease vehicle production in Venezuela in July

April 29 (Reuters) – General Motors Co said it is
likely it will cease vehicle production in Venezuela in July as
the automaker joins other U.S. corporations in taking action to
shield their profits from the South American country’s volatile
currency.

GM has one plant in Venezuela, in Valencia, where it builds
the Chevrolet Aveo and Cruze cars, the Orlando crossover vehicle
and the Silverado pickup truck. The company said it employs
about 3,000 people in the country.

Apr 29, 2015

GM to invest billions of dollars in U.S. plants – source

DETROIT, April 29 (Reuters) – General Motors on
Thursday will announce a multibillion-dollar, multiyear
investments in several U.S. manufacturing plants in a move to
boost production and vehicle quality, a person familiar with the
matter said.

GM has scheduled a press conference at its stamping plant in
Pontiac, Michigan, to make a “major U.S. manufacturing
announcement.” A spokesman declined to provide further details.

Apr 29, 2015

Ford first-quarter profit misses expectations, 2015 profit outlook affirmed

By Bernie Woodall and Ben Klayman

DEARBORN, Mich. (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research) reported a first-quarter profit that was less than analysts expected, selling fewer vehicles in North America as it worked to increase production of the redesigned F-150 pickup truck, and losing money in South America.

The No. 2 U.S. automaker on Tuesday also maintained its full-year forecast of pretax profit between $8.5 billion and $9.5 billion.

Apr 28, 2015

Detroit automakers rely on U.S. truck sales for global profits

DETROIT (Reuters) – Detroit automakers have come full circle, relying as they did before the financial crisis on profits from selling trucks and sport utility vehicles in the United States to cover losses overseas.

That’s the profit formula Detroit was supposed to move beyond after the financial crisis, gas price shocks and the federal bailouts of General Motors and Chrysler. Ford Motor Co’s (F.N: Quote, Profile, Research, Stock Buzz) first-quarter results on Tuesday highlight how reliant the Detroit Three have become once again on their biggest, least- fuel-efficient models.

Apr 28, 2015

Ford 1st-qtr profit misses expectations, 2015 profit outlook affirmed

By Bernie Woodall and Ben Klayman

DEARBORN, Mich. (Reuters) – Ford Motor Co reported a first-quarter profit that was less than analysts expected, selling fewer vehicles in North America as it worked to increase production of the redesigned F-150 pickup truck, and losing money in South America.

The No. 2 U.S. automaker on Tuesday also maintained its full-year forecast of pretax profit between $8.5 billion and $9.5 billion.

Apr 28, 2015

Ford profit misses expectations, 2015 profit outlook affirmed

By Bernie Woodall and Ben Klayman

DEARBORN, Mich. (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) on Tuesday reported a profit that was less than analysts expected, selling fewer vehicles in North America as it worked to increase production of the redesigned F-150 pickup truck and losing money in South America.

The No. 2 U.S. automaker maintained its full-year forecast of pre-tax profit of between $8.5 billion and $9.5 billion.

Apr 23, 2015

Pricing pressure in U.S., China raises profit fears at GM, others

DETROIT, April 23 (Reuters) – The strength of the U.S. and
China economies has helped companies like General Motors Co
offset weakness in others parts of the world, but growing
pricing pressure in those lucrative markets could be a warning
sign for future profits.

GM Chief Financial Officer Chuck Stevens said on Thursday
during the company’s earnings conference call that the largest
U.S. automaker sees flat retail pricing in North America this
year. The company also will see continued competitive pricing in
China, especially for older-model vehicles that could see prices
decline 3 percent or more, Stevens said.

Apr 23, 2015

Pricing pressure in U.S., China raises fears about future profits

DETROIT (Reuters) – The strength of the U.S. and China economies has helped companies like General Motors Co offset weakness in others parts of the world, but growing pricing pressure in those lucrative markets could be a warning sign for future profits.

GM Chief Financial Officer Chuck Stevens said on Thursday during the company’s earnings conference call that the largest U.S. automaker sees flat retail pricing in North America this year. The company also will see continued competitive pricing in China, especially for older-model vehicles that could see prices decline 3 percent or more, Stevens said.

Apr 23, 2015

GM first-quarter profit misses estimates on South America, Russia weakness

DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research) posted a smaller-than-expected quarterly profit on Thursday as weakness in South America and Russia hurt demand and the company’s tax rate was higher than expected, sending shares down 4 percent.

“Clearly the macro environment in South America, and it’s primarily Brazil, deteriorated versus even where we thought it was going to be,” Chief Financial Officer Chuck Stevens told reporters at the company’s Detroit headquarters.

    • About Ben

      "Ben Klayman is based in Detroit and in April was named leader of the global automotive team for Reuters. Previously, Ben covered the business of sports as well as consumer and retail for three years and led the manufacturing/housing team for four years. He also covered the telecommunications sector for three years. He joined Reuters in Detroit in 1998 to cover autos. Prior to joining Reuters, he worked at a series of daily newspapers in Ohio and Maryland. Ben graduated from Washington University in St. Louis in 1989 with a bachelor's degree in English literature."
      Joined Reuters:
      1998
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