DETROIT, July 24 (Reuters) – Ford Motor Co one-upped
its larger rival General Motors Co in the second quarter,
showing a profit in Europe for the first time in three years
while GM was weighed down by recall-related costs in the United
Ford managed to eke out stronger earnings that sent its
shares higher on Thursday, while GM shares fell 5 percent even
though both automakers had good quarters in North America and
poor results in South America.
DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) reported a much lower second-quarter profit on Thursday due to numerous recalls and the expected cost of at least $400 million for a compensation fund for those killed or injured by a defective ignition switch linked to at least 13 deaths.
GM also reiterated that it expected a moderately improved operating profit this year and that its future recall costs would be slightly higher than historic rates.
DETROIT, July 23 (Reuters) – One bad season for Manchester United has not shaken General Motors Co’s belief in its $559 million sponsorship deal with the English soccer club as GM’s global mainstream auto brand, Chevrolet, will debut as the jersey sponsor in a match on Wednesday night.
Criticized by some experts in the sponsorship industry as a massive overpay, GM’s seven-year deal officially kicks in when United, majority owned by the American Glazer family and listed on the New York Stock Exchange, plays Major League Soccer team Los Angeles Galaxy at the Rose Bowl in Pasadena outside Los Angeles.
WASHINGTON (Reuters) – General Motors’ (GM.N: Quote, Profile, Research, Stock Buzz) legal department came under fire in a Senate hearing on Thursday, as lawmakers questioned why the automaker took more than 10 years to recall cars with ignition switch flaws while its lawyers worked on numerous cases involving deaths or injury caused by the malfunctioning switch.
Senator Claire McCaskill, chairwoman of the Senate Commerce subcommittee, questioned why GM’s general counsel, Michael Millikin, kept his job after a company review released last month criticized lower-level lawyers for not escalating the safety issue.
SHANGHAI/DETROIT, July 17 (Reuters) – General Motors Co
is responding to surging Chinese demand for large family
vehicles, a trend likely to deepen as Beijing eases its
one-child policy, by redesigning its distribution network to
speed up sales of its Baojun family range.
Sales in China of family-sized multipurpose vehicles or
MPVs, surged 55 percent during the first half, far outpacing the
8.4 percent growth in the overall auto market.