Correspondent, Detroit
Ben's Feed
Dec 6, 2013
Dec 6, 2013
Dec 6, 2013

Analysis: GM moves to boost profit in Asia, Europe long overdue

DETROIT (Reuters) – General Motors Co’s (GM.N: Quote, Profile, Research, Stock Buzz) decision to pull the plug on Chevrolet in Europe is one of several calculated moves the U.S. automaker appears to be making around the world that analysts and investors say are long overdue if the automaker wants to boost profits in line with its rivals.

GM said on Thursday that by the end of 2015 it will drop its mainstream Chevrolet brand in Europe, except for certain vehicles, like the Corvette sports car.

Dec 5, 2013
Dec 5, 2013
Dec 5, 2013

GM to drop Chevy brand in Europe to focus on Opel

FRANKFURT/DETROIT (Reuters) – General Motors (GM.N: Quote, Profile, Research, Stock Buzz) will drop the Chevrolet brand in Europe by the end of 2015 after it failed to build significant market share, and the company will focus instead on its Opel and Vauxhall marques in a drive to return to profit on the continent.

The world’s second-biggest carmaker behind Japan’s Toyota Motor Corp (7203.T: Quote, Profile, Research, Stock Buzz) said on Thursday the decision would result in one-time charges of up to $1 billion, but it should lead to production, marketing and distribution savings.

Dec 4, 2013

Hedge fund Hayman Capital takes stake in GM: source

By Ben Klayman and Svea Herbst-Bayliss

(Reuters) – Hedge fund Hayman Capital has taken a stake in General Motors Co and believes the U.S. automaker’s stock could rise more than 40 percent over the next 12-18 months after the U.S. Treasury sells its stake in the company, a source familiar with investment said on Wednesday.

Hayman Capital’s move into GM comes as the U.S. government is in the process of selling its remaining stake in the company and as other new potential investors eye the stock, said two people working at a different hedge fund but who were not permitted to speak to the media.

Dec 3, 2013

Auto sales rise in November, boosted by discounts

DETROIT (Reuters) – Aggressive discounting and the continued popularity of big pickup trucks helped propel November vehicle sales well past expectations, with the three Detroit automakers and two of Japan’s top three reporting year-to-year increases on Tuesday.

The industry’s torrid sales pace in November reached an annual rate of 16 million vehicles, according to General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz). That was the second highest for the year and well above last month’s annual rate of 15.2 million.

Dec 3, 2013

U.S. auto sales rise in November, boosted by discounts

DETROIT, Dec 3 (Reuters) – Aggressive discounting and the
continued popularity of big pickup trucks helped propel November
vehicle sales well past expectations, with the three Detroit
automakers and two of Japan’s top three reporting year-to-year
increases on Tuesday.

The industry’s torrid sales pace in November reached an
annual rate of 16 million vehicles, according to General Motors
Co. That was the second highest for the year and well
above last month’s annual rate of 15.2 million.

Nov 26, 2013

U.S. auto sales to end year strong, but fears about incentives mount

DETROIT (Reuters) – U.S. auto sales are expected to finish the year at a fast pace, with demand possibly at its highest in November, but Wall Street remains worried the industry could return to overly generous incentives that would eat into profits.

Economists surveyed by Thomson Reuters see the annual sales rate for U.S. new-vehicle sales in November finishing at 15.6 million vehicles. And some analysts said the rate could top 16 million, which would mark the strongest pace of the year.

    • 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
    • More from Ben

    • Contact Ben

    • Follow Ben