DETROIT (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research) posted a lower-than-expected first-quarter profit on Friday as the No. 2 U.S. automaker saw $400 million (237 million pounds) in higher warranty costs in North America, sending shares down 3.4 percent.
The company also saw incentives in North America rise in the quarter due to heavy competition and an aging lineup of vehicles it will address with the launch of 16 new models in the region this year.
DETROIT (Reuters) – Ford Motor Co posted lower-than-expected first-quarter profit on Friday as the No. 2 U.S. automaker saw higher warranty costs in North America for older vehicles by $400 million.
The company affirmed its forecast for pretax profit for 2014, a year in which it is launching a record 23 new vehicles globally. It also said it is amending and extending its revolving credit facility.
DETROIT (Reuters) – General Motors Co’s (GM.N: Quote, Profile, Research) first-quarter profit tumbled 88 percent on Thursday due to the massive recall for defective ignition switches, and shares fell 1.3 percent after the company said expectations for the rest of the year must be trimmed.
While the company’s results topped expectations on strong pricing for its redesigned pickup trucks in North America, it did not raise its full-year outlook by a corresponding amount.
DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research) said on Thursday that first-quarter profit tumbled 88 percent after a massive recall due to defective ignition switches, but results still topped expectations on strong pricing for its redesigned pickup trucks in North America and improvement overseas.
The company said its core operating outlook remained on target for the year, relieving investors who bid up the stock by 3 percent.
DETROIT (Reuters) – General Motors Co said on Thursday that first-quarter profit tumbled 88 percent after a massive recall due to defective ignition switches, but results still topped expectations on strong pricing for its redesigned pickup trucks in North America.
The quarter included a previously disclosed charge of $1.3 billion for the recall, and Chief Financial Officer Chuck Stevens said it was too early to predict whether GM would take more charges. He also said it was still studying its options for the victims of the faulty switches. The faulty switches are linked to at least 13 deaths.
DETROIT (Reuters) – General Motors’ top engineering executive, a longtime colleague and key lieutenant of Chief Executive Mary Barra, is retiring in the automaker’s highest profile executive change since the massive recall of vehicles with defective ignition switches linked to at least 13 deaths.
John Calabrese has worked with Barra in various roles over the past 15 years and has been GM vice president of global engineering for the last three years.
DETROIT (Reuters) – General Motors Co said on Tuesday it is restructuring its engineering operations in a move meant to improve quality and safety of its vehicles as a result of the fallout from the defective ignition switch linked to at least 13 deaths.
The No. 1 U.S. automaker said global vehicle engineering is being split into two new organizations: global product integrity, and global vehicle components and subsystems.
DETROIT, April 21 (Reuters) – Ford Motor Co will soon
name Chief Operating Officer Mark Fields as successor to Chief
Executive Alan Mulally, a person familiar with the plans said on
Mulally, the 68-year-old executive credited with reviving
Ford’s fortunes since taking its helm in 2006, will step down
before the end of the year, said the person, who asked not to be
identified discussing the company’s plans. Fields, 53, was named
COO in December 2012 and has been seen as Mulally’s successor.
DETROIT, April 17 (Reuters) – AutoNation Inc, the
largest U.S. automobile dealer group, on Thursday posted a
stronger-than-expected first-quarter profit despite the severe
winter weather that slowed sales.
The company still expects the U.S. auto industry’s
new-vehicle sales this year to rise 3 to 5 percent, ending above
16 million, Chief Executive Mike Jackson said. Last year, the
industry sold 15.6 million new cars and light trucks.