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.
DETROIT (Reuters) – Aston Martin expanded a recall on Wednesday to cover most of its sports cars built since late 2007 after discovering a Chinese sub-supplier was using counterfeit plastic material in a part supplied to the British luxury sports carmaker.
Owned by Kuwaiti and private equity investors, Aston Martin said it would now recall 17,590 cars, including all of its left-hand drive models built since November 2007 and all right-hand drive models built since May 2012.
DETROIT (Reuters) – Delphi Automotive Plc (DLPH.N: Quote, Profile, Research, Stock Buzz) on Tuesday reported a stronger-than-expected quarterly profit on strong demand in its powertrain business, but the auto parts maker offered a forecast for the current quarter below Wall Street’s expectations.
“The fourth quarter itself was very good, but Delphi is looking for an unusually steep earnings ramp in 2014,” Morgan Stanley analyst Ravi Shanker said in a research note, calling the first-quarter forecast very weak.