Correspondent, Detroit
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Feb 11, 2014
Feb 11, 2014

GM’s new chairman not afraid to make unpopular calls

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.

Feb 6, 2014

GM’s dismal profit may spur analysts to cut 2014 estimate

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.

Feb 6, 2014
Feb 6, 2014
Feb 6, 2014

GM quarterly profit misses estimate, shares drop

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.

Feb 5, 2014
Feb 5, 2014
Feb 5, 2014

Aston Martin recalls 17,590 cars due to counterfeit material

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.

Feb 4, 2014

Delphi posts strong quarterly profit, but first-quarter outlook disappoints

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.

    • 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."
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