DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) posted a smaller-than-expected quarterly profit on Thursday as weakness in South America and Russia hurt demand and the company’s tax rate was higher than expected, sending shares down 3 percent.
“Clearly the macro environment in South America, and it’s primarily Brazil, deteriorated versus even where we thought it was going to be,” Chief Financial Officer Chuck Stevens told reporters at the company’s Detroit headquarters.
DETROIT, April 23 (Reuters) – General Motors Co
posted a smaller-than-expected quarterly profit on Thursday as
weakness in South America and Russia hurt demand and the
company’s tax rate was higher than expected, sending shares down
“Clearly the macro environment in South America, and it’s
primarily Brazil, deteriorated versus even where we thought it
was going to be,” Chief Financial Officer Chuck Stevens told
reporters at the company’s Detroit headquarters.
DETROIT (Reuters) – General Motors Co’s return to selling smaller pickups in the United States has resuscitated a moribund market segment, but new data highlights the risk that the automaker’s new trucks are cannibalizing sales of higher-priced models.
Since the launch last autumn of the Chevrolet Colorado and GMC Canyon, the midsize pickup segment has grown to more than 2 percent of the total U.S. car and light truck market from 1.4 percent last summer. Some industry executives believe the segment could double annual sales to 500,000 vehicles, which would have been 3 percent of last year’s market.
DETROIT, April 22 (Reuters) – AutoNation Inc, the
largest U.S. auto dealer group, on Wednesday posted
stronger-than-expected quarterly profit as sales for both new
and used vehicles rose, sending shares up 2.5 percent in
Chief Executive Officer Mike Jackson said he continues to
expect U.S. industry new vehicle sales this year to exceed 17
million. That would be the third time the sector has topped that
level after hitting that mark in 2000 and 2001.
DETROIT (Reuters) – Buyers of General Motors Co vehicles will increasingly be able to use in-car mobile broadband systems to book hotel rooms, cut deals on driver insurance, pay for data usage and conduct a host of other transactions.
And each time they do, GM will get a small cut from the seller.
When the automaker began offering 4G LTE high-speed wireless connections in some cars last year, it wasn’t clear how it would generate revenue to offset the costs of the hardware. Now, as the company prepares to expand the technology to most of its 2016 U.S. models, GM is lifting the curtain on its digital business strategy.
By Ben Klayman and Abinaya Vijayaraghavan
(Reuters) – Faulty air bags supplied by Takata Corp have been linked to another injury involving a Honda Motor Co car in Florida in March.
A 2003 model Honda Civic’s air bag exploded and a piece of metal shot out from the air bag into the driver’s neck, according to police and hospital reports.
DETROIT (Reuters) – U.S. safety regulators said they would
review a petition from a North Carolina consumer group that
sought further investigation into a potential loss of vehicle
headlights or all exterior lighting in almost 518,000 Ford Motor
Co large sedans in the United States.
The North Carolina Consumers Council asked officials at the
National Highway Traffic Safety Administration to open a probe
into 517,945 Ford Crown Victoria and Mercury Grand Marquis
sedans from model years 2003 through 2005, according to recent
documents filed with NHTSA.
DETROIT, April 1 (Reuters) – Ford Motor Co’s Americas
chief indicated on Wednesday that the No. 2 U.S. automaker will
be looking to bring its labor costs in line with those of its
smaller rival Fiat Chrysler Automobiles when
it opens talks this summer with the union representing its
Joe Hinrichs, speaking at a Bank of America Merrill Lynch
conference, said the subject of entry-level workers, who are
paid less than their veteran co-workers, will be a subject of
talks with the United Auto Workers. Ford, Fiat Chrysler and
General Motors Co will negotiate new deals to replace
ones expiring in mid-September.
DETROIT (Reuters) – The driver was to blame in the fiery crash of a Porsche sports car that killed actor Paul Walker in California in 2013, not design defects with the car, attorneys for the German automaker said this week.
Walker was a passenger in a 2005 Porsche Carrera GT driven by Roger Rodas, who lost control of the vehicle before it careened into trees and a utility pole in Santa Clarita, northwest of Los Angeles, killing both men.
DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) will generate $350 million in improved profit over the three years to 2018 from its rollout of 4G LTE mobile broadband in its cars and trucks, the No. 1 U.S. automaker’s chief financial officer said on Wednesday.
Chuck Stevens, speaking at a Bank of America Merrill Lynch conference, called GM’s OnStar 4G LTE connection an “untapped, under-appreciated opportunity.”