Correspondent, Detroit
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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.

Feb 4, 2014

Delphi posts strong quarterly profit, but Q1 outlook disappoints

DETROIT, Feb 4 (Reuters) – Delphi Automotive Plc 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.

Feb 3, 2014
Feb 3, 2014

January auto sales yo-yo from brand to brand

DETROIT (Reuters) – U.S. automakers Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) and General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) saw January auto sales plummet, missing analysts’ estimates for the month.

But early sales results were mixed for other companies and brands, with Chrysler Group, a unit of Fiat Chrysler Automobiles (FIA.MI: Quote, Profile, Research, Stock Buzz), and Nissan North America (7201.T: Quote, Profile, Research, Stock Buzz) reporting increases and topping analysts’ estimates, while Toyota Motor Sales USA (7203.T: Quote, Profile, Research, Stock Buzz) missed on a year-to-year decline.

Feb 3, 2014
    • 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."
      Hometown:
      Washington, DC
      Joined Reuters:
      1998
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