DETROIT, Feb 10 (Reuters) – Chief Executive Mary Barra’s
plan to keep a big cash cushion for General Motors Co is
under attack from a group of shareholders led by a member of the
auto task force that helped restructure the company during its
Harry Wilson, who was a member of the government-appointed
task force, notified the Detroit automaker on Monday that he
wanted it to spend $8 billion to buy back shares, and that he
will nominate himself for election to the board of directors
this spring. GM, which has 13 people on its board, disclosed the
letter on Tuesday.
DETROIT, Feb 10 (Reuters) – Plans by General Motors Co’s
chief executive officer to keep a big cash cushion for
the automaker have come under attack from a group of
shareholders led by a member of the auto task force that helped
restructure the company during its 2009 bankruptcy.
Harry Wilson, who was a member of the task force, notified
the Detroit automaker on Monday that he wanted the automaker to
spend $8 billion to buy back shares, and that he will nominate
himself for election to the board of directors this spring. GM,
which has 13 people on its board, disclosed the letter Tuesday.
DETROIT (Reuters) – General Motors Co Chief Executive Mary Barra’s strategy of rebuilding the Cadillac brand has run into twin roadblocks: the carmaker can’t persuade enough American sedan buyers to switch from foreign competitors such as BMW or Mercedes, and it can’t make enough of its Escalade SUVs to satisfy domestic demand.
Even though chrome-bedecked Escalades retailing for more than $100,000 each are rolling every day out of an Arlington, Texas, factory that’s been working weekend overtime for months, Cadillac still can’t keep more than a few weeks’ worth of the big SUVs in stock. By contrast, its dealers are offering discounts of thousands of dollars on the ATS sedan, intended to compete with the BMW 3 series, and on the CTS sedan, meant to rival the Mercedes E-class.
DETROIT, Feb 3 (Reuters) – AutoNation Inc, the
largest U.S. auto dealer group, on Tuesday posted a
higher-than-expected quarterly profit due to strong profit
margins from new and used vehicle sales, driving its shares up
nearly 8 percent.
“While unit volume and revenues were strong across the
board, new and used margin performance was especially
surprising,” Morgan Stanley analyst Ravi Shanker said in a
DETROIT, Jan 29 (Reuters) – Ford Motor Co on Thursday
said it would keep relying on North America for its profit this
year as the No. 2 U.S. automaker signaled that losses in Europe
would be more than previously forecast.
Ford had previously estimated losses from Europe at about
$250 million in 2015. On Thursday, however, it backed away from
that forecast, saying the loss would narrow from $1 billion in
2014 but would be wider than previously thought.
DETROIT, Jan 21 (Reuters) – Volvo Cars on Wednesday named a
new head of North America as the Swedish auto brand tries to
reverse lagging sales in a growing U.S. market.
Lex Kerssemakers, 55, was named senior vice president of the
Americas as well as president and CEO of Volvo Cars of North
America. He will report to Volvo CEO Hakan Samuelsson.
Kerssemakers is currently senior vice president for product
strategy and vehicle line management.