Bernie's Feed
Aug 3, 2015

U.S. July auto sales top expectations, boosted by SUVs, trucks

DETROIT (Reuters) – U.S. auto sales were stronger than expected in July and kept the industry on pace for its best year in a decade, driven by the continuing shift toward sport utility vehicles and pickup trucks.

Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) said U.S. auto industry sales of 1.55 million vehicles in July rose 6 percent, which would translate to an annualized rate of about 17.6 million to 17.7 million vehicles.

Jul 30, 2015

Researcher says can hack GM’s OnStar app, open vehicle, start engine

BOSTON/DETROIT (Reuters) – A researcher is advising drivers to halt the use of a mobile app for General Motors Co’s OnStar vehicle communications system, saying hackers can exploit a security flaw in the product to remotely unlock cars and start engines.

“White-hat” hacker Samy Kamkar posted a video on Thursday saying he had figured out a way to “locate, unlock and remote-start” vehicles by intercepting communications between the OnStar RemoteLink mobile app and the OnStar service.

Jul 30, 2015

Fiat Chrysler reports robust quarter, narrows gap with U.S. rivals

MILAN/DETROIT, July 30 (Reuters) – Fiat Chrysler Automobiles
(FCA) on Thursday reported robust second-quarter
earnings and better margins in North America as charging higher
prices for its vehicles helped it gain ground on more profitable
U.S. rivals.

Milan-listed shares of the world’s seventh-largest carmaker
closed up 5.8 percent, and were up 5.3 percent in New York at
$15.30.

Jul 30, 2015

BorgWarner profit, sales miss estimates; cuts 2015 forecast

DETROIT (Reuters) – Automotive supplier BorgWarner Inc (BWA.N: Quote, Profile, Research, Stock Buzz) missed Wall Street expectations of second-quarter profit and revenue, the company said on Thursday, as a stronger U.S. dollar made its products more expensive overseas and eroded its bottomline.

Net earnings of $148.1 million, or 65 cents per share, were 22 percent lower than a year earlier for the maker of fuel-saving turbochargers and emissions systems.

Jul 28, 2015

Ford easily tops expectations on second-quarter profit

DETROIT (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research) on Tuesday reported second-quarter earnings that handily beat expectations, based on the continued strength of North American sales, led by its popular F-150 pickup truck.

Ford posted net quarterly profit of $1.89 billion, or 47 cents per share. Analysts estimated profit of 37 cents per share, according to Thomson Reuters I/B/E/S.

Jul 28, 2015

Ford easily tops expectations on 2nd-qtr profit

DETROIT (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) on Tuesday reported second-quarter earnings that handily beat expectations, based on the continued strength of North American sales, led by its popular F-150 pickup truck.

Ford posted net quarterly profit of $1.89 billion, or 47 cents per share. Analysts estimated profit of 37 cents per share, according to Thomson Reuters I/B/E/S.

Jul 27, 2015

Toyota’s Scion aims to double U.S. sales by 2017

DETROIT (Reuters) – The youth-oriented Scion brand will double U.S. sales to above 100,000 by 2017 on the strength of three new offerings, two of which go on sale in September, the head of the 12-year-old Toyota Motor Corp brand said.

In the first half of this year, Scion’s U.S. sales were down 19 percent at nearly 25,000. But Doug Murtha, the brand head, said Scion, helped by the two model launches, should end this year near the 58,000 in U.S. sales it had in 2014.

Jul 24, 2015

Fiat Chrysler U.S. to recall vehicles to prevent hacking

DETROIT/SAN FRANCISCO (Reuters) – Fiat Chrysler will recall 1.4 million vehicles in the United States to install software to prevent hackers from gaining remote control of the engine, steering and other systems in what federal officials said was the first such action of its kind.

The announcement on Friday by FCA US LLC, formerly Chrysler Group LLC, was made after cybersecurity researchers used the Internet to turn off a Jeep Cherokee’s engine as it drove, increasing concerns about the safety of Internet-connected vehicles.

Jul 23, 2015

Ford, UAW, formally begin labor talks; jobs to Mexico at issue

DETROIT (Reuters) – Leaders of the United Auto Workers union and Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) started talks on a new labor contract on Thursday, with the specter of jobs fleeing to Mexico hanging over the proceedings.

Earlier this month, Ford announced that it would move production of its Focus and C-Max small cars from a plant near Detroit in 2018. Ford has not confirmed UAW officials’ comments that the production will move to Mexico.

Jul 23, 2015

GM earnings more than doubles on U.S. truck demand; shares jump

DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) said Thursday adjusted net income more than doubled in the second quarter, due to robust profit margins driven by North American truck sales and continued strength in China, sending its shares surging in premarket trading.

Stripping out one-time charges, GM earned $2.9 billion, or $1.29 a share, in the latest quarter, up from $1.4 billion, or 58 cents a share, and well ahead of the $1.08 a share forecast of analysts. Profits rose despite declining global vehicle deliveries and a 3.5 percent decline in worldwide revenue.