Bernie's Feed
Jul 25, 2014

FBI investigates Ford engineer after listening devices found

DETROIT (Reuters) – A former Ford Motor Co engineer is being investigated by the FBI after listening devices were found in meeting rooms at company offices, the automaker said on Friday.

“Ford and the FBI are working together on a joint investigation involving a former employee,” Ford spokeswoman Susan Krusel said. “As this is an ongoing investigation, we are not able to provide additional details.”

Jul 25, 2014

Lear earnings top expectations; stock rises

DETROIT, July 25 (Reuters) – Lear Corp, maker of
auto seats and electrical power systems, on Friday beat Wall
Street’s earnings expectations for the second quarter and
increased its full-year outlook, sending its shares up as much
as 5 percent.

The stronger-than-expected results came despite weakness in
South America and flat margins in the company’s important
seating business.

Jul 25, 2014

Insight: GM recalls far from calamity for some dealers who find new customers, business

By Nick Carey and Bernie Woodall

FOX LAKE Ill. (Reuters) – The news about deadly crashes linked to a faulty ignition switch, followed by wave upon wave of recalls, did not bode well for General Motors dealers earlier this year. It conjured visions of worried, frustrated drivers pouring onto lots like Raymond Chevrolet, outside of Chicago.

But according to Robbie Long, service director for the dealer and nearby Ray Chevrolet, what looked like “great adversity” has turned into an opportunity.

Jul 25, 2014

GM recalls far from calamity for some dealers who find new customers, business

, July 25 (Reuters) – The news about deadly
crashes linked to a faulty ignition switch, followed by wave
upon wave of recalls, did not bode well for General Motors
dealers earlier this year. It conjured visions of worried,
frustrated drivers pouring onto lots like Raymond Chevrolet,
outside of Chicago.

But according to Robbie Long, service director for the
dealer and nearby Ray Chevrolet, what looked like “great
adversity” has turned into an opportunity.

Jul 24, 2014

Ford profit beats expectations, sets record for N. America

, July 24 (Reuters) – Ford Motor Co’s
operating earnings for the second quarter beat Wall Street
expectations as better-than-expected profit in North America and
Europe countered weaker results in Asia Pacific and South
America.

Ford’s Chief Financial Officer Bob Shanks said lower costs
helped boost the company’s pretax profit in North America to a
record $2.44 billion. Nine analysts surveyed by Reuters expected
a pretax profit of $2.04 billion.

Jul 17, 2014

AutoNation profit misses expectations, shares drop

DETROIT (Reuters) – Shares of AutoNation Inc (AN.N: Quote, Profile, Research, Stock Buzz), the largest U.S. auto dealer group, fell as much as 8 percent on Thursday after its earnings missed analysts’ expectations.

Analyst Joseph Amaturo of the Buckingham Research Group said he was “unimpressed” with AutoNation’s results and that the company was not expanding its share of the U.S. new-vehicle market.

Jul 17, 2014

Recalled Jeeps can be made safer by March, rather than by 2018-Chrysler

DETROIT, July 17 (Reuters) – Chrysler Group LLC told U.S.
safety regulators it could add trailer hitches to recalled Jeep
SUVs by March, much sooner than the several years estimated by
regulators who had urged the automaker to quicken its pace for
fixing the affected vehicles.

Chrysler’s statement late Wednesday, in a filing with the
National Highway Traffic Safety Administration, comes two weeks
after the agency asked for an explanation on why it would take
Chrysler so long – until 2018 – to make Jeep SUVs with rear fuel
tanks safer by adding the trailer hitches.

Jul 2, 2014

Chrysler too slow to fix Jeep fuel-tank risk, regulators say

DETROIT (Reuters) – U.S. safety regulators are demanding an explanation for what they say is Chrysler’s slow pace in making fixes to protect rear fuel tanks in older model Jeep SUVs even though the regulators have accepted the automaker’s remedy in the case of lower-speed crashes.

The National Highway Traffic Safety Administration said on Wednesday that at Chrysler’s current pace it would take nearly five years to fix all of the affected Jeep Grand Cherokee and Jeep Liberty SUVs involved in a recall announced last June.

Jul 1, 2014

Chrysler’s U.S. sales up 9 percent, besting forecasts

DETROIT (Reuters) – Chrysler Group on Tuesday reported a 9 percent gain in U.S. auto sales for June, beating forecasts for a month expected to show an industrywide decrease from a year earlier.

June sales for the U.S. market overall are expected to fall about 3 percent, but analysts say that is due to two fewer selling days than a year earlier rather than a weaker new-vehicle market.

Jun 30, 2014

GM’s ignition-switch crisis deepens; death toll rises to 16

DETROIT (Reuters) – General Motors Co’s (GM.N: Quote, Profile, Research, Stock Buzz) ongoing safety crisis over deadly ignition switches deepened on Monday with the recall of 8.23 million mostly older cars linked by the U.S. automaker to three deaths.

The latest recalls boosted the number of deaths acknowledged by GM to at least 16. The automaker said it now knows of 61 crashes tied to faulty ignition switches, although U.S. lawmakers and safety regulators have said they expect the death toll to climb.