Bernie's Feed
May 28, 2015

U.S. Congress sets hearing on Takata, automakers expand recalls

DETROIT (Reuters) – Five automakers on Thursday widened
recalls of cars and trucks with Takata Corp air bags
and the U.S. Congress set a hearing next week on the safety
issue that has been linked to six deaths.

Takata last week complied with demands of U.S. safety
regulators and doubled the vehicles to be involved in air bag
recalls to 34 million, making it the largest recall in American
history. The total number globally is more than 53 million
vehicles.

May 28, 2015

FCA, Honda, BMW expand recalls of vehicles with Takata air bags

DETROIT (Reuters) – Fiat Chrysler Automobiles, Honda Motor Co and BMW on Thursday expanded recalls of vehicles with potentially deadly air bags made by Takata Corp, after the Japanese manufacturer last week boosted the number of vehicles affected to 53 million globally.

The recalls announced on Thursday are part of that widened Takata recall. Of the worldwide figure, 34 million vehicles are in the United States, making it the largest automotive recall in American history.

May 8, 2015

Fiat Chrysler seeks new trial, says April award ‘grossly excessive’

DETROIT (Reuters) – Fiat Chrysler Automobiles has
asked for a new trial following one that ended early in April
with a Georgia jury awarding $150 million to the family of a
4-year-old boy killed in a fiery crash involving at 1999 Jeep
Grand Cherokee.

Evidence and the law did not support that verdict in April,
the company’s lawyers said in a filing Thursday.

May 7, 2015

UAW wants new talks with Volkswagen to recognize union in Tennessee

DETROIT (Reuters) – The United Auto Workers said on Thursday it wants to enter new talks with Volkswagen AG (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) about recognizing the union as collective bargaining agent for workers at the German automaker’s plant in Chattanooga, Tennessee.

UAW Secretary-Treasurer Gary Casteel said the union made a renewed pitch to the company after a recent filing with U.S. labor officials showed the UAW is supported by 55 percent of hourly workers at the plant.

May 4, 2015

GM CEO Barra confident about value of company’s stock

By Bernie Woodall

KANSAS CITY, Kan. (Reuters) – General Motors Co’s (GM.N: Quote, Profile, Research, Stock Buzz) chief executive said on Monday she is confident the company will convince investors of the value of holding on to GM’s stock, which has dropped nearly 9 percent since mid-March despite a $5 billion share buyback plan.

The automaker’s shares have declined as investors are concerned the U.S. auto cycle has peaked, analysts said. The company makes its profit in North America and in China, where margins are likely to be squeezed.

May 1, 2015

Strong truck demand drives U.S. auto industry toward April increase

DETROIT, May 1 (Reuters) – General Motors Co and Ford
Motor Co both reported stronger-than-expected U.S. auto
sales in April on Friday as robust demand for trucks, and
crossover and sports utility vehicles kept the industry on track
for its best year in almost a decade.

GM sales rose 6 percent, while Ford’s were up 5.4 percent.
Sales at Fiat Chrysler Automobiles and Nissan
Motor Co increased 5.8 percent and 5.7 percent,
respectively, but both results missed expectations.

Apr 30, 2015

Could spend $3 billion on software buy in 2015: Delphi Automotive CEO

DETROIT (Reuters) – Delphi Automotive Plc (DLPH.N: Quote, Profile, Research, Stock Buzz) Chief Executive Kevin Clark said that the company will likely spend $1 billion to $3 billion this year on a large acquisition related to software to enhance vehicle connectivity.

Clark said in a Thursday interview with Reuters after the company issued first-quarter earnings that “there is a funnel of some larger transactions,” in the range of $1 billion to about $3 billion.

Apr 30, 2015

Delphi Automotive CEO-Could spend $3 bln on software buy in 2015

DETROIT, April 30 (Reuters) – Delphi Automotive Plc
Chief Executive Kevin Clark said that the company will likely
spend $1 billion to $3 billion this year on a large acquisition
related to software to enhance vehicle connectivity.

Clark said in a Thursday interview with Reuters after the
company issued first-quarter earnings that “there is a funnel of
some larger transactions,” in the range of $1 billion to about
$3 billion.

Apr 29, 2015

Fiat Chrysler pushes to boost margins as CEO pitches for a deal

MILAN/DETROIT, April 29 (Reuters) – Fiat Chrysler
Automobiles Chief Executive Sergio Marchionne
on Wednesday made a plea for shrinking the number of players in
the global auto industry as the company reported
lower-than-expected first quarter results and outlined new plans
to boost North American profit margins.

Marchionne delivered a detailed presentation during a
2-1/2-hour call with analysts to argue that “largescale
integrations are required” in the auto industry to sustain the
heavy capital investments needed to meet demands for cleaner,
safer vehicles.

Apr 29, 2015

Ford first-quarter profit misses expectations, 2015 profit outlook affirmed

By Bernie Woodall and Ben Klayman

DEARBORN, Mich. (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research) reported a first-quarter profit that was less than analysts expected, selling fewer vehicles in North America as it worked to increase production of the redesigned F-150 pickup truck, and losing money in South America.

The No. 2 U.S. automaker on Tuesday also maintained its full-year forecast of pretax profit between $8.5 billion and $9.5 billion.