, Feb 11 (Reuters) – The addition of a third
shift at its Alabama plant last year will allow South Korean
automaker Hyundai Motor Co to increase its U.S.
sales 4.4 percent in 2013 to 734,000, Hyundai Motor America
Chief Executive John Krafcik said on Monday.
Adding the third shift to the plant in Montgomery, Alabama
allows an additional 60,000 units of annual production, Krafcik
ORLANDO, Florida (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) will offer dollar-for-dollar matching funds to its 3,100 U.S. dealers to upgrade their shops, from new construction to improved digital programs, Ford executives said on Sunday.
Jim Farley, Ford’s global chief for sales, service and marketing, said he hopes all of Ford’s U.S. dealers will participate.
ORLANDO, Florida (Reuters) – Fiat SpA’s (FIA.MI: Quote, Profile, Research, Stock Buzz) Alfa Romeo will outsell stablemate Fiat in the United States once the sporty brand gets a foothold in its new market and expands to sell larger models, an executive with Fiat-owned Chrysler Group said on Saturday.
The first Alfa Romeo to be sold in the United States in nearly two decades, the 4C sports car, is expected to arrive late this year. Alfa Romeo will be sold at Fiat dealerships in the United States.
ORLANDO, Florida (Reuters) – The U.S. auto industry and the nation’s economy face a reckoning despite recent gains in economic growth and vehicle sales, both fueled by stimulus programs, the head of the largest U.S. auto dealer group said on Friday.
However, Mike Jackson, chief executive of AutoNation Inc (AN.N: Quote, Profile, Research, Stock Buzz), said auto sales will not suffer in the next few years as that reckoning is at least a decade away.
Jan 31 (Reuters) – AutoNation Inc, the largest U.S.
auto dealer group, said strong new vehicle sales boosted its
fourth-quarter net income by 20 percent and revenue by 13
New-vehicle sales in the fourth quarter rose 19 percent to
In early trading on the New York Stock Exchange on Thursday,
AutoNation shares were up 0.6 percent at $45.35.
DETROIT/MILAN, Jan 30 (Reuters) – Fiat said on
Wednesday its debt grew by about 1 billion euros in 2012 as
European car sales tumbled 14 percent, leaving the Italian
carmaker ever more dependent on strong growth at U.S. unit
As Fiat’s management moves to increase spending on new
models in Europe and the United States, investors are keeping a
close watch on its debts for signs that cash-burning European
operations are straining the group’s crucial ability to invest
in products that will win customers in the future.
(Reuters) – Chrysler Group LLC, the U.S. automaker majority owned by Italy’s Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz), said its 2013 profit would come in toward the low end of its initial business plan, and it cut its 2014 free cash flow forecast by two-thirds.
The No. 3 U.S. automaker, which also reported higher fourth-quarter earnings on Wednesday, now expects free cash flow of $1 billion in 2014. In 2009, Chief Executive Officer Sergio Marchionne had forecast $3 billion as part of his five-year business plan designed to help Chrysler regain its footing after its government-funded bankruptcy nearly four years ago.
DETROIT (Reuters) – Michigan Governor Rick Snyder asked the state Supreme Court to rule whether a law passed last month making payment of union dues voluntary is constitutional, a move critics said was designed to circumvent legal challenges by labor unions.
The new law is expected to make it harder for unions to organize in Michigan, the home of the U.S. auto industry and a major manufacturing center.
DETROIT (Reuters) – At the Detroit Auto Show earlier this month, luxury was in the air. Pricey new Bentleys and Maseratis glittered – including a Maserati 2014 Quattroporte with a $132,000 price tag; U.S. Cabinet Secretaries and dignitaries rubbed shoulders; and many of the well-heeled attendees ponied up for a $300-a-ticket black-tie charity ball.
But in a city that is slowly dying, the glitz didn’t extend much beyond the Cobo Center exhibition hall.
(Reuters) – The percentage of workers belonging to unions tumbled to 11.3 percent in 2012, the lowest percentage in 76 years, led by dramatic declines in states where lawmakers have put organized labor in the political crosshairs, government figures showed on Wednesday.
The total number of union members fell by nearly 400,000, from 11.8 percent of the workforce in 2011, the Labor Department report on union membership said. The rate of 11.3 percent of the workforce was the lowest since 1936, when Franklin Roosevelt was president.