(Reuters) – Johnson Controls Inc (JCI.N: Quote, Profile, Research, Stock Buzz) on Thursday reported a fiscal first-quarter profit that met Wall Street expectations and reaffirmed its fiscal 2014 outlook, while sales beat forecasts, helped by higher automobile production, particularly in China.
Revenue rose 5 percent to $10.91 billion, beating expectations of analysts polled by Thomson Reuters I/B/E/S of $10.73 billion.
DETROIT (Reuters) – Now that Italy’s Fiat SpA (FIA.MI: Quote, Profile, Research, Stock Buzz) has almost closed its deal to buy the portion of Chrysler it does not already own, one of the main items on the to-do list of Chief Executive Officer Sergio Marchionne is expanding the global reach of the Jeep brand.
And Marchionne, the CEO of both Fiat and Chrysler, wasted little time this week in making a prediction that some analysts regard as bold: Jeep will achieve its goal this year of selling 1 million sport utility vehicles around the world.
DETROIT, Jan 15 (Reuters) – United Auto Workers President
Bob King said on Wednesday that he is confident the U.S. union
will be able to organize workers at the Volkswagen AG
plant in Tennessee by the time he leaves office in
King said talks with Volkswagen officials are continuing
apace, but he did not say when or if a vote by the plant’s
workers will be held.
DETROIT/TORONTO, Jan 14 (Reuters) – The chief executive
officer of Chrysler Group LLC, which is planning to invest more
than $1 billion to modernize a Canadian minivan plant, said on
Tuesday it could scrap the upgrade and move production and jobs
elsewhere if government and labor officials fail to come through
with financial incentives.
To keep production at the assembly plant, across the river
from Detroit in Windsor, Ontario, Chrysler must get a deal to
cut costs, Sergio Marchionne told reporters at the Detroit auto
DETROIT/MILAN (Reuters) – Sergio Marchionne has pledged to stay on as chief executive of Fiat-Chrysler for at least three years to see through the full merger of the Italian carmaker and its U.S. business, and a new strategy to turn around its loss-making operations in Europe.
Marchionne, who took the helm of Fiat a decade ago and in 2009 also started running Chrysler, had previously said he could step down in 2015 and some analysts feared uncertainty over his future at the combined company could cloud its prospects.
DETROIT/MILAN (Reuters) – Sergio Marchionne will remain the chief executive of Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz) for another three years at least, Chairman John Elkann said on Monday, ending speculation that the architect of landmark deal with Chrysler may soon retire.
Marchionne, who took the helm of Fiat a decade ago and in 2009 also started running Chrysler, had previously he could step down in 2015.
DETROIT, Jan 13 (Reuters) – The Chrysler 200 mid-sized sedan
to be rolled out this week at the Detroit auto show will be the
third model built on the same European-based vehicle
architecture by Chrysler Group LLC, as the company moves forward
with a design strategy focused on slashing development times and
Chrysler and its Italian parent, Fiat SpA, are
playing catch-up with other global automakers such as crosstown
rivals General Motors Co and Ford Motor Co in
developing cost-cutting shared architectures.
DETROIT (Reuters) – Automakers are upbeat about global auto sales this year despite fears of a slowdown in the United States, which generates big profits and where sales have surged 50 percent since the recession.
Europe is expected to begin bouncing back from its 20-year lows and China, the world’s largest auto market, will likely continue to post double-digit gains, helped by an array of stimulus measures and robust demand in smaller inland cities. But slowing demand in the second-largest auto market, the United States, has some analysts worried incentives could rise and bit into profit margins.
BERLIN/DETROIT (Reuters) – Volkswagen is preparing to build sport utility vehicles in North America as it struggles to conquer a market whose resistance is threatening its bid to be world No. 1.
The German carmaker prefers its Tennessee factory over a Mexican plant to produce the new SUV and may announce the plan as soon as next week’s Detroit auto show, said a source familiar with the matter who asked not to be identified.
DETROIT (Reuters) – Chrysler Group LLC on Friday said that late-month snow and ice storms pressured U.S. auto sales, causing the industry to show only a 1 percent gain over last year, missing expectations of a 4 percent increase.
“It looks like the bad weather kept the sales penned in,” said Chrysler spokesman Ralph Kisiel.