DETROIT (Reuters) – Actor Dustin Hoffman made Alfa Romeo trendy for Americans by driving a red Spider 1600 in the 1967 movie “The Graduate,” but Alfa sales never took off in the North American market and the company ultimately pulled out.
Fiat Chrysler Automobiles, Alfa’s current owner, this week revealed a strategy for the sporty Italian brand to race from zero to 150,000 sales in just four years. But industry experts, some citing the more than two decades it took Volkswagen’s (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) Audi brand to achieve that market level, say the plan is overly ambitious.
DETROIT, April 25 (Reuters) – United Auto Workers Vice
President Joe Ashton has been nominated to General Motors Co’s
board as the representative for the healthcare trust for
retired GM workers, the company said in a filing with the U.S.
Securities and Exchange Commission on Friday.
GM also reiterated that Chief Executive Officer Mary Barra,
who is grappling with a massive recall of vehicles with ignition
switches linked to at least 13 deaths, would receive more than
$14 million in cash and stock this year.
DETROIT (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research) posted a lower-than-expected first-quarter profit on Friday as the No. 2 U.S. automaker saw $400 million (237 million pounds) in higher warranty costs in North America, sending shares down 3.4 percent.
The company also saw incentives in North America rise in the quarter due to heavy competition and an aging lineup of vehicles it will address with the launch of 16 new models in the region this year.
DETROIT (Reuters) – Ford Motor Co posted lower-than-expected first-quarter profit on Friday as the No. 2 U.S. automaker saw higher warranty costs in North America for older vehicles by $400 million.
The company affirmed its forecast for pretax profit for 2014, a year in which it is launching a record 23 new vehicles globally. It also said it is amending and extending its revolving credit facility.
DETROIT (Reuters) – General Motors Co’s (GM.N: Quote, Profile, Research) first-quarter profit tumbled 88 percent on Thursday due to the massive recall for defective ignition switches, and shares fell 1.3 percent after the company said expectations for the rest of the year must be trimmed.
While the company’s results topped expectations on strong pricing for its redesigned pickup trucks in North America, it did not raise its full-year outlook by a corresponding amount.
DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research) said on Thursday that first-quarter profit tumbled 88 percent after a massive recall due to defective ignition switches, but results still topped expectations on strong pricing for its redesigned pickup trucks in North America and improvement overseas.
The company said its core operating outlook remained on target for the year, relieving investors who bid up the stock by 3 percent.
DETROIT (Reuters) – General Motors Co said on Thursday that first-quarter profit tumbled 88 percent after a massive recall due to defective ignition switches, but results still topped expectations on strong pricing for its redesigned pickup trucks in North America.
The quarter included a previously disclosed charge of $1.3 billion for the recall, and Chief Financial Officer Chuck Stevens said it was too early to predict whether GM would take more charges. He also said it was still studying its options for the victims of the faulty switches. The faulty switches are linked to at least 13 deaths.
/DETROIT (Reuters) – The United Auto Workers, surprising even its supporters, on Monday abruptly withdrew its legal challenge to a union organizing vote that it lost at a Volkswagen AG plant in Chattanooga, Tennessee in February.
Just an hour before the start of a National Labor Relations Board hearing on the challenge, the union dropped its case, casting a cloud over its long and still unsuccessful push to organize foreign-owned auto plants in the U.S. South.
(Reuters) – Fiat Chrysler Automobiles (FIA.MI: Quote, Profile, Research, Stock Buzz) will announce an agreement by the end of April to allow production of Jeep models in China, the head of the Jeep brand, Mike Manley, said on Wednesday.
Manley said he hoped the deal with Chinese officials could be announced at this weekend’s Beijing auto show.
DETROIT (Reuters) – Investors’ concerns about ongoing turmoil at General Motors Co, linked to the deaths of at least 13 people, could push the automaker’s shares below GM’s $33 IPO price for the first time since last June.
GM shares on Thursday fell 32 cents, or 1 percent, to $33.30. The stock last dropped below $33 on June 28 last year.