MILAN/DETROIT (Reuters) – Fiat (FIA.MI: Quote, Profile, Research) has cut its 2014 profit forecast after a slump in Latin American earnings, underscoring the task the carmaker faces as it completes a merger with U.S. arm Chrysler and shifts its focus away from Italy to create a true global player.
Turin-based Fiat, which this month bought out Chrysler’s minority investor in a $4.35 billion (2.62 billion pounds) deal, said on Wednesday the new Fiat Chrysler Automobiles (FCA) group would have its primary listing in New York, with a secondary listing in Milan.
MILAN/DETROIT, Jan 29 (Reuters) – Fiat has cut its
2014 profit forecast following a slump in Latin American sales,
underscoring the task the carmaker faces as it completes a
merger with U.S. arm Chrysler and shifts its centre of gravity
away from Italy.
Turin-based Fiat, which this month bought out Chrysler’s
minority investor in a $4.35 billion deal, said on Wednesday the
new Fiat Chrysler Automobiles (FCA) group would have its primary
listing in New York, with a secondary listing in Milan.
, Jan 28 (Reuters) – Ford Motor Co on
Tuesday joined a growing number of multinational companies
expressing concern that economic turmoil in Venezuela and
Argentina could spell trouble for 2014 profits.
High inflation in Argentina and Venezuela, along with
concern about how the two countries’ governments will try to
steady their economies has Ford rethinking its annual forecasts
for South America.
, Jan 28 (Reuters) – Ford Motor Co
reported higher-than-expected quarterly results on Tuesday as
earnings in its core North American market fell less steeply
than Wall Street expected, but declining vehicle prices there
raised concerns about 2014.
The No. 2 U.S. automaker also affirmed the 2014 profit
outlook it presented to investors last month.
DEARBORN, Mich (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) on Tuesday posted a higher-than-expected quarterly profit as strength in the No. 2 U.S. automaker’s core North American market offset losses in Europe and South America.
The company, whose shares rose more than 3 percent, also affirmed the 2014 profit outlook that it presented to investors last month. Ford has described 2014 as a transition year that will test the strength of Chief Executive Officer Alan Mulally’s team and the company’s restructuring since he took over in 2006.
(Reuters) – Honda Motor Co (7267.T: Quote, Profile, Research, Stock Buzz) last year exported more cars out of the United States than it imported into the country, claiming a first among major Japanese automakers.
More than 30 years after it began building cars in the U.S., the company’s North American arm said it shipped 108,705 Honda and Acura brand vehicles out of the U.S. in 2013. The company imported 88,537 vehicles into the U.S. from Japan.
DETROIT (Reuters) – The general counsel office of the U.S. National Labor Relations Board has recommended that allegations brought by workers at the Volkswagen AG plant in Tennessee against VW and the United Auto Workers union be dismissed.
The recommendation is expected to be approved by the NLRB’s director of the region that includes Tennessee. That means it is unlikely to rise to the level of a complaint to the five-member board that heads the NLRB, but the workers can appeal the recommendation.
DETROIT, Jan 23 (Reuters) – General Motors Co’s new
chief executive, Mary Barra, said on Thursday she has no plans
to deviate from predecessor Dan Akerson’s strategy as GM seeks
profitability everywhere it operates.
“There is no right or left turn,” said Barra, who took the
wheel from Akerson last week as chief of the biggest U.S.
(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.