Bernie's Feed
Feb 4, 2015

GM reports higher-than-expected profit despite recall costs

DETROIT, Feb 4 (Reuters) – General Motors Co on
Wednesday posted fourth-quarter earnings far above analysts’
expectations as strong sales of high-margin SUVs and trucks in
North America helped offset record recall costs there, and its
shares rose more than 4 percent.

Chief Financial Officer Chuck Stevens told reporters that
profitability would improve in all geographic markets in 2015
and that the company was “very much on the path to 10 percent
margins (in North America) in 2016.”

Feb 4, 2015

Ford adding 1,550 jobs for F-150 production, promotes UAW workers

DETROIT, Feb 4 (Reuters) – Ford Motor Co said on
Wednesday it is adding 1,550 workers at four plants to build the
new aluminum body F-150 pickup truck.

The company also said that for the first time it is
promoting union-represented workers from the lower entry-level
wage to the pay veteran plant workers make. Between 300 and 500
workers will have been promoted by the end of the first quarter,
Ford said.

Feb 3, 2015

Fiat Chrysler N. America profit margins hit by recall costs

DETROIT, Feb 3 (Reuters) – Extra costs for recalls last year
cut a full percentage point from North American profit margins
for Fiat Chrysler Automobiles , the company
said on Tuesday, with an unplanned repair bill of about $830
million.

Richard Palmer, the company’s chief financial officer, said
that without the extra recall costs, profit margins at FCA in
North America would have been 5.2 percent for the year rather
than the 4.2 percent the company achieved.

Feb 2, 2015

Nissan rejects U.S. government offer to mediate Mississippi UAW row

DETROIT, Feb 2 (Reuters) – Nissan Motor Co has
rejected a U.S. State Department offer to mediate a dispute
between the company and the United Auto Workers over claims of
anti-union practices as the UAW tries to organize workers in
Mississippi.

The UAW was joined by the umbrella labor group IndustriALL
Global Union Federation last April in asking the State
Department for its help.

Jan 29, 2015

Driver killed in Houston crash in Honda with Takata air bags

DETROIT, Jan 29 (Reuters) – Honda Motor Co said on
Thursday that a driver was killed last week in a Houston suburb
in a 2002 Accord equipped with a Takata Corp air bag
that may have ruptured.

The Harris County Sheriff is investigating the crash, which
occurred Jan. 18 in Spring, Texas, north of Houston, and
identified the driver as 35-year-old Carlos Solis. According to
the county medical examiner’s preliminary report, Solis died of
“blunt force injuries to the neck.”

Jan 29, 2015

Ford results highlight pressure on profit margins

Jan 29 (Reuters) – Ford Motor Co has two big
challenges in 2015 – narrowing its loss in Europe where it
trails key rivals, and rebuilding North American margins which
drive overall profits.

Ford reported fourth-quarter results Thursday and lowered
its 2015 forecast for Europe, saying it will not lose as much as
the $1 billion it lost last year.

Jan 29, 2015

Ford profit beats estimates, but European outlook worsens

DETROIT, Jan 29 (Reuters) – Ford Motor Co on Thursday
said it would keep relying on North America for its profit this
year as the No. 2 U.S. automaker signaled that losses in Europe
would be more than previously forecast.

Ford had previously estimated losses from Europe at about
$250 million in 2015. On Thursday, however, it backed away from
that forecast, saying the loss would narrow from $1 billion in
2014 but would be wider than previously thought.

Jan 28, 2015

Fiat Chrysler no longer ‘bleeding’ in Europe, but challenges remain

MILAN/DETROIT, Jan 28 (Reuters) – Fiat Chrysler Automobiles
expects to turn profits in all regions this
year, but faces pressure to rev up its North American profit
engine to fund an ambitious overhaul of its Alfa Romeo and
Maserati brands.

For the first time since 2007, the company turned a profit
in Europe in the fourth quarter. The company’s strategy of
retooling idled factories in Italy to export the Jeep Renegade
small sport utility and other vehicles to the United States is
getting a lift from the slump of the euro against the dollar.

Jan 23, 2015

Ford takes $800 mln charge on Venezuelan currency woes

Jan 23 (Reuters) – Ford Motor Co said on Friday it was
taking a charge related to its Venezuelan operations that will
cut fourth-quarter net profit by $700 million, as companies
scramble to shield their bottom lines from the country’s
volatile currency.

For more than a year Ford has said its ability to get auto
parts for its operations in Venezuela have been hampered by the
valuation of the Venezuelan bolivar, and made the accounting
change effective Dec. 31.

Jan 12, 2015

Fiat Chrysler wants to collaborate with others on new vehicles -CEO

DETROIT, Jan 12 (Reuters) – Fiat Chrysler Automobiles
Chief Executive Sergio Marchionne said his
company is in talks with other automakers to share the costs of
developing new vehicles and technology, particularly to cut
greenhouse gas emissions, and called on the United States to
ease fuel economy targets for 2025.

“I think (automakers’) costs … (are) well in excess of
what I consider a mature industry to be able to afford,”
Marchionne told reporters at the Detroit auto show on Monday.