DETROIT, July 30 (Reuters) – Chrysler Group LLC continued
its turnaround from near death just three years ago, earning
$436 million in the second quarter and confirming that it will
show a full-year operating profit of at least $3 billion.
Chief Executive Sergio Marchionne, in an email to Chrysler’s
employees on Monday, warned against overconfidence in the face
of the company’s recent success after “living through a
near-death experience” in 2009.
(Reuters) – Ford Motor Co (F.N: Quote, Profile, Research) forecast a drop in operating profit for 2012 as the automaker expects to lose more than 644 million pounds ($1 billion) in Europe, where the deepening economic crisis is hitting sales.
Wednesday’s new full-year outlook for Europe fell in line with analysts’ estimates, but was nearly double the No. 2 U.S. automaker’s earlier forecast of a loss between $500 million and $600 million.
(Reuters) – Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) forecast a smaller operating profit for 2012 compared with last year, due in part to wider losses in Europe, where the automaker expects to lose more than $1 billion as the deepening economic crisis hits auto sales.
Ford, which also posted a better-than-expected second-quarter profit Wednesday, said profits in North America and at Ford’s finance arm, Ford Motor Credit, would offset losses in Europe and Asia and reduce profits in South America this year.
(Reuters) – Ford Motor Co told owners of the best-selling SUV in the United States on Thursday to stop driving 2013 model Ford Escape with 1.6-liter engines immediately due to the risk of an engine fire.
Ford recalled about 11,500 new 2013 model Ford Escape SUVs with 1.6-liter engines, of which about 4,800 were sold to customers in the U.S. and Canadian markets, the company said. Most of the rest are on dealer lots.
DETROIT (Reuters) – Detroit Mayor Dave Bing said on Wednesday he has imposed 10 percent pay cuts and other contract adjustments to the city workers in an bid to save the cash-strapped city $102 million a year.
The Detroit City Council on Tuesday had rejected by a 5-4 vote Bing’s plan for the cuts. But as part of an April consent deal that gave the state of Michigan more control of the city’s finances, the city’s duty to bargain with union is suspended and the mayor can impose the new contracts without city council approval.
DETROIT, July 10 (Reuters) – General Motors Co’s main
brand, Chevrolet, is pushing two new programs designed to keep
customers rolling into dealerships during July and August when
some vehicles switch from 2012 models to 2013 models.
Jesse Toprak, an analyst with TrueCar.com, said that
Chevrolet’s lineup has improved in recent years and the programs
are designed to lure buyers who are uncertain about GM’s
flagship brand and unsure about buying a car in the current
DETROIT (Reuters) – Chrysler is launching a multimedia advertising campaign for its Dodge Dart compact sedan with a fast-moving 90-second television spot to be shown during Tuesday night’s Major League Baseball All-Star Game.
The No. 3 U.S. automaker has much riding on the success of the Dart, the first vehicle designed and engineered jointly by Chrysler and its Italian parent, Fiat SpA.
(Reuters) – New auto sales in June raced past expectations on lower gas prices and still-generous incentives, and are on track to score their best year since 2007.
The surprisingly strong June in which sales rose 22 percent from a year ago helped ease fears that weaker-than-expected results in May would suggest a slowdown in demand.
By Bernie Woodall and Ben Klayman
(Reuters) – Most major automakers showed stronger-than-expected U.S. June sales gains as low interest rates, falling gas prices and still-significant incentives encouraged consumers to set aside concerns about the economy.
Shares of General Motors Inc (GM.N: Quote, Profile, Research) jumped more than 6 percent as the No.1 U.S. auto maker reported a 16 percent increase in vehicle sales from the previous year and said June was its best performing month since September 2008. Ford Inc’s (F.N: Quote, Profile, Research) sales climbed 7 percent and its shares rose 3 percent.
(Reuters) – Chrysler Group LLC and Nissan Motor Co showed stronger-than-expected sales gains in June, a sign that U.S. auto sales may have rebounded from a disappointing May.
Auto sales are an early sign of consumer spending each month. The auto industry has been one of the bright spots in the U.S. economy this year, but deteriorating European markets have led industry executives to worry about possible contagion spreading to North America.