MILAN/DETROIT (Reuters) – Fiat Chrysler Automobiles could find it tough to meet its 2014 profit guidance and may cut forecasts when it reports quarterly results next week as slowly recovering North America profit margins may fail to fully offset weakness in Europe and Latin America.
The group (FCAU.N: Quote, Profile, Research, Stock Buzz)(FCHA.MI: Quote, Profile, Research, Stock Buzz) expects to raise operating profit, excluding one-off items, by as much as 14 percent this year, but has been struggling to make up for a double-digit sales drop in Brazil and a fragile recovery in Europe.
DETROIT (Reuters) – Ford Motor Co’s third-quarter earnings fell 34 percent but beat Wall Street expectations on a strong showing in North America even as revenue fell due to the cost of introducing the F-150 pickup truck.
Ford’s launch of its aluminum-bodied F-150 is on track, the company said on Friday. A 3 percent drop in third-quarter revenue to $34.9 billion is largely linked to the planned shutdown of the F-150 plant in Dearborn, Michigan.
DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) on Thursday reported a higher-than-expected profit in the third quarter and said it had strong demand for its redesigned full-size pickup trucks in North America.
“Solid results really continue to be driven by strength in North America and China,” GM Chief Financial Officer Chuck Stevens told reporters at the company’s Detroit headquarters.
DETROIT (Reuters) – The United Auto Workers hopes to be recognized as the exclusive bargaining agent for workers at a Volkswagen AG (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) assembly plant in Chattanooga, Tennessee within a year, the union’s President Dennis Williams said on Wednesday.
That would mark the first tangible victory for the UAW at a foreign-owned auto assembly plant in the U.S. South, where it has long faced stiff opposition in its attempts to organize workers.
Oct 3 (Reuters) – The United Auto Workers on Friday
announced the formation of UAW Local 112 for hourly workers at
Daimler AG’s Mercedes-Benz plant in Alabama, and
confirmed it will work with two German labor groups to organize
“What happens here is important to the future of the labor
movement,” said UAW president Dennis Williams, who swore in the
initial members of the union local during a press conference at
a hotel in Tuscaloosa, Alabama, near the Mercedes-Benz plant.
DETROIT, Oct 2 (Reuters) – The United Auto Workers and two
German labor groups will announce on Friday plans to work
together to organize Daimler AG’s Mercedes-Benz plant
workers in Alabama, sources close to one of the German labor
groups said on Thursday.
The move would be similar fashion to efforts by the UAW and
German labor to organize the Volkswagen AG plant in
DETROIT (Reuters) – U.S. consumers bought more cars in September than in the previous year, but early sales results from leading automakers on Wednesday were mixed.
General Motors Co, Fiat SpA’s Chrysler Group and Nissan Motor Co all reported year-to-year sales gains, but Ford Motor Co said sales fell slightly from a year ago.
DETROIT, Oct 1 (Reuters) – Chrysler Group LLC on Wednesday
reported its third straight month of double-digit gains in the
U.S. market, selling 19 percent more vehicles in September than
a year ago, an indication that industry strength continued as
A Reuters survey of nine industry analysts showed
expectations of a 10 percent rise to about 1.25 million vehicles
sold in September industrywide.
DEARBORN (Reuters) – Higher recall costs in North America and steeper losses in Russia and South America have caused Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) to slash its forecast for pretax profit this year to $6 billion, from $7 billion to $8 billion previously, executives told investors at a briefing on Monday.
Bob Shanks, Ford’s chief financial officer, also said the company’s 2015 pretax profit is now expected to rise to between $8.5 billion and $9.5 billion, versus analysts’ estimates of $10.6 billion.
WASHINGTON/DETROIT (Reuters) – Verizon Communications, the No.1 U.S. wireless carrier known for its widespread coverage, is falling behind its biggest rival in what many are betting will be the next big thing in the wireless industry: connected cars.
The reason? Simply put, the type of network Verizon uses isn’t global.
The $1.7 trillion wireless industry has just about reached capacity for growth, and mobile companies are turning to connected devices for future revenue. Connected cars, which hook up with a wireless network, currently allow you to do everything from turning an auto into a Wifi link for other devices, to honking its horn from anywhere in the world. The cars are also able to update software remotely.