DETROIT (Reuters) – Automakers are upbeat about global auto sales this year despite fears of a slowdown in the United States, which generates big profits and where sales have surged 50 percent since the recession.
Europe is expected to begin bouncing back from its 20-year lows and China, the world’s largest auto market, will likely continue to post double-digit gains, helped by an array of stimulus measures and robust demand in smaller inland cities. But slowing demand in the second-largest auto market, the United States, has some analysts worried incentives could rise and bit into profit margins.
BERLIN/DETROIT (Reuters) – Volkswagen is preparing to build sport utility vehicles in North America as it struggles to conquer a market whose resistance is threatening its bid to be world No. 1.
The German carmaker prefers its Tennessee factory over a Mexican plant to produce the new SUV and may announce the plan as soon as next week’s Detroit auto show, said a source familiar with the matter who asked not to be identified.
DETROIT (Reuters) – Chrysler Group LLC on Friday said that late-month snow and ice storms pressured U.S. auto sales, causing the industry to show only a 1 percent gain over last year, missing expectations of a 4 percent increase.
“It looks like the bad weather kept the sales penned in,” said Chrysler spokesman Ralph Kisiel.
DETROIT, Dec 30 (Reuters) – December U.S. auto sales,
spurred by end-of-the-year bargains, likely rose about 4 percent
from a year earlier, industry analysts said.
If confirmed, that would mean 2013 will end as the best for
U.S. auto sales since pre-recession 2007, at around 15.6 million
new cars and trucks sold, which would be an increase of about 8
percent from 2012.
DETROIT (Reuters) – Hyundai Motor Co (005380.KS: Quote, Profile, Research, Stock Buzz) said on Friday its U.S. chief, John Krafcik, is stepping down after his contract was not renewed and will be replaced by the U.S. sales chief David Zuchowski.
During Krafcik’s five-year tenure Hyundai’s share of the U.S. market rose to as high as 5.1 percent for 2011 from 3 percent in 2008. But it has fallen to 4.6 percent due mainly to production capacity constraints.
(Reuters) – A fire department in Southern California said a garage fire may have been caused by an overheated charging system in a Tesla Model S sedan, in the latest link between the top selling electric car and the potential for fire.
While Tesla Motors Inc maintains that the fire was not related to the car or its charging system, the Orange County Fire Authority said the Tesla-supplied charging system or the connection at the electricity panel on the wall of the garage of a single-family home could have caused the fire.
DETROIT (Reuters) – Volkswagen AG’s (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) U.S. Chief Executive Officer Jonathan Browning has left the company for personal reasons and is to be replaced by 51-year-old Michael Horn, the company announced from its Wolfsburg, Germany headquarters on Thursday.
Browning, 54, a former executive at General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) and Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz), had been with VW since 2010. Volkswagen said on Thursday that Browning will return to Britain, where he is from.
DETROIT, Dec 12 (Reuters) – Volkswagen AG’s U.S.
Chief Executive Officer Jonathan Browning has left the company
for personal reasons and is to be replaced by 51-year-old
Michael Horn, the company announced from its Wolfsburg, Germany
headquarters on Thursday.
Browning, 54, a former executive at General Motors Co
and Ford Motor Co, had been with VW since 2010. Volkswagen
said on Thursday that Browning will return to Britain, where he
DETROIT (Reuters) – General Motor Co’s (GM.N: Quote, Profile, Research, Stock Buzz) incoming president has gone to great lengths to prove that while he is the U.S. automaker’s chief financial officer, he is not just a “bean counter.”
Named to his new position on Tuesday, Dan Ammann will fill what many analysts and investors saw as a gap in his resume by managing GM’s regional operations around the globe and perhaps preparing himself to take over as CEO one day.
PARIS/DETROIT (Reuters) – Five years after Jeffrey Hand took a $100,000 buyout to leave Ford Motors, the U.S. auto industry has surged back to profit and is once again hiring. Hand, who has spent the years living on his payout, has now applied to work at an auto parts supplier a few hours away from his old factory near Dearborn, Michigan.
Across the Atlantic, father-of-three Hassan Chnaiti took a buyout from French carmaker Peugeot earlier this year, as it prepared to close his plant near Paris. But having pocketed his severance pay, he will soon start work as a public bus driver, thanks to a job placement scheme funded by his former employer.