Bernie's Feed
Aug 6, 2014

Chrysler CEO says no talks, but open to Canada investment pitch

DETROIT (Reuters) – Chrysler Group Chief Executive Sergio Marchionne said on Wednesday the company has not resumed talks with Canadian officials about financial support to help upgrade a minivan plant in Windsor, but would entertain any proposal offered.

Chrysler had reportedly sought $700 million in government support toward a $3.6 billion investment for the plant, but the deal was scuttled when federal and provincial officials pressed Chrysler on how much of its investment would be spent in Ontario, it was reported in March.

Aug 6, 2014

Fiat CEO blames ‘overreaction’ for sell-off threatening merger

MILAN/DETROIT (Reuters) – Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz) Chief Executive Sergio Marchionne on Wednesday blamed overblown press reports and a “lack of understanding” of the merger with its U.S. unit Chrysler for a share sell-off that threatens to blow the planned tie-up off course.

Marchionne wants to incorporate the two carmakers into Dutch-registered entity Fiat Chrysler Automobiles (FCA), paving the way for a U.S. listing key to help fund an ambitious investment plan at the world’s No.7 auto group.

Aug 6, 2014

Chrysler profit up amid investor concerns over merger with Fiat

DETROIT (Reuters) – Amid concerns that Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz) shareholders will prevent a merger of the Italian automaker with Chrysler Group, the American automaker reported that second-quarter profit was up 22 percent to $619 million.

Fiat shares fell as much as 8.5 percent on Wednesday to their lowest of the year on concerns that investors who voted against the merger with Chrysler would exercise their right to sell the stock, potentially jeopardizing the tie-up.

Aug 1, 2014

U.S. auto sales growth slowed in July

DETROIT (Reuters) – U.S. auto sales growth slowed a bit in July, with healthy gains from some manufacturers falling short of expectations, according to early returns from the major carmakers on Friday.

Ford Motor Co (F.N: Quote, Profile, Research) reported a gain of 10 percent to 212,236 vehicles, slightly beating the analysts’ average estimate of 9 percent. General Motors Co (GM.N: Quote, Profile, Research) said July sales were up 9 percent at 256,160, missing expectations of 11 percent.

Aug 1, 2014

Ford’s U.S. July sales up 10 pct; Chrysler’s up 20 percent

DETROIT (Reuters) – U.S. auto sales look set to show healthy gains for July, but not as much as expected, according to early returns from the major carmakers on Friday.

Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) reported a gain of 10 percent to 212,236 vehicles, narrowly beating expectations, but both Nissan Motor Co (7201.T: Quote, Profile, Research, Stock Buzz) and Chrysler Group LLC failed to sell as many cars and trucks in July as analysts had expected.

Aug 1, 2014

Analysis – U.S. auto sales party seen increasingly dependent on easy money

DETROIT (Reuters) – The U.S. auto industry hasn’t appeared so healthy for years. Sales hit an eight-year high in June, there appears to be plenty of pent-up demand, and discounting is far from getting out of hand. New plants and production lines are being built, and many auto executives, dealers and securities analysts are optimistic.

And yet, a minority on Wall Street and in the autos business are seeing reasons to be wary. They argue that a combination of cheap loans with extended terms, deep incentives from some dealers, and unsustainably high values for used cars, is making it far too easy for many Americans to buy new vehicles.

Aug 1, 2014

U.S. auto sales party seen increasingly dependent on easy money

DETROIT (Reuters) – The U.S. auto industry hasn’t appeared so healthy for years. Sales hit an eight-year high in June, there appears to be plenty of pent-up demand, and discounting is far from getting out of hand. New plants and production lines are being built, and many auto executives, dealers and securities analysts are optimistic.

And yet, a minority on Wall Street and in the autos business are seeing reasons to be wary. They argue that a combination of cheap loans with extended terms, deep incentives from some dealers, and unsustainably high values for used cars, is making it far too easy for many Americans to buy new vehicles.

Jul 31, 2014

Tesla posts $61.9 mln loss as second-quarter sales climb

DETROIT, July 31 (Reuters) – Tesla Motors Inc, the
California-based maker of luxury electric cars, said it lost
$61.9 million, or 50 cents a share, in the second quarter, as
revenue nearly doubled to $769.3 million.

On a non-GAAP basis, Tesla said it earned 11 cents a share,
topping analysts’ expectations of 4 cents. The company expects
non-GAAP earnings to be about the same in the third quarter.

Jul 30, 2014

Chevy Volt, Mini Cooper Countryman pass crash test, Mazda 5 fails

DETROIT, July 30 (Reuters) – The General Motors Co
Chevrolet Volt was the only one of a dozen small cars tested by
the Insurance Institute for Highway Safety to earn a “Top Safety
Pick+” award, the IIHS said in a statement on Wednesday.

In small front overlap crash tests of a dozen small cars,
only BMW AG’s Mini Cooper Countryman scored a
top-rating of “good” for safety, and the Volt was among five
others that scored the second-highest rating of “acceptable,”
the IIHS said.

Jul 29, 2014

TRW Automotive second-quarter profit beats expectations; revenue rises

DETROIT (Reuters) – Auto systems supplier TRW Automotive Holdings Corp (TRW.N: Quote, Profile, Research, Stock Buzz), targeted for takeover by ZF Friedrichshafen, easily beat Wall Street profit expectations for the second quarter as revenue rose 2 percent.

Excluding one-time items, TRW earned $2.32 per share in the quarter, versus $2.02 a year earlier, it said on Tuesday. Analysts expected earnings of $2.12 per share, excluding one-time items, according to a poll by Thomson Reuters I/B/E/S.