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May 15, 2014

Kia tries to burnish image with $66,000 luxury K900 car

DETROIT, May 15 (Reuters) – Kia Motors Corp is
out to change its image among Americans as a low-priced value
brand with the recently launched $66,000 luxury K900 sedan, but
analysts said it should expect an uphill climb.

Kia, the South Korean automaker with the same corporate
parent as Hyundai Motor Co, has been asking U.S.
consumers to “challenge the luxury you know” since its February
Super Bowl ad featuring Laurence Fishburne who reprised his role
in the futuristic “The Matrix” movie trilogy.

May 13, 2014

Fiat Chrysler will be OK if it misses lofty targets – Marchionne

TIPTON, Indiana, May 13 (Reuters) – Fiat Chrysler
Automobiles Chief Executive Officer Sergio Marchionne
said the company will be much stronger than it is today at the
end of his plan to sell 7 million cars by 2018, even if it
misses the targets he set forth last week.

“The targets are the targets. But even if I miss it by 10
percent, from where I am today, it’s like (the) midget and the
Jolly Green Giant,” Marchionne said at the dedication of a new
transmission plant in Tipton, Indiana, on Tuesday.

May 12, 2014

Chrysler posts first-quarter loss, begins shipping 200 midsize

DETROIT (Reuters) – Chrysler Group LLC expects increased vehicle shipments linked to the new Chrysler 200 midsize sedan will not have a great effect on earnings until the third quarter, its chief financial officer said on Monday.

Shipments of the Chrysler 200 began a week ago but it will take time for the pipeline to fill, said CFO Richard Palmer as he discussed Chrysler’s first-quarter earnings with analysts.

May 12, 2014

Chrysler posts 1st-qtr loss, begins shipping 200 midsize

DETROIT, May 12 (Reuters) – Chrysler Group LLC expects
increased vehicle shipments linked to the new Chrysler 200
midsize sedan will not have a great effect on earnings until the
third quarter, its chief financial officer said on Monday.

Shipments of the Chrysler 200 began a week ago but it will
take time for the pipeline to fill, said CFO Richard Palmer as
he discussed Chrysler’s first-quarter earnings with analysts.

May 10, 2014

Analysis – Fiat Chrysler’s lofty target for Alfa Romeo unrealistic -experts

DETROIT (Reuters) – Actor Dustin Hoffman made Alfa Romeo trendy for Americans by driving a red Spider 1600 in the 1967 movie “The Graduate,” but Alfa sales never took off in the North American market and the company ultimately pulled out.

Fiat Chrysler Automobiles, Alfa’s current owner, this week revealed a strategy for the sporty Italian brand to race from zero to 150,000 sales in just four years. But industry experts, some citing the more than two decades it took Volkswagen’s (VOWG_p.DE: Quote, Profile, Research) Audi brand to achieve that market level, say the plan is overly ambitious.

May 9, 2014

Fiat Chrysler’s lofty target for Alfa Romeo unrealistic: experts

DETROIT (Reuters) – Actor Dustin Hoffman made Alfa Romeo trendy for Americans by driving a red Spider 1600 in the 1967 movie “The Graduate,” but Alfa sales never took off in the North American market and the company ultimately pulled out.

Fiat Chrysler Automobiles, Alfa’s current owner, this week revealed a strategy for the sporty Italian brand to race from zero to 150,000 sales in just four years. But industry experts, some citing the more than two decades it took Volkswagen’s (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) Audi brand to achieve that market level, say the plan is overly ambitious.

Apr 25, 2014

UAW Vice President Joe Ashton nominated to GM’s board

DETROIT, April 25 (Reuters) – United Auto Workers Vice
President Joe Ashton has been nominated to General Motors Co’s
board as the representative for the healthcare trust for
retired GM workers, the company said in a filing with the U.S.
Securities and Exchange Commission on Friday.

GM also reiterated that Chief Executive Officer Mary Barra,
who is grappling with a massive recall of vehicles with ignition
switches linked to at least 13 deaths, would receive more than
$14 million in cash and stock this year.

Apr 25, 2014

Ford profit driven down by North America, warranty costs

DETROIT (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research) posted a lower-than-expected first-quarter profit on Friday as the No. 2 U.S. automaker saw $400 million (237 million pounds) in higher warranty costs in North America, sending shares down 3.4 percent.

The company also saw incentives in North America rise in the quarter due to heavy competition and an aging lineup of vehicles it will address with the launch of 16 new models in the region this year.

Apr 25, 2014

Ford posts weaker-than-expected profit as warranty costs rise

DETROIT (Reuters) – Ford Motor Co posted lower-than-expected first-quarter profit on Friday as the No. 2 U.S. automaker saw higher warranty costs in North America for older vehicles by $400 million.

The company affirmed its forecast for pretax profit for 2014, a year in which it is launching a record 23 new vehicles globally. It also said it is amending and extending its revolving credit facility.

Apr 24, 2014

GM posts lower profit after recall; outlook for rest of year trimmed

DETROIT (Reuters) – General Motors Co’s (GM.N: Quote, Profile, Research) first-quarter profit tumbled 88 percent on Thursday due to the massive recall for defective ignition switches, and shares fell 1.3 percent after the company said expectations for the rest of the year must be trimmed.

While the company’s results topped expectations on strong pricing for its redesigned pickup trucks in North America, it did not raise its full-year outlook by a corresponding amount.