Bernie's Feed
Oct 1, 2014

Chrysler reports U.S. auto sales jump 19 percent

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
summer waned.

A Reuters survey of nine industry analysts showed
expectations of a 10 percent rise to about 1.25 million vehicles
sold in September industrywide.

Sep 29, 2014

Ford shares tumble on lower profit outlook for 2014-2015

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.

Sep 29, 2014

Connected cars: Is AT&T leaving Verizon in its rear-view mirror?

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.

Sep 29, 2014

UAW, two German labor groups link to organize VW in Tennessee

DETROIT (Reuters) – The United Auto Workers union and two top German labor groups have signed a letter of intent to jointly organize the Volkswagen AG (VOWG_p.DE: Quote, Profile, Research, Stock Buzz) assembly plant in Chattanooga, Tennessee, a top UAW official said on Monday.

The latest move may be a step toward the UAW gaining bargaining rights to represent the hourly workers at VW’s only U.S. plant, according to the letter, a copy of which was obtained by Reuters. Workers at the Tennessee plant voted against UAW representation earlier this year, as the union drew stiff opposition from the National Right to Work group.

Sep 26, 2014

Fiat CEO endorses Italy PM Renzi’s reform efforts

, Sept 26 (Reuters) – Fiat Chrysler
CEO Sergio Marchionne said on Thursday Italian Prime
Minister Matteo Renzi must ignore critics and push ahead with
plans to reform the country’s economy.

Marchionne’s support contrasts with signs of growing
disillusionment among other Italian business leaders in recent
weeks, and comes at a crucial moment for Renzi as he prepares to
outline disputed plans to overhaul labour laws on Monday.

Sep 26, 2014

Chrysler CEO: Ontario minivan plant to shut for 12 weeks in Q1-Q2 2015

, Sept 26 (Reuters) – Chrysler Group LLC
Chief Executive Officer Sergio Marchionne said on Friday that
the automaker’s Windsor, Ontario minivan plant will be shut for
12 weeks of upgrades in the first and second quarters of 2015
ahead of its production of the company’s next-generation
minivan.

The work would “bridge between the first and second quarter”
of 2015, Marchionne said. He added that the company must make
detailed plans to ensure that it can continue to build the
current minivan until the shutdown.

Sep 24, 2014

U.S. Treasury denies allowing ‘excessive’ executive pay at GM, Ally

DETROIT (Reuters) – The U.S. Treasury last year permitted top executives at General Motors Co and Ally Financial Inc to collect “excessive pay” while those companies were part of a taxpayer-funded government loan program, a special inspector general reported on Wednesday.

The Treasury responded that the report contained “many inaccuracies and omissions,” saying the department balanced limits on executive compensation “with allowing companies to repay taxpayer assistance.”

Sep 23, 2014

General Motors appoints its first cybersecurity chief

BOSTON/DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) on Tuesday named an engineer to serve as its first cybersecurity chief as the No. 1 U.S. automaker and its rivals come under increasing pressure to better secure their vehicles against hackers.

The No. 1 U.S. automaker promoted manager Jeff Massimilla to the post as part of an eight-month review of its product design and engineering, said GM Vice President of Global Product Development Mark Reuss.

Sep 19, 2014

Other automakers to challenge Tesla in over-the-air software upgrades

DETROIT, Sept 19 (Reuters) – Electric carmaker Tesla Motors
Inc on Friday announced it is rolling out a software
upgrade over-the-air to its current Model S owners, a unique
ability that other automakers are expected to offer within a few
years.

Tesla, based in Silicon Valley, has completed more than a
dozen over-the-air software upgrades since the Model S was first
sold in mid-2012, said Egil Juliussen, director of research for
automotive electronic technology for IHS Automotive.

Sep 19, 2014

GM’s Cadillac to introduce high-end sedan in late 2015

DETROIT, Sept 19 (Reuters) – As it strives to energize its
Cadillac brand that once led the U.S. luxury auto market,
General Motors Co said on Friday it will begin production
of a new “top-end, high-technology car” by the end of 2015.

The as-yet unnamed flagship sedan will be positioned “above
today’s CTS and XTS product lines,” and “will add to rather than
replace any model in the portfolio,” GM said in a statement.