Bernie's Feed
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.

Apr 24, 2014

GM posts lower profit after recall; core outlook on target

DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research) said on Thursday that first-quarter profit tumbled 88 percent after a massive recall due to defective ignition switches, but results still topped expectations on strong pricing for its redesigned pickup trucks in North America and improvement overseas.

The company said its core operating outlook remained on target for the year, relieving investors who bid up the stock by 3 percent.

Apr 24, 2014

GM posts lower profit after recall; truck pricing strong

DETROIT (Reuters) – General Motors Co said on Thursday that first-quarter profit tumbled 88 percent after a massive recall due to defective ignition switches, but results still topped expectations on strong pricing for its redesigned pickup trucks in North America.

The quarter included a previously disclosed charge of $1.3 billion for the recall, and Chief Financial Officer Chuck Stevens said it was too early to predict whether GM would take more charges. He also said it was still studying its options for the victims of the faulty switches. The faulty switches are linked to at least 13 deaths.

Apr 21, 2014

UAW suddenly retreats from fight at Tennessee VW plant

/DETROIT (Reuters) – The United Auto Workers, surprising even its supporters, on Monday abruptly withdrew its legal challenge to a union organizing vote that it lost at a Volkswagen AG plant in Chattanooga, Tennessee in February.

Just an hour before the start of a National Labor Relations Board hearing on the challenge, the union dropped its case, casting a cloud over its long and still unsuccessful push to organize foreign-owned auto plants in the U.S. South.

Apr 16, 2014

Jeep exec says will have deal for China production by end April

By Bernie Woodall

(Reuters) – Fiat Chrysler Automobiles (FIA.MI: Quote, Profile, Research, Stock Buzz) will announce an agreement by the end of April to allow production of Jeep models in China, the head of the Jeep brand, Mike Manley, said on Wednesday.

Manley said he hoped the deal with Chinese officials could be announced at this weekend’s Beijing auto show.

Apr 11, 2014

GM shares drop to near IPO price of $33

DETROIT (Reuters) – Investors’ concerns about ongoing turmoil at General Motors Co, linked to the deaths of at least 13 people, could push the automaker’s shares below GM’s $33 IPO price for the first time since last June.

GM shares on Thursday fell 32 cents, or 1 percent, to $33.30. The stock last dropped below $33 on June 28 last year.

Apr 8, 2014

Exclusive: GM planning lower-priced version of 2016 Chevy Volt – sources

DETROIT (Reuters) – Hoping to boost demand for its slow-selling Volt hybrid, Chevrolet is planning to sell two versions of the redesigned 2016 Volt, including a lower-priced model with a smaller battery pack and shorter driving range, supplier sources told Reuters on Tuesday.

The second-generation Volt is slated to go into production in about 16 months at General Motors Co’s (GM.N: Quote, Profile, Research, Stock Buzz) Detroit Hamtramck plant, the sources said.

Apr 8, 2014

GM planning lower-priced version of 2016 Chevy Volt – sources

DETROIT (Reuters) – Hoping to boost demand for its slow-selling Volt hybrid, Chevrolet is planning to sell two versions of the redesigned 2016 Volt, including a lower-priced model with a smaller battery pack and shorter driving range, supplier sources told Reuters on Tuesday.

The second-generation Volt is slated to go into production in about 16 months at General Motors Co’s (GM.N: Quote, Profile, Research) Detroit Hamtramck plant, the sources said.