DETROIT, July 22 (Reuters) – General Motors Co [GM.UL]
plans to buy auto finance company AmeriCredit Corp (ACF.N: Quote, Profile, Research, Stock Buzz) for
$3.5 billion in a cash deal financed by government bailout
money and aimed at removing a major investor concern before a
The deal announced Thursday would give GM an in-house
lending arm for the first time since it sold a controlling
stake in GMAC in 2006 and a chance to compete with
faster-growing rivals led by Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz), by offering
riskier forms of financing including subprime loans and
DETROIT, July 22 (Reuters) – AutoNation Inc (AN.N: Quote, Profile, Research, Stock Buzz), the
biggest U.S. auto retailer, posted a stronger-than-expected
quarterly profit on Thursday on a 20 percent gain in revenue,
as car and truck sales bounced back in key markets like
California and Florida.
AutoNation’s earnings were also boosted by cost-cutting
while profit on a per-share basis was lifted by $414 million in
share buybacks, about 12 percent of outstanding shares.
DETROIT/GOTHENBERG/NINGBO (Reuters) – It was a miserable winter day in January 2007, the kind that makes auto executives in the Motor City wonder why they hold the Detroit Auto Show at the most inhospitable time of the year.
Li Shufu, a farmer’s son from China’s Zhejiang province who last week become the unlikely chairman of Volvo Cars, was looking for some cheer from Ford Motor Co’s (F.N: Quote, Profile, Research, Stock Buzz) finance chief Don Leclair in his office at Ford’s glass-sheathed headquarters.
DETROIT, July 20 (Reuters) – U.S. auto parts maker Delphi
has begun sounding out investment banks about the prospect of
an initial public offering that would mark its return as a
listed company as early as next year, according to three people
familiar with those early-stage discussions.
The timing of an IPO for privately held Delphi, which
emerged from a four-year bankruptcy in October, remains subject
to a number of uncertainties, including the strength of the
equity markets, the sources said.
BROWNSTOWN, Township, Michigan (Reuters) – General Motors Co will offer an eight-year warranty on the battery that powers the Chevrolet Volt electric car it is rolling out starting this year, the automaker said on Wednesday.
GM said it will offer an eight-year, 100,000 mile battery warranty on the Volt, which has an expected 40-mile range when running on electricity stored in its lithium-ion battery.
SAN FRANCISCO/NAGOYA, Japan (Reuters) – Electric carmaker Tesla Motors Inc said on Friday it signed a memorandum of understanding with Japanese automaker Toyota Motor Corp to deliver two electric vehicles to the world’s largest automaker by the end of month.
“Since our announcement in May, Toyota and Tesla engineering teams have made a lot of progress in a short amount of time and it is exciting to start seeing some initial results,” Tesla Chief Technology Officer JB Straubel said in a statement.
NAGOYA, Japan (Reuters) – Toyota Motor Corp(7203.T: Quote, Profile, Research)(TM.N: Quote, Profile, Research) is working to develop a prototype electric vehicle with Tesla Motors(TSLA.O: Quote, Profile, Research) as it continues work on a battery-powered small car the Japanese automaker plans to launch in 2012, senior executives said on Friday.
“We’re at the stage of working towards a prototype and once that’s completed and we’ve reached that milestone, I’d like to announce more about what we’re working on together,” Toyota President Akio Toyoda told reporters.
NAGOYA, Japan (Reuters) – Toyota Motor Corp (7203.T: Quote, Profile, Research) President Akio Toyoda said on Friday higher wages among Chinese factory workers would create a new class of consumers, and that the trend therefore had both “good and bad elements.”
“The experience of the past 100 years shows that auto workers become auto consumers also,” Toyoda told a group of U.S.-based reporters. “This has both good and bad elements. A wage increase is not necessarily bad if properly managed.”
TOYOTA CITY, Japan (Reuters) – Toyota Motor Corp will extend the time it takes to develop its vehicles by an average of four weeks in a bid to ensure quality following a string of high-profile recalls, a top executive said.
“The fast growth of the past decade has been too much in some areas for the company to keep up with,” Executive Vice President Takeshi Uchiyamada told a small group of U.S.-based reporters at Toyota headquarters on Wednesday.
SAN FRANCISCO/DETROIT (Reuters) – Elon Musk, the chief executive and major investor behind Tesla Motors Inc, has sometimes taunted U.S. automakers, painting his fledgling company as everything Detroit would like to be if it could start over: cooler, greener and ensconced in a much better neighborhood.
As part of the roadshow to drum up interest in Tesla’s initial public offering that prices on Monday, Musk showed potential investors a map of the electric carmaker’s San Francisco-area headquarters and the nearby assembly plant it plans to acquire. Marked for easy reference was Tesla’s location next to corporate neighbors like Google Inc and Apple Inc. Nothing beyond the East Bay of San Francisco appeared.