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Jun 29, 2010

Special report:Is Tesla the future or the new Government Motors?

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.

Jun 28, 2010

Is Tesla the future or the new Government Motors?

SAN FRANCISCO/DETROIT (Reuters) – Elon Musk, the chief executive and major investor behind Tesla Motors Inc(TSLA.O: Quote, Profile, Research), 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 neighbourhood.

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.

Jun 17, 2010

UAW vows to “pound” Toyota in unionizing effort

DETROIT (Reuters) – The new head of the United Auto Workers on Thursday vowed to “pound Toyota” as part of a stepped-up campaign to bring union representation to factories operated by Asian automakers in the United States.

UAW President Bob King vowed to bring protesters, including retirees, to picket outside Toyota dealerships with banners charging that the automaker puts “Profits Before People.”

Jun 14, 2010

UAW meets as union looks to claw back from crisis

DETROIT (Reuters) – United Auto Workers delegates will gather in Detroit this week to elect new leaders as the union emerges from the U.S. auto industry’s near-death experience with fewer workers, lower wages and an uncertain set of bargaining chips.

Bob King, 63, a veteran of UAW negotiations with Ford Motor Co who was endorsed as president by UAW leadership last year, faces an unusual and last-minute challenge from a dissident candidate, a sign of the simmering tensions within the battered union.

Jun 2, 2010

Auto sales tick higher but caution lingers

DETROIT (Reuters) – Major automakers recorded double-digit U.S. sales gains in May from depressed year-earlier levels as industry-wide sales ticked up for a seventh consecutive month with a boost from orders by rental agencies.

The May auto sales results provide one of the earliest snapshots of consumer demand for a month marked by financial market volatility and renewed questions about the strength of the U.S. economic recovery in the second half of the year.

May 28, 2010

Ford sees options to return to investment grade

DETROIT (Reuters) – Ford Motor Co <F.N> sees “great options” to improve its balance sheet and return to investment grade credit rating as its financial results continue to strengthen, Chief Executive Alan Mulally said on Friday.

Mulally affirmed forecasts for a “solid profit” in 2010 and said cost savings from using common global platforms, growing market share and improving pricing would deliver greater profits in 2011 and beyond.

May 22, 2010

Johnson Controls makes surprise Visteon bid

DETROIT (Reuters) – Johnson Controls Inc <JCI.N> offered to pay $1.25 billion for most assets of bankrupt auto supplier Visteon Corp <VSTNQ.PK>, a surprise bid that raised the stakes ahead of a key court hearing set for Monday.

Johnson Controls made the cash offer for Visteon’s vehicle interior and auto electronics business in a letter sent May 7 after a round of initial contact in January. It went public with its offer on Friday.

May 20, 2010

GM sees quality up, warranty costs declining

DETROIT (Reuters) – General Motors Co <GM.UL> expects to cut warranty claims by double-digit percentages in coming years by improving the quality of its cars and trucks, a senior executive said.

“We don’t have a choice. That’s what I’ve committed to do and we fully expect to do it,” Jamie Hresko, GM’s vice president for global quality, said in an interview on Wednesday.

May 17, 2010

GM posts profit as production snaps back

DETROIT (Reuters) – General Motors Co posted a first-quarter profit as demand steadied in the United States and sales boomed in China, a turnaround the automaker said could put it on track for its first full-year profit since 2004.

Analysts said the results underscored the progress GM made by slashing costs in a bankruptcy funded by the Obama administration and kept open the prospect of the automaker launching an initial public offering as soon as this year.

May 17, 2010

GM posts Q1 profit with IPO possible in next year

DETROIT (Reuters) – General Motors Co <GM.UL> posted a first-quarter profit on Monday and said it is making progress towards a turnaround expected to put it on track towards its first full-year profit since 2004.

Chris Liddell, GM’s chief financial officer, said the first-quarter results showed that the top U.S. automaker was making progress and had a “good chance” of turning a full-year profit.

    • About Kevin

      "Kevin Krolicki is Reuters bureau chief in Detroit where he has been based since 2006. He has also worked as an editor and reporter in Los Angeles and Tokyo."
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