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Feb 24, 2011

GM reports first full-year profit since 2004

DETROIT (Reuters) – General Motors Co posted fourth-quarter earnings slightly above expectations and its first full-year profit since 2004.

Profit for all of 2010 was $4.7 billion, achieved after the company slashed costs and debt in a 2009 bankruptcy financed by the Obama administration.

Feb 18, 2011

GM to offer Pandora Internet radio on Chevy cars

DETROIT (Reuters) – General Motors Co will launch a new system to stream online radio from Pandora in upcoming Chevrolets starting with the Volt and Equinox.

The new partnership comes as the top U.S. automaker looks to make up for lost ground against Ford Motor Co in the increasingly competitive market for digital entertainment systems in vehicles.

Feb 16, 2011

Penske profit surges, dealer shares rally

DETROIT, Feb 16 (Reuters) – Penske Automotive Group
(PAG.N: Quote, Profile, Research, Stock Buzz), the No. 2 U.S. auto dealership group, reported a more
than 50 percent gain in fourth-quarter earnings, topping
analyst expectations and igniting a rally in its shares and
shares of other auto retailers.

Penske’s shares closed at their highest since 2008,
extending a rally that has taken the stock up almost 85 percent
over the past eight months as the recovery in U.S. auto sales
has gathered steam.

Feb 11, 2011

Ford to cut debt by another $3 bln

DETROIT (Reuters) – Ford Motor Co will pay down another $3 billion in debt in the first quarter as it works toward regaining its investment grade rating in the final stage of its four-year turnaround.

Shares of Ford rose over 1.5 percent to $16.20 in after-hours trading after closing at $15.95 on the New York Stock Exchange.

Feb 10, 2011

Ford to cut debt by another $3 billion, shares up

DETROIT (Reuters) – Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) will pay down another $3 billion in debt in the first quarter as it works toward regaining its investment grade rating in the final stage of its four-year turnaround.

Shares of Ford rose over 1.5 percent to $16.20 in after-hours trading after closing at $15.95 on the New York Stock Exchange.

Feb 3, 2011

Long after break-up, GM still needs GMAC

NEW YORK, Feb 3 (Reuters) – Breaking up is hard to do — as
General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) is still learning after a four-year
separation from the finance company that once shared its name.

As GMAC, now renamed Ally Financial, prepares for a stock
offering to start repaying taxpayers for its $17 billion
bailout, GM is being forced to rethink its go-it-alone strategy
– and some analysts and bankers say GM still needs
its former affiliate, after all.

Feb 3, 2011

AutoNation profit gains on U.S. auto recovery

DETROIT (Reuters) – AutoNation Inc (AN.N: Quote, Profile, Research, Stock Buzz), the No. 1 U.S. auto retail group, reported higher-than-expected quarterly profit as its dealerships brought in a larger share of sales in a recovering U.S. market for cars and trucks.

Its shares rose almost 6 percent in morning trade.

Chief Executive Mike Jackson said he expects the U.S. auto industry to post a second consecutive year of double-digit sales growth in 2011, even with major automakers holding back from offering the kinds of deep discounts that characterized sales gains in the past decade.

Jan 31, 2011

Auto sales seen losing momentum in January

DETROIT (Reuters) – U.S. auto sales lost momentum in the final weeks of January, auto executives and a leading analyst cautioned on Monday, setting the stage for a softer start to 2011 than the industry had expected.

J.D. Power, which gathers sales data from almost 9,000 U.S. car dealerships, issued an unusual update to its monthly sales forecast on the eve of the Tuesday sales report, cautioning that consumers had pulled back from purchases ahead of the crucial end of the month.

Jan 31, 2011

Jan US auto sales seen up slightly despite weather

DETROIT, Jan 31 (Reuters) – U.S. auto sales for January are
expected to be up 15 percent or more despite the disruption of
winter storms during the month, a result that would show the
momentum of a sales recovery now a year-and-a-half old.

But as they prepared to close the books on the month’s
crucial final weekend, both Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) and Chrysler
Group LLC suggested industry-wide sales could fall short of the
most bullish forecasts.

Jan 12, 2011

China’s BAIC eyes overseas expansion

DETROIT (Reuters) – Even before it launches the first passenger cars under its own brand at home, China’s BAIC has set its sights on expansion overseas.

“If you want to be a sustainable automaker, you have to be global,” Wang Dazong, president of Beijing Automotive, told Reuters on the sidelines of the Detroit auto show.

    • 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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