- Ford Earnings Fall Nearly 40% – thedetroitbureau.com: Ford Motor Co. reported a 39% drop in earnings for the first quarter of 2014, but the maker says the decline reflects the costs of its biggest product offensive in 50 years, setting it up for better numbers ahead, reports TheDetroitBureau.com.
- Ford posts weaker-than-expected profit as warranty costs rise – 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.
- Ford profits fall on increased North American costs – DetN: Ford posted a profit of $989 million during the first three months of 2014, down from $1.6 billion during the same period last year. First-quarter profit dropped nearly 39%.
- Ford posts weaker-than-expected profit as warranty reserves rise – Reuters: Ford Motor Co posted lower-than-expected first-quarter profit on Friday as the No. 2 U.S. automaker increased warranty reserves in North America for older vehicles by $400 million.
- Honda forecasts sharp slowdown in profit growth – Automotive News: Honda on Friday forecast a 3.6 percent rise in net profit for the year ending March 31, below analyst estimates and a sharp slowdown from last year, as foreign exchange rates stabilize after a steep decline in the yen boosted earnings.
- SWEDEN: FKG sees supplier hope in Iran as relations improve – Just-auto: Scandinavian supplier body, FKG, says it sees “waves on the water” in terms of improving relations between Iran and the West that could garner real opportunities for suppliers.
- JAPAN: Denso full year operating income up 44% – Just-auto: Denso’s consolidated net sales for the fiscal year ending 31 March 2014, totalled JPY4.1trillion (US$39.8bn), a 14.4% increase from the fiscal year ending 31 March 2013. The company’s consolidated operating income totalled was JPY377.7bn, a 44% increase.
- JAPAN: New models boost Mazda operating profit – Just-auto: Mazda has reported a 238% increase in operating income for the fiscal full year to 31 March, 2014, booking a JPY182.1bn profit, up JPY128.2bn year on year.
- JAPAN: Honda fourth quarter net profit rises 56% – Just-auto: An improving Japanese domestic economy, due to new government measures, and a surge of buyers bring new vehicle purchases ahead of a tax rise helped Honda to a 21.5% year on year boost in operating income to JPY165.2bn for the fiscal fourth quarter to 31 March, 2014.
- Mazda targets $2.3 billion operating profit by 2015-16 – Automotive News: Mazda raised its mid-term profit target on Friday and said it aims to post 230 billion yen ($2.3 billion) in annual operating profit by the financial year ending in March 2016 after it hit its earlier target two years in advance.
- Honda and Mazda reap benefits of weak yen – FT: Abe economic policies send carmakers’ earnings soaring, but group’s forecast more modest increases for the coming year as effects taper
- Ford Profit Falls 39% – WSJ: Ford Motor Co. said first-quarter net income fell 39% to $989 million or 24 cents a share as the company added reserves to repair older vehicles and dealt with balance sheet readjustments for currency devaluations in South America.
- New Chevrolet Volt points to next Vauxhall Ampera – Autocar: First spy pictures of the second-generation Chevrolet Volt show the car will adopt a more contemporary design, while rumours persist about Vauxhall’s plans for a new Ampera.
- VW’s forecast profit gain seen masking margin troubles – Reuters: The record earnings which Volkswagen AG is set to report next week may mask more fundamental problems for the German auto maker.
- Nissan VP Palmer’s Finger Off Incentive Trigger – Wards: The executive also promises the slow-selling Cube will live on in a future iteration, but not as the curvy MPV it is today, and pledges the next Titan large pickup will an “all-American” truck.
- Daimler workers to protest over dealership revamp plans – Reuters: Workers at Daimler will hold a demonstration on Monday over plans by the German carmaker to restructure its network of showrooms owned and operated by the company.
- Critics Turn Up Volume on EU Vehicle Noise Limits – Wards: While welcoming legal certainty and technical predictability on the matter, automakers says the noise-reduction levels present many complex technical challenges. read more
- GM Customers Shrug Off Car Recalls – WSJ: General Motors’ first-quarter earnings fell 82% but exceeded Wall Street’s expectations as its push to sell cars and trucks at higher prices in North America helped offset some of the costs of safety recalls.
- Renault plans to break Seat Nürburgring record with hot new Mégane – Autocar: French firm will look to take back its front-wheel-drive Nürburgring lap record time in June with a new Renaultsport Mégane, which is likely to make production.
- Growth in Natural Gas-Powered Vehicles Bypasses Japan – Wards: Prospects for NGVs in Japan are poor because of domestic automakers’ strength in hybrid and electric vehicles, coupled with government incentives for buying EVs, PHEVs and clean diesels. read more
- Nissan’s car that cleans itself – Autocar: Self-cleaning car tech on new Note is being trialled for future aftermarket use; Nissan claims it could put an end to the weekly car wash.
- Making cars ‘easy for the queasy’ – DetN: Any parent knows the terrors of what General Motors calls the “puke zone” on a long road trip. The children are happily reading, or playing on their laptop, or watching a DVD and the next thing you know, you’ve got a motion sick kid and a huge interior cleaning bill.
- Recalls Hurt GM Profit, But Results Beat Estimates – WSJ: General Motors’ first-quarter earnings fell 82% but exceeded Wall Street’s expectations as its push to sell cars and trucks at higher prices in North America helped offset some of the costs of safety recalls.
- GM’s Mary Barra named to ‘Time 100’ influential list – DetN: General Motors’ embattled CEO, Mary Barra, was named to Time Magazine’s annual list of the most 100 influential people.
- Hurt by Vehicle Recalls, G.M.’s Profit Falls 85% – NY Times: Costs from safety recalls and a one-time charge for Venezuelan currency changes weighed on the country’s largest automaker.
- Musk’s pay as Tesla CEO drops 99.9% to less than $70,000 – Automotive News: Elon Musk, Tesla’s CEO and one of the wealthiest U.S. entrepreneurs, saw his take home pay from the automaker plunge by more than 99.9 percent last year after a surge in his 2012 stock options.
- GM says facing multiple probes into recent recalls – Reuters: General Motors revealed on Thursday it is the subject of five different government probes related to its massive recalls, including two previously unreported investigations by the U.S. Securities and Exchange Commission and a state prosecutor.
- GM vows to regain customer trust – FT: Ignition switch crisis takes its toll on the carmaker, which reported an 89% fall in net income though it had not experienced any ‘meaningful impact’ on sales
- GM says government probes into recalls now include SEC, a state attorney general – Automotive News: GM is facing five different government probes in connection with its recent recalls, the automaker said in a regulatory filing on Thursday.
- Renault sees European market improving – FT: Worldwide registrations increased 5.1% in the first three months of the year compared to the same period in 2013 at 636,239 vehicles
- FTC officials: States wrong to block direct Tesla sales – DetN: Senior officials at the Federal Trade Commission on Thursday said efforts by states to restrict the sale of cars by Tesla Motors Inc. is a ‘bad policy.’
- U.S. sales on track to rise 9% in April, 2 forecasts show – Automotive News: Auto sales are on pace to rise 9 percent in April from a year ago, as warmer weather coaxes out more shoppers who stayed home during the unusually harsh winter, according to two forecasts released today.
- Tesla Gains New Ally in Fight to Sell Its Vehicles – thedetroitbureau.com: Tesla’s long-standing fight with dealers to sell its cars at it’s own retail locations just got some support from an unexpected source: the Federal Trade Commission. Three FTC directors penned a blog entry today saying the franchise system is outdated.