Today in the news: More of the same GM, Toyota rakes it in, Tesla dives. Daimler finds World War I nerve gas in cars.
- U.S. government: no need for recalled GM cars to be pulled off the road – Reuters: The U.S. Department of Transportation has rebuffed a call by two Democratic senators to advise owners of 2.6 million recalled General Motors cars to stop driving them until they are repaired.
- U.S. will not order GM to park unrepaired cars – DetN: U.S. Transportation Secretary Anthony Foxx told Congress he will not demand that General Motors ground millions of unrepaired recalled cars, saying the agency believes they are safe to drive as long as drivers only use the ignition key.
- GM taps former communications chief as adviser – DetN: General Motors Co. has tapped a second outside public relations expert to help it manage through its ignition switch recall crisis.
- GM hires former PR head Harris to help with recall crisis – Automotive News: General Motors, working to contain a crisis over the recall of cars with faulty ignition switches linked to at least 13 deaths, hired Steve Harris, its former public relations head, as a consultant.
- GM Gets a Big Lift from its Big SUVs – thedetroitbureau.com: General Motors needed some good news and it’s getting some from one of its traditional strongholds. Sales of the maker’s recently redesigned full-size SUVs – the Chevrolet Tahoe and Suburban and various GMC Yukon models, are exceeding expectations.
- Toyota chalks up record profit, vehicle sales – DetN: Toyota chalked up a record annual profit and sales above 10 million vehicles for the first time, but forecast Thursday a slower year ahead as the momentum from a weak yen fades.
- Toyota warns of weaker year ahead – FT: Carmaker joins rivals Honda and Mazda in highlighting lessening beneficial impact of weaker yen, cautioning that foreign exchange benefits are tapering
- JAPAN: Toyota full year profit nearly doubles to US$17.8bn – Just-auto: Toyota saw its net profit almost double to JPY1.88 trillion (US$17.8bn) in the financial year to 31 March, boosted by the weakness of the yen which has fallen by almost 18% against the dollar since the start of last year.
- Toyota fourth-quarter earnings hit by U.S. settlement – Automotive News: Toyota’s settlement with the federal government over unintended acceleration claims contributed to a 5 percent decline in fourth-quarter net income, but the automaker still achieved record full-year profits.
- JAPAN: Toyota China sales up 12.4% in April – Just-auto: Toyota Motor and its two local joint venture partners sold about 85,800 automobiles in China in April, up 12.4% from a year earlier, the automaker said on Wednesday.
- INDIA: Toyota launches Etios Cross – Just-auto: Toyota Kirloskar has launched the Etios Cross, the Indian affiliate’s first SUV/hatchback crossover, priced between INR576,000 (US$9,600) and INR740,000 ($12,300).
- Tesla Loses $49.8. Million; Higher Costs Are Blamed – NY Times: Tesla Motors reported Wednesday that it lost $49.8 million in the first quarter as the electric carmaker accelerated the development of its new crossover vehicle and made improvements to its Model S sedan.
- Tesla outlook disappoints some on Wall St, shares drop 7 percent – Reuters: Tesla Motors Inc , led by billionaire Elon Musk, on Wednesday offered an outlook for the second quarter that disappointed some investors, sending shares of the electric car maker down more than 7 percent in after-hours trading.
- Sales Up, But Tesla Drops $50 mil into the Red – thedetroitbureau.com: It beat its own optimistic sales forecast, though battery-electric automaker Tesla Motors nonetheless dropped $50 million into the red for the first quarter of 2014. But excluding special items, the maker actually posted an unexpectedly strong profit.
- Tesla investors impatient over road map – FT: Lack of evidence on next generation vehicles and battery plant weighs on the shares in the electric carmaker
- UK: Western Europe car sales up 4.4% in April – Just-auto: Car sales in Western Europe grew by 4.4% in April according to data released by LMC Automotive.
- GERMANY: Mercedes notes research citing WW1 nerve gas potential in r1234yf – Just-auto: German researchers say the r1234yf air conditioning refrigerant backed by a plethora of political and scientific bodies, has the potential to unleash a gas used in World War 1 as a nerve agent in the event of a fire.
- US: Chrysler names new investor relations chief – Just-auto: Chrysler said Joe Veltri will be responsible for investor relations from 1 July. He’ll continue, on an interim basis, as head of NAFTA product planning until a replacement is named later.
- Russia – Datsun confirms a crossover as third model – Indian Autos Blog: Following the unveiling of the Datsun on-DO and the spotting of a test mule of the upcoming Datsun mi-DO, Datsun Russia’s head, Jerome Saigot, has confirmed that the third model would be a crossover. A report on kolesa.ru says that these 3 models will cover Datsun’s lineup in Russia for the next 3 years.
- Designers look to reshape car industry – DetN: Cars should be more like smartphones: socially engaging, customizable and simple to use, yet technologically sophisticated.
- 2014 Mercedes-Benz B-Class Electric Drive First Drive – KBB:
The 2014 Mercedes-Benz B-Class Electric Drive is proof that the electric vehicle market is maturing.
- Global car output set to increase 25% – FT: Carmakers are expected to increase annual production by a quarter over the next seven years, amid potential overcapacity troubles in emerging markets
- Ford to buy back $1.8 billion in stock – Automotive News: Ford Motor said it will repurchase $1.8 billion of its shares to reduce dilution from recent stock grants to executives and to offset shares that may be issued to holders of convertible debt.
- 2016 Ford Raptor to feature aluminum-alloy body panels, platform – KBB: There had never been anything quite like the Ford Raptor, a straight-from-the-factory off-road-ready truck, when it was launched back in 2010.
- Ford announces $1.8 billion share buyback program, can reduce debt – Reuters: Ford Motor Co announced on Wednesday a stock repurchase program of about $1.8 billion that it said will offset potential share dilution and positions the company to reduce its automotive debt by $883 million.
- California Drops $46.6 Million on New Hydrogen Fueling Stations – thedetroitbureau.com: While California is generally seen as the land of “green” experiments, the state is putting its money where its mouth is with the installation of dozens of new hydrogen fueling stations across the state at a cost of $46.6 million. Automakers are responding in kind with a slew of new fuel cell-powered vehicles coming soon’
- Self-supercharging engine scoops national innovation prize – Autocar: Oaktec Hybrids’ 400cc single-cylinder powerplant is awarded £40,000 after winning Shell-backed low-CO2 competition.
- NHTSA won’t urge GM drivers to park recalled cars – Automotive News: Federal safety regulators have refused a request from two senators to encourage owners of cars affected by General Motors’ ignition switch recall to ground their cars until they can be repaired.
- Nissan’s next EVs: More mainstream, better battery – Automotive News: Nissan wants its next-generation Leaf electric vehicle to get more mainstream styling and a new battery that more than doubles its range. And Infiniti’s delayed electric car will debut with the improved battery by early 2017.