- BRIEF-Fiat Chrysler CEO says next investment cycle will take time to happen – Reuters: Fiat Chrysler Automobiles CEO Sergio Marchionne: * COMMENTING ON LOWER DEBT IN Q1, SAYS CURRENT INVESTMENT CYCLE COMING TO AN END, NEXT PHASE WILL TAKE TIME TO MATERIALISE
- Fiat Chrysler cuts debt by more than expected – Reuters: Fiat Chrysler Automobiles (FCA) reduced its debts by more than expected in the first quarter, putting the carmaker well on course to become cash positive later this year.
- Jeep powers Fiat Chrysler quarterly profit jump of 60% to $1.2 billion – Freep: Fiat Chrysler Automobiles shipped more Jeeps in this year’s first quarter and turned around losses in South America.
- General Motors reports pretax profit of $2.6B in first quarter – Freep: General Motors reports pre-tax profits of $2.6B in first quarter
- S.Korea antitrust chief says activist Elliott’s Hyundai demand “inappropriate” – Reuters: South Korea’s antitrust chief on Thursday said U.S. activist fund Elliott Management’s proposal for Hyundai Motor Group to adopt a holding company structure was “inappropriate” and, if implemented, would be in violation of antitrust law.
- GM profit dips on truck changeover but beats estimates – Reuters: General Motors Co (GM.N) on Thursday … Like rivals Ford Motor Co (F.N) and Fiat Chrysler Automobiles NV (FCHA.MI), GM is … Earlier this year, GM said its 2018 profits would be flat compared with 2017, but expected its all-new pickup trucks would…
- Fiat Chrysler Q1 profit rises 5% – Automotive News: Fiat Chrysler Automobiles said its first-quarter operating profit rose 5 percent to 1.61 billion euros ($1.96 billion) with positive results in Europe and North America offsetting lower earnings in North America. Earnings before interest and tax (EBIT)…
- Elon Musk’s big ambitions may be killing Tesla – CNBC: Elon Musk has a lot going on. And it may be coming at the expense of his core business – Tesla. Let’s go back to the company’s start. Tesla was founded by friends of Musk in 2003, just one year after Musk started SpaceX. But Tesla’s mission to bring…
- VW’s New CEO Pledges to Lift Profitability Amid Industry Changes – Bloomberg: The shares advanced as much as 4.4 percent, aided by lower cash outlays on diesel-related matters and a Bloomberg News report that China is considering proposals to cut the import duty on passenger cars, a move that will aid VW brands including Porsche…
- Jim Chanos on Tesla’s ‘stunning’ accelerated rate of executive departures – CNBC: Live TV. You May Like. ‹ › Latest Video. ‹ 08:41. Jim Chanos on Tesla’s ‘stunning’ accelerated …
- GM quarterly profit falls but beats Wall Street estimates – Reuters: General Motors Co on Thursday reported a lower first-quarter net profit as it began the changeover to a redesigned family of high-margin pickup trucks that resulted in lower production, but came in above Wall Street expectations.
- Korean restructuring costs hit General Motors’ Q1 profits – FT: General Motors’ first-quarter profits slid largely due to a $900m restructuring charge for its troubled Korean business and planned factory shutdowns for the … ?Asked whether GM also plans to get out of the car market, Mr Stevens said ? ?”we’ve been…
- Fiat Chrysler surprises with more aggressive debt cut in first quarter – Reuters: Fiat Chrysler Automobiles (FCA) (FCHA.MI) erased more debt in the first quarter than expected, putting the group on course to become cash positive by the end of this year, and confirmed its full year targets.
- Currencies and new models take toll on Fiat Chrysler in US – FT: Profits in Fiat Chrysler’s core North American arm fell in the first three months of the year due to foreign exchange rates, vehicle depreciation and the cost of launching new models. The fall weighed on the Jeep owner’s global profits, and although…
- GM agrees to provide $3.6 billion funding to South Korean unit: South Korea – Reuters: General Motors has agreed to provide $3.6 billion in fresh funding to its troubled South Korean unit, higher than its previously proposed $2.3 billion as part of a preliminary deal, South Korea said on Thursday.
- GM’s Profit Sinks on Restructuring, Other Costs – WSJ: GM”s first-quarter net income sank 60% amid hefty restructuring costs in South Korea and lost production in the U.S. from planned factory downtime.
- GM’s Crossovers Keep Profit Rolling Through Truck Factory Revamp – Bloomberg: s hot-selling new crossovers are padding profit for the largest U.S. automaker amid a costly transition in its truck factories. … The company is counting on continued growth in China and from new sport utility vehicles in the U.S. to make up for…
- Short-seller Jim Chanos says Elon Musk ‘may be misleading investors’ – CNBC: Musk “may be misleading investors,” he said Thursday on CNBC’s “Squawk Box.” “I think Elon Musk has crossed the rubicon in terms of making statements to investors that he might rue later.” The investor cited Musk’s future products announcements. Musk…
- Uber to update ‘bug bounty’ policies after 2016 data breach: executive – Reuters: Uber on Thursday plans to announce changes to how it rewards cyber researchers who report flaws in its software, a company executive told Reuters, as part of the ride-hailing firm’s response to concerns raised about the way it handled a data breach in…
- GM quarterly profit falls but beats Wall St estimates – Reuters: General Motors Co on Thursday reported a lower first-quarter net profit as it began the changeover to a redesigned family of high-margin pickup trucks that resulted in lower production, but came in above Wall Street expectations.
- The World’s Lithium King Is Ready to Unleash a Flood of New Supply – Bloomberg: … eventually quadruple lithium capacity, thanks to recent agreements between the company and the Chilean government. Ramping up production of the mineral, once mined mostly as the main ingredient in anti-schizophrenia drugs, will help meet seemingly…
- GM earns $2.6B in first quarter – Detroitnews: General Motors Co. reported $2.6 billion in pre-tax earnings in Q1 of 2018, down 26.6 percent from 2017
- Uber to update ‘bug bounty’ policies after 2016 data breach -executive – Reuters: Uber on Thursday plans to announce changes to how it rewards cyber researchers who report flaws in its software, a company executive told Reuters, as part of the ride-hailing firm’s response to concerns raised about the way it handled a data breach in…
- Renault shoots for sevenfold increase in China sales by 2022 – Nikkei:
- Fiat Chrysler surprises with more aggressive debt cut in Q1 – Reuters: Fiat Chrysler Automobiles (FCA) erased more debt in the first quarter than expected, putting the group on course to become cash positive by the end of this year, and confirmed its full year targets. The world’s seventh-largest carmaker said net debt…
- New Volkswagen CEO Gets Off to a Strong Start – WSJ: New Volkswagen Chief Executive Herbert Diess”s tenure got off to a strong start as the auto giant reported a rise in sales and said its broad revamp was on track.
- SoftBank in Talks to Buy IPO Shares of Chinese Electric-Car Maker NIO – WSJ: NIO is planning to go public at a time of immense growth for the Chinese electric-vehicle industry. Sales of electric passenger cars in the country rose 72% to 578,000 last year, four times the number sold in the U.S. Chinese manufacturers have been…
- New CEO declares Volkswagen on right path despite profit hit – Reuters: Czech division Skoda, the biggest intra-group beneficiary from VW’s modular production platforms, kept its return on sales at 9.6 percent, only lagging sports car brand Porsche where investment in electric-car assembly brought down the operating margin…
- South Korea antitrust chief says activist Elliott’s demand on Hyundai “inappropriate” – Reuters: South Korea’s antitrust chief on Thursday said U.S. activist fund Elliott Management’s proposal for Hyundai Motor Group to adopt a holding company structure is “inappropriate” and, if implemented, would be in violation of antitrust law.
- General Motors reports first-quarter earnings before the bell – here is what Wall Street expects – CNBC: The largest US automaker releases earnings Tuesday, as it shifts resources toward the SUVs and trucks consumers favor.
- S.Korea antitrust chief says activist Elliott’s demand on Hyundai “inappropriate” – Reuters: South Korea’s antitrust chief on Thursday said U.S. activist fund Elliott Management’s proposal for Hyundai Motor Group to adopt a holding company structure is inappropriate and, if implemented, would be in violation of antitrust law. The proposal…
- Tesla’s Autopilot Ambitions Just Took Another Big Hit – Fortune: Tesla has lost another key executive: Jim Keller, the chip-design superstar who was in charge of developing the electric car company’s in-house artificial intelligence processor. Keller is a veteran of AMD (amd) and Apple (aapl), having designed the…
- Morning Brief: Ford plans to end most of its US cars – Yahoo: The changes include getting rid of all cars in the region during the next four years except for the Mustang sports car and a compact Focus crossover … or July, targeting a market value of $2.5 billion to $3 billion, said the people, who asked not to…
- Exclusive: Chip wars – China closing in on second $19 billion semiconductor fund: sources – Reuters: China’s state-backed semiconductor fund is near to closing a 120 billion yuan ($18.98 billion)investment round for a … despite making the sector a priority under a push by President Xi Jinping to boost China’s own high-tech sectors, from robotics to…
- Tesla Model 3: Highly innovative, but built with ‘dinosaur technology’ – Freep: The Tesla Model 3 appears to be a tale of two cars. Elon Musk’s vision of an electric vehicle for the masses pairs innovative electronics and interior material choices with basic car construction that puzzles the likes of Sandy Munro, whose Auburn …
- Nissan CEO says ‘no merit’ in merger with Renault, paper reports – Automotive News: Saikawa wants to maintain Nissan’s three-way alliance with Renault and Mitsubishi, while striving to make management more efficient, the Nikkei reported.
- It’s a Bad Time to Stop Making Small Cars – Bloomberg: At some point over the past year the major auto companies recognized and announced that electric vehicles were the future, and said they were going to invest accordingly. Ford announced in January that it would invest $11 billion in electric vehicle…
- Ford to ditch Fiesta and saloons from US line-up by 2020 – Autocar: The Fusion is the US version of the Mondeo Blue Oval focuses on strongest-selling models and electrification
- South Korea to inject $750 million into GM’s South Korean unit: Yonhap – Reuters: State-run Korea Development Bank plans to inject $750 million into General Motors Co’s (GM.N) South Korean unit, Yonhap news agency reported on Thursday. The amount would be higher than a previously planned 500 billion won ($463 million), Yonhap said….
- Hyundai’s Q1 profit halves on bleak US, China sales – Automotive News: The lackluster results underline how Hyundai, which has been in the red for the past five years, continues to pay the price for its heavy reliance on sedan sales in the U.S. and China, the world’s top two auto markets, at a time when SUVs are all the…
- Hyundai Motor first-quarter profit halves to six-year low on drab US sales – Reuters: The lacklustre results serve as a reminder of how Hyundai, which has been in the red for five years, continues to struggle due to its heavy reliance on sedan sales and slow response to rising demand for sport utility vehicles (SUVs) in China and the…
- Hyundai Motor Q1 profit halves to six-year low on drab U.S. sales – Reuters: * Introduction of new SUV models to help improve results -CFO
- Volkswagen on right path for new CEO despite profit hit – Reuters: Volkswagen’s first-quarter operating profit fell on Thursday, but optimism over its new chief executive and lower diesel emissions scandal provisions lifted its shares.
- Toyota Targets Big Fleets With Connected-Car Push Into Europe – Bloomberg: The London-based unit is starting with $6.3 million (4.5 million pounds) in seed money from Toyota and plans to hire as many as 50 software developers, engineers and data analysts. Its purpose is to harness Toyota’s global data-mining capabilities to…
- BRIEF-Airbus and Audi partner to provide air & ground urban mobility services – Reuters: Airbus SE/Audi: * Airbus and the German car manufacturer Audi have teamed up to develop real, near-term urban mobility solutions. * Beginning this summer, Airbus – through its on-demand helicopter platform Voom – will partner with Audi to deliver an…
- Tesla’s head of Autopilot leaves, ex-Apple exec to succeed – Reuters: Tesla Inc said on Thursday Jim Keller, the head of its low-voltage hardware, Autopilot software and infotainment, is leaving the automaker to focus on microprocessor engineering with another company. Pete Bannon, who has been with Tesla for over two…
- Toyota launches London start-up for ‘new car services’ – FT: Toyota is opening a European start-up office in London to develop new transport services as part of an ambitious bet it can build expertise in upcoming technologies from ride hailing to car sharing. Under its Toyota Connected arm, the Japanese carmaker…
- VW first-quarter profit drops 3.6 percent on accounting changes – Reuters: Volkswagen on Thursday posted a surprise drop in first-quarter operating profit as accounting changes, currency headwinds and technology costs weighed on group results.
- Test-Driving the Lamborghini Urus, a Supercar in SUV Clothing – Bloomberg: Last year, Lamborghini sold fewer than 3,900 units worldwide of its two models, the Huracán and Aventador. At full production, the SUV will almost double that number, strengthening Lamborghini’s position as VW moves to bundle some of its iconic brands…
- BRIEF-Tesla’s Autopilot Chief Jim Keller Has Stepped Down From Role – Reuters: ) – Tesla Inc: * TESLA’S AUTOPILOT CHIEF JIM KELLER HAS STEPPED DOWN FROM ROLE – SPOKESPERSON. * TESLA SAYS PETE BANNON, WHO HAS BEEN AT …
- Tesla’s Autopilot Hit With More Turmoil as Leader Departs for Intel – WSJ: Tesla has had several departures from its senior ranks since the start of last year, including its top sales executive and chief financial officer. The company is struggling to ramp up production of the Model 3, a sedan that is supposed to help make …
- Hyundai Motor net profit nearly halves in Q1 – FT: Hyundai Motor’s net profit nearly halved in the first three months of 2018 from a year earlier due to falling sales in its main overseas markets including the US and China. But the South Korean carmaker expects its earnings to improve in the coming…
- Hyundai Motor Q1 profit halves as bleak U.S., China sales persist – Reuters: Hyundai Motor said its first-quarter net profit halved, missing estimates by a big margin, as bleak U.S. and China sales offset business at home that improved amid the woes of rival General Motors’ South Korean unit.
- Tesla has over 300 Chinese startups hot on its tail – Nikkei:
- Tesla’s Autopilot Chief Keller Steps Down After Two Years – Bloomberg: Keller, whose departure was earlier reported by Electrek, joined Tesla from Advanced Micro Devices Inc. in January 2016. “Today is Jim Keller’s last day at Tesla, where he has overseen low-voltage hardware, Autopilot software and infotainment,” Tesla …
- ‘Tesla reminds me of Apple,’ says the president of a Chinese start-up – CNBC: A Tesla move into China’s electric vehicle market should be welcomed, according to a Chinese start-up.
- China Mulls Cutting Car Import Duty by About Half – Bloomberg: As part of the trade spat, China has threatened to slap an additional 25 percent import duty on cars made in the U.S., which would come on top of any other tariffs. Tesla Chief Executive Officer Elon Musk responded to Xi’s announcement for the lowered…
- Nissan production, sales and exports for March 2018 and April 2017-March 2018 – Nissan-global: Nissan Motor Co., Ltd. today announced production, sales and export figures for March 2018 and for the 12 months ended March 31.”The April 2017-March 2018 period set global production and sales records yet again,” said Executive Vice President Daniele…
- TMC Announces Results for March 2018 and Fiscal Year Ended March 31, 2018 – Toyota: Toyota Motor Corporation (TMC) announces its production, domestic sales, and export results, including those for subsidiaries Daihatsu Motor Co., Ltd. and Hino Motors, Ltd. for March 2018 as well as the fiscal year from April 1, 2017 to March 31, 2018.
- GM president says ‘very close to resolution’ for S. Korea unit – Yonhap: The KDB is the second-biggest shareholder with a stake of 17 percent in GM Korea, with GM controlling 77 percent and SAIC Motor Corp. 6 percent. On Monday, the 12,000-member GM Korea union reached a tentative agreement on the self-help plan that…
- Asia a bright spot for Japan carmakers facing sluggish U.S. sales, trade concerns – Reuters: Japanese automakers that rely heavily on exports to sell their models in the United States would be hardest hit by trade restrictions the country is threatening to impose, as rivals with more limited exposure focus on growing, niche markets.
- On the hunt for collectible bits from automotive past – Detroitnews: Hood ornaments, gas station memorabilia and old car advertisements are treasures for some collectors
- Asia a bright spot for Japan carmakers facing sluggish US sales, trade concerns – Reuters: (W)e see risks to the sustainability of export operations at Mazda Motor and Mitsubishi Motors, which are highly exposed to exports and have no production bases in the U.S. at present, Nomura analyst Masataka Kunugimoto said in a research note earlier…
- Roush unleashes the beast in the Ford Super Duty F-250 – Detroitnews: Ferocious-looking Super Duty pickup from Roush Performance will make the earth tremble
- Howes: China moving deliberately into global auto club – Detroitnews: Geely chairman: ‘I want the whole world to hear the cacophony generated by Geely and other made-in-China cars.”
- Ford Australia fined $10m for mishandling complaints over faulty gearboxes – Guardian: The consumer watchdog took action against Ford Australia for mishandling customer complaints over cars that shuddered, jerked or lost power because of faulty transmissions. Some customers were told it was their driving style causing the clutch…
- Head-on crash caught on dashcam sparks online debate – Yahoo: The footage, posted to the Dascham Owners Australia Facebook page shows a car travelling down Harold Street in Macquarie Fields near the Glenquarie shopping centre when a dark-coloured Mazda pulls out in front of it. The two vehicles collide and the…
- Daimler Adopts Kawasaki Pressure Reducing Valve for New FCV – Japanautomotivedaily: Kawasaki Heavy Industries Ltd. (TYO:7012) announced on April 23 that its newly developed pressure reducing valve for high-pressure hydrogen has []
- UD Trucks Plans for Self-Driving and Electric Heavy-Duty Trucks by 2030 – Japanautomotivedaily: UD Trucks Corp. announced on April 23 that it is aiming to have fully autonomous, fully electric heavy-duty trucks in []
- Suzuki to Launch Second-Generation Ertiga in Indonesia – Japanautomotivedaily: Suzuki Motor Corp. (TYO:7269) is bringing Indonesia a fully revamped model of its three-row, seven-seater Ertiga. Indonesian subsidiary PT Suzuki []
- Isuzu Launches Traga Light-Duty Truck in Indonesia – Japanautomotivedaily: Isuzu Motors Ltd. (TYO:7202) announced on April 23 its development of the Traga, a light-duty truck with a gross vehicle []
- GM president says near resolution for South Korea unit, union accepts wage deal – Reuters: GM president says near resolution for South Korea unit, union accepts wage deal … SEOUL (Reuters) – General Motors Co’s (GM. … Over the last few months, over the last few weeks a lot of very good progress has been made, GM President Dan Ammann said…
- Mustang, Focus crossover will be only Ford models on the market by 2020 – CBS News: Ford Motor Co. (F) said Wednesday it will shed most of its North American car lineup as part of broad plan to save money and make the company more competitive in a fast-changing marketplace. The changes include getting rid of all cars in the region…
- GM’s South Korean union accepts wage deal – Reuters: Unionized workers at General Motors Co’s South Korean unit voted to approve a tentative wage deal agreed with the automaker, the union said on Thursday.
- Payne review: Flamboyant Lexus LS 500 lives large – Detroitnews: In 1989, “The Simpsons” debuted on television, the Tigers were mired in a rebuilding year and the fall of the Berlin Wall promised the end of the Cold War. Thirty years later, and the Simpsons are still America’s family, the Tigers are again…
- GM president says close to resolution to fix its South Korean unit – Reuters: General Motors Co’s president said on Thursday that it was very close to a resolution to fix its ailing South Korean unit.
- BRIEF-ACCC Says Court Orders Ford To Pay $10 Mln Penalty For Unconscionable Conduct – Reuters: Australian Competition and Consumer Commission:
- Nissan CEO says ‘no merit’ in merger with Renault: Nikkei – Reuters: Nissan owns a 15 percent controlling stake in Renault, with no voting rights. Renault owns 43.4 percent of Nissan and has limited formal control. Saikawa said Nissan sought to maintain its three-way alliance with Renault and Mitsubishi Motors Corp…
- Abandon Car! Ford Dropping All Passenger-Car Models Except Mustang – Yahoo: In a separate post on Medium, Ford CEO Jim Farley said Ford’s trucks and SUVs will soon become 86 percent of the company’s U.S. volume. In its statement, Ford said it will rely solely on a two-car lineup, the new Focus Active-a raised, body-cladded…