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Archive for the ‘Earnings’ Category

General Motors Expecting Big Profits for 2018

Company expects stable results in North America and China.

by on Jan.16, 2018

GM CEO Mary Barra said she believes that all of the fundamentals that brought profits to GM in 2017 are in place to repeat in 2018.

General Motors Co. expects strong earnings in 2018, as it builds on an expected record 2017 diluted-adjusted EPS as well as previous record earnings in 2016 and 2015.

GM’s bullish forecast comes on the heels of a bullish prediction for 2018 from Fiat Chrysler Automobiles N.V. Chief Sergio Marchionne, who told reporters at the Detroit Auto Show that he expected upward of $9 billion in operating profits from FCA for the full-year even as it falls short of the sales targets laid out in four-year plan set out 2014 when it predicted sales of 7 million units.

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The company’s “product cadence” will help FCA offset any potential weakening in the economic outlook, added Marchionne, who noted the company was bringing out a new version of the Jeep Cherokee and brand-new Jeep Wrangler as well as the new Ram 1500 pickup truck. (more…)

No Sale: FCA Not Negotiating with Chinese Nor Willing to Sell Off Jeep, Says Marchionne

Exec plans to release his final 5-year plan this quarter and then name his successor.

by on Jan.15, 2018

Marchionne plans to reveal his successor a few months from now but confides no women are in the running.

Fiat Chrysler Automobiles isn’t open to selling off its Jeep brand nor has it fielded any offers for a complete takeover by a Chinese company, FCA Chief Executive Sergio Marchionne said during a media roundtable at the North American International Auto Show in Detroit on Monday.

Marchionne said he wanted to clear up reports that have, in recent months, suggested Fiat Chrysler was up for sale – or that it was willing to let go of some key assets, such as the Jeep or Ram brands. But the executive did not rule out a closer relations with GAC, the Guangzhou-based automaker that serves as its partner in the Chinese market.

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“Without them we could not have gone as far as we have in China,” said Marchionne, who stressed “We are not going to break up (the company and) we are having no discussions with anyone in China interested in acquiring us.”

(more…)

Mercedes-Benz Tops in Global Luxury Vehicle Sales for 2017

BMW, Audi finish second and third, respectively.

by on Jan.09, 2018

Mercedes-Benz once again captured the top spot in global sales among luxury brands.

Mercedes-Benz is once again laying claim to the title of the best-selling premium automotive brand in the world.

In 2017, the German luxury car manufacturer posted its most successful year of sales in its long history, increasing its unit sales by 9.9% to 2,289,344 vehicles.

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“Last year, Mercedes-Benz Cars delivered more than 2.4 million Mercedes-Benz and smart to customers all over the world,” said Dieter Zetsche, chairman of the Board of Management of Daimler AG and head of Mercedes-Benz Cars. (more…)

Automakers Wondering about 2018 After Slow December

Makers, analysts looking for sales to fall, but how far?

by on Jan.04, 2018

Sport-utility vehicles, like the Hyundai Sante Fe, dominated sales in 2017.

A tough December that forced car makers to utilize tactics such as selling to rental fleets and heavy promotions have left car makers pondering what’s in store for 2018.

A seven-year expansion in sales ended with a small downturn in 2017 that was felt up and down the value chain as automakers such as Mercedes-Benz, BMW, Lexus and Cadillac as well as Ford, Chevrolet, Toyota, Kia and Hyundai saw their sales lost ground. Ford acknowledged boosting its sales to rental fleets at the end of the year, while Nissan, Toyota and Hyundai-Kia boosted deliveries to rental fleets.

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Meanwhile, economists tied to the industry are debating whether the increases in interest rates approved and planned by the Federal Reserve Board will have a significant impact on sales in 2018. (more…)

Ford, Mazda Recall 380K Trucks for Takata Airbag Problem

Fix is actually part two of a two-stage repair.

by on Dec.21, 2017

The 2004-06 Ford Ranger is being recalled for a second time to repair faulty Takata airbags.

In wake of the news of a 20th fatality attributed to Takata’s faulty airbags, Ford and Mazda announced they are recalling more than 380,000 older small pickup trucks for a second time to replace Takata airbag inflators.

The recalls cover driver- and passenger-side inflators in certain 2004 to 2006 Ford Ranger and Mazda B-Series trucks made by Ford. The vehicles were recalled in 2015 and 2016 to replace the inflators with newer versions, but the fix was only temporary.

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Now the new inflators no longer use ammonium nitrate, which becomes unstable over time under certain conditions, and are replacing the temporary models which still used the compound. (more…)

Former Union Leader Ashton Quits GM Board

Resignation comes at investigators scrutinize UAW funds.

by on Dec.15, 2017

Former UAW Vice President Joe Ashton resigned from the General Motors' Board of Directors as federal investigators.

General Motors Co. announced Joseph Ashton, a former United Auto Workers vice president who led the union’s GM department, resigned from the company’s board effectively immediately.

Ashton was nominated to the GM board by the UAW Retiree Medical Benefits trust, which administers funds that pay for health benefits for UAW-GM retirees and holds a large block of General Motors stock.

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The trust received the stock has part of the restructuring of GM supervised by the federal government after the company was forced into bankruptcy in 2009. (more…)