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Filed under: Autos
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New round of U.S. loans reported for Chrysler
Chrysler, the once-bankrupt U.S. automaker that received billions in government aid last year, will soon get new federal loans to help retool factories to make more fuel efficient vehicles, according to sources familiar with the matter.
The timing of the Energy Department award to Chrysler is fluid, but sources with knowledge of the financing and the industry say the automaker will likely receive approval for new credit before General Motors Co. Get the full story »
Ford, GM gaining on Toyota, Honda in reliability
Consumer Reports magazine says Honda and Toyota still make the most problem-free cars and trucks, but Ford is closing in fast and General Motors has made big improvements in the past year. Get the full story »
BMW to recall 150,000 vehicles in U.S.
BMW AG said Tuesday that it would recall more than 150,000 vehicles in the United States due to the possibility of fuel pump failures.
BMW said some 130,000 of its 2007 to 2010 model year vehicles equipped with twin-turbo six-cylinder engines would be recalled for software updates and a potential replacement of a high-pressure fuel pump. Get the full story »
Ford posts $1.7B quarterly profit
Ford Motor Co. posted a $1.7 billion quarterly profit Tuesday that exceeded Wall Street expectations and said it expected to eliminate a net debt position in its automotive business by year-end. Get the full story »
Ford to add 1,200 jobs in Michigan
Ford Motor Co. said Monday it will invest $850 million in some of its Michigan operations, which should help create up to 1,200 jobs in the state by 2013.
The additional investment will be made between 2011 and 2013, with most of the money funneled into expanding production of Ford’s 6-speed transmissions at two plants in Livonia and Sterling Heights. Investments will also be made at the company’s axle plant, also in Sterling Heights, and the Dearborn Truck plant, which produces the F-150.
The automaker expects to create about 900 jobs hourly jobs and 300 salaried positions. The state’s unemployment stood at 13 percent in September, making it the second highest in the nation behind Nevada.
This investment is in addition to the $950 million the company previously said it would spend to change its Michigan Assembly Plant from producing large sport-utility vehicles to cars such as the Focus, which arrives in show rooms next year.
U.S. sets first mpg, emission limits for heavy trucks
The Obama administration on Monday proposed the first fuel efficiency and emissions standards for big tractor trailors and other commercial trucks that run mainly on diesel fuel.
The joint Transportation Department and Environmental Protection Agency initiative covers a range of vehicles from delivery vans to long-haul rigs and is expected to cut nearly 250 million tons of greenhouse gas emissions over the lifespans of vehicles produced within the program’s first five years. Get the full story »
Honda joins Toyota in recall over brakes
Two major Japanese automakers — Toyota Motor Corp. and Honda Motor Co. – said Thursday that they were recalling millions of vehicles to fix brakes that could leak fluids and hamper stopping power.
Toyota is calling back and repairing free 1.53 million Avalon, Highlander and Lexus vehicles. Honda said it was recalling an undetermined number of Acura sedans and Odyssey minivans. Get the full story »
U.S. nudges Ford owners to get recalled vehicles fixed
The U.S. government is urging owners of recalled Ford Motor Co. vehicles linked to engine fires to get them fixed.
The National Highway Traffic Safety Administration says about 17.5 million Ford vehicles have been recalled since 1999 over faulty cruise control switches. The switches can overheat and lead to a fire. Get the full story »
J.D. Power scales back 2011 auto sales forecast
J.D. Power and Associates Thursday cut its forecast for 2011 U.S. total light vehicle sales, based on a slower economic recovery than expected.
Next year’s total light vehicle sales forecast was cut to 12.9 million vehicles from 13.2 million. Get the full story »
Hyundai: We’re more American than Detroit
Vehicle springs, awaiting installation at the Hyundai plant in Montgomery, Ala. (Dave Martin/Bloomberg News)
By next year about 80 percent of the vehicles Korean automaker Hyundai sells in the United States will be built here, the CEO of the automaker’s U.S. arm told CNNMoney.
That percentage would likely put Hyundai at the top of the “Made in the USA“ rankings among all automakers operating in the U.S., including Ford, Chrysler and General Motors. Get the full story »
Harley-Davidson tops Wall Street estimates
A sign outside Harley Davidson's headquarters in Milwaukee, July 19, 2010. (AP Photo/Morry Gash, file)
Harley-Davidson Inc. and Polaris Industries Inc. both posted profits that beat expectations, but high unemployment cast a pall over the former’s results.
Harley-Davidson’s beat stemmed from a higher operating profit at the company’s finance arm. Falling credit losses and cheaper borrowing costs at the unit helped offset continued softness in worldwide motorcycle sales.
Polaris’ beat resulted from a nearly 50 percent jump in sales of the company’s all-terrain vehicles, whose side-by-side seating plan has proved popular with buyers, including many farmers, who use the vehicle as a work vehicle. Get the full story »
Ford set to cut ties with Mazda
Ford Motor Co. and Mazda Motor Corp. look set to drift further apart as the U.S. carmaker plans to wind down its stake in the Japanese company, leaving Mazda freer to make decisions, but possibly in need of a new partner down the line.
Ford is set to sell most almost all of its stake in Mazda, which stands at 11 percent, a source told Reuters Saturday. Trading house Sumitomo Corp. and other Japanese business partners of Mazda were in talks to buy the shares, the source said. Get the full story »
Navistar, UAW reach tentative contract deal
Commercial truck maker Navistar International Corp. and the United Auto Workers Union have reached a tentative agreement on a four-year contract, the company said.
No details of the deal reached late Saturday were released by the company or the union. The agreement is subject to a ratification vote by union members at six Navistar sites. A majority of the members voting on the tentative contract must approve it for the deal to become binding. Get the full story »
GM clarifies chairman’s comments about IPO
General Motors is clarifying comments made earlier this week by Chairman Ed Whitacre about the automaker’s expected initial public offering.
Whitacre told reporters in San Antonio on Wednesday that GM’s IPO would take place sometime in November and shares would be priced from $20 to $25 per share. Get the full story »
