Top News & Analysis Detroit

More

  • SPARKS, Nevada, July 26- Tesla Motors Inc's next strategic turn could cost the electric car maker "tens of billions" of dollars over the long term, but will likely require only a "modest" capital raise, Chief Executive Elon Musk said on Tuesday. While some analysts have questioned how profitable the Model 3 will be, Musk on Tuesday said he expects the car to generate $20...

  • SPARKS, Nevada, July 26- Tesla Motors Inc's "master plan" to broaden the electric vehicle maker's product line could cost "tens of billions" of dollars over time and would likely require a "modest capital raise," Chief Executive Elon Musk said on Tuesday. Speaking at a formal unveiling of Tesla's $5 billion battery "gigafactory" outside Reno, Nevada, Musk said the new...

  • July 26- Fiat Chrysler Automobiles said on Tuesday it had revised more than five years of monthly U.S. vehicle sales figures to reflect a new reporting method, amid an investigation by federal authorities into claims of inflated sales figures. The company has boasted for several years of carving out year-over-year sales gains every month since April 2010, for a...

  • July 26- Fiat Chrysler Automobiles announced changes in the way it reports U.S. vehicle sales on Tuesday amid an investigation by federal authorities into claims of inflated sales figures. The maker of Jeep and Dodge vehicles said earlier this month that it was cooperating with investigations by the U.S. Justice Department and the Securities and Exchange...

  • BENGALURU/ DETROIT, July 26- A rift between Tesla Motors Inc and key supplier Mobileye NV sent down shares of the Israeli maker of chips for the electric vehicle maker's semi-automated Autopilot system and fanned debate on self-driving vehicle technology. Mobileye shares, which have been wildly popular with institutional and tech investors, were down 7.7...

  • DETROIT— Fiat Chrysler has revised more than five years of U.S. sales figures and says a much-touted streak of 75 months of gains should have ended in 2013.. The move comes as the Justice Department and Securities and Exchange Commission investigate whether the company inflated sales by pressing dealers to buy more vehicles. Neither Justice nor the SEC would...

  • July 26- United Auto Workers President Dennis Williams said on Tuesday that presumptive Democratic presidential candidate Hillary Clinton has assured him she would renegotiate the North American Free Trade Agreement if she is elected president. Williams said he hopes that an updated treaty would help foster stronger worker unions in Mexico, where many...

  • BENGALURU/ DETROIT, July 26- A widening rift between electric vehicle maker Tesla Motors Inc and Mobileye NV sent shares of the Israeli maker of driving-assistance chips and software plunging on Tuesday and fanned debate on self-driving vehicle technology. Mobileye shares, which have been wildly popular with institutional and tech investors, were down 9...

  • DETROIT— Fiat Chrysler says it will sink $1.5 billion into a suburban Detroit factory as it retools plants to make more trucks and SUVs and stops producing small and midsize cars. With the investment announced Tuesday, the company will equip the Sterling Heights, Michigan, Assembly Plant so it can make Ram pickup trucks. CEO Sergio Marchionne has said the company...

  • BENGALURU/ DETROIT, July 26- A widening rift between electric vehicle maker Tesla Motors Inc and Mobileye NV sent shares of the Israeli maker of driving-assistance chips and software plunging on Tuesday and fanned debate on self-driving vehicle technology. Mobileye shares, which have been wildly popular with institutional and tech investors, were down 10.7...

  • BENGALURU/ DETROIT, July 26- A widening rift between electric vehicle maker Tesla Motors Inc and Mobileye NV sent shares of the Israeli maker of driving-assistance chips and software plunging on Tuesday. Mobileye shares, which have been wildly popular with institutional and tech investors, were down 12.6 percent to $43.09 at mid-morning, after the company...

  • DETROIT _ Ally Financial Inc. on Tuesday reported second-quarter net income of $360 million, after reporting a loss in the same period a year earlier. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share. Ally Financial shares have decreased slightly more than 5 percent since the beginning of the...

  • DETROIT _ DTE Energy Co. on Tuesday reported second-quarter net income of $152 million. DTE Energy expects full-year earnings in the range of $4.91 to $5.19 per share. DTE Energy shares have increased 23 percent since the beginning of the year, while the Standard& Poor's 500 index has risen 6 percent.

  • NEW YORK/ CHICAGO, July 26- Record low interest rates so far have failed to spur a wave of new borrowing in the $3.7 trillion U.S. municipal debt market, with one exception: its weakest borrowers are seizing the opportunity to prop up their finances at costs they can afford. Some cash-strapped areas, including Illinois and low-rated Chicago, can also issue bonds for...

  • NEW YORK/ CHICAGO, July 26- Record low interest rates so far have failed to spur a wave of new borrowing in the $3.7 trillion U.S. municipal debt market, with one exception: its weakest borrowers are seizing the opportunity to prop up their finances at costs they can afford. Some cash-strapped areas, including Illinois and low-rated Chicago, can also issue bonds for...

  • DETROIT— Fiat Chrysler is recalling nearly 410,000 vehicles worldwide because a wiring problem can cause them to move slowly. The company said Friday that the recall covers some Jeep Renegade and Cherokee SUVs, Chrysler 200 sedans and Ram ProMaster City vans from the 2015 model year. Vehicles built after Sept. 23, 2014 aren't affected.

  • Limited details of the plan were made public last week at a regional dealer meeting in Newark, New Jersey, by Volkswagen of America Chief Operating Officer Mark McNabb, said the dealers, who asked not to be identified because the plan hasn't been made public. Both dealers said they were told that more testing was needed and that the plans still had to be approved by...

  • LONDON, July 22- The number of London Metal Exchange physical storage units continues to decline in tandem with falling registered stocks. As of July 8 there were 608 registered warehouses for the storage of base metals, down from 621 a year ago and from almost 700 in 2012 and 2013.. Total exchange-registered stocks have fallen to 3.6 million tonnes from over 7.5...

  • July 21- Elon Musk's latest "master plan" for Tesla Motors Inc to develop an electric commercial truck, a public bus, a pickup and systems to enable fully autonomous driving could cost $2 billion to $3 billion or more, experts and analysts said Thursday. However, analysts said it is likely Tesla will have to go back to investors for more capital to fund the plan, despite...

  • NEW YORK, July 21- An Arab-American family whose business and personal bank accounts were closed in 2014 without explanation can sue JPMorgan Chase for racial discrimination, a federal judge in Detroit has ruled. Filed in February, the lawsuit by Najah Manni, his wife Kathy and their two children says the largest U.S. bank further discriminated against them by...