CNBC's Phil LeBeau talks with General Motors CFO Chuck Stevens about GM's Q2 results and the $400 million fund the company set aside for the ignition switch recall. Ultimately the cost of the program will be independently determined by Ken Feinberg, says Stevens.» Read More
CNBC's Phil LeBeau breaks down the automaker's Q2 results of EPS $0.40 ex-items on revenues of $35.3 billion.
Itay Michaeli, auto analyst at Citi, discusses General Motors (GM) and Ford ahead of their quarterly results. He says GM's outlook for the rest of the year should be pretty positive on the back of strong U.S. results.
Despite selling more cars, Hyundai said its bottom line was hit by the sharp rise of the South Korean won. Those two models have been popular in South Korea, helping Hyundai win back some ground after taking a hit last year from greater available of foreign cars.
General Motors announced on Wednesday six more safety recalls on 717,950 U.S. vehicles.
DETROIT— General Motors issued six more recalls on Wednesday, bringing its annual total to 60 recalls covering almost 30 million vehicles.
The Stuttgart- based maker of cars and trucks has been trying to bounce back after rival Audi eclipsed Mercedes in 2011 as the world's second biggest luxury car maker behind BMW.
*Investors keeping wary eye on Ukraine crisis. LONDON, July 23- Higher profits at carmaker Daimler and chemicals group Akzo Nobel lifted European shares on Wednesday, offsetting concerns about tighter Western sanctions on Russia over the Ukraine crisis.
OTTAWA, July 23- Strong car sales helped push Canadian retail trade up by 0.7 percent in May to C $41.98 billion, eclipsing April's record sales, Statistics Canada reported on Wednesday. Sales by motor vehicle and parts dealers, which account for just under one quarter of total retail sales, were up 2.5 percent.
*Investors keeping wary eye on Ukraine crisis. LONDON, July 23- Forecast-beating earnings from carmaker Daimler and chemicals group Akzo Nobel lifted European shares on Wednesday, offsetting concerns about a ramping up of sanctions against Russia over the Ukraine crisis.
BERLIN— Automaker Daimler AG reported a 6 percent increase in second-quarter revenue and confirmed its full-year targets on Wednesday as new models and cost-cutting efforts helped its performance, though net profit declined sharply after a big one-time gain last year.
MEXICO CITY, July 22- South Korean automaker Kia Motors Corp is in talks with Mexico to open a new auto plant worth at least $1.5 billion, officials from Nuevo Leon's state government said on Tuesday.
DETROIT, July 22- Chrysler Group LLC said on Tuesday it is recalling 792,300 older-model Jeep SUVs for ignition switch problems, the second recall of its kind for the No. 3 U.S. automaker this year. Of the recalled models, 649,900 are in the United States, 28,800 are in Canada, 12,800 in Mexico and 100,800 outside of North America.
DETROIT— The ignition switch defects that engulfed General Motors are now a rapidly growing problem at Chrysler. Chrysler said Tuesday it is recalling up to 792,300 older Jeep SUVs worldwide because the ignition switches could fall out of the "run" position, shutting off the engine and disabling air bags as well as power-assisted steering and braking.
July 22- U.S. motorcycle maker Harley Davidson Inc came late to the offshoring game. For Harley-Davidson, they turned a happy debut into a near-debacle, as its second-quarter earnings released on Tuesday showed.
LANSING, Mich.— Michigan on Tuesday approved state incentives for nine economic development projects expected to bring about 3,900 jobs, nearly half from General Motors consolidating engineering jobs from outside the state at a site in Michigan.
WASHINGTON— In a story July 16, The Associated Press reported that General Motors became the first big automaker to support legislation barring rental-car companies from renting or selling vehicles subject to a recall.
July 22- Harley-Davidson Inc cut its full-year forecast for motorcycle shipments on Tuesday, citing weaker-than-expected U.S. retail sales and a delay in getting its newest bike into dealer showrooms.
Odds are the person driving with the top down is a wealthy baby boomer who probably has a bachelor's degree, or perhaps even a master's or doctorate.
July 22- Harley-Davidson Inc reported a higher-than-expected quarterly profit on Tuesday but cut its full-year forecast for motorcycle shipments, citing weaker-than-expected U.S. retail sales and a delay in getting its newest bike into dealer showrooms.
*Profit $1.18/ shr vs est $1.09/ shr. The company, which gets most of its revenue from the sale of luxury and mid-line cars made by BMW, Mercedes-Benz and Honda, said it sold 13 percent more luxury cars at stores opened for at least a year.