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Automobiles and Components

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  • WASHINGTON, Oct 23- Two U.S. senators demanded Thursday that safety regulators issue a nationwide recall of automobiles with potentially defective air bags that can launch metal shards into occupants. Senators Richard Blumenthal of Connecticut and Edward Markey of Massachusetts, both Democrats, said the National Highway Traffic Safety Administration...

  • Toyota sells some Tesla Motors shares - Nikkei Thursday, 23 Oct 2014 | 1:53 PM ET

    Oct 23- Toyota Motor Corp has sold some of its shares in U.S. electric vehicle maker Tesla Motors Inc, the Nikkei financial daily reported. Toyota had formed a partnership with Tesla in 2010 and said it would invest $50 million in the U.S. company to develop parts and production systems for electric vehicles. Tesla and Toyota representatives could not immediately...

  • NHTSA apologizes for botched air bag warnings Thursday, 23 Oct 2014 | 11:51 AM ET
    David Friedman, National Highway Traffic Safety Administration

    David Friedman said the agency "greatly" regrets that the information provided in its initial advisory was inaccurate.

  • GM recalls good for sales: Bob Lutz     Thursday, 23 Oct 2014 | 10:31 AM ET

    Discussing GM's better-than-expected earnings, Bob Lutz, former General Motors vice chairman, explains why recalls are good for the automaker's business.

  • DETROIT, Oct 23- General Motors Co on Thursday reported a higher-than-expected profit in the third quarter and said it had strong demand for its redesigned full-size pickup trucks in North America. "Solid results really continue to be driven by strength in North America and China," GM Chief Financial Officer Chuck Stevens told reporters at the company's...

  • GM 3Q profit nearly doubles, led by N. America Thursday, 23 Oct 2014 | 7:30 AM ET

    DETROIT— Big profits from rising SUV and truck sales in North America helped General Motors nearly double its third-quarter net profit and more than offset its struggles in Europe and South America. Without $331 million in one-time items, GM would have made 97 cents per share, exceeding Wall Street's expectations. In North America, revamped pickup trucks and...

  • 2 Michigan businesses receive $500,000 in grants Thursday, 23 Oct 2014 | 4:04 AM ET

    LANSING, Mich.— The Michigan Economic Development Corporation is awarding $500,000 in grants to two business expansion projects that are expected to add up to 200 jobs in southeast Michigan. The MEDC announced the strategic fund grants Wednesday for Lippert Components Manufacturing in Sterling Heights and Oakland Stamping in Detroit.

  • UPDATE 2-Mercedes-Benz cars help to lift Daimler profit Thursday, 23 Oct 2014 | 3:06 AM ET

    *1.01 bln euro gain from Rolls-Royce Power Systems sale. The company is the first of the German premium auto makers, to release third-quarter results, which included the group's best-ever month for sales of Mercedes-Benz cars in September, benefiting from new models and growing demand in China. Earnings before interest and tax were 3.73 billion euros,...

  • SEOUL, Oct 23- Hyundai Motor is considering raising its dividend sharply and introducing an interim dividend, President Lee Won- hee said on Thursday, in an apparent bid to appease investors angered by its recent $10 billion deal to buy a Seoul property. Last month, a consortium led by Hyundai Motor bid $10 billion for a plot of land in Seoul's high-end Gangnam...

  • SEOUL, Oct 23- South Korean automaker Hyundai Motor posted a 29 percent fall in its third-quarter net profit, the steepest decline in at least six quarters, hit by slowing sales growth and a stronger local currency. The stock has lost 32 percent of its value so far this year, making it the worst performer among major global automakers, hit by last month's $10 billion...

  • Hyundai Motor Q3 profit down 29 pct, misses forecasts Thursday, 23 Oct 2014 | 1:08 AM ET

    SEOUL, Oct 23- Hyundai Motor Co posted a 29 percent year-on-year fall in its quarterly net profit, missing analysts' estimates, hit by a strong local currency and slowing sales growth in its key U.S. and South Korean markets. Hyundai Motor, which along with its affiliate Kia Motors is the world's fifth-biggest automaker, on Thursday reported a 1.52 trillion Korean...

  • DETROIT, Oct 22- The United Auto Workers hopes to be recognized as the exclusive bargaining agent for workers at a Volkswagen AG assembly plant in Chattanooga, Tennessee within a year, the union's President Dennis Williams said on Wednesday. He said "I hope so," however, when asked if the UAW would gain recognition to bargain for VW workers by the time contract talks...

  • NEW YORK, Oct 22- U.S. federal prosecutors are trying to determine whether Japanese auto parts maker Takata Corp misled U.S. regulators about the number of defective air bags it sold to automakers, including Toyota Motor Corp and Honda Motor Co Ltd, The Wall Street Journal reported on Wednesday. Word of the investigation follows a notice on Tuesday from the U.S....

  • Bungled air bag alerts leave car owners scrambling Wednesday, 22 Oct 2014 | 4:06 PM ET
    The Takata Corp. logo is displayed outside the company's headquarters in Tokyo.

    A NHTSA spokesperson said a further increase could follow in its massive air bag recall, noting, "The agency has an open investigation going."

  • Correction: Air Bag Recall-Glance story Wednesday, 22 Oct 2014 | 3:28 PM ET

    The National Highway Traffic Safety Administration has expanded the number of vehicles and manufacturers covered by a warning about air bags. But Wednesday it added multiple models and removed about 133,000 older General Motors cars that were put on the list by mistake. The agency is urging people in high-humidity areas such as Florida, Puerto Rico, Guam,...

  • Oct 22- Auto parts maker Delphi Automotive Plc is looking to sell its business that makes heating and cooling systems for cars, and will seek as much as $1 billion, Bloomberg reported, citing people with knowledge of the matter. Delphi has approached companies including French automotive supplier Valeo SA and South Korea's Halla Holdings Corp and is planning to...

  • Oct 22- Polaris Industries Inc reported a higher-than-expected quarterly profit on Wednesday, lifted by strong demand for its snowmobiles, motorcycles and other off-road and specialty vehicles in every region outside Europe. But in a measure of Polaris's operating efficiency and pricing power, the company reported it was still able to post double-digit...

  • DETROIT, Oct 22- U.S. safety regulators on Wednesday expanded the number of vehicles in the United States that may be affected by recalls for potentially defective Takata Corp air bags that could spray shrapnel at occupants. The NHTSA has urged owners of certain Toyota, Honda, Mazda, BMW, Nissan, Mitsubishi, Subaru, Chrysler, Ford and General Motors vehicles to...

  • EPA: Gas mileage inflated on 4 Mini Cooper models Wednesday, 22 Oct 2014 | 10:56 AM ET

    It's the fourth time in the past two years that the EPA has found that an automaker overstated gas mileage test results. The automakers do their own estimates based on testing guidelines from the EPA. Hyundai-Kia, Ford and Mercedes-Benz all had to reduce mileage estimates on some of their models as the EPA increased its auditing efforts.

  • DETROIT, Oct 22- U.S. safety regulators on Wednesday expanded the number of vehicles in the United States that may be affected by recalls for potentially defective Takata Corp air bags that could spray shrapnel at occupants. The NHTSA has urged owners of certain Toyota, Honda, Mazda, BMW, Nissan, Mitsubishi, Subaru, Chrysler, Ford and General Motors vehicles to...