The Hamtramck plant will continue to produce the Chevrolet Impala and Cadillac CT6 sedans until early next year, the company said. "We are balancing production timing while continuing the availability of Cadillac advanced technology features currently included in the CT6-V- the Blackwing Twin-Turbo V-8 and Super Cruise," GM said. Detroit- based union United...
Feb 22 TORONTO- Canada's Magna International Inc said on Friday profits beat market forecasts as a big spike in vehicle assembly work more than offset declining global auto production in the fourth quarter. But trade wars will pinch that performance, with Magna's 2019 tariff hit estimated at $45 million to $50 million. Excluding one-time items, Magna earned...
AutoNation's net income from continuing operations fell to $92.9 million, or $1.02 per share, for the fourth quarter ended Dec. 31, from $151.5 million, or $1.64 per share, a year earlier, when it had a $41 million benefit related to the U.S. tax reform. Revenue fell to $5.41 billion from $5.68 billion, largely missing analysts' estimate of $5.63 billion.
The tepid sales and the change of guard come against the backdrop of a likely drop in sales of new vehicles in the United States this year as higher interest rates and rising prices may prompt customers to delay their buying plans. AutoNation's net income from continuing operations fell to $92.9 million, or $1.02 per share, for the fourth quarter ended Dec. 31, from...
Feb 22- AutoNation Inc, the largest U.S. auto retail chain, said on Friday Carl Liebert will succeed longtime Chief Executive Officer Mike Jackson. The change of guard comes against the backdrop of a likely drop in sales of new vehicles in the United States this year as higher interest rates and rising prices prompt customers to delay their buying plans.
Feb 22- Canada's Magna International Inc beat analysts' estimates for quarterly profit on Friday as the auto parts maker assembled more vehicles, benefiting from new launches by car makers Jaguar Land Rover and Daimler AG. The company partnered with ride-hailing company Lyft Inc last March, to co-develop hardware and software for self-driving cars.
BERLIN, Feb 22- German carmakers Daimler and BMW unveiled a joint ride-hailing, parking and electric car charging business on Friday to compete with mobility services provided by Uber and other tech firms. China's Didi Chuxing aims to build its business in Latin America and Uber is gaining a stranglehold on its U.S. market. "Further cooperation with other...
Feb 22- Canada's Magna International Inc beat analysts' estimates for quarterly profit on Friday, benefiting from its complete vehicles segment and power and vision unit which contains its electric vehicle investments. It also set up two joint ventures last summer with Beijing Electric Vehicle Co, China's largest electric car maker, to engineer and build EVs...
LONDON, Feb 22- Europe's main benchmarks barely budged on Friday but company results including Sweden's Elekta, Switzerland's Sika and France's Sopra Steria drove big swings in stocks as investors awaited news from crucial U.S.- China trade talks. The STOXX 600 and Germany's DAX were up 0.1 and 0.2 percent by 0930 GMT, with the main action at the share level.
Feb 22- Canada's Magna International Inc reported an 18.4 percent drop in quarterly profit on Friday, as the world's third-biggest auto parts supplier by sales was hit by tepid demand from China and Europe. Net income attributable to Magna fell to $456 million, or $1.37 per share, in the fourth quarter ended Dec. 31 from $559 million, or $1.54 per share, a year earlier.
LONDON, Feb 22- Europe's main stock markets barely budged on Friday but results from companies including Sweden's Elekta, Switzerland's Sika, and France's Sopra Steria kept trading lively while investors waited with bated breath for news from crucial U.S.- China trade talks. The STOXX 600 and Germany's DAX were both flat by 0830 GMT, with the main action at the...
*Early start comes as Tesla battles sales slump in China. BEIJING/ SHANGHAI, Feb 22- Tesla Inc has started delivering Model 3 cars in China slightly ahead of schedule, as it looks to revive its sales that have been hit hard by Sino-U.S. trade tensions. The California- based firm has already adjusted prices and added a cheaper Model 3 variant to its line-up to make its...
*Early start comes as Tesla battles sales slump in China. BEIJING, Feb 22- Tesla Inc has started delivering Model 3 cars in China slightly ahead of schedule, as the U.S. luxury electric vehicle maker looks to revive sales in the world's biggest auto market. It has adjusted prices of its U.S.-made cars in China to make them affordable.
DETROIT, Feb 21- Consumer Reports on Thursday pulled a recommendation for Tesla Inc's Model 3, citing reliability problems, and the influential U.S. magazine turned up the pressure on other automakers to include crash-avoiding automatic braking as standard equipment. Tesla shares fell 3.4 percent to $292.19 in afternoon trading Thursday on the Nasdaq.
A new report, based in part on the reviews of thousands of vehicle owners, raises questions about the reliability of Tesla's Model 3.
SAO PAULO, Feb 21- Ford Motor Co's oldest factory in Brazil, slated for closure later this year, was a giant among auto plants, occupying a sprawling 12 million square feet, bigger than many of the automaker's U.S. facilities. In Brazil as a whole, Ford used 58 percent of its total production capacity last year, leaning heavily on a plant in the northeastern state of...
Automakers have been adding pedestrian crash avoidance technology, but these systems are not mandatory in all vehicles.
TOKYO, Feb 21- Japan's auto industry lobby on Thursday called on U.S. "Introducing import restriction measures would not only negatively affect our U.S. customers, but would also disrupt the operations of U.S. vehicle and auto parts manufacturers as well as auto dealerships," Akio Toyoda, chairman of the Japan Automobile Manufacturers Association, said in a...
California and 19 other states have demanded the Trump administration abandon a proposal made in August to freeze fuel efficiency standards after 2020 and strip California of the ability to impose stricter rules. The California Air Resources Board, which did not have an immediate comment, has been meeting with officials from the White House, U.S....
PARIS, Feb 20- Credit rating agency Standard& Poor's cut its outlook on carmaker Renault to "negative" from "stable", citing broader challenges within the automotive sector that could hit its profits.
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