Top News & Analysis Detroit

  • NEW YORK, May 15- JPMorgan Chase& Co will provide $125 million over the next five years to nonprofit groups in the United States and abroad that help people save, pay down debt and improve their credit scores, the bank said on Wednesday. The bank has committed more than $800 million in grants, donations and loans to promote urban renewal in cities including Paris,...

  • DETROIT/ TOKYO, May 14- Nissan Motor Co Ltd said on Tuesday it had hit "rock bottom" with a 45% drop in annual operating profit. The automaker's troubles in the United States, including a failure to deliver on a slew of promises to dealers, are a major reason why. Under ousted chairman Carlos Ghosn, Nissan's U.S. operations gunned for ambitious sales goals by pitting...

  • NEW YORK, May 13- Many Hollywood stars are known for their lavish spending, but Hill Harper is far on the other end of the spectrum. He gives out sound money advice- not in character on TV, but in real life, with his knowledge gained as a Harvard- trained lawyer and serial entrepreneur. While his first major break was in Spike Lee's "Get on the Bus," Harper, 52, is probably best...

  • WASHINGTON/ TORONTO May 8- Under pressure from President Donald Trump, General Motors Co said on Wednesday it was in talks to sell an idled northeast Ohio plant to a cash-strapped electric truck-building company. The No. 1 U.S. automaker also said it would invest $700 million in three other plants in Ohio- a state important to Trump's re-election chances in 2020-...

  • May 6- U.S. companies in everything from computer chips to tractors have said President Donald Trump's trade wars, including disputes with Beijing and global steel tariffs, have had an impact on them. Apple Inc cut its fiscal first quarter sales forecast, blaming slowing iPhone sales in China where uncertainty around U.S.- China trade relations has hurt the...

  • MILAN/ DETROIT, May 3- Fiat Chrysler Automobiles NV said on Friday that new U.S. pickup truck models would help the automaker achieve its 2019 profit targets and offset a weak performance in the first quarter. "The whole quarter was powered by Ram while the rest of the company was lagging," said Michelle Krebs, an analyst at Cox Automotive, adding that FCA spent heavily...

  • Signage stands outside the Sinclair Broadcast Group Inc. headquarters in Cockeysville, Maryland, U.S., on Friday, Aug. 10, 2018. 

    Sinclair Broadcast Group, the largest U.S. broadcast station owner, has reached a deal valued at more than $10 billion to buy 21 regional sports networks from Walt Disney.

  • Smaller rival Fiat Chrysler Automobiles NV too reported a 6 percent drop in sales in the United States, hurt by lower demand for its Jeep SUV brand and Dodge sedans. "The industry may be shaking off the first quarter sluggishness, but shoppers are coming into showrooms and buying," FCA U.S Head of Sales Reid Bigland said. The average price of a new car in the United...

  • April 26- U.S. auto sales are expected to drop about 3.5 percent in April from a year-ago period, as rising prices and reduced incentives pinch buyers at the lower end of the spectrum, according to industry consultants J.D. Power and LMC Automotive. "With the volume contraction focused on the low end of the market, the dip in industry retail sales poses a smaller...

  • April 26- AutoNation Inc, the largest U.S. auto dealership chain, on Friday reported a better-than-expected quarterly profit, as it earned more per vehicle sold. The company said its same-store gross profit per vehicle retailed across its 325 U.S. locations was up 6 percent to $3,559 during the quarter. AutoNation Chief Executive Carl Liebert told Reuters there...

  • Chief Financial Officer Bob Shanks told reporters at company headquarters in suburban Detroit that Ford has more confidence its 2019 results will be better than last year's, but said it is in a "volatile environment with very strong competition." Ford is restructuring its business, which includes cutting costs and overhauling its product lineup in key global...

  • DETROIT, April 25- Ford Motor Co on Thursday posted a better-than-expected first-quarter largely due to strong pickup truck sales in its core U.S. market and said it was more confident in its forecast 2019 would bring better results than last year. Ford is restructuring its business, which will include cutting costs by $11 billion by 2021 and overhauling its...

  • April 24- Ford Motor Co said on Wednesday it will invest $500 million in U.S. electric vehicle startup Rivian Automotive LLC, joining Amazon.com Inc in backing the potential rival to Silicon Valley's Tesla Inc. Michigan- based Rivian, founded in 2009, has raised more than $1.5 billion from investors. A company spokesman declined to provide a valuation for the...

  • April 24- Ford Motor Co said on Wednesday it will invest $500 million in U.S. electric vehicle startup Rivian Automotive LLC, joining Amazon.com Inc in backing the potential rival to Silicon Valley's Tesla Inc. Ford said it will use Rivian's "skateboard"- a chassis that bundles electric motor, batteries and controls- to build a new vehicle for North America.

  • ALPHABET INC'S WAYMO CHOOSES DETROIT FACTORY FOR AUTONOMOUS VEHICLES, PARTNERS WITH AMERICAN AXLE& MANUFACTURING.

  • SAN FRANCISCO, April 23- Alphabet Inc's Waymo said on Tuesday it had chosen a factory in Detroit to mass produce self-driving cars, looking to the historical heart of the auto industry to build the vehicles of the future. The company's chief executive, John Krafcik, said in a blog post that Waymo would partner with American Axle& Manufacturing to lease and...

  • The ITC report is a crucial step in the push for Congress to consider ratification of the U.S.-Mexico-Canada Agreement, which was signed by President Donald Trump and the leaders of the other two countries last year to replace the 25- year-old North American Free Trade Agreement. The trade deal's success or failure in Congress could be determined by how it is...

  • DETROIT, April 18- General Motors Co's top executive, Mary Barra, received a compensation package worth just under $22 million in 2018, slightly less than the previous year, according to the No. 1 U.S. automaker's proxy statement released on Thursday. President Donald Trump as it negotiates new trade deals with China, Europe and Japan. Barra's pay package included...

  • NEW YORK, April 17- Major automakers are bullish on the outlook for the U.S. economy and auto sales, but one big question remains- will President Donald Trump throw a grenade into the sector by imposing sweeping tariffs of up to 25 percent on car and auto parts imports? In February, the U.S. Commerce Department sent recommendations to Trump, which auto industry...

  • DETROIT, April 17- Ford Motor Co's shift in production at a Michigan plant to trucks from less profitable cars will lead to a more than $1 billion improvement in operating earnings, an official at the No. 2 U.S. automaker said on Wednesday. The increase in earnings, before interest and taxes, in 2021 compared with 2017 is due to the shift at the Michigan Assembly Plant...