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Top News & Analysis Michigan

  • DETROIT— The Latest on the North American International Auto Show in Detroit:. Fiat Chrysler CEO Sergio Marchionne says three new SUVs are in the works, including sporty versions from Alfa Romeo and Ferrari and a Chrysler based on the Pacifica minivan. Jeep relatively slow sales growth in Europe is "shameful" and needs to be improved, Fiat Chrysler CEO Sergio...

  • DETROIT— Among the many shiny models vying for attention at Detroit's North American International Auto Show are the revamped Volkswagen Jetta, Hyundai Veloster and Kia Forte. The small car slump and utility boom has spurred industry changes: Ford is converting a Michigan plant that currently makes the Focus for Bronco SUV production. The automaker plans to...

  • Monica Morgan, the widow of a late labor executive, is due in Detroit federal court two days later. The government says a $262,000 mortgage on the couple's home in suburban Detroit was paid off. Iacobelli is charged with diverting more than $1 million from the UAW-Chrysler National Training Center for his own use.

  • ROME, Jan 16- Italy's centre-left leader Matteo Renzi is no longer the politician he once was, the chief executive of Fiat Chrysler Automobiles said on Tuesday, indicating their once strong ties had withered. Although he remained in charge of the ruling Democratic Party, he has struggled to regain the political initiative and is trailing in the opinion polls...

  • DETROIT, Jan 16- Former Fiat Chrysler Automobiles NV vice president Alphons Iacobelli is expected to plead guilty in connection with a U.S. Justice Department investigation into allegations he made at least $1.2 million in improper payments to a former union vice president and his wife, two people briefed on the matter said on Tuesday. Iacobelli, a former Fiat...

  • DETROIT, Jan 16- General Motors Co shares rose on Tuesday after the company said 2018 earnings will be largely flat compared with 2017 and forecast higher profits in 2019 when its revamped line of high-margin pickup trucks hits the U.S. market. GM forecast 2017 earnings per share at the high end of its previously forecast range of $6 to $6.50.

  • DETROIT, Jan 16- Former Fiat Chrysler Automobiles NV vice president Alphons Iacobelli is expected to plead guilty in connection with a U.S. federal investigation into allegations he made at least $1.2 million in improper payments to a former union vice president and his wife, a person briefed on the matter said Tuesday. Iacobelli, a former Fiat Chrysler vice...

  • DETROIT, Jan 16- German automotive supplier Continental has scope to spend around 4 billion to 5 billion euros on acquisitions but has no big takeover deals in sight this year, its chief executive said. "We have leeway in the ballpark of up to 4 to 5 billion euros," Chief Executive Elmar Degenhart said in an interview at the Detroit auto show, but added that a larger deal...

  • Small businesses were a much sought-after commodity during 2017, with the number of sales transactions rising more than 26 percent from the previous year. That report comes from BizBuySell.com, an online marketplace for small businesses that tracks the number of transactions reported by business brokers. The median sales price for companies was up 14...

  • DETROIT, Jan 16- General Motors Co shares rose on Tuesday after the company said 2018 earnings will be largely flat compared with 2017 and forecast higher profits in 2019 when its revamped line of high-margin pickup trucks hits the U.S. market. GM forecast 2017 earnings per share at the high end of its previously forecast range of $6 to $6.50.

  • NEW YORK— General Motors will take a $7 billion write-down in 2017 tied to the U.S. tax overhaul, but expects strong sales in North America and China to sustain its profit through 2018.. Shares of General Motors Co. rose 12 cents to close Tuesday at $44.19. In 2017, GM sold its Opel/ Vauxhall and GM Financial European units and cut business in parts of Africa and India.

  • GRAND RAPIDS, Mich. _ Mercantile Bank Corp. on Tuesday reported fourth-quarter profit of $8 million. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share. The holding company for Mercantile Bank of Michigan posted revenue of $37.4 million in the period.

  • BEIJING, Jan 15- A Yunnan state-owned investment company that defaulted last month on two trust loans has secured financing to repay those loans and is set to get 2 billion yuan in additional equity capital from the provincial government. The Yunnan provincial government also is set to inject 2 billion yuan in the state-owned investment company, which...

  • DETROIT— Fiat Chrysler's Jeep brand is giving the Cherokee compact SUV a major face-lift so it can better compete in one of the hottest parts of the U.S. automotive market. The 2019 Cherokee, unveiled Tuesday at the Detroit auto show, gets styling tweaks, a new engine, suspension improvements and engineering changes that save 200 pounds and improve gas mileage...

  • "We're all in," Ford Motor Executive Chairman Bill Ford Jr said of the company's $11 billion investment, announced on Sunday at the North American International Auto Show in Detroit. Investments in electrified vehicles announced to date include at least $19 billion by automakers in the United States, $21 billion in China and $52 billion in Germany.

  • DETROIT, Jan 15- Fiat Chrysler Automobiles NV's has no intention of breaking up the company or selling individual brands to China or other parties, the company's chief executive said on Monday, adding that the group was counting on its coveted Jeep brand to drive future profits. "We're not going to break up anything," Chief Executive Sergio Marchionne said at a news...

  • DETROIT— The Latest on the Detroit auto show:. Company officials made the statement Monday as they introduced two models at the North American International Auto Show in Detroit that likely will come to the U.S. It already has a research center in Silicon Valley and is working on another one in Detroit as well as a Los Angeles design center.

  • DETROIT— Fiat Chrysler CEO Sergio Marchionne says he'll step down next year after leading the combined company since 2009.. Candidates include Mike Manley, who leads the company's Ram and Jeep brands, and Reid Bigland, who leads the Alfa Romeo and Maserati brands and U.S. sales. FCA said last week it was moving heavy duty truck production from Mexico to Michigan...

  • DETROIT— Chinese automaker GAC Motor will scrap the brand name it uses in China when it enters the U.S. market next year because it could be confused with President Donald Trump's surname. "We want to provide the best service for American customers, so we want to not be closely linked with politics," Wang Qiujing, president of GAC Engineering Institute China, said...

  • DETROIT, Jan 15- Fiat Chrysler Automobiles NV's CEO has no intention of breaking up the company or selling off individual brands to China or any other parties, he said on Monday, adding the group was counting on its coveted Jeep brand to drive profit. Speaking at the Detroit auto show, Chief Executive Sergio Marchionne said the Jeep sport utility vehicle brand...