General Motors Co.’s second-quarter profit beat analysts’ estimates, helped by a surge in U.S. pickup sales, as the company begins to refresh its lineup with new trucks to go with the heralded Impala sedan.
Profit excluding one-time items was 84 cents a share, GM said, exceeding the 77-cent average of 13 estimates compiled by Bloomberg. That compares with 90 cents a share a year earlier.
Fiat Chrysler Automobiles makes its Wall Street debut to great fanfare on Monday, listing on New York Stock Exchange. The move shifts the carmaker's center of gravity away from Italy and caps a decade of canny dealmaking and tough restructuring by CEO Sergio Marchionne.
In a press release on Tuesday, General Motors Company (GM) announced the prices of its two new mid-size trucks, the Chevrolet Colorado and the GMC Canyon, that are expected to be re-launched in the fourth quarter of the current year. The Chevrolet Colorado will be launched at a base price of $20,995, and the GMC Canyon will start at a base price of $21,880. The new mid-size trucks will be produced at the company’s Wentzville assembly plant.
Sheila Cockrel remembers one early sign of Detroit’s decline: The retailer J.L. Hudson’s turned off the lights on floor after empty floor as shoppers abandoned the world’s tallest department store for new suburban malls.
“That’s nobody’s fault, that’s what happens in culture,” said the former Detroit councilwoman who now teaches history at the city’s Wayne State University. “You have these larger economic forces in play.”
Ford Motor Company (F) is sticking with its policy to push out fuel-efficient vehicles even as gas prices in some states dropped below $2 last week. Ford’s global product-development chief Raj Nair told the Detroit Free Press in an interview that the company is “working hard” on developing a hybrid and possibly a diesel drive train for its bestselling vehicle— the F-150 full-size pickup truck.
TORONTO • In a rare sign of growth for the Canadian auto industry, Ford Motor Co. of Canada is adding more than 1,000 jobs even as its parent company slashes its profit forecast and recalls hundreds of thousands of vehicles.
Ford Canada is hiring more than 1,000 hourly workers as it ramps up for a new version of the Edge crossover utility vehicle that will be built on a global platform at its plant in Oakville, Ont., and sold in more than 100 countries.
Fiat-Chrysler Automobiles (FIATY), the recently merged automaker, announced earnings for the first quarter of its fiscal year 2014 (1QFY14) after the closing bell yesterday. This was the first earnings release by the company since the merger.
Five years into a remarkable rebound from near-disaster, the Detroit 3 automakers still count on sales of pickup trucks and SUVs in the North American market for the bulk of their global profits, despite efforts to shift buyers into smaller, greener vehicles as part of a broader move to remake the Motor City. Promotion of green technologies, notably hybrid and electric vehicles, has been a signature policy of the Obama administration, which oversaw the $80 billion taxpayer-funded bailout in 2009 of General Motors and Chrysler. Those same U.S.