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.
Ford Motor Co., taking risks with its top-selling and most profitable model, introduced an F-150 pickup that weighs as much as 700 pounds (318 kilograms) lighter to deliver a boost in fuel economy.
The F-150 going on sale late this year boasts military-grade aluminum alloy throughout its body, Dearborn, Michigan-based Ford said Monday in a statement. The second-largest U.S. carmaker also added a 2.7-litre EcoBoost engine, the smallest-displacement powertrain in its truck lineup.
In addition to the host of economic data out today in the U.S. and around the world, global auto makers are reporting January sales figures. Ford reported sales up 22 percent in January, ahead of analysts' estimates of a 17 percent advance.
As symbols go, it doesn’t get much more American than a pickup truck. Detroit-based automakers are grateful for that, since full-size pickups generate the bulk of their profits, and no foreign carmaker has come close to cracking their stranglehold on the domestic American market.
By Income Hunter:When the U.S. economy stumbled from the mid-2000s, culminating in the subprime mortgage-induced financial crisis of 2007 to 2009, the country's largest vehicle manufacturers did not escape the chaos.
NEW YORK — Chrysler Group LLC has added four banks to help underwrite its proposed initial public offering, as the U.S. automaker looks to launch the deal as soon as early December, according to people familiar with the matter.
Barclays Plc, Goldman Sachs Group, Morgan Stanley and UBS AG have been appointed as bookrunners in the offering, which is being led by JPMorgan Chase & Co and Bank of America Merrill Lynch, the people said on Wednesday.
The IPO could price in December, the people said, declining to be identified because the information is private.
Bob Dylan’s Super Bowl commercial for Chrysler Group LLC caused an immediate stir on Twitter, as fans debated the use of the septuagenarian rock star to narrate a patriotic spot for the redesigned 200 sedan.
Canadian auto parts maker Magna International Inc reported a stronger-than-expected 19% rise in second-quarter profit and raised its sales forecast for the year, buoyed by increased vehicle production in North America.
The company raised its sales forecast for the year to $33.3 billion-$34.7 billion from $32.6 billion-$34 billion.
Magna also raised its expected total production sales for the year to be between $27.7 billion and $28.7 billion, up from its previous forecast range of $27.2 billion-$28.2 billion.