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Hyundai's Q2 profit falls 7% on currency strength, weak global demand

Hyundai's second-quarter profit fell 7 percent as a strong won, weakening global sales and incentives in the U.S. took their toll on earnings. To combat a strong currency, the automaker will now consider adding production overseas. Read More »

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GM's quarterly profit plunges on recall costs

General Motors today posted an 85 percent drop in second-quarter net income, hurt by recall-related expenses including a special charge of $400 million for the cost of a program to compensate victims of GM's faulty ignition switch. Read More »

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First Shift: Recalls slash GM earnings

Embattled company's net falls 85% in Q2; Ford nets $1.3 billion, ekes out Europe profit; Keith Crain's Hall of Fame journey. Read More »

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UK car output boosted by new models in first half

UK car production grew by 4 percent in the first six months thanks to new models, but the Society of Motor Manufacturers and Traders warned that further growth must be backed by bolstering the UK's parts supply chain. Read More »

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Ford posts European profit in second quarter

Ford posted a second-quarter pre-tax profit of $2.6 billion, boosted by its first quarterly profit in Europe in three years and record quarterly earnings in North America. Read More »

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Ford Q2 earnings rise on N.A. record, first European profit in 3 years

Ford posted a second-quarter pretax profit of $2.6 billion, bolstered by a record performance in North America and its first quarterly profit in Europe in three years. Read More »

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Bentley CEO Duerheimer rolls back 'aggressive' sales forecasts

Bentley expects 2014 deliveries to be lower than previously forecast as the carmaker is hit by the crisis in Ukraine and Russia and struggles to maintain high sales growth in China. Read More »

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GM Korea could make next-gen Cruze if union calls off strike

GM's South Korean subsidiary told its employee union that the automaker could consider making the next-generation Chevrolet Cruze in South Korea if the union calls off a wage-related strike. Read More »

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Hyundai Q2 profit dips 7% on strengthening currency

Hyundai's net profit fell the most in five quarters, hit by the local currency's strength, and said it may make more vehicles overseas as it braces for a tough second half with the won still strong. Read More »

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First Shift: Signs of Kia Mexico plant

$1.5 billion factory in works, state officials say; Chrysler ignition recall; Nissan looks to stay quirky; ready for 'new majority'? Read More »

THE GM RECALL:

GM seeks broader immunity in switch lawsuits

GM, moving to expand its immunity from lawsuits after recalling almost 29 million cars in North America, said it sees no need to try to settle customer claims until a judge decides whether it's legally responsible for faults in its predecessor's cars. Read More »

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GM sales surge despite recalls as Barra proves quality sells

General Motors' Mary Barra is projected to report her second straight quarter of rising sales, adding to evidence that the CEO is weathering the biggest wave of recalls in automotive history. Second-quarter revenue may rise 2.7 percent, the average of estimates compiled by Bloomberg. Read More »

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THE GM RECALL:

GM lists more Cobalt, Ion fatalities in quarterly crash data

In the first quarter, General Motors received claims that defects in the Chevrolet Cobalt and Saturn Ion caused 17 deaths and 167 injuries, according to data it submitted to federal safety regulators. Read More »

Opel plans 'electric' successor to Ampera plug-in hybrid

Opel said it plans an "electric" successor to the Ampera. The plug-in hybrid was introduced across Europe in 2011 but will be discontinued. Read More »

Opel plans 'electric' successor to Ampera plug-in hybrid

Opel said it is working on an "electric" successor to the Ampera, a plug-in hybrid based on the Chevrolet Volt which hit European showrooms in 2011 but will be discontinued. Read More »

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Hyundai nabs a win in J.D. Power APEAL Study a month after leading IQS

For the first time, Hyundai is the top-ranked nonpremium brand in the J.D. Power 2014 U.S. Automotive Performance, Execution and Layout Study -- a month after leading nonpremium brands in the company's Initial Quality Study. Read More »

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Lithia Q2 profits hit record highs

Lithia Motors today reported the highest adjusted quarterly net income in the company's history -- a 29 percent surge to $35 million -- on higher revenues and cost controls. Read More »

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AutoNews Now: Appealing win for Hyundai

S. Korean brand tops another J.D. Power survey, Porsche keeps premium crown; more GM recalls; a way to halt hackers? Read More »

Suburban Collection buys BMW, Mercedes dealerships in Ann Arbor

The Suburban Collection has acquired two more Michigan dealerships: BMW of Ann Arbor and Mercedes-Benz of Ann Arbor. The two dealerships were acquired from Sonic Automotive for an undisclosed amount. Read More »

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Nissan to add L.A. to 'No Charge to Charge' Leaf promotion

Nissan said today it will add Los Angeles to its “No Charge to Charge” promotion for the Leaf electric vehicle on Aug. 15. Read More »

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Federal-Mogul posts $5 million net loss in Q2 as revenue rises

Auto supplier Federal-Mogul today reported a $5 million net loss after factoring in one-time charges, along with a $128 million revenue gain for the second quarter. Read More »

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Fiat investors urged to vote against Chrysler merger

Proxy advisor ISS has recommended that Fiat investors vote against a cross-border merger of the Italian carmaker and its U.S. unit Chrysler at a meeting on Aug. 1, saying it would reduce shareholder rights. Read More »

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New-look Yaris will start at $15,670

Pricing on the 2015 Yaris, Toyota’s struggling subcompact car, will start at $15,670, including shipping. Toyota gave the 2015 Yaris a face-lift in hopes that a newer look will attract more buyers. Read More »

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THE GM RECALL:

GM recalls 717,950 vehicles, pushing year's recall tally to 60

General Motors is recalling another 717,950 vehicles in the United States, mostly 2010-12 model year cars and crossovers, lifting its total for the year to a record 60 safety campaigns covering around 29 million vehicles globally. Read More »

F&I revenue growth slows in Q2 for some major dealership groups

Of the four publicly traded new-car dealership groups that have reported second-quarter results, only one has posted a higher rate of growth in F&I revenue per vehicle retailed than it did a year ago. Lithia Motors today reported average F&I revenue per vehicle of $1,206, up 9. Read More »

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JIM HENRY:

N.Y. Times story on subprime offers feds ammunition

A withering account of subprime auto lending in Sunday's New York Times reinforces bad stereotypes about used-car dealers, smears subprime lenders and their investors, takes out of context an increase in delinquencies and loan losses from record lows, and provides ammunition to auto finance... Read More »

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Smarter consumers, fewer defaults

The National Association of Minority Automobile Dealers and Ally Financial are partnering to promote financial literacy in stores. The program was unveiled at NAMAD's annual conference on July 9 in Miami. This is an excerpt from the July 14 AutoNews Now newscast. Read More »

N.J. Nissan dealership loses appeal for arbitration in F&I dispute

A North Plainfield, N.J., dealership can't force a customer who refinanced her vehicle to arbitrate class-action claims in an F&I-related dispute, the Appellate Division of the state's Superior Court has held. Read More »

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Some worry about F&I product regs, but not Jackson

AutoNation CEO Mike Jackson says that unlike some in the retail industry, he's not worried the Consumer Financial Protection Bureau could have plans to impose stricter monitoring of financing for F&I products. Read More »

Capital One, Huntington target more prime loans

Capital One continues to push aggressively in auto loans while other big banks, such as Chase and Wells Fargo, have slowed auto loan growth amid accelerating competition, especially in prime-risk lending. Read More »

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Japan readies fuel cell subsidies in bet on Toyota's next big thing

Japan is readying subsidies to help Toyota and key suppliers take the lead in hydrogen-powered fuel cell vehicles that could top $400 million over the next several years if the most bullish projections for the technology play out. Read More »

F&I TIP:

3 questions can help sell GAP

Three questions can persuade customers to buy GAP from the dealership instead of their insurance company, says Mike Hustead, senior finance manager at Freedom Kia in Clarksburg, W.Va. (1) “A texting teenager T-bones you. Whose insurance is responsible?” Customer: “His. Read More »

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DAVE GUILFORD:

Maybe the EPA should just hire Consumer Reports for mpg ratings

Maybe the federal government should adopt Consumer Reports as a model for fuel economy testing. Or just outsource the task to the magazine. Read More »

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Daimler quarterly earnings rise 12% on sales of S class

Daimler said second-quarter profit rose 12 percent as Mercedes S-class sales doubled and the company scaled back spending. Read More »

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Marchionne says Fiat Chrysler tie-up with VW was never on agenda

Fiat Chrysler CEO Sergio Marchionne quashed all speculation of a possible tie-up with Volkswagen, saying the idea had never been on the agenda. Read More »

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Bentley names VW veteran as human resources chief

Bentley named VW Group executive Marlies Rogait as its new head of human resources. Read More »

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Nissan pledges to keep it quirky after cutting Cube

Nissan pledges to add an “iconic” design to keep its lineup quirky after cutting two of the brand's most polarizing nameplates, the Cube and Murano CrossCabriolet. Read More »

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Brakes supplier Brembo to build new U.S. plant

Italian brakes manufacturer Brembo will build a new foundry in Michigan to expand its manufacturing capability in the United States, betting on the continued strength of the country's automotive sector. Read More »

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Brembo to invest nearly $100M in new Michigan foundry, expand capacity

Italian brakes maker Brembo will build a new foundry in Michigan to expand its manufacturing capability in the United States, betting on continued strength of the country's automotive sector. Read More »

Sogefi reports first-half loss on restructuring costs, Brazil downturn

Italian supplier Sogefi reported a first-half net loss, hit by restructuring costs, the negative impact of the strong euro on South American currencies and a sharp slowdown in the Brazilian market. Read More »

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First Shift: Have SUVs peeled ahead?

Snyder: Comparing tall vehicles, cars can be a case of apples versus grapefruit; Buick Regal impresses CR; Tesla downtime. Read More »

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GM to invest $800 million to renovate operations, add 1,750 jobs in Michigan

GM plans to invest $800 million in Michigan as part of plans to renovate facilities throughout the state to support future vehicle platforms and programs. Read More »

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Kia in talks to open $1.5 billion Mexico assembly plant, report says

Kia is in talks with Mexico to open a new auto assembly plant worth at least $1.5 billion, officials from Nuevo Leon's state government told Reuters. The factory, which sources say will have an annual capacity of some 300,000 cars, would be built on the northeastern fringe of the city of Monterrey. Read More »

Special Report
Fewer bosses, Disney savvy, $2 idea lift stores

Fewer bosses, Disney savvy, $2 idea lift stores

A Chrysler Group dealership chain is stripping away layers of management to sell cars faster. A Chevrolet-Cadillac store is enchanting customers through Disney training. Mon., July 21
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