Volkswagen is sticking to its goal to match last year's record operating profit and vehicle sales after first-quarter profit dropped 26 percent on falling demand in Germany and heavy spending on new vehicles.
Ford's first-quarter net income increased 15 percent from a year earlier to $1.61 billion, as rising U.S. auto sales pushed North American profits to a record, offsetting deeper losses in Europe. The results marked a solid start to 2013 as Ford seeks its fifth straight year of profit.
Daimler will invest more than 300 million euros to build a factory in Romania to assemble transmissions for its Mercedes-Benz brand after reaching full capacity at its main powertrain plant near Stuttgart.
Mitsubishi has pinpointed the cause of the lithium ion battery glitch that forced it to halt production of the Outlander plug-in hybrid crossover and most i electric cars. Mitsubishi said a small number of the affected i EVs were on the road in Europe and the United States.
Fiat may select New York as the primary exchange for its stock after a planned merger with Chrysler Group, sources said. The move would be highly political and symbolic for debt-ridden Italy as it struggles to emerge from a cycle of recessions.
Renault said first-quarter revenue fell 11.8 percent on a 4.7 percent decline in global deliveries but the company reiterated its goal of achieving a positive automotive operating margin for the full year.
Struggling Fisker Automotive took a bludgeoning today on Capitol Hill from top congressional Republicans who compared Fisker to failed automotive startups of the past and lambasted the Department of Energy for allowing the electric car producer to draw down nearly $200 million in taxpayer-funded...
Shares in Federal-Mogul, the diversified auto-parts supplier controlled by billionaire Carl Icahn, rose the most in more than four years after the company reported operational profits that show a restructuring effort is working, analyst Brian Sponheimer said.
Capital One Financial today agreed to pay a $3.5 million fine to settle charges that it hid millions of dollars in auto-loan losses as the economy was headed toward a recession, the U.S. Securities and Exchange Commission said.
A boom in business in March helped Asbury Automotive Group deliver record operating profits during the first quarter of 2013. Net income in the first quarter was $32.5 million, an 85 percent increase from $17.6 million during the year-earlier period.
As a dealership F&I director, Carl Bennett sold extended-service contracts to 70 percent of his customers. Now he's teaching the skills he practiced, as director of North American consulting for Reynolds and Reynolds.
Subprime auto lender Consumer Portfolio Services says it's growing profits despite cutting dealer fees. The lender, based in Irvine, Calif., reported net income of about $3.8 million in the first quarter, up from $512,000 a year ago.
PSA/Peugeot-Citroen said first-quarter revenue fell 6.5 percent as its vehicle sales abroad failed to offset a recession in Europe. PSA said it will implement additional measures to attain its goal of breaking even next year if the European market continues to falter.
Ford today said its first-quarter net income rose 15 percent from a year earlier despite a $462 million operating lose in Europe. Ford reaffirmed its forecast for a 2013 loss in Europe of about $2 billion. In 2012, the loss was $1.75 billion.
Gentex, a U.S. supplier of automotive rearview mirrors and related parts, reported a 2 percent decline in net profits for the first quarter, citing a decrease in vehicle production in Japan, Korea and Europe.