Headlines for Wednesday, May 8, 2013

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Ford to sponsor Detroit's annual fireworks display

5:30 pm U.S. ET | May 8, 2013
Ford has signed a multi-million-dollar deal to become the title sponsor of Detroit's annual fireworks display for the next three years.

Ferrari will reduce supercar sales to maintain brand exclusivity

May 8, 2013 15:49 CET
Ferrari plans to reduce sales to fewer than 7,000 vehicles this year to maintain the exclusivity of the brand. Ferrari plans to boost profitability with high-end, customized version of its vehicles while holding back on their availability.

Tesla shares surge 24% after 1st quarterly profit

5:21 pm U.S. ET | May 8, 2013
Tesla shares surged 24 percent today after the company posted its first quarterly profit in its 10-year history, driven by sales of the battery-powered Model S sedan.

Mazda names production chief Kogai next CEO

10:57 pm U.S. ET | May 8, 2013
Mazda has appointed Masamichi Kogai its next CEO. The production and purchasing specialist replaces Takashi Yamanouchi, who led the carmaker to its first annual profit in five years.

VIDEO: First Shift: Toyota betting on a boom

12:01 am U.S. ET | May 8, 2013
Automaker triples profit, projects 42% growth; Indy-made Imprezas; Teslas on autopilot?; Snyder: The reality about EVs.

Daimler says it's in talks with Aston Martin on supply agreement

May 8, 2013 17:49 CET
Mercedes-Benz parent Daimler is in early talks with Aston Martin on supply and technical-cooperation agreements as the sports-car maker seeks to reduce spending on developing models.

Specialized van maker that won $50M U.S. loan shuts down

2:47 pm U.S. ET | May 8, 2013
Van maker Vehicle Production Group -- recipient of a $50 million loan from the Department of Energy -- has suspended operations and is in the process of being sold, its former CEO said today.

GM's F&I products will carry vehicle's brand

12:01 am U.S. ET | May 8, 2013
GM is rolling out branded F&I products, starting this month with a pilot at its 200 or so dealerships in Ohio and going nationwide by year end.

CHARLES CHILD

Are car salespeople, journalists all that different?

4:49 pm U.S. ET | May 8, 2013
A strange thing happened to me here at the Digital Dealer Conference. I've concluded I could be a car salesman.

Infiniti picks veteran Nissan stylist Albaisa for new global design post

4:01 pm U.S. ET | May 8, 2013
Infiniti has named a global design chief as part of the luxury brand's ongoing effort to distance itself from parent company Nissan's mass-market Nissan marque.

Chrysler, GM wind down low-APR deals via Ally

12:01 am U.S. ET | May 8, 2013
Chrysler Group will start directing its low-APR loan incentives exclusively to Chrysler Capital, a full-service finance provider launched last week by Chrysler Group and Santander Consumer USA.

VIDEO: AutoNews Now: When federal funding fails

12:01 am U.S. ET | May 8, 2013
Accessible-van maker VPG is latest to go under, Infiniti's new design chief; reining in Ferrari sales; a flying car, with a twist.

JAMES B. TREECE

Is Akio Toyoda cut from the Steve Jobs mold?

12:48 pm U.S. ET | May 8, 2013
Toyota Motor Corp. President Akio Toyoda wants to take personal responsibility for injecting design and performance pizazz into the Lexus brand.

U.S. regulators close inquiries into Ford, Chrysler vehicles

12:18 pm U.S. ET | May 8, 2013
Federal safety regulators closed two separate probes into vehicles made by Ford and Chrysler after the two automakers conducted safety recalls this year to fix glitches in some models.

F&I Week

Living in a post-reserve world

12:01 am U.S. ET | May 8, 2013
Las Vegas dealer Tyler Corder has changed the way he does business as he braces for stricter federal limits on how much dealers can earn on customer interest rates.

Publics: Flat fees likely but no threat

12:01 am U.S. ET | May 8, 2013
Executives for several of the publicly traded new-car dealership groups say they're resigned to flat fees instead of dealer reserve as compensation for negotiating loans, thanks to pressure from the Consumer Financial Protection Bureau.

JIM HENRY

Subprime scrutiny could open a real can of worms

12:01 am U.S. ET | May 8, 2013
Here's a disturbing thought: As much as the Consumer Financial Protection Bureau has upset auto lenders and dealers, it hasn't even gotten around to the vast category of subprime auto lending.

BMW Financial appoints Isele U.S. sales chief; Bugbee heads to Europe

10:46 am U.S. ET | May 8, 2013
BMW Group Financial Services veteran Fred Isele has been appointed vice president of sales and marketing effective June 1, with responsibility for the BMW, Mini, Rolls-Royce and BMW Motorcycles brands.

AutoNation's Jackson: Oversight of add-ons is head-scratcher

10:51 am U.S. ET | May 8, 2013
The nation's biggest auto retailer is closely watching to see whether the Consumer Financial Protection Bureau will go after finance and insurance products next.

Jaguar's U.S. boss leads drive to boost brand's image, awareness

May 8, 2013 06:01 CET
When the topic is luxury brands, Jaguar Land Rover North America CEO Andy Goss wants Jaguar to be mentioned in the same sentence as BMW, Mercedes-Benz, Audi and Lexus.

Speed limit for new vans backed by EU Parliament committee

May 8, 2013 06:01 CET
The top speed of vans in the EU should be electronically limited to 120kph (75 mph), according to a proposal backed by the European Parliament's environment committee.

Subaru to invest $400 million to build Impreza at Indiana plant

6:50 am U.S. ET | May 8, 2013
Subaru, gunning for a fifth year of record sales in the United States, said it will invest $400 million to expand capacity at its Indiana assembly plant by a third and add output of its Impreza compact.

LATEST LAUNCHES

Kia aims to conquer with new Carens

May 8, 2013 06:01 CET
Kia aims to break European automakers' leadership in the medium minivan segment with its new Carens

Toyota quarterly profit rises to $3.17 billion

2:39 am U.S. ET | May 8, 2013
Toyota more than doubled its fourth-quarter net profit as the yen's depreciation helped the automaker export more profitably and U.S. sales of the Avalon sedan and Tacoma pickup were strong. The company posted net profit of 313.9 billion yen ($3.17 billion), compared with 121 billion yen last year.

Toyota quarterly profit rises to $3.17 billion

May 8, 2013 08:39 CET
Toyota more than doubled its fourth-quarter net profit as the yen's depreciation helped the automaker export more profitably and U.S. sales of the Avalon sedan and Tacoma pickup were strong. The company posted net profit of 313.9 billion yen ($3.17 billion), compared with 121 billion yen last year.

AUTOMOTIVE NEWS EUROPE E-MAGAZINE

Citroen reinvents itself

May 8, 2013 06:01 CET
Peugeot and Citroen have suffered for years because car buyers have trouble distinguishing one brand from the other. Citroen CEO Frederic Banzet is determined to change that.

F&I add-ons: Fed agency's target?

12:01 am U.S. ET | May 8, 2013
Finance and insurance products such as extended-service contracts and other add-ons could be the Consumer Financial Protection Bureau's next target in the auto lending sector.

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