Headlines for Thursday, July 24, 2014

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Outstanding U.S. auto loans hit all-time high, Equifax says

Total outstanding auto loans in the United States hit an all-time high of $902 billion this spring, an increase of more than 10 percent from the same time a year earlier, according to the latest Equifax National Consumer Credit Trends Report. 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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Bentley may add a fifth model after SUV launch

Bentley may add a fifth model to its lineup after it launches an SUV in 2016, CEO Wolfgang Duerheimer said. The new model could be a two-seat sports car or a larger model slotted between the Continental GT coupe and Mulsanne sedan. Read More »

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Gentex Q2 net income grows 47 percent

Automotive mirror supplier Gentex reported $76.7 million in net income with total revenue of $338.4 million for the second quarter. 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 may add a 5th model after SUV launch

Bentley may add a fifth model to its lineup after it launches an SUV in 2016, CEO Wolfgang Duerheimer said. The new model could be a two-seat sports car or a larger model slotted between the Continental GT coupe and Mulsanne sedan. Read More »

Fiat and PSA dismiss latest tie-up report

PSA/Peugeot-Citroen and Fiat Chrysler denied a report that the companies were preparing a merger to create the world's fifth-largest carmaker. Read More »

GM may put Brazil workers on paid leave

GM wants to put nearly a fifth of its workers at a factory in Brazil on paid leave, an auto workers union says, amid falling output in Latin America's largest economy. Read More »

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GM's quarterly profit plunges on recall costs

The heavy cost of General Motors' unprecedented slew of safety recalls during the second quarter wiped out most of its profits, erasing the fruits of strong truck pricing in North America and sales growth in China. Read More »

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AutoNews Now: GM near end of recall push

Safety blitz 'substantially complete' Barra says; Ford's Europe product plan; Acura supercar fire; Keith Crain's big night. Read More »

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Group 1 Q2 profit tumbles 55% on Brazilian problems

Group 1 Automotive today said its second-quarter net income tumbled 55 percent from a year earlier to $16.9 million, dragged down by a struggling economy in Brazil which accounts for 8 percent of its revenue. Read More »

GM is 'paying for past sins,' analyst says

A sampling of what analysts and others are saying about GM's second-quarter financial results released today: Read More »

Fiat and PSA dismiss latest tie-up report

PSA/Peugeot-Citroen and Fiat Chrysler denied a report that the companies were preparing a merger to create the world's fifth-largest carmaker. Read More »

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Acura NSX prototype bursts into flames during testing

An Acura NSX prototype burst into flames today while testing in Germany, but Acura says the futuristic sports car is continuing "progress toward its highly anticipated launch." Read More »

Don't get out the party hats at Ford just yet, analyst says

A roundup of what analysts and others are saying about Ford Motor Co.'s second-quarter financial results released today: Read More »

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Cooper-Standard begins operations at Asia Pacific tech center

Auto supplier Cooper-Standard Automotive Inc. began operations at its Asia Pacific Technical Center today in Shanghai. 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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Mike Alexander, famed car customizer and Ridler winner, dies at age 80

Mike Alexander, a famed Detroit custom-car builder who won a Ridler award with a modified 1966 Dodge pickup, died on July 18. He was 80. Read More »

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Bentley CEO 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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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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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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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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