Automotive News Feed News, blogs and commentary from the leader in North American automotive news en-us Fri, 29 Jul 2016 06:00:00 EST Slight gains expected for July U.S. sales as analysts lower outlooks for 2016 Fri, 29 Jul 2016 11:40:01 EST U.S. new light-vehicle sales are forecast to rise slightly in July, helped by an extra weekend and sharply higher discounts from some automakers, amid more warnings the market is leveling off. First Shift: Lower sales, profits at AutoNation Fri, 29 Jul 2016 00:01:00 EST AutoNation profit drops amid lower sales; Penske, Asbury down, Group 1, Sonic, Lithia up; Mazda profit dips, Audi lowers outlook; VW fined; Mercedes pulls ad; Nissan future product. AutoNation 2Q profit slips 2.7% on lower unit sales Fri, 29 Jul 2016 07:45:00 EST AutoNation's net income dropped 2.7 percent to $112 million in the second quarter as it sold fewer vehicles and saw same-store gross profits from three of its four business operations fall. Daimler will build second Mercedes plant in Hungary Fri, 29 Jul 2016 04:29:45 EST Daimler will invest $1.1 billion in a second Mercedes plant in Hungary to build front- and rear-wheel drive cars, and possibly alternative powertrain models. Mazda profit falls on strong yen, lower N.A. sales Fri, 29 Jul 2016 03:06:22 EST Mazda said quarterly profit fell 42 percent as foreign exchange rate losses hit earnings and sales slipped in North America and Japan. VW is top-selling carmaker in first half as Toyota slips Fri, 29 Jul 2016 03:41:51 EST VW Group was the world's top-selling automaker in the first six months despite its emissions scandal as rival Toyota was hit by production stoppages and slumping Prius sales in the U.S. VW 'regrets' Washington state's $176M fine for polluting diesels Fri, 29 Jul 2016 06:08:49 EST VW said it regretted the U.S. state of Washington's decision to fine it $176 million over the automaker's emissions scandal. Audi will miss profitability goal as VW scandal, Takata hit earnings Fri, 29 Jul 2016 03:49:40 EST Audi will miss its profitability target this year as costs for parent VW Group's diesel emissions scandal and possible recalls of cars fitted with Takata airbags hit earnings. ANE's August e-magazine goes live Monday Fri, 29 Jul 2016 00:01:00 EST The latest issue of the Automotive News Europe monthly e-magazine goes live on Monday, Aug. 1. This month's edition looks at why automakers such as Audi, Mercedes and Volvo are re-thinking their automation plans. AutoNews Now: Ford's plan to battle weak Q3 Thu, 28 Jul 2016 00:01:00 EST How Fields plans to boost Ford profits, 'play through' stock swings; UAW's beef with Nissan; Renault trims Ghosn's bonus; Ferrari to lighten up with next-generation platform. Visteon says it booked record $1.6 billion in new business during Q2 Thu, 28 Jul 2016 15:07:31 EST Visteon reported stronger earnings and piled up a record amount of new business during the second quarter, the automotive electronics supplier said Thursday. BorgWarner adjusted Q2 earnings improve 9% as drivetrain business soars Thu, 28 Jul 2016 16:16:27 EST BorgWarner reported adjusted earnings of $327.6 million in the second quarter, a 9 percent increase from the year-earlier period. Net income rose 11 percent to $164.4 million in the second quarter, the company said in a statement. Lear Q2 earnings rise on gains in both seating and electronics Thu, 28 Jul 2016 16:06:17 EST Lear reported a 55 percent increase in net income during the second quarter, thanks mostly to improvements in the company's seating and electronics units. The $282 million second-quarter net income rose sharply from $182 million last year. PSA names new Peugeot, China, Europe chiefs Thu, 28 Jul 2016 09:15:55 EST PSA Group named new chiefs for its Peugeot brand and for its Europe and China regions. The changes will improve the roll-out of the automaker's mobility services, boost its China performance and ensure that new launches are successful, PSA said. Apple taps BlackBerry talent as car project takes software turn, report says Thu, 28 Jul 2016 21:40:12 EST Apple hired the former head of BlackBerry's automotive software division as new leadership at the iPhone-maker's car team places increased emphasis on developing self-driving technology, people familiar with the project told Bloomberg. Turning Wholesale Sourcing into a Competitive Advantage Thu, 28 Jul 2016 00:01:00 EST Learn how to increase wholesale sourcing effectiveness and efficiency. FREE Brembo expects slower growth on ramp up of U.S., Mexico plants Thu, 28 Jul 2016 16:44:05 EST Brembo expects sales to grow 9 percent to 9.5 percent this year, slightly below the 10.4 percent posted in the first six months, as it starts operations at two new plants in North America. Ex-Porsche CEO Wiedeking finally in the clear over VW takeover charges Thu, 28 Jul 2016 16:28:54 EST German prosecutors dropped an appeal against a court ruling that acquitted former Porsche CEO Wendelin Wiedeking of market manipulation during a 2008-2009 takeover battle with Volkswagen. Mercedes pulls ad challenged by safety groups Thu, 28 Jul 2016 16:27:44 EST Mercedes-Benz USA is pulling an ad for the redesigned 2017 E-class sedan after consumer and safety advocates on Wednesday called the spot misleading in its depiction of the vehicle's driver-assist systems. Ford posts 9% decline in Q2 profit, warns of challenges ahead Thu, 28 Jul 2016 07:15:00 EST Ford today said its second-quarter profit fell 9 percent to $1.97 billion and warned that the rest of the year would be 'much weaker than normal' as U.S. North America production downtime overtime - 08/01/16 Thu, 28 Jul 2016 15:46:51 EST Group 1's Q2 profits flat, hit by storm expenses Thu, 28 Jul 2016 11:24:10 EST Group 1 Automotive's net income rose 0.6 percent in the second quarter to $46.6 million, largely buoyed by its parts and service and finance and insurance operations. Its new-vehicle retail sales in the U.S. Lithia's Q2 net rises 0.4% on used, service and parts gains Thu, 28 Jul 2016 10:14:15 EST Lithia Motors' second-quarter profit and revenue increased, mostly as a result of gains in volume of used-vehicle sales and service and parts business. Penske Automotive's Q2 net slips 0.7% on currency, interest costs. Thu, 28 Jul 2016 11:20:27 EST Penske Automotive's net income in the second quarter eased 0.7 percent from the year-earlier quarter to $95.0 million, on currency losses and higher floorplan and other interest costs. Wells Fargo faces U.S. probe over soldiers' car seizures, report says Thu, 28 Jul 2016 10:28:20 EST Wells Fargo is facing a U.S. investigation into whether it improperly repossessed cars owned by members of the military, two people with knowledge of the probe told Bloomberg. UK production increased 10% in June but industry warns of potential Brexit slowdown Thu, 28 Jul 2016 06:26:53 EST British car production rose 10 percent in June but the SMMT industry association said growth was in jeopardy if the UK failed to secure unfettered access to the EU's single market. First Shift: Ford Q2 profit falls 9% Thu, 28 Jul 2016 00:01:00 EST Ford posts 9% lower profits for Q2, warns of 'very weak' 3rd quarter; Volkswagen brand plunges; GM to make more trucks; Who's No. 1?; Mercedes ad draws complaints; Honda future product. Renault first-half profit rises 41% on new models, Europe recovery Thu, 28 Jul 2016 02:50:19 EST Renault's first-half operating profit jumped 41 percent, thanks to a refreshed model lineup and a rebounding European auto market but increased spending to lower diesel engine emissions put the automaker's productivity target at risk. VW brand Q2 profit falls 12% on emissions scandal effects Thu, 28 Jul 2016 03:24:10 EST VW Group's namesake brand posted a 12 percent drop in second-quarter profit, after cost cuts and streamlining fell short amid rising costs of the company's diesel scandal. Renault cuts Ghosn's bonus by 20 percent Thu, 28 Jul 2016 00:01:00 EST Renault has cut the bonus of CEO Carlos Ghosn by 20 percent following pressure from French government, which urged the automaker to rein in Ghosn's pay after shareholders opposed his $7.92 million payout in 2015. PSA posts record first-half earnings, downplays Brexit Wed, 27 Jul 2016 02:18:58 EST PSA unveiled record first-half profits on productivity gains and a European market rebound. The automaker said its operational margin resisted sterling's fall against the euro after the UK voted to quit the EU. Fiat Chrysler Q2 profit boosted by Jeep, Europe rebound Wed, 27 Jul 2016 07:33:10 EST Fiat Chrysler said adjusted operating profit for the second quarter rose 16 percent to 1.63 billion euros. Mercedes challenged over 'Drive Pilot' TV ad Wed, 27 Jul 2016 15:38:27 EST Consumer and auto safety advocates have called on the FTC to investigate Mercedes-Benz over a TV commercial for the 2017 E-class, saying the ad could mislead consumers by overstating the capability of automated driving systems available on the sedan. Federal-Mogul posts higher Q2 profit despite aftermarket, currency setbacks Wed, 27 Jul 2016 15:24:45 EST Diversified supplier Federal-Mogul posted a $31 million profit in the second quarter, up 41 percent from the year-earlier period, driven by a gain in its powertrain unit. AutoNews Now: Porsche tops appeal study, snubs Detroit Wed, 27 Jul 2016 00:01:00 EST Title: (always in sentence case): GM, aiming for strong 2016 finish, to hike truck output Wed, 27 Jul 2016 15:03:03 EST General Motors will boost production of pickups and SUVs in time for the traditionally brisk fall truck market, a top GM executive said Wednesday. Could Trump expose another UAW disconnect? Wed, 27 Jul 2016 13:15:30 EST UAW President Dennis Williams faces another potential headache less than a year after a contentious contract ratification process with the Detroit 3: Donald Trump. Ferrari, Altair Product Design team up for next-gen vehicle platform Wed, 27 Jul 2016 14:52:33 EST Ferrari is teaming up with longtime design, engineering and software partner Altair Product Design to create the company's next-generation vehicle platform. Elon Musk says it's 'pencils down' for Tesla's Model 3 Wed, 27 Jul 2016 14:35:42 EST Tesla CEO Elon Musk said the final designs for Tesla's $35,000 electric Model 3 were locked up two weeks ago, and the company is moving forward on schedule to start producing them next summer. That was just the beginning of his remarks on Tuesday. Superior Industries more than doubles Q2 net income Wed, 27 Jul 2016 12:28:38 EST Aluminum wheel supplier Superior Industries International more than doubled its net income in the second quarter from a year earlier, a gain the company attributed to higher shipments and increased use of its new plant in Mexico. UAW blasts Renault-Nissan for denying French lawmaker a meeting Wed, 27 Jul 2016 12:37:06 EST The UAW criticized the Renault-Nissan Alliance after it turned down a meeting with a member of the French parliament at its Canton, Miss., plant, which the UAW hopes to unionize. NextGear Capital will finance vehicle purchases at CarMax auctions Wed, 27 Jul 2016 12:31:54 EST NextGear Capital will finance dealers' purchases of used vehicles at CarMax's 68 auction locations starting Aug. 8. FCA boosts 2016 profit target as Jeep fuels Q2 rise Wed, 27 Jul 2016 07:47:14 EST Fiat Chrysler Automobiles raised its 2016 profit forecast after earnings in the second quarter rose 16 percent on robust demand for Jeep SUVs. What&'s in your documents? Wed, 27 Jul 2016 11:04:29 EST Know the fine print, advises Dave Robertson of the Association of Finance and Insurance Professionals. Toyota, Mitsubishi, Volvo improve the most in J.D. Power APEAL Study Wed, 27 Jul 2016 10:00:00 EST Toyota, Mitsubishi and Volvo had the largest improvements among brands with more than one nameplate in J.D. Power's latest study of new-vehicle appeal, while Porsche paced the industry for the 12th consecutive year. Mitsubishi Motors' Q1 operating profit tumbles 75% after mileage-cheating scandal Wed, 27 Jul 2016 06:48:53 EST Mitsubishi Motors reported a 75 percent plunge in fiscal first-quarter operating profit as domestic sales slumped after it admitted to overstating the fuel economy of some of its vehicles. Consumers want to learn about F&I products sooner, study finds Wed, 27 Jul 2016 10:30:00 EST Educating consumers on FandI products before they enter the dealership may help car buyers better understand the value of -- and therefore be more likely to purchase -- those products, a study found. Refunds go out to consumers caught in warranty scam Wed, 27 Jul 2016 10:30:00 EST Customers who were deceived by illegal robocalls and fooled into paying thousands of dollars for fraudulent extended warranties will receive more than $4. Look beyond payment when structuring leases Wed, 27 Jul 2016 10:30:00 EST Monthly payments have become a significant factor in customers' financing decisions. But dealers should look beyond the monthly payment to offer customers the best lease deal. Hail storms dent Ally's insurance business in Q2 Wed, 27 Jul 2016 10:30:00 EST Ally Financial's auto insurance business swung to a loss in the second quarter on higher weather losses and lower investment gains, even as the lender carved out gains with a new flagship product, Ally Premier Protection.