Daily Email Friday

Hyundai fined $17.35 million by U.S. for delayed reporting of brake defect

4:51 pm U.S. ET | Aug. 7, 2014
Hyundai will pay a $17.35 million fine for failing to report a brake defect on Genesis models, and carry out a recall, in a timely manner to U.S. regulators. The company also agreed to additional sweeping oversight by the government to better identify, report, and communicate safety-related defects, NHTSA said.... Read More »

 

BMW cuts spare-part prices in China amid antitrust investigation

10:47 pm U.S. ET | Aug. 7, 2014
BMW AG joined Mercedes-Benz and Audi in reducing prices of spare parts in China amid an antitrust investigation into the auto industry.... Read More »

 

JULY U.S. AUTO SALES

Sales climb 9 percent to 1.4M vehicles as SAAR hits 16.5M

5:45 am U.S. ET | Aug. 1, 2014
U.S. auto sales, led by Chrysler's 20 percent advance and solid gains of 10 percent or more at Toyota, Nissan, and Ford, rose 9 percent in July to 1.435 million. The results were just below forecasts for a 10 percent increase but signal consumers remain in a buying mood. The seasonally adjusted, annualized sales rate hit 16.5 million in July. Toyota outsold Ford by 4,335 units.... Read More »

 

Canada deliveries hit July record; Detroit 3 gain with trucks

2:16 pm U.S. ET | Aug. 1, 2014
Auto sales in Canada in July rose to a record high for the month, up 11.3 percent from a year earlier, an industry analyst said today, with strong truck sales pushing both Chrysler and Ford to record performances.... Read More »

 

Lexus jumps 19% for first monthly luxury win in almost a year

4:12 pm U.S. ET | Aug. 1, 2014
Lexus hasn't chased other luxury brands down-market with a sub-$30,000 car like the Mercedes-Benz CLA, yet Toyota's premium brand topped Mercedes and BMW in July for its first monthly sales win since August 2013.... Read More »

 

Mobileye shares surge 48% after $890 million IPO

11:25 am U.S. ET | Aug. 1, 2014
Shares of Mobileye NV soared 48 percent in their market debut today as investors bet that the race by automakers to improve safety ratings would boost demand for the company's unique camera-based systems that help drivers avoid collisions.... Read More »

 

American Axle Q2 earnings rise on stronger non-GM business

3:56 pm U.S. ET | Aug. 1, 2014
American Axle & Manufacturing Holdings today reported improved second-quarter earnings, led by a strong increase in non-General Motors business.... Read More »

 

GM sales rise 9% on robust commercial-fleet sales, SUV demand

1:03 pm U.S. ET | Aug. 1, 2014
A jump in sales to commercial customers and stout demand for the redesigned GMC Yukon, Chevrolet Tahoe and other trucks propelled General Motors' July sales up 9 percent from a year earlier.... Read More »

 

Millennials top Gen X in new-car buying for first time

3:35 pm U.S. ET | Aug. 1, 2014
Millennials during the first half of the year surpassed Gen X in new-car purchases for the first time, signaling a growing transition in consumer preferences of affordability and sustainability over utility.... Read More »

 

Hyundai recalls another 420,000 vehicles in U.S., 1.3 million for the week

1:29 pm U.S. ET | Aug. 1, 2014
Hyundai Motor is recalling about 420,000 vehicles covering three models for separate problems in the United States, after recalling 883,000 Sonata sedans this week, according to federal safety regulators.... Read More »

 

Tesla's Q2 net loss widens to $62 million as r&d expenses soar

4:39 pm U.S. ET | July 31, 2014
Tesla's net loss widened to $61.9 million in the second quarter even though it assembled and delivered record numbers of Model S electric cars. Revenues surged nearly 90 percent.... Read More »

 

Porsche Cayenne to offer new twin-turbo engine, plug-in hybrid for '15

1:15 pm U.S. ET | July 25, 2014
The freshened '15 Porsche Cayenne will offer a new twin-turbo engine, a plug-in hybrid model, and prices that range from 3 to 11 percent higher, when it goes on sale Nov. 1 in the United States.... Read More »

 

JAMES B. TREECE

GM, Manheim kiss and make up

3:15 pm U.S. ET | July 25, 2014
About four years after a spat strained their business relations, GM and auction company Manheim are starting to kiss and make up.... Read More »

 

Strong retail demand to push U.S. sales higher in July, forecasts show

2:44 pm U.S. ET | July 25, 2014
The pace of auto sales has slowed slightly after hitting an eight-year high in June, but July's results are still shaping up to be at least 9 percent better than a year ago, according to four forecasts. The seasonally adjusted, annualized selling rate is expected to hit 16.6 million to 16.8 million, projections show.... Read More »

 

Ford, FBI investigating former engineer for possible espionage

6:38 am U.S. ET | July 25, 2014
An engineer recently fired by Ford is being investigated for possible espionage after the FBI found 8 listening devices installed in the company's world headquarters in Dearborn, Mich.... Read More »

 

ZF's pursuit of TRW may spark wave of mergers in supply chain

12:01 am U.S. ET | July 25, 2014
The biggest auto-parts deal since 2007 may be just the start of consolidation, with Autoliv and Visteon among the next potential targets, analysts say. More auto parts companies may combine as overcapacity constrains their ability to add scale on their own.... Read More »

 

Lear profits rise on higher vehicle output, record seating volume, electrical gains

8:03 am U.S. ET | July 25, 2014
Lear's second-quarter profits rose to $148.5 million on higher light-vehicle output, record seating sales, and solid gains and expanded profit margins in its electrical distribution business.... Read More »

 

Hella planning IPO later this year, report says

2:49 pm U.S. ET | July 25, 2014
German automotive supplier Hella is working with Citigroup and banks on an initial public offering later this year, according to people with knowledge of the matter.... Read More »

 

NHTSA to investigate older GM models for software, airbag glitch

3:03 pm U.S. ET | July 25, 2014
NHTSA will investigate whether 320,000 older Chevrolet Impalas have a software defect that might cause airbags to fail to deploy in a crash.... Read More »

 

South African union said to reject wage deal to end strike, resume car output

9:49 am U.S. ET | July 25, 2014
South Africa's biggest union will probably reject the latest pay offer from employers to end a three-week strike that has idled light-vehicle output and other manufacturing because of a clause related to workplace bargaining, a union official said.... Read More »

 

Mazda expands U.S. recall of cars with faulty Takata airbags

12:51 pm U.S. ET | July 25, 2014
Mazda will broaden a recall of cars sold in the United States because an airbag inflator, supplied by Japanese supplier Takata, could rupture and seriously injure occupants.... Read More »

 

Audi, BMW and Mercedes pressure Ford, GM as UK market booms

12:01 am U.S. ET | July 25, 2014
Germany's premium automakers are benefiting most from the UK car market boom. Audi, BMW and Mercedes are winning customers from mass-market brands such as Ford and Vauxhall.... Read More »

 

Bentley may add a fifth model after SUV launch

9:51 am U.S. ET | July 24, 2014
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 »

 

GM may put Brazil workers on paid leave

9:21 pm U.S. ET | July 24, 2014
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 »

 

THE GM RECALL

GM's stealth redesign of switches kept old parts in circulation

3:34 pm U.S. ET | July 18, 2014
New documents reveal GM redesigned faulty ignition switches without changing the part number in more than the 2.59 million small cars at the center of its recall crisis. Some of those additional vehicles underwent an ignition switch redesign as far back as 2004, GM said in a letter to regulators posted today by NHTSA.... Read More »

 

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