Ally clears barrier for IPO with plan to resolve mortgage claims 1:59 pm U.S. ET | May 14, 2013  Ally Financial moved closer to repaying its government bailout as the auto lender reached agreement with creditors of its bankrupt mortgage unit.... Read More »
Penske raises dividend 7% 3:52 pm U.S. ET | May 10, 2013  Penske Automotive Group increased its quarterly dividend by 7 percent, to 15 cents per share, for the first quarter, the company announced today.... Read More »
Toyota to post around $13 billion annual operating profit, report says 9:45 am U.S. ET | May 6, 2013  Toyota is expected to post operating profit of more than $13 billion for the year ended March, significantly more than what has been forecasted, the Nikkei business daily reported today.... Read More »
U.S. Treasury plans to sell remaining GM stake 2:31 pm U.S. ET | May 6, 2013  The Treasury Department said today it will begin another round of sales of the GM stock it acquired during the government's bailout of the automaker.... Read More »
Group 1 operating income rises on higher new-vehicle sales 10:40 am U.S. ET | May 2, 2013  Higher new-vehicle sales and increased gross profits in all business segments drove Group 1 Automotive's operating income higher during the first quarter of 2012, but net income dropped 4 percent.... Read More »
GM redemption seen culminating in return to S&P 500 Index 11:45 am U.S. ET | May 1, 2013  As the Treasury sells off its shares of General Motors, the automaker is likely to return to the Standard & Poor's 500 Index in the next year, passing another milestone in its redemption. Getting back into the S&P 500 would help U.S. taxpayers expedite their exit from the company, likely boost GM stock in the short term and help support the shares in the long run as well.... Read More »
Tesla probed over stock trading plans, report says 12:35 pm U.S. ET | April 30, 2013  Federal prosecutors have sent subpoenas to Tesla Motors asking for documents and e-mails relating to a trading plan that allows executives to sell company stock, The Wall Street Journal said today, citing a person familiar with the probe.... Read More »
Penske Q1 net income jumps 23% on higher new- and used-vehicle sales 11:14 am U.S. ET | April 29, 2013  Stronger new- and used-vehicle sales for Penske Automotive Group pushed up net income 23 percent in the first quarter on an 8 percent rise in revenue from the year-earlier period, the company said today.... Read More »
Fiat first-quarter profit falls on Chrysler earnings dropApril 29, 2013 14:41 CET  Fiat Group confirmed its 2013 financial targets despite lower first-quarter profits at Chrysler and continued losses in Europe.... Read More »
Chrysler profit tumbles on costs of product launches 8:41 am U.S. ET | April 29, 2013  Chrysler Group said net income fell to $166 million in the first quarter as costs of two large product launches crimped the automaker's seventh consecutive quarterly profit.... Read More »
Johnson Controls posts lower quarterly profit on weak auto output in EuropeApril 26, 2013 06:01 CET  Johnson Controls, citing weaker automotive production in Europe, posted lower profits during its most recent quarter, but reaffirmed its financial outlook for the year.... Read More »
Fiat may have to pay union trust fund more for Chrysler shares, judge suggestsApril 25, 2013 17:53 CET  Fiat may have to pay more than its $139.7 million offer for Chrysler Group shares that the automaker wants to buy from the United Auto Workers' retiree health-care trust, a judge suggested.... Read More »
Fiat may have to pay UAW trust fund more for Chrysler shares, judge suggests 11:53 am U.S. ET | April 25, 2013  Fiat may have to pay more than its original offer of about $140 million for Chrysler Group shares being bought from the UAW's retiree health-care trust, a Delaware judge suggested in court today.... Read More »
Federal-Mogul shares rise 16% as restructuring takes hold 4:11 pm U.S. ET | April 24, 2013  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.... Read More »
Lithia looks to market share growth to pump future earnings 11:17 am U.S. ET | April 24, 2013 Lithia Motors is prepared to sacrifice new and used per vehicle profit margin if it means more market share, its CEO said today. Meanwhile, Lithia's first-quarter net income rose 31 percent to $22 million compared with the year-ago period -- and the company increased its shareholder dividend by 13 percent.... Read More »
Johnson Controls posts lower quarterly profit, reaffirms 2013 outlook 10:22 am U.S. ET | April 23, 2013  Johnson Controls, citing weaker automotive production in Europe, posted lower profits during its most recent quarter, but reaffirmed its financial outlook for the year.... Read More »
CarMax quarterly profit rises, but used-car sales momentum drops 9:55 am U.S. ET | April 10, 2013  CarMax, the largest retailer of used cars in the United States, reported a 13 percent gain in fourth-quarter profit, but comparable used-car sales grew at a slower pace than the previous quarter.... Read More »
Tesla's Musk calls e-mail sent by sales staff 'overzealous' 6:57 am U.S. ET | April 5, 2013  Elon Musk, the billionaire who leads Tesla Motors, called an e-mail sent by his sales staff last month “overzealous” and said the wording wasn't approved by the electric-car maker.... Read More »
Lear reaches deal with dissident shareholders, expands buybackApril 2, 2013 06:01 CET  In the midst of a proxy fight with dissident investors, Lear announced an agreement with shareholders Marcato Capital Management and Oskie Capital Management to expand a stock buyback and keep the hedge funds' nominees off Lear's board.... Read More »
Lear reaches deal with dissident shareholders, expands buyback 12:23 pm U.S. ET | April 1, 2013  In the midst of a proxy fight with dissident investors, Lear announced an agreement with shareholders Marcato Capital Management LLC and Oskie Capital Management LLC to expand a stock buyback and keep the hedge funds' nominees off Lear's board.... Read More »
Johnson Controls explores sale of auto-electronics division 2:01 pm U.S. ET | March 6, 2013  Johnson Controls said it has hired JP Morgan to explore the potential sale of its automotive electronics unit and denied having plans to sell its interiors business.... Read More »
Delphi initiates dividend to show confidence in business 8:19 am U.S. ET | Feb. 26, 2013  Delphi Automotive, the former parts unit of General Motors, initiated a dividend, its first since returning to the public markets after bankruptcy.... Read More »
Asbury says Q4 net income rises 6% to $22.8 million 1:50 pm U.S. ET | Feb. 19, 2013 Asbury Automotive Group reported a 6 percent gain in net income for the fourth quarter of 2012 as gross profits rose in all areas of the dealership group’s business. Asbury’s net income in the fourth quarter was $22.8 million, up from $21.5 million in the year-earlier period.... Read More »
MARK RECHTIN What Tesla should do to become a 'real company' 1:10 pm U.S. ET | Feb. 16, 2013  Tesla CEO Elon Musk recently predicted that the electric-vehicle manufacturer would report a first-ever quarterly profit sometime in 2013. Doing so would make it “a real company,” Musk added. But what also makes an automaker a legitimate entity is reporting its monthly vehicle sales.... Read More »
Warren Buffett beefs up GM stake to 25 million shares 10:21 am U.S. ET | Feb. 15, 2013  Warren Buffett's Berkshire Hathaway has acquired 10 million more shares of General Motors, lifting its holdings in the company to 25 million shares.... Read More »
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