Business and Finance

Fiat reports fall in Q2 profit on weak North, South America performance

July 30, 2014 11:33 CET
Fiat reported a fall in second-quarter operating profit as a better performance from its luxury brands and its Asia and European operations failed to offset weak Latin American and disappointing North American results....
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Hyundai recalls 883,000 Sonata sedans to repair transmission-shift cable

8:06 am U.S. ET | July 30, 2014
Hyundai is recalling about 883,000 Sonata mid-sized sedans in the United States and Puerto Rico because a potentially defective transmission-shift cable could increase the risk of a crash....
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Penske Q2 net income rises 18% on strong gains in all segments

7:30 am U.S. ET | July 30, 2014
Penske Automotive Group today said second-quarter net income rose 18 percent from the year-earlier period, on higher new- and used-vehicle unit sales. Penske posted net income of $74 million, as revenues increased 21 percent to $4.41 billion....
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Small cars struggle in latest round of IIHS crash tests

12:01 am U.S. ET | July 30, 2014
Small cars performed poorly in a new round of insurance industry crash testing, with the four-door Mini Cooper Countryman receiving the only good rating of 12 cars evaluated. Meanwhile, the lithium ion electric batteries of the Chevrolet Volt plug-in hybrid and Nissan Leaf electric vehicle survived during their first Insurance Institute for Highway Safety tests with no problems reported....
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VW closes gap on Toyota's global lead

July 30, 2014 08:02 CET
Volkswagen is closing in on Toyota as the global leader in vehicle sales, with a rapid expansion drive in China while Toyota curbs growth to focus on shoring up quality....
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PSA's car division back in profit as new CEO makes mark

July 30, 2014 08:27 CET
PSA/Peugeot-Citroen narrowed its first-half net loss and posted the first positive contribution from its core auto division in three years, as the carmaker's recovery plan began to show early results....
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Ford's new F-150 takes aim at Ram's highway mpg crown

3:51 pm U.S. ET | July 29, 2014
Ford hopes to regain fuel economy bragging rights in big pickups by offering a special “SFE” package on the aluminum-bodied 2015 F-150. The Super Fuel Economy package -- or SFE -- will be available on XL and XLT models. It will be powered by the company's newest engine: a lightweight and compact 2.7-liter twin turbo V-6 equipped with stop-start....
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Kia hints at next Sorento with design sketches

9:58 pm U.S. ET | July 29, 2014
Kia Motors plans to unveil the redesigned, third-generation Sorento next month in Korea....
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VW suffers production woes adjusting to MQB platform, report says

July 29, 2014 16:38 CET
Volkswagen's move to add extra German production shifts for the Golf, which the company has attributed to strong demand, is also due to problems adjusting to its new MQB platform, company sources said....
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Daimler reaches labor deal on overhauling Mercedes' German sales network

July 29, 2014 06:01 CET
Daimler has reached a labor agreement that will allow it to sell some Mercedes dealerships in Germany as part of a wider plan to overhaul its sales network in the market....
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Mercedes-Benz violated Alabama workers' organizing rights, judge rules

4:52 pm U.S. ET | July 29, 2014
An administrative judge for the National Labor Relations Board ruled that Mercedes-Benz violated the organizing rights of workers at its Alabama plant by not allowing the distribution of union literature in common areas during off-work hours....
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Ford switching employees to iPhones from BlackBerries

1:27 pm U.S. ET | July 29, 2014
Ford is deploying iPhones for corporate use to employees worldwide, scoring a win for Apple as it seeks to lure more corporate customers....
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Land Rover preps Discovery Sport with seating for 7

10:33 pm U.S. ET | July 29, 2014
Land Rover confirmed plans Tuesday to offer a Discovery Sport model -- billed as a compact, family SUV -- that will be available with seating for seven passengers in a 5+2 configuration....
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THE GM RECALL

GM sued over deaths, injuries linked to ignition switch

10:14 pm U.S. ET | July 29, 2014
General Motors was hit Tuesday with a lawsuit brought on behalf of more than 650 people allegedly injured or killed in accidents involving cars that have been recalled this year for faulty ignition switches....
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Tesla's Musk to portray himself on 'The Simpsons'

10:26 am U.S. ET | July 29, 2014
Tesla Motors CEO Elon Musk will be providing the voice for himself in an episode in the 26th season of “The Simpsons,” the show's executive producer, Al Jean, said at a recent Comic-Con panel....
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Honda profit rises 7 percent on cost cuts, Japan sales

3:30 am U.S. ET | July 29, 2014
Honda's quarterly operating profit rose 7 percent to $1.94 billion as lower sales in the United States were offset by costs cuts and the company's stronger focus on Asian markets....
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TRW net income rises to $265 million in Q2

7:08 am U.S. ET | July 29, 2014
Automotive safety technology supplier TRW Automotive Holdings today said its second-quarter net income rose 7 percent to $265 million. Total revenue during the quarter rose 2 percent to $4.6 billion, the company said in a statement....
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Chrysler sued over Jeep ignition-switch failures

4:02 pm U.S. ET | July 29, 2014
Chrysler was sued over allegedly faulty ignition switches in Jeeps, in a follow-up to more than 120 lawsuits General Motors faces over the same defect. Both automakers are accused of employing ignition switches that can be unexpectedly turned off, cutting power to brakes, steering and airbags and causing potentially deadly loss of control....
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Robotics suppliers post record business in North America

3:29 pm U.S. ET | July 29, 2014
Robotics suppliers, paced by automakers preparing for new-product launches, posted records for orders in North America during the second quarter and first half of the year, an industry trade group reported today....
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JAMIE LaREAU

Another hole-in-one gives California dealer a second chance

2:41 pm U.S. ET | July 29, 2014
For eight years, Folsom Lake Kia and Folsom Lake Ford near Sacramento have sponsored charity golf tournaments without anyone ever hitting a hole-in-one. Yet for the second time this year, a golfer has put it in the cup, winning a new car....
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GM dogged by recalls, lingering dealer disputes in Canada

12:34 am U.S. ET | July 29, 2014
A wave of recalls, lingering disputes with dealers after its 2009 bankruptcy, and weak pickup volume are undermining GM's sales in Canada, the company's seventh-biggest market....
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Italy mulls incentives to boost 'fragile' car market

July 29, 2014 13:32 CET
The Italian government is considering offering tax incentives to encourage new car purchases by both private and public sector owners, Transport Minister Maurizio Lupi said....
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Faurecia increases earnings target

July 29, 2014 11:39 CET
Faurecia raised its 2014 earnings forecast after first-half profit jumped 21 percent on strong demand in Asia and higher market share in its home region....
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Suzuki recalls 25,900 Verona sedans in U.S.

10:39 am U.S. ET | July 29, 2014
Suzuki is recalling 25,900 Verona sedans from the 2004 to 2006 model years in the United States on the increased risk of a fire linked to daytime running lights, federal safety regulators said today....
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Toyota plans to name $69,000 fuel-cell vehicle Mirai, report says

9:59 am U.S. ET | July 29, 2014
Toyota is planning to name its $69,000 fuel-cell car Mirai, the Japanese word for future, a person familiar with the decision told Bloomberg....
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