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Earnings/Financials

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    Report: GM financing arm investigated over subprime loans
    1407277800

    General Motors just can't seem to avoid controversy in 2014. Of course, there has been a continual run of recalls throughout the year, and now, its GM Financial division is under investigation for possibly violating the Financial Institutions Reform, Recovery and Enforcement Act, according to ...

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    Report: Safety systems supplier Mobileye raises $890 million in IPO
    1407240000

    Israel-based vehicle safety technology company Mobileye (NYSE: MBLY) has successfully launched its Initial Public Offering on the New York Stock Exchange, raising approximately $890 million to value the company at a reported $5.3 billion. You may have never heard of Mobileye, but that doesn't ...

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    Report: Mercedes, DVAG continue sponsoring Michael Schumacher [UPDATE]
    1407182400

    Up until his tragic accident that left him in a coma, Michael Schumacher was still one of the highest-paid Formula One drivers in the world... even though he was no longer actively competing. That came down to the numerous lucrative personal sponsorship arrangements that the seven-time world ...

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    Report: It's been 5 years since Cash For Clunkers, was it a success? [w/poll]
    1407166200

    CARS set out to kill two birds with one stone: jumpstart slow automobile sales and get a large number of older cars off the road. A lot has happened since 2009. President Obama was re-elected. The Arab Spring saw popular uprisings overthrow dictators across the Middle East and North Africa. ...

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    Study: Outstanding auto loans total higher than ever
    1406811480

    It looks like Americans are feeling more confident about borrowing money again, at least when it comes to their cars. Credit reporting giant Equifax has released its latest National Consumer Credit Trends Report, and the data suggests that auto lending is booming in 2014. The total amount of ...

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    Report: Porsche acquires Kyalami race track at auction
    1406548680

    With more victories under its belt than any other manufacturer, you could say, in a figurative sense at least, that Porsche owns countless numbers of race tracks around the world. But here we're not talking about figuratively owning a track – we're talking about literally buying one. And ...

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    Report: VW's Winterkorn tells 20,000 staffers of big cost-cutting plans
    1406230920

    During a gathering of 20,000 Volkswagen Group employees at company headquarters in Wolfsburg, Germany on Wednesday, CEO Martin Winterkorn dropped a bombshell. The boss stated that the automaker isn't operating efficiently enough and admitted the company needs to radically start cutting back to ...

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    Official: Ford books $2.6B pretax quarterly profit
    1406224800

    While its crosstown competitors at General Motors are smarting over a drastic drop in net income to $200 million in the second quarter, Ford has reason to celebrate. The Blue Oval has announced its own Q2 financial results, including a growing net income of $1.3 billion, a $78 million increase ...

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    Official: GM quarterly earnings tank due to recall costs
    1406216760

    Given General Motors' steady stream of recalls this year (including a single day with around 8.4 million vehicles needing repair), it's not a huge surprise that the cost to deal with all of the problems will be high. However, few analysts expected the tab to be this steep. In the General's ...

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    Report: Maserati to cap output at 75,000 cars
    1405695480

    Maserati appears set to take a page out of corporate sibling Ferrari's playbook with the possibility that it may cap global annual output in the coming years. Ferrari announced in 2013 that it would limit itself to 7,000 vehicles a year to maintain exclusivity, and so far, it has stuck to the ...

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    Report: VW, Fiat deny merger talks
    1405632660

    All parties involved are actively denying a potentially Earth-shattering shakeup in the automotive universe, as a German business publication claimed that Volkswagen and Fiat have been discussing the possibility of a merger. The magazine, Manager Magazin, claimed that Fiat was looking to ditch ...

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    Report: Daimler newest rumored suitor for MV Agusta
    1405521900

    Italian motorcycle maker MV Agusta has been riding down a rough road so far this year. Not only did it temporarily lose it license to sell bikes in California, rumors have kept popping up about it being sold to a couple of automakers. Fiat was reportedly considering the business for a possible ...

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    Report: Bertone can't part out historically protected collection despite looming bankruptcy
    1405278660

    Some companies can survive long after their founder has left the building, while others are so centered around the identity of one individual that everything unravels in their absence. And there's arguably no place that can be seen more clearly than in the Italian automobile industry. Companies ...

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    Study: New research suggests US auto sales nearing peak
    'Generation N' Will Sap Long-Term Demand 1404943260

    The industry is on pace to sell more than 16 million cars this year ... but don't break out the party hats and champagne just yet. June was a terrific month for the auto industry. Americans made it the busiest month of sales in nearly eight years, buying more than 1.4 million vehicles, ...

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    Report: GM won't pay ignition-switch claims out of insurance funds
    1404928800

    "It will be done through cash on hand, no insurance." – David Roman, GM's director of financial communications. General Motors has committed to paying all of its ignition-switch claims out of its own pocket. David Roman, the company's director of financial communications, told Business ...

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    Report: Hot sales have Detroit automakers shortening summer shutdowns
    1404842460

    Back in May, there was speculation that the Detroit Three automakers would maintain or perhaps even extend their traditional summer shutdowns, mostly due to a bitingly cold winter that saw below-freezing temperatures infiltrate the southernmost reaches of the US, putting a chill on auto sales. ...

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    Followup: Spyker settles tax debt, cancels auction of assets
    1404838740

    News hit last week that Spyker appeared to be in trouble. Citing an outstanding tax bill, local authorities had apparently seized an array of the company's assets – including racecars, road cars, concept cars and spare parts – and were selling them off in order to pay off the ...

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    Report: Honda China struggling with high-end Accord because Chinese covet German cars, too
    1404651660

    It's not particularly unusual to see cheap cars in China, or those with designs stolen from foreign competitors, but increasingly the best-selling vehicles there would be very recognizable to just about any auto enthusiast. There appears to be one fact of life whether looking at car buyers in ...

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    Report: Fields 'required' to use private aircraft, could make $5.25M as Ford CEO this year
    1404410220

    Mark Fields' travels on the friendly skies will soon be a relatively personal affair, as the new CEO at Ford will be required to resume air travel via the company's private planes. Fields caught plenty of flak in 2007 for flying on the company's dime to visit his family in Florida. He's since ...

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    Motorsports: Tony Fernandes sells Caterham F1 Team to international consortium
    1404323100

    A little over a month ago, rumors surfaced that Tony Fernandes was planning to sell Caterham. The company subsequently refuted the rumors, but now we appear to have the truth: while the automaker responsible for building continuation Lotus Seven street cars isn't going anywhere, the Formula One ...

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